Pbf Energy Inc. (PBF)

PBF Energy reported third-quarter 2026 net income of $1,543.3 million on 29 October 2026, against $171.7 million a year earlier 1.

Revenue was $12.1 billion, up 57.1 percent from the third quarter of 2025 2. Gross refining margin, the profit from refining before running costs and depreciation, was $34.56 per barrel against $9.00 a year earlier 2.

The company's filing credits wider crack spreads, the gap between the price of crude oil and the fuels made from it, and conflicts abroad that squeezed global supply 2. Throughput also rose because the Martinez refinery in California, shut by a fire on 1 February 2025, was back at full operations in May 2026 2.

Cash ended the quarter near $2.5 billion against $2.1 billion of debt, which the company calls $426 million of net cash 1. The board raised the quarterly dividend 18 percent to $0.325 per share 1. On 26 October 2026 PBF redeemed all $800.0 million of its 9.875% notes due 2030 from cash on hand 2.

The company expects to finalize its Martinez fire insurance claim before the end of 2026 1. Government investigations of that fire and of a 2022 catalyst release have no penalty estimate yet 2.

Argus reported that Valero sold PBF its 180,000 barrel-a-day Delaware City refinery in June, after shutting it the November before, the first of several refineries that larger oil companies let go 18. Argus also reported that PBF agreed to buy Valero's Paulsboro, New Jersey, refinery for $360 million plus turnaround and inventory costs 18.

PBF's initial public offering of Class A shares closed on 18 December 2012 8. By 2015 it also ran a Toledo, Ohio, refinery, giving it three plants of 190,000, 180,000 and 170,000 barrels a day 15.

On 2 November 2015 PBF closed the purchase of the Chalmette refinery near New Orleans from ExxonMobil and PDVSA, valued at $322 million plus working capital 15.

On 1 July 2016 it closed on ExxonMobil's Torrance refinery in California for $537.5 million plus an estimated $460.9 million of working capital 16. With Torrance, the company said it ran five refineries with about 900,000 barrels a day of capacity, making it North America's fourth-largest independent refiner 16.

On 1 February 2020 PBF closed the purchase of the Martinez refinery from Shell Oil Products US for $960.0 million plus the value of its hydrocarbon inventory 17. The 157,000 barrel-a-day plant has a Nelson Complexity Index of 16.1 17. That index rates how much processing equipment a refinery has beyond a basic crude unit, and a higher number means it can make more valuable fuels from cheaper crude 8.

PBF blamed the headwinds of the pandemic and a collapse in demand for its products 19. Revenue fell to $15,115.9 million in 2020 from $24,508.2 million in 2019, and loss from operations was $1,416.8 million 19.

The company reconfigured its East Coast refineries in 2020, and restarted idled units at Paulsboro in 2022 8. Revenue reached $46,830.3 million in 2022 from $27,253.4 million in 2021, with income from operations of $4,153.2 million 20.

Chief executive Tom Nimbley said in February 2023 that PBF cut more than $2.3 billion of debt during 2022 and ended the year with zero net debt 20. The same release reported that it had bought back over 5 million shares and the public stake in its logistics arm, PBF Logistics LP 20.

In June 2023 PBF closed a 50-50 joint venture in St. Bernard Renewables, a renewable diesel plant beside its Chalmette refinery, with Eni Sustainable Mobility 21. Eni's affiliate committed $835 million of reimbursements and contributions to PBF, of which $431 million was paid at closing 21.

Revenue slid from $38,324.8 million in 2023 to $33,115.3 million in 2024 and $29,332.3 million in 2025 8. Net income of $2,162.0 million in 2023 became losses of $540.2 million in 2024 and $160.5 million in 2025 8.

The 2025 decline came from lower commodity prices and sales volumes, the company said, and the Martinez fire made it worse 8. The fire began on 1 February 2025 and shut the refinery until April 2025 8. PBF received $893.5 million of insurance proceeds in 2025 8.

Oil & Gas Journal reported on 6 January 2026 that the Martinez restart slipped, with full operations first targeted for April 2025, then yearend-2025, and then the beginning of March 2026 14. PBF reported full operations in May 2026, and second-quarter net income of $915.0 million 27.

