Core Insights - PBF Energy Inc. reported a fourth-quarter 2025 adjusted earnings of 49 cents per share, surpassing the Zacks Consensus Estimate of a loss of 15 cents, and improving from a loss of $2.82 per share in the same quarter last year [1][8] - Total quarterly revenues decreased to $7.14 billion from $7.35 billion in the prior-year quarter, but still exceeded the Zacks Consensus Estimate of $6.98 billion [1] Financial Performance - The strong quarterly earnings were attributed to a higher refining margin per barrel of throughput and a reduction in total costs and expenses [2] - PBF Energy's operating income in the Refining segment was $205.7 million, a significant recovery from an operating loss of $362 million a year ago [3] - The Logistics segment generated a profit of $52.7 million, slightly up from $51.7 million in the prior-year quarter [3] Throughput and Margins - Crude oil and feedstock throughput volumes reached 888.9 thousand barrels per day (bpd), an increase from 862 thousand bpd a year ago, with the East Coast contributing 37.2% of the total throughput [4] - The company-wide gross refining margin per barrel of throughput was $11.16, significantly higher than $4.89 in the previous year, with notable increases across all regions [5] Costs and Expenses - Total costs and expenses for the quarter were $7 billion, down from $7.7 billion in the year-ago period, with cost of sales amounting to $7.3 billion [6] Capital Expenditure and Balance Sheet - PBF Energy invested $113.6 million in capital for refining operations and $3.1 million for logistics businesses, ending the quarter with cash and cash equivalents of $527.9 million [7] - The total debt stood at $2.15 billion, resulting in a total debt-to-capitalization ratio of 28% [7] Outlook - For the first quarter of 2026, PBF Energy expects throughput volumes on the East Coast to be between 280,000 bpd and 300,000 bpd, with similar estimates for other regions [9] - The company is also working to restore the full operational capability of the Martinez refinery within the year [9]

Core Viewpoint - PBF Energy is on the verge of restarting its Martinez refinery, which is expected to benefit from tighter product markets in California and improved infrastructure utilization, with full operations targeted for early March 2026 [3][7][4]. Refinery Operations - The company is nearing completion of construction at the Martinez facility, with a careful and methodical restart planned after a year of inactivity for the cat cracker [2][3][7]. - Senior Vice President Mike Bukowski highlighted the challenges faced during the unplanned rebuild but praised the workforce for achieving top-quartile safety performance [2]. Financial Performance - PBF reported adjusted EPS of $0.49 and adjusted EBITDA of $258 million for Q4 2025, alongside a $394 million insurance recovery related to the Martinez fire, bringing total recoveries for the year to $894 million [6][9][8]. - The company achieved $230 million in annualized run-rate savings through its Refinery Business Improvement (RBI) program in 2025, with a target of $350 million by the end of 2026 [5][19]. Market Dynamics - Management noted that widening sour crude differentials are a significant tailwind for 2026, with every dollar increase in crude differentials equating to a $200 million improvement for the business [12][13]. - Factors contributing to widening differentials include the OPEC+ taper and potential increases in Venezuelan crude supply [14]. Capital and Debt Management - PBF ended the quarter with $528 million in cash and approximately $1.6 billion in net debt, with a net debt to capitalization ratio of 28% [21]. - The company is focused on reducing debt while balancing shareholder returns, emphasizing the cyclical nature of refining [22]. Operational Efficiency - The RBI program has identified over 1,300 initiatives, with more than 500 implemented to date, achieving significant operational efficiencies [19]. - Capital expenditures for Q4 were reported at $124 million, excluding costs related to the Martinez incident, with total capital spending for 2025 at approximately $629 million [18]. Renewable Energy Segment - PBF recorded a $21 million loss related to its equity investment in St. Bernard Renewables, which produced an average of 16,700 barrels per day of renewable diesel in Q4 [20].

