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Sep 30
PBF Energy Q3 2025 Earnings Report
PBF Energy reported third quarter 2025 results, including a return to income from operations and net income, driven by insurance recoveries and improved product cracks, despite ongoing challenges at the Martinez refinery.
Key Takeaways
PBF Energy Inc. reported a significant turnaround in the third quarter of 2025, achieving net income of $171.7 million and income from operations of $285.9 million, compared to losses in the prior year. This improvement was largely due to substantial gains from insurance recoveries related to the Martinez refinery fire and the sale of terminal assets, alongside favorable market conditions in some regions. However, the company still faced pressures from narrow light-heavy differentials and ongoing limited operations at the Martinez refinery.
PBF Energy reported a net income of $171.7 million and diluted EPS of $1.45 for Q3 2025, a significant improvement from a net loss of $289.1 million and $(2.49) EPS in Q3 2024.
Income from operations reached $285.9 million in Q3 2025, reversing a loss of $386.3 million in the same period last year, primarily due to $250.0 million in insurance recoveries and a $94.0 million gain on terminal asset sales.
Adjusted fully-converted net loss, excluding special items, was $(60.3) million, or $(0.52) per share, indicating underlying operational challenges despite the reported net income.
The Martinez refinery continues to operate under limited capacity, with full restoration planned by year-end 2025, and the company expects rebuilding costs to be largely covered by insurance.
PBF Energy
PBF Energy
PBF Energy Revenue by Segment
Revenue by Segment
Refining Revenue
CapyFin.comLogistics Revenue
CapyFin.com Forward Guidance
PBF Energy anticipates continued volatility in the near term but maintains a favorable long-term outlook due to tight global supply and demand balances. The company is focused on conservative balance sheet management, debt reduction, and achieving significant savings through its Refining Business Improvement (RBI) initiative.
Positive Outlook
- Expects to generate over $230 million in annualized, run-rate sustainable operating, capital, turnaround, and corporate expense savings by year-end 2025, and over $350 million by year-end 2026.
- On track to meet or exceed RBI initiative targets, indicating improved efficiency and reliability.
- Anticipates incremental supply of heavy barrels entering the market, which should benefit the company's system.
- Global supply and demand balances are expected to remain tight, contributing to a constructive macro environment.
- Martinez refinery is planned to restore full operations by year-end 2025, which should increase throughput.
Challenges Ahead
- Near-term volatility is expected in the cyclical, commodity-dependent business.
- Narrow light-heavy differentials continue to pressure capture rates overall.
- Martinez refinery operations will continue to be limited until full restoration, impacting overall throughput.
- Restart of Martinez units is dependent on external factors like regulatory permitting and equipment availability.
- Full-year capital expenditures are projected in the $750 to $775 million range, excluding Martinez rebuild costs, indicating significant investment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income