PBF Energy Inc - Class A
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.74%.
Did PBF Beat Earnings? Q1 2025 Results
PBF Energy delivered a bruising first quarter, posting an adjusted loss of $3.09 per share that nonetheless edged past the Wall Street consensus of -$3.29 by 6.16%, while revenue of $7.07 billion topped estimates by 7.03% — though that top-line figure still represented an 18.3% decline from a year ago as the company absorbed the full weight of a February 1 fire at its Martinez, California refinery. The blaze was the defining event of the quarter, slashing West Coast throughput to 173,000 bpd from 301,600 bpd and inflating regional operating expenses to $22.17 per barrel, helping drive a system-wide GAAP operating loss of $511.20 million versus operating income of $145.10 million in Q1 2024. Gross refining margin collapsed to $5.96 per barrel from $11.73 as crack spreads deteriorated broadly. PBF has secured an initial $250 million insurance payment and is running Martinez in a limited 85,000–105,000 bpd configuration, targeting a full Q4 restart, while its Business Improvement initiative aims to deliver more than $200 million in annualized cost savings by year-end.
- Martinez refinery fire on February 1, 2025 caused significant damage and extended downtime, reducing West Coast throughput to 173,000 bpd from 301,600 bpd
- Compressed crack spreads across all regions: Dated Brent NYH 2-1-1 fell to $16.89/bbl from $21.05/bbl
- Planned maintenance activity within PBF's refining system
- Policy volatility and macroeconomic uncertainty
- System-wide throughput declined to 730,400 bpd from 897,400 bpd year-over-year
- Gross refining margin excluding special items fell to $5.96/bbl from $11.73/bbl
- Refining operating expense per barrel rose to $10.74 from $8.02 due to fixed costs spread over lower volumes
- Higher RIN costs with effective RIN basket price increasing to $4.75 from $3.69
- Higher natural gas costs at $3.87/MMBTU versus $2.10/MMBTU
“Policy volatility, macroeconomic uncertainty, the Martinez incident and planned maintenance within PBF's refining system created a very challenging first quarter environment. On February 1, 2025, during preparations for a turnaround, a fire occurred at the Martinez refinery which caused significant damage and resulted in extended downtime. Since the event, we have restored partial operations and are working to restore full operations. We expect that PBF's insurance program will largely reimburse the company, subject to our deductible and retentions, for the capital costs to restore the Martinez refinery to full operations.”
PBF Energy CEO, on the earnings call
Forward Guidance & Outlook
PBF expects full-year 2025 capital expenditures in the $750–$775 million range, excluding costs to restore the Martinez refinery. Interest expense is expected in the $165–$185 million range for full-year 2025. The Martinez refinery is running in a limited configuration at 85,000–105,000 bpd, with full restart of remaining units planned for Q4 2025, dependent on regulatory permitting and equipment availability. The company's Refining Business Improvement initiative targets greater than $200 million of annualized, run-rate sustainable cost savings by year-end 2025. Q2 2025 total expected throughput ranges from 795,000–855,000 bpd. SBR renewable diesel production for Q2 is expected at 12,000–14,000 bpd. Insurance claims are ongoing and interim payments are expected on a quarterly basis. The company maintains its view that global supply and demand balances remain tight despite near-term volatility.
PBF YoY Financials
PBF Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.