Core Viewpoint - The performance improvement in Q4 is primarily attributed to the widening differentials in heavy and medium crude, benefiting the company's high-complexity coastal refining system [1] Company Operations - The Martinez refinery is nearing a methodical restart after a year-long rebuild, with full operations expected by early March to address the tight California fuel market [1] - The company has the capacity to process approximately 200 million barrels of heavy/sour crude annually, which constitutes 55-60% of its total throughput capacity [1] Market Outlook - The 2026 market outlook is optimistic, with global refining capacity additions concentrated in Asia, leading to high petrochemical yields and tight transportation fuel balances [1] Strategic Efficiencies - Strategic efficiencies achieved a run-rate of $230 million in 2025 through the Refinery Business Improvement (RBI) program, with a new target of $350 million by the end of 2026 [1] External Factors - The lifting of Venezuela sanctions is seen as an immediate benefit, providing additional heavy barrel supply to the U.S. Gulf Coast and enhancing light-heavy spreads [1]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported adjusted net income of $0.49 per share and Adjusted EBITDA of $258 million, reflecting a sequential improvement over prior quarters [14][19] - Cash flow from operations for the quarter was $367 million, which includes a working capital draw of approximately $80 million [17] - The company ended the quarter with $528 million in cash and approximately $1.6 billion of net debt, with a net debt to capitalization ratio of 28% [18][19] Business Line Data and Key Metrics Changes - The Martinez refinery is on the cusp of restarting, with construction expected to be completed soon, and full operations anticipated by early March [4][30] - The company achieved $230 million in efficiencies in 2025, with an additional $120 million of run rate savings identified for 2026, totaling $350 million expected by year-end [7][8][12] Market Data and Key Metrics Changes - The market landscape for 2026 is expected to be favorable, with tight refining balances and demand growth aligning well with transportation fuel capacity additions [6][7] - The company is particularly well-suited to benefit from widening sour crude differentials, especially with the influx of Venezuelan barrels into the market [24][25] Company Strategy and Development Direction - The company remains focused on controlling operational aspects to enhance shareholder value, emphasizing safe, reliable, and efficient operations [8][13] - The Refinery Business Improvement Initiative (RBI) is a key focus, with over 1,300 initiatives identified to improve operational efficiency [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the near-term outlook, supported by achieved efficiencies and the impending restart of the Martinez refinery [8][30] - The company anticipates a tighter product market in California, with significant gasoline and jet fuel imports needed, which positions the company favorably [28][29] Other Important Information - The company reported a $394 million gain on insurance recoveries related to the Martinez fire, bringing total recoveries in 2025 to $894 million [15] - The board approved a regular quarterly dividend of $0.275 per share, totaling $126 million in cash dividends paid in 2025 [17] Q&A Session Summary Question: Impact of Venezuelan barrels on PBF - Management highlighted that PBF consumes a significant amount of heavy and sour crude, and the influx of Venezuelan barrels is expected to positively impact the company's operations and financials [22][24] Question: Restart timeline for Martinez - Management confirmed that the construction at Martinez is nearing completion, and a methodical restart is planned, with expectations to be fully operational by early March [26][30] Question: Drivers of margin capture improvement - Management attributed the improvement in margin capture to widening crude differentials and reliable operations, which enhance the company's capture rate [34] Question: Future CapEx and turnaround schedule - Management indicated that 2026 will see a particularly heavy turnaround year, but future years are expected to normalize based on historical averages [98] Question: Insurance proceeds allocation - Management clarified that the allocation of insurance proceeds will be finalized once the claims process is complete, and current accounting conventions may not reflect the final distribution [100]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported adjusted net income of $0.49 per share and adjusted EBITDA of $258 million, reflecting a strong performance compared to previous quarters [14][19] - Cash flow from operations for the quarter was $367 million, which included a working capital draw of approximately $80 million [17] - The company ended the quarter with $528 million in cash and approximately $1.6 billion of net debt, with a net debt to capitalization ratio of 28% [18][19] Business Line Data and Key Metrics Changes - The Martinez refinery is on the verge of restarting, with construction expected to be completed soon, and full operations anticipated by early March [4][30] - The company achieved $230 million in efficiencies in 2025, with an additional $120 million in run rate savings expected by the end of 2026 [7][8] - The refining system benefited from improving crude dynamics, particularly with increasing supply of heavy and medium crudes, which improved light-heavy spreads [5][6] Market Data and Key Metrics Changes - The market outlook for 2026 appears positive, with tight refining balances and demand growth aligning well with transportation fuel capacity additions [6][7] - The company is particularly well-positioned to benefit from the influx of Venezuelan barrels into the market, which is expected to widen sour crude differentials [7][24] - California's product market is tightening, with significant imports needed for gasoline and jet fuel, creating favorable conditions for the company [28][29] Company Strategy and Development Direction - The company remains focused on operational efficiency, safety, and reliability, aiming to enhance shareholder value through effective management of its refining operations [8][13] - The Refinery Business Improvement Initiative (RBI) is central to the company's strategy, with over 1,300 initiatives identified to improve operational efficiency [12][36] - The company plans to use periods of strength to reduce both gross and net debt while maintaining a resilient balance sheet [19][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture benefits from widening crude differentials, which could translate to significant financial improvements [34][35] - The operational performance in Q4 was attributed to reliable operations and lower crude costs, which contributed to improved margin capture [92] - The company anticipates a strong year in 2026, driven by the restart of the Martinez refinery and favorable market dynamics [31][32] Other Important Information - The company reported a $394 million gain on insurance recoveries related to the Martinez fire, bringing total recoveries in 2025 to $894 million [15] - The company is actively working with insurance providers for potential additional interim payments related to the Martinez incident [15][54] Q&A Session Summary Question: Impact of Venezuelan barrels on PBF - Management highlighted that PBF consumes a significant amount of heavy and sour crude, and the influx of Venezuelan barrels is expected to positively impact the company's operations [22][24] Question: Restart timeline for Martinez - Management confirmed that the construction at Martinez is nearing completion, and a methodical restart is planned, with expectations to be fully operational by early March [26][30] Question: Drivers of margin capture improvement - Management attributed the improvement in margin capture to widening crude differentials and reliable operations, which allowed for better cost management [34][92] Question: Insurance proceeds allocation - Management clarified that the allocation of insurance proceeds will be finalized once the claims process is complete, and current reporting is based on accounting conventions [99][100] Question: RIN liability and its impact - Management explained that RIN obligations are rolling liabilities and should be viewed similarly to working capital, with no immediate cash outflow expected [62][64]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported adjusted net income of $0.49 per share and adjusted EBITDA of $258 million, reflecting a sequential improvement over prior quarters [14][20] - Cash flow from operations for the quarter was $367 million, which included a working capital draw of approximately $80 million [18] - The company ended the quarter with $528 million in cash and approximately $1.6 billion of net debt, with a net debt to capitalization ratio of 28% [19][20] Business Line Data and Key Metrics Changes - The Martinez refinery is on the verge of restarting, with construction expected to be completed soon, and full operations anticipated by early March [4][5] - The company achieved $230 million in efficiencies in 2025, with an additional $120 million in run rate savings expected by the end of 2026 [6][7] - The refining system benefited from improving crude dynamics, with increasing supply of heavy and medium crudes enhancing light-heavy spreads [5][6] Market Data and Key Metrics Changes - The market landscape for 2026 appears favorable, with tight refining balances and demand growth aligning well with transportation fuel capacity additions [5][6] - The company is particularly well-positioned to leverage the improving market dynamics, especially in California, where product markets are tightening [6][30] Company Strategy and Development Direction - The company remains focused on controlling operational aspects to enhance shareholder value, emphasizing safe, reliable, and efficient operations [7][8] - The Refinery Business Improvement (RBI) initiative has identified over 1,300 initiatives aimed at improving operational efficiency, with significant savings expected from procurement practices [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the near-term outlook, supported by achieved efficiencies and a favorable market environment [6][8] - The company anticipates that the dynamics in California will create a particularly attractive market for its products, especially with the restart of the Martinez refinery [30][31] Other Important Information - The company reported a $394 million gain on insurance recoveries related to the Martinez fire, bringing total recoveries in 2025 to $894 million [15][16] - The company plans to use periods of strength to focus on reducing both gross and net debt [20][46] Q&A Session Summary Question: Impact of Venezuelan barrels on PBF - Management noted that PBF consumes a significant amount of heavy and sour material, and the influx of Venezuelan barrels will positively impact the business [22][24][26] Question: Monitoring Martinez's restart - Management indicated that the team is close to completing the construction and will ensure a methodical restart, with expectations to be fully operational by early March [27][30] Question: Drivers of margin capture improvement - The widening crude differentials and reliable operations were cited as key drivers for improved margin capture in Q4 [36][38] Question: Future CapEx and turnaround schedule - Management expects 2026 to be a particularly heavy turnaround year, but future years will normalize to a more typical cadence [99][100] Question: Insurance proceeds allocation - Management clarified that the allocation of insurance proceeds will be finalized once the claims process is complete, and current accounting conventions may not reflect the final distribution [100][101]

分组1 - PBF Energy reported quarterly earnings of $0.49 per share, exceeding the Zacks Consensus Estimate of a loss of $0.15 per share, and showing a significant improvement from a loss of $2.82 per share a year ago, resulting in an earnings surprise of +420.26% [1] - The company achieved revenues of $7.14 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.23%, although this represents a decline from year-ago revenues of $7.35 billion [2] - PBF Energy has consistently outperformed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock has increased approximately 31.9% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.4% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is -$0.73 on revenues of $6.79 billion, and for the current fiscal year, it is $0.35 on revenues of $29.12 billion [7] 分组3 - The Zacks Industry Rank indicates that the Oil and Gas - Refining and Marketing sector is currently in the bottom 16% of over 250 Zacks industries, suggesting potential underperformance compared to higher-ranked industries [8] - PBF Energy currently holds a Zacks Rank of 4 (Sell), indicating expectations of underperformance in the near future based on unfavorable estimate revisions prior to the earnings report [6]

Environmental Compliance and Regulations - The company continues to incur significant capital expenditures for equipment upgrades and facility improvements to mitigate operational, safety, and environmental risks[157]. - Compliance costs related to environmental, health, and safety regulations are expected to increase over time, impacting financial condition[158]. - The company is subject to stringent regulations, including the upcoming Rule 6-5 Amendment, which mandates compliance with stricter particulate emissions standards by 2026[159]. - Potential liabilities for environmental cleanup and past contamination could have a material adverse effect on the company's financial condition and cash flows[160]. - California's AB 32 and Senate Bill 32 impose strict GHG emissions targets, requiring a 40% reduction below 1990 levels by 2030 and an 85% reduction by 2045[166]. - The company may face increased costs due to compliance with California's Low Carbon Fuel Standard, which mandates a 30% reduction in carbon intensity of transportation fuels by 2030[166]. - The company is exposed to potential liabilities from PFAS-related claims, which could lead to significant legal and remediation costs[172]. - Regulatory changes regarding GHG emissions could adversely affect demand for refined products and increase operational costs[168]. - The company is subject to litigation risks related to environmental impacts, which could result in significant legal expenses and potential damages[174]. - Transportation activities are regulated, increasing operational costs and potentially reducing profitability[176]. - California's Senate Bill No. 1322 requires refineries to report monthly on crude oil purchases, gasoline sales, and gross gasoline margins starting January 2023[177]. - Senate Bill No. 2 allows for a maximum gross gasoline refining margin (GGRM) and imposes penalties for exceeding this margin, effective June 26, 2023[178]. - Assembly Bill No. 1, adopted in October 2024, authorizes the California Energy Commission (CEC) to impose inventory requirements on refiners to maintain minimum levels of transportation fuel[179]. - Potential penalties and inventory requirements from the CEC could adversely affect the company's financial results and profitability[180]. - The company faces significant liabilities and costs related to compliance with health, safety, and environmental regulations, which are complex and frequently changing[182]. - Increased scrutiny on sustainability and climate change may lead to reduced demand for refined products and increased operational costs[190]. Financial Condition and Debt - As of December 31, 2025, the company has total debt of $2,189.3 million, excluding unamortized deferred debt issuance costs of $41.0 million[213]. - The company may incur additional indebtedness in the future, including additional secured indebtedness, subject to existing financing agreements[213]. - The company has recognized a total liability for the Tax