Loading...
•
Jun 30
PBF Energy Q2 2025 Earnings Report
PBF Energy reported a net loss of $5.4 million and income from operations of $43.0 million in Q2 2025, with improved performance across all regions despite challenges in feedstock markets.
Key Takeaways
PBF Energy reported a net loss of $5.4 million and income from operations of $43.0 million for the second quarter of 2025. The company saw improved performance across all regions, successfully restoring partial operations at the Martinez refinery after a fire. Despite challenges in feedstock markets, PBF Energy remains focused on conservative balance sheet management, debt reduction, and implementing its Refinery Business Improvement initiative to generate cost savings.
PBF Energy reported a net loss of $5.4 million and income from operations of $43.0 million for Q2 2025.
Partial operations at the Martinez refinery were successfully restored in Q2 2025 following a fire, with full restoration expected by year-end 2025.
The company declared a quarterly dividend of $0.275 per share, an increase from $0.25 per share in Q2 2024.
PBF Energy is implementing a Refinery Business Improvement (RBI) initiative, targeting over $200 million in annualized cost savings by year-end 2025 and over $350 million by year-end 2026.
PBF Energy
PBF Energy
PBF Energy Revenue by Segment
Revenue by Segment
Refining Revenue
CapyFin.comLogistics Revenue
CapyFin.com Forward Guidance
PBF Energy expects to restore full operations at the Martinez refinery by year-end 2025 and anticipates significant annualized cost savings from its Refinery Business Improvement initiative. Full-year capital expenditures are projected to be between $750 million and $775 million, excluding Martinez fire repair costs.
Positive Outlook
- Full operations at Martinez refinery planned by year-end 2025.
- Expected annualized run-rate sustainable cost savings of over $200 million by year-end 2025 from RBI.
- Expected annualized run-rate sustainable cost savings of over $350 million by year-end 2026 from RBI.
- Third quarter total throughput expected between 865,000 and 915,000 barrels per day.
- Third quarter renewable diesel production expected to average 16,000 to 18,000 barrels per day.
Challenges Ahead
- Martinez refinery expected to run at reduced capacity until full repairs are completed.
- Restart of remaining Martinez units dependent on external factors like regulatory permitting and equipment availability.
- Full-year capital expenditures projected at $750 million to $775 million, excluding Martinez fire repair costs.
- Interest expense for full-year 2025 expected to be in the $165 million to $185 million range.
- Near-term volatility in the cyclical, commodity-dependent business due to challenges in feedstock markets, specifically narrow light-heavy differentials.