PBF Energy Reports Fourth Quarter and Full Year 2025 Results, Declares Dividend of $0.275 per Share

Core Insights - PBF Energy reported a significant turnaround in its financial performance for the fourth quarter of 2025, achieving an income from operations of $128.0 million compared to a loss of $383.2 million in the same quarter of 2024 [1] - The company declared a quarterly dividend of $0.275 per share, reflecting confidence in its recovery and operational improvements [1] - The Martinez refinery is on track for a full operational restart by March 2026, following a fire incident in February 2025, with insurance expected to cover most restoration costs [1][2] Financial Performance - For the fourth quarter of 2025, PBF Energy's net income was $79.1 million, a stark contrast to a net loss of $292.6 million in Q4 2024 [1] - The full year 2025 loss from operations was $54.3 million, significantly improved from a loss of $699.0 million in 2024 [1] - Adjusted fully-converted net income for Q4 2025 was $57.8 million, compared to an adjusted loss of $324.5 million in Q4 2024 [1][4] Operational Updates - The Martinez refinery, with a capacity of 157,000 barrels per day, is nearing completion of construction activities, expected by February 16, 2026 [1][2] - The company anticipates achieving run-rate cost improvements of $350 million by the end of 2026, building on the $230 million improvements realized in 2025 [2] - PBF's refining system is expected to benefit from a constrained global refining capacity, positioning the company favorably for future demand growth [1] Market and Industry Context - Oil markets are described as dynamic, with recent headwinds turning into tailwinds for refiners, particularly benefiting PBF Energy [1] - The company is focused on safety, reliability, and environmentally responsible operations as it navigates the competitive landscape [1] - PBF Energy's refining margins have improved, with gross refining margin per barrel of throughput at $11.16 in Q4 2025, compared to $4.89 in Q4 2024 [5]