PBF Energy Q3 Loss Narrower Than Expected, Revenues Decline Y/Y

Core Insights - PBF Energy Inc. reported a third-quarter 2025 adjusted loss of 52 cents per share, which was better than the Zacks Consensus Estimate of a loss of 69 cents and improved from a loss of $1.50 per share in the same quarter last year [1][9] - Total revenues for the quarter decreased to $7.7 billion from $8.4 billion year-over-year, but exceeded the Zacks Consensus Estimate of $7.5 billion [1][9] - The better-than-expected results were attributed to reduced costs and expenses, although lower throughput volumes partially offset these positives [2] Segment Performance - The Refining segment reported an operating income of $232.3 million, a significant improvement from an operating loss of $341.2 million a year ago, but fell short of the estimate of $257.6 million [3] - The Logistics segment generated a profit of $149.2 million, up from $51.3 million in the prior-year quarter, and exceeded the estimate of $53.2 million [3] Throughput Analysis - Crude oil and feedstock throughput volumes averaged 871 thousand barrels per day (bpd), down from 935.6 thousand bpd in the previous year and below the estimate of 887.5 thousand bpd [4] - The throughput distribution by region was as follows: East Coast 35.4%, Mid-Continent 16.2%, Gulf Coast 21.5%, and West Coast 26.9% [4] Margins - The company-wide gross refining margin per barrel of throughput was $9.00, an increase from $6.79 in the previous year and above the estimate of $6.57 [5] - Regional gross refining margins were as follows: East Coast $8.14 (up from $4.31), Gulf Coast $10.18 (up from $6.84), Mid-Continent $11.03 (up from $9.83), and West Coast $7.96 (up from $7.65) [6] Costs & Expenses - Total costs and expenses for the quarter were $7.4 billion, down from $8.8 billion in the prior-year period, while the estimate was $7.1 billion [7] - Cost of sales, including operating expenses and depreciation, amounted to $7.6 billion, lower than $8.7 billion a year ago [7] Capital Expenditure & Balance Sheet - PBF Energy invested $124.4 million in capital for refining operations and $3.3 million for logistics businesses [10] - As of the end of the third quarter, the company had cash and cash equivalents of $482 million and total debt of $2.4 billion, resulting in a total debt-to-capitalization ratio of 31% [10] Q4 Outlook - For the fourth quarter of 2025, PBF Energy expects throughput volumes on the East Coast to be between 320,000 bpd and 340,000 bpd, Mid-Continent between 140,000 bpd and 150,000 bpd, Gulf Coast between 170,000 bpd and 180,000 bpd, and West Coast between 230,000 bpd and 240,000 bpd [11]