Receivable Agreement of $168.2 million as of December 31, 2025[226]. - The company's senior unsecured notes are rated B1 by Moody's, BB by S&P, and BB by Fitch, indicating potential risks related to credit ratings affecting borrowing costs[219]. - The company may face restrictions on distributions due to covenants in its debt instruments, which could adversely affect liquidity and financial condition[220][224]. - The company is dependent on distributions from PBF LLC to meet its obligations, including tax liabilities and payments under the Tax Receivable Agreement[222]. - Market disruptions and rising interest rates may increase the cost of borrowing or adversely affect the ability to refinance obligations[216]. - The company may not hedge all basis risk inherent in its hedging arrangements and derivative contracts, potentially reducing hedge effectiveness[211]. - Future transactions could increase actual tax benefits realized, impacting liquidity if payments under the Tax Receivable Agreement exceed actual benefits[227]. - Payments under the Tax Receivable Agreement may significantly exceed the actual benefits realized, potentially impacting liquidity[229]. - The company may not be able to finance its obligations under the Tax Receivable Agreement, which could deter potential changes in control[229]. - PBF Energy's ability to declare dividends is at the discretion of the Board of Directors, and there is no obligation to pay dividends[231]. - The company may incur additional indebtedness in the future, increasing leverage risks[217]. - PBF Energy's obligations under existing debt arrangements may limit its operational flexibility and ability to respond to industry changes[214]. - Certain restrictive covenants in debt instruments may limit PBF Energy's financial flexibility, including restrictions on incurring additional indebtedness and making distributions[220]. - Provisions in the indentures could make it more difficult for third parties to acquire PBF Energy, including requiring repurchase of notes at 101% of principal upon a change of control[221]. - PBF Energy's organizational structure as a holding company means it relies on cash distributions from PBF LLC and its subsidiaries to meet obligations[222]. Operational Risks and Challenges - Cybersecurity threats pose risks to the company's technology infrastructure, which could adversely affect operations and financial performance[185]. - The company may not fully realize anticipated benefits from its investment in the Renewable Diesel Facility due to reliance on partners and operational risks[189]. - Competitive pressures from companies providing alternative energy sources or owning retail sites may impact the company's market position[192]. - The company faces significant liabilities and costs related to compliance with health, safety, and environmental regulations, which are complex and frequently changing[182]. - Labor disruptions due to union negotiations could negatively impact operational and financial results[206]. - Unscheduled maintenance and repairs at refineries could reduce revenues during downtime, impacting overall financial results[200]. - Future acquisitions may not yield anticipated benefits and could involve risks such as integration challenges and increased liabilities[205]. - The company may face challenges in obtaining funding on acceptable terms due to volatility in credit and capital markets, which could hinder future capital needs[194]. - Geopolitical tensions, particularly the conflict in Ukraine, have led to significant market disruptions and could adversely impact the company's financial condition and cash flows[195]. - The company is exposed to risks from political instability and military actions in regions where it acquires crude oil, which may disrupt supply and distribution[196]. - Competition from larger integrated oil companies could adversely affect the company's operations and financial results, as these competitors may have greater resources and flexibility[197]. - The company faces risks from market conditions in the oil refining industry and fluctuations in commodity prices[236]. - Disruptions to crude or feedstock supply could impact refinery operations and financial results[236]. - Changes in laws or regulations could impact operational performance and market conditions[236]. - General economic and stock market conditions remain a concern for the company's performance[236]. Stock and Market Performance - The market price of PBF Energy Class A common stock has been highly volatile, influenced by various market conditions[234]. - The company may experience dilution due to the need for substantial capital investment, which could depress the stock price[237]. - PBF Energy's future credit ratings could affect borrowing costs and access to credit, impacting liquidity and operational capacity[218]. - The effectiveness of the company's hedging strategy could materially impact financial results due to basis risk[211]. - Stockholders may experience dilution due to potential sales of equity or convertible securities, impacting the market price of Class A common stock[237]. - The availability of shares for sale by PBF Energy or its management may lead to further stock price declines[237]. - PBF Energy's Class A common stock has experienced significant volatility, which may continue to affect investment value[234].