What PBF makes and sells

PBF refines crude oil into gasoline, diesel, heating oil, jet fuel, lubricants, petrochemicals and asphalt, and sells them unbranded to other companies 8. In the first nine months of 2026, gasoline and distillates (diesel, heating oil and jet fuel) brought in $28,159.0 million, 88.8 percent (computed) of the refining segment's $31,703.8 million 2.

The rest came from asphalt and black oils ($1,480.7 million), feedstocks and other ($1,201.7 million), chemicals ($585.7 million) and lubricants ($276.7 million) 2. It sells across the Northeast, Midwest, Gulf Coast and West Coast, and into Canada and Mexico 8.

East Coast: Delaware City and Paulsboro

Delaware City, Delaware, can process 180,000 barrels a day and sits on a 5,000-acre site on the Delaware River, where it can take crude by rail or ship 223. Paulsboro, New Jersey, is rated at 155,000 barrels a day on about 950 acres 223.

Paulsboro makes lubricant base oils and, by PBF's account, is the largest producer of asphalt on the East Coast 23. In the third quarter of 2026 the two East Coast plants averaged about 293,800 barrels a day of throughput, the crude and feedstock they ran 2.

Mid-Continent: Toledo

The Toledo, Ohio, refinery can process 180,000 barrels a day on a 282-acre site 60 miles south of Detroit 223. It runs light, sweet crude from Canada, the Bakken and the Gulf Coast, and makes gasoline, ultra-low sulfur diesel and chemicals such as xylene and toluene 23. Its third-quarter 2026 throughput averaged about 156,400 barrels a day 2.

Gulf Coast: Chalmette and renewable diesel

The Chalmette refinery outside New Orleans can process 185,000 barrels a day and can run both light and heavy crude 223. The Associated Press reported that it was built in 1915 and has 500 employees 13.

A fire broke out at an operating unit on 8 May 2026 with no injuries reported, the AP said 13. The 10-Q says repairs at Chalmette raised third-quarter operating expenses, and the company moved the plant's fourth-quarter turnaround, a planned maintenance shutdown, to 2027 12.

Next to Chalmette stands a renewable diesel plant, St. Bernard Renewables (SBR), owned 50-50 with Enilive US, a subsidiary of Eni 2. It averaged about 19,156 barrels a day in the third quarter and was built with a pre-treatment unit able to make 20,000 barrels a day 18. PBF's stake in SBR was carried at $896.9 million at the end of the quarter 2.

West Coast: Torrance and Martinez

Torrance, in Southern California, has a nameplate crude capacity of 166,000 barrels a day on a 700-acre site 23. By PBF's account it makes about 1.8 billion gallons of gasoline a year, roughly a tenth of California's demand 23. Martinez, 30 miles northeast of San Francisco, can process 157,000 barrels a day on 860 acres 217.

On 9 September 2026 PBF bought two hydrogen plants at Torrance that it had leased from Air Products West Coast Hydrogen LLC, paying $44.8 million in cash plus a promissory note 2. Its West Coast refineries averaged about 293,100 barrels a day in the third quarter, up from 234,000 a year earlier 2.

Throughput, people and workforce

The four regions together averaged 923,800 barrels a day in the third quarter of 2026 (computed) 2. Matthew Lucey has been president since January 2015 and chief executive since 1 July 2023 8. Joseph Marino became chief financial officer on 1 October 2025 8.

The company had about 3,678 employees on 31 December 2025, and 1,935 were covered by union agreements with the United Steel Workers, Independent Oil Workers and the electrical workers' union 8. Most of those agreements have expired, and the company says new terms are agreed pending local ratification 8.

Rivals

PBF competes with other refiners on the East, Gulf and West Coasts and in the Mid-Continent, with integrated oil companies, and with foreign refiners shipping into the United States 8. It says several principal rivals are larger national or international oil companies with greater resources 8.

Current problems

The Bay Area Air District has issued 22 notices of violation over the Martinez fire, and the Justice Department, the U.S. Attorney and the EPA are investigating it and the November 2022 catalyst release 2. PBF says the liabilities are unknown and cannot yet be estimated 2.

A class action over the Torrance refinery, brought in 2017, is still pending, and PBF's response to the fifth amended complaint is due 2 November 2026 2. The company says it does not expect a material adverse effect 2.

