PBF Energy Provides Update on Martinez Refinery Operations and Issues 2026 Annual Guidance Information

Core Viewpoint - PBF Energy Inc. is progressing with the rebuild of its Martinez, California refinery, expecting to achieve planned operating rates by March 2026, following a fire incident in February 2025 [1][2]. Group 1: Refinery Operations - The Martinez refinery, with a capacity of 157,000 barrels per day, has been operating at a reduced capacity of 85,000 to 105,000 barrels per day since early Q2 2025 [1]. - The commissioning phase for utility systems and idled equipment has begun, with a phased restart planned as repairs are completed [1]. Group 2: Financial Impact and Insurance - The company anticipates that the costs associated with restoring the refinery will largely be covered by insurance, with a deductible and retentions totaling $30 million [2]. - In 2025, PBF received $893.5 million in unallocated insurance reimbursements, net of deductibles and retentions, including a recent installment of $393.5 million [2]. Group 3: 2026 Annual Guidance - PBF's expected throughput ranges for 2026 are as follows: East Coast 300,000 to 320,000 barrels per day, Mid-continent 135,000 to 145,000 barrels per day, Gulf Coast 170,000 to 180,000 barrels per day, and West Coast 280,000 to 300,000 barrels per day [3]. - The company plans to conduct routine maintenance and multiple turnarounds across its refining system in 2026, with specific turnaround schedules subject to change [3].