Pbf Energy Stock Earnings Reports

Key points for investors: PBF expects the Martinez refinery to be fully operational by year-end, with a methodical, safety-first restart beginning in December. Third-quarter adjusted EBITDA was $144.4 million and adjusted EPS was an adjusted loss of $0.52; results excluded several special items including ~$250 million insurance recoveries tied to the Martinez fire and other one-time items. Management highlighted a clear sequential improvement in market dynamics in September with strong product cracks and improving crude differentials, which they expect to remain supportive into Q4 and into 2026 as global product balances tighten. The Refining Business Improvement (RBI) program remains on track to deliver $230 million of annualized run-rate savings by end of 2025 (with the benefit fully realized in 2026) and $70 million of reduced sustaining capex/turnaround spend; management indicated about $210 million of that run-rate savings has already been implemented. Martinez-related rebuild capital and incremental OpEx were material (Q3 rebuild capex ~ $128M; incremental OpEx ~$14.6M booked as special item), but the company received a second unallocated insurance payment of $250M (majority received in Q4) and expects potential additional payments as claims progress. Liquidity was $482M cash and ~ $2.1B total available liquidity (cash + ABL capacity) at quarter end, net debt ~ $1.9B (net debt/TTM cap ~32%); management said liquidity/net debt improved after the subsequent insurance installment and they will prioritize deleveraging when market conditions allow. Operationally, PBF completed the Torrance hydrocracker turnaround and reported other refinery outages were mostly minor; RBI initiatives have produced procurement and turnaround savings and are expected to drive sustained reliability and energy-efficiency gains. The board approved a $0.275/share quarterly dividend.