PBF's costs to comply with federal renewable fuel rules were $522.8 million in the third quarter of 2026 against $169.0 million a year earlier 2. The EPA's final rule for 2026 and 2027 reallocates 70 percent of small refinery exemptions 22.

Money and borrowing

On 30 September 2026 PBF replaced its asset-backed revolving credit line with one of up to $4.0 billion, maturing 30 September 2031 6. On 17 September 2026 it issued $550.0 million of 0% exchangeable notes due 2032, which holders may exchange for cash, shares or both 45.

The proceeds helped pay off $500.0 million of 7.875% notes on 24 September 2026, and PBF paid about $853.4 million to redeem its 9.875% notes on 26 October 2026 2.

The umbrella, in words

PBF Energy Inc. is a holding company whose main asset is a controlling interest in PBF Energy Company LLC (PBF LLC), which owns and runs the business through subsidiaries 8. PBF Energy owned 121,346,364 PBF LLC units on 30 September 2026, and 828,043 units were held by executives, directors, employees and others 2.

PBF Holding Company LLC is the parent of the refining operations, and PBF Logistics LP (PBFX) owns the pipelines, terminals and storage that serve them 8. The subsidiaries exhibit lists, among others, Delaware City Refining Company LLC, Paulsboro Refining Company LLC, Toledo Refining Company LLC, Chalmette Refining, Torrance Refining Company LLC and Martinez Refining Company LLC 9.

Through Chalmette Refining, PBF owns 80 percent of Collins Pipeline Company and T&M Terminal Company, which carry Chalmette's fuels to the Plantation and Colonial pipelines in Mississippi 28. It owns half of SBR with Enilive US, an investment rather than a subsidiary 2.

Its headquarters are at One Sylvan Way in Parsippany, New Jersey, and it trades on the New York Stock Exchange as PBF 3. It markets no consumer brands, since it sells unbranded fuels to other companies 8. Its land includes sites of 5,000 acres at Delaware City, 950 at Paulsboro, 282 at Toledo, 700 at Torrance and 860 at Martinez 1723.

The proxy lists the Slim family, through Control Empresarial, as the largest holder, with 26,251,098 Class A shares, or 22.4 percent, on 6 March 2026 10. Next came BlackRock with 8.5 percent, Vanguard with 7.9 percent and Goldman Sachs with 5.9 percent 10.

Control Empresarial's own Form 4 of 13 October 2026 reports 13,326,127 shares, about 11.2 percent, after sales that month 1124. Holders of PBF LLC units other than PBF Energy have 0.7 percent of the votes 2.

The company expects third-quarter throughput guidance to carry into the fourth quarter at 925,000 to 985,000 barrels a day across its refineries 1. It split that as 300,000 to 320,000 on the East Coast, 155,000 to 165,000 in the Mid-Continent, 180,000 to 190,000 on the Gulf Coast and 290,000 to 310,000 on the West Coast 1.

It guides 2026 capital spending of $825 million to $875 million, excluding the Martinez rebuild, and says that includes advance purchases of materials for turnarounds moved to 2027 1.

PBF's Refinery Business Improvement program produced more than $230 million of run-rate cost improvements in 2025, and the company expects it to pass $350 million by the end of 2026 1.

On the Martinez fire, PBF says insurers have paid $1.25 billion on an unallocated basis so far, and it expects to finalize the claim before year-end 2026 1. Any later payments depend on actual covered costs and calculated losses 1.

The renewable diesel plant at St. Bernard is expected to average 18,000 to 20,000 barrels a day in the fourth quarter 1.

The board declared a dividend of $0.325 per share, payable 24 November 2026 to holders of record on 12 November 2026 1. PBF currently intends to keep paying quarterly dividends, but each one is at the board's discretion 2.

After the hydrogen plant purchase at Torrance, Torrance Refining Company is to operate the plants after a transition period with Air Products 2. PBF's response in the Torrance class action is due 2 November 2026 2.

On debt, the exchangeable notes mature on 15 January 2032, and the issuers may not redeem them before 20 January 2030 except in limited cases 5. The new credit line runs to 30 September 2031 6.

Investigations of the Martinez fire by state and federal agencies continue, and the company has said the outcome and any penalties are unknown 2.