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PBF Energy
🇺🇸 NYSE:PBF
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Sep 30, 2024

PBF Energy Q3 2024 Earnings Report

PBF Energy reported a net loss of $289.1 million, or $(2.49) per share, compared to net income of $794.1 million, or $6.11 per share, for the third quarter of 2023. Excluding special items, the adjusted fully-converted net loss was $173.8 million, or $(1.50) per share.

Key Takeaways

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.

Third quarter loss from operations of $386.3 million (excluding special items, third quarter loss from operations of $231.5 million).

Announced a 10% increase to quarterly dividend to $0.275 per share.

Third quarter 2024 share repurchases of approximately 2.0 million shares for approximately $75 million.

The company had approximately $977 million of cash and approximately $1.3 billion of total debt at quarter-end.

Total Revenue
$8.38B
Previous year: $10.7B
-21.9%
EPS
-$1.5
Previous year: $6.61
-122.7%
Total Production bpd
945.4K
Previous year: 952.7K
-0.8%
Gross Refining Margin
$5
Previous year: $22.2
-77.5%
Refinery Operating Expense
$7.22
Previous year: $7.12
+1.4%
Gross Profit
-$288M
Previous year: $1.23B
-123.5%
Cash and Equivalents
$977M
Previous year: $1.89B
-48.4%
Free Cash Flow
-$170M
Previous year: $417M
-140.7%
Total Assets
$13.1B
Previous year: $14.7B
-10.6%

PBF Energy

PBF Energy

PBF Energy Revenue by Segment

Forward Guidance

PBF expects full-year 2024 refining capital expenditures to be in the $850 million range. Current fourth quarter throughput expectations are between 840,000 and 900,000 barrels per day. Renewable diesel production for the fourth quarter is expected to average approximately 16,000 to 17,000 barrels per day.

Positive Outlook

  • PBF remains committed to the safety and reliability of our operations.
  • We strive to maintain the quality of our balance sheet and preserve the ability of our operations to continue supporting our long-term strategic goal of increasing the value of our company.
  • We continue to demonstrate our commitment to fiscal discipline, long-term value and sustainable shareholder returns.
  • The safety and reliability of our core operations are paramount.
  • We continue investing in all our assets.

Challenges Ahead

  • Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors.
  • All figures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as company strategic decision-making and overall company performance.
  • Weak refining environment
  • Weaker than expected global demand
  • Higher than anticipated refinery utilization

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View PBF Energy