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Jun 30, 2024
PBF Energy Q2 2024 Earnings Report
PBF delivered results below expectations due to market conditions and extensive maintenance. The company maintained its strong cash position and continues to prioritize capital allocation towards long-term shareholder value.
Key Takeaways
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.
Second quarter loss from operations of $74.6 million (excluding special items, second quarter loss from operations of $72.5 million).
Announced quarterly dividend of $0.25 per share.
Second quarter 2024 share repurchases of approximately 2.0 million shares for approximately $100 million.
Completed significant planned maintenance in the East Coast, Mid-Continent and West Coast regions during the second quarter.
PBF Energy
PBF Energy
Forward Guidance
PBF expects full-year 2024 refining capital expenditures to be in the $850 million range. The Gulf Coast facility is expected to conduct planned maintenance early in the fourth quarter. Third quarter throughput expectations are between 885,000 and 945,000 barrels per day.
Positive Outlook
- Majority of planned maintenance for the year has been completed.
- All assets are running well and should remain available for the third quarter.
- Prioritizing capital allocation towards opportunities that promote long-term shareholder value.
- Continuing to support the $0.25 per share dividend.
- Share repurchase program can be sustained through various markets.
Challenges Ahead
- Planned maintenance is scheduled for the Gulf Coast facility in the fourth quarter.
- Timing of planned maintenance and throughput ranges are subject to change based on market conditions and other factors.
- Guidance is based on current operating plans, company assumptions, and company configuration and is subject to change.
- Renewable diesel production for the third quarter is expected to average approximately 12,500 barrels per day due to a catalyst change.
- Market conditions broke from typical seasonal patterns, with product cracks higher early in the quarter and declining as the quarter progressed.