PBF Energy Earnings Reports

PBF Energy faced a challenging Q4 2024 with a significant decline in revenue and widening losses. Lower refining margins, inventory adjustments, and operational disruptions, including a fire at the Martinez refinery, heavily impacted results.

PBF Energy reported a loss from operations of $386.3 million for the third quarter of 2024. Despite a weak refining environment, PBF's refineries ran well with no major maintenance or significant unplanned downtime. The company increased its quarterly dividend by 10% to $0.275 per share.

PBF Energy reported a net loss of $65.2 million, or $(0.56) per share, for the second quarter of 2024, compared to a net income of $1,020.4 million, or $7.88 per share, for the second quarter of 2023. The loss from operations was $74.6 million, compared to income from operations of $1,389.2 million in the same period last year. Market conditions coupled with maintenance activity impacted capture rates and reduced realized margins.

PBF Energy Inc. reported a first quarter 2024 income from operations of $145.1 million, compared to $532.4 million for the first quarter of 2023. Net income attributable to PBF Energy Inc. was $106.6 million, or $0.86 per share, compared to $382.1 million, or $2.86 per share for the first quarter 2023. The company repurchased approximately 2.6 million shares for approximately $125 million and announced a quarterly dividend of $0.25 per share.