PBF Energy Inc. Q4 2025 Earnings Call Summary

Performance improvement in Q4 was primarily driven by widening heavy and medium crude differentials, which directly benefit PBF's high-complexity coastal refining system. The Martinez refinery is on the cusp of a methodical restart following a year-long rebuild, with full operations expected by early March to supply a tight California fuel market. Management attributes the company's torque to its ability to process approximately 200 million barrels of heavy/sour crude annually, representing 55-60% of ...