Core Insights - PBF Energy Inc. reported a second-quarter 2025 adjusted loss of $1.03 per share, which was narrower than the Zacks Consensus Estimate of a loss of $1.19, but wider than the loss of 56 cents per share from the previous year [1][8] - Total quarterly revenues decreased to $7.48 billion from $8.74 billion in the prior-year quarter, yet exceeded the Zacks Consensus Estimate of $6.79 billion [1][8] - The better-than-expected results were attributed to reduced costs and expenses, although this was partially offset by lower throughput volumes [2] Segmental Performance - The Refining segment reported an operating loss of $400.4 million, compared to an operating income of $107.7 million a year ago, falling short of the estimated operating income of $205.8 million [3] - The Logistics segment generated a profit of $107.7 million, up from $96.1 million in the prior-year quarter, surpassing the estimate of $53.6 million [3] Throughput Analysis - Crude oil and feedstock throughput volumes totaled 839.1 thousand barrels per day (bpd), down from 921.3 thousand bpd a year ago, but above the estimate of 836.4 thousand bpd [4] - The East Coast, Mid-Continent, Gulf Coast, and West Coast regions accounted for 35.7%, 19.3%, 20.7%, and 24.3% of total throughput volume, respectively [4] Margins - The company-wide gross refining margin per barrel of throughput was $8.38, higher than the previous year's $8.12 and exceeding the estimate of $7.74 [5][8] - The gross refining margin per barrel for the East Coast was $7.37, significantly up from $2.52 a year ago, while the Gulf Coast margin decreased to $7.35 from $8.66 [6] Costs & Expenses - Total costs and expenses for the quarter were $7.43 billion, down from $8.8 billion in the prior-year period, and slightly above the estimate of $7.37 billion [7] - Cost of sales, including operating expenses and depreciation, amounted to $7.53 billion, lower than $8.73 billion a year ago [7] Capital Expenditure & Balance Sheet - PBF Energy spent $144.5 million on capital for refining operations and $8.2 million on logistics [9] - At the end of the second quarter, the company had cash and cash equivalents of $591 million and total debt of $2.4 billion, resulting in a total debt-to-capitalization ratio of 30.2% [9] Outlook - For the third quarter of 2025, PBF Energy anticipates throughput volumes of 320,000 to 340,000 bpd on the East Coast, 150,000 to 160,000 bpd in the Mid-Continent, 175,000 to 185,000 bpd in the Gulf Coast, and 220,000 to 230,000 bpd on the West Coast [10]

Core Insights - PBF Energy Inc. reported a first-quarter 2025 adjusted loss of $3.09 per share, which was narrower than the Zacks Consensus Estimate of a loss of $3.50, but worse than the prior year's loss of $0.86 per share [1] - Total revenues for the quarter decreased to $7.07 billion from $8.65 billion year-over-year, yet exceeded the Zacks Consensus Estimate of $6.47 billion [1] - The better-than-expected earnings were attributed to reduced costs and expenses despite lower throughput volumes and declining refining margins [2][3] Financial Performance - The Refining segment reported an operating loss of $473.2 million, a significant decline from an operating income of $170.6 million in the previous year, falling short of the estimated operating income of $99.2 million [3] - The Logistics segment generated a profit of $51.4 million, up from $45.1 million in the prior-year quarter, surpassing the estimate of $45.5 million [3] Throughput Analysis - Crude oil and feedstock throughput volumes averaged 730.4 thousand barrels per day (bpd), down from 897.4 thousand bpd year-over-year and below the estimate of 770 thousand bpd [4] - The East Coast, Mid-Continent, Gulf Coast, and West Coast regions contributed 35.9%, 18.8%, 21.6%, and 23.7% respectively to total throughput volumes [4] Margins - The company-wide gross refining margin per barrel was $5.96, significantly lower than $11.73 in the previous year and below the estimate of $9.94 [5] - Regional margins included $5.86 for the East Coast (down from $7.72), $5.32 for the Gulf Coast (down from $12.36), and $6.76 and $6.05 for the Mid-Continent and West Coast respectively, compared to $18.15 and $13.15 a year ago [6] Costs & Expenses - Total costs and expenses for the quarter were $7.56 billion, down from $8.5 billion in the prior year, but higher than the estimate of $6.97 billion [7] - Cost of sales, including operating expenses and depreciation, amounted to $7.49 billion, lower than $8.43 billion a year ago [7] Capital Expenditure & Balance Sheet - PBF Energy invested $215.6 million in capital for refining operations and $2.4 million for logistics [8] - As of the end of the first quarter, the company had cash and cash equivalents of $0.47 billion and total debt of $2.24 billion, resulting in a total debt-to-capitalization ratio of 30% [8] Outlook - For the second quarter of 2025, PBF Energy expects throughput volumes of 265,000 to 285,000 bpd on the East Coast, 150,000 to 160,000 bpd in the Mid-Continent, 165,000 to 175,000 bpd in the Gulf Coast, and 215,000 to 235,000 bpd on the West Coast [9]