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Mar 31
PBF Energy Q1 2025 Earnings Report
Reported first quarter 2025 financial results, including a net loss and loss from operations, impacted by the Martinez refinery fire and planned maintenance, while also announcing a dividend and the sale of terminal assets.
Key Takeaways
PBF Energy reported a significant net loss and loss from operations in the first quarter of 2025, primarily due to a fire at its Martinez refinery and scheduled maintenance. Despite these challenges, the company announced a quarterly dividend and the sale of terminal assets, highlighting a focus on balance sheet management and business improvement initiatives.
PBF Energy reported a net loss of $401.8 million for Q1 2025, a significant decrease from net income of $106.6 million in Q1 2024.
Loss from operations for Q1 2025 was $511.2 million, compared to income from operations of $145.1 million in the same period last year.
Adjusted fully-converted net loss was $353.6 million, or $(3.09) per share, excluding special items.
A fire at the Martinez refinery on February 1, 2025, caused significant damage and contributed to the negative results, though insurance is expected to largely cover restoration costs.
The company announced a quarterly dividend of $0.275 per share and an agreement to sell two terminal facilities for $175 million.
PBF Energy
PBF Energy
PBF Energy Revenue by Segment
Revenue by Segment
Refining Revenue
CapyFin.comLogistics Revenue
CapyFin.com Forward Guidance
PBF Energy expects full-year capital expenditures in the range of $750 million to $775 million, excluding costs to restore the Martinez Refinery. The company also expects interest expense for the full year 2025 to be between $165 million and $185 million.
Positive Outlook
- Anticipates generating over $200 million of annualized, run-rate sustainable cost savings by year-end 2025 through the Refining Business Improvement initiative.
- Expects insurance to largely reimburse the company for capital costs to restore the Martinez refinery to full operations, subject to deductibles and retentions.
- Successfully restored limited operations at the Martinez refinery in April 2025.
- Received an unallocated first installment of insurance proceeds of $280 million ($250 million net to PBF).
- Completed the sale of two terminal facilities for $175 million.
Challenges Ahead
- The Martinez refinery fire caused significant damage and resulted in extended downtime, impacting operational results.
- Full restoration of the remaining units at Martinez is planned for the fourth quarter of 2025, subject to external factors like regulatory approvals and equipment availability.
- The business interruption insurance has a 60-day waiting period.
- Near-term volatility in the cyclical, commodity-dependent business is expected.
- Increased total debt to $2.237 billion at quarter-end.
Revenue & Expenses
Visualization of income flow from segment revenue to net income