Financial Performance - Fourth quarter 2025 income from operations was $128.0 million, a significant improvement from a loss of $383.2 million in Q4 2024[1] - Net income for Q4 2025 was $79.1 million, compared to a net loss of $292.6 million in Q4 2024, resulting in earnings of $0.66 per share[2] - Full year 2025 loss from operations was $54.3 million, an improvement from a loss of $699.0 million in 2024[5] - Revenues for Q4 2025 were $7,139.5 million, a decrease of 2.9% from $7,351.3 million in Q4 2024[23] - Net income attributable to PBF Energy Inc. stockholders for Q4 2025 was $78.4 million, compared to a loss of $289.3 million in Q4 2024[25] - Adjusted fully-converted net income for Q4 2025 was $78.8 million, while in Q4 2024 it was a loss of $291.5 million[25] - Basic net income per share for Q4 2025 was $0.67, compared to a loss of $2.54 per share in Q4 2024[23] - Total cost and expenses for Q4 2025 were $7,011.5 million, down from $7,734.5 million in Q4 2024[23] - The company reported a gain on insurance recoveries of $393.5 million in Q4 2025, compared to no such gain in Q4 2024[25] - Net income for the year ended December 31, 2025, was $79.1 million, a significant improvement compared to a loss of $540.2 million in 2024[27] - EBITDA excluding special items for the year ended December 31, 2025, was $166.5 million, up from $42.2 million in 2024[27] - Consolidated revenues for the year ended December 31, 2025, were $29,332.3 million, down from $33,115.3 million in 2024, a decrease of 11.5%[49] - Gross refining margin for the year ended December 31, 2025, was $2,347.5 million, compared to $2,487.6 million in 2024, a decline of 5.6%[49] Cash and Debt Management - PBF ended 2025 with approximately $530 million in cash and $1,620 million in net debt[11] - Total debt rose to $2,148.3 million in 2025, compared to $1,457.3 million in 2024, resulting in a total debt to capitalization ratio of 28%[29] - Net debt rose to $1,620.4 million in 2025 from $921.2 million in 2024, with a net debt to capitalization ratio of 23%[76] - The company reported a net change in cash and cash equivalents of $(8.2) million for the year ended December 31, 2025, compared to a decrease of $(1,247.4) million in 2024[31] Operational Highlights - The Martinez refinery is on schedule for a restart, with construction expected to be complete by February 16, 2026[8] - SBR averaged approximately 16,700 barrels per day of renewable diesel production in Q4 2025, with expectations of 16,000 to 18,000 barrels per day in Q1 2026[13] - Expected throughput ranges for Q1 2026 are 280,000 to 300,000 barrels per day for the East Coast and 220,000 to 240,000 barrels per day for the West Coast[12] - Production for the year ended December 31, 2025, was 838.5 thousand barrels per day (bpd), a decrease of 8.2% compared to 913.1 bpd in 2024[43] - Total crude oil and feedstocks throughput for the year ended December 31, 2025, was 304.0 million barrels, down from 330.9 million barrels in 2024, a decline of 8.1%[43] - Total crude oil and feedstocks throughput in the Gulf Coast reached 16.5 million barrels in Q4 2025, compared to 13.7 million barrels in Q4 2024, a 20.6% increase[47] Cost Management and Efficiency - The RBI program generated over $230 million in run-rate cost improvements in 2025, with expectations to achieve $350 million by year-end 2026[10] - The gross refining margin, excluding special items, per barrel of throughput increased to $8.77 in 2025 from $7.89 in 2024, reflecting a rise of 11.1%[43] - The effective RIN basket price increased to $5.85 in 2025 from $3.75 in 2024, marking a significant increase of 56.0%[43] - The refinery operating expense per barrel of throughput for the year ended December 31, 2025, was $8.38, up from $7.52 in 2024, an increase of 11.5%[43] - Refinery operating expense per barrel in the Gulf Coast decreased to $5.37 in Q4 2025 from $6.54 in Q4 2024, a reduction of 17.9%[47] Dividends and Shareholder Returns - The company declared a quarterly dividend of $0.275 per share, to be paid on March 11, 2026[7] - Dividends per common share remained stable at $0.275 for both Q4 2025 and Q4 2024[23] Asset Management - Total assets increased to $13,019.9 million in 2025 from $12,703.2 million in 2024, reflecting a growth of approximately 2.5%[29] - Total equity excluding special items decreased to $4,143.5 million in 2025 from $4,686.8 million in 2024[29] - The company's equity method investment in SBR decreased from $866.8 million as of December 31, 2024, to $826.3 million as of December 31, 2025[40] Insurance and Recovery - In Q4 2025, PBF received $393.5 million in insurance proceeds related to the Martinez refinery fire, totaling $893.5 million for the year[9] - The company incurred $40.6 million in expenses related to the Martinez refinery fire during the year ended December 31, 2025[27] - Gains on insurance recoveries from the Martinez refinery fire increased income from operations by $393.5 million in Q4 2025 and $832.5 million for the year[61]

Core Insights - PBF Energy reported a significant turnaround in its financial performance for the fourth quarter of 2025, achieving an income from operations of $128.0 million compared to a loss of $383.2 million in the same quarter of 2024 [1] - The company declared a quarterly dividend of $0.275 per share, reflecting confidence in its recovery and operational improvements [1] - The Martinez refinery is on track for a full operational restart by March 2026, following a fire incident in February 2025, with insurance expected to cover most restoration costs [1][2] Financial Performance - For the fourth quarter of 2025, PBF Energy's net income was $79.1 million, a stark contrast to a net loss of $292.6 million in Q4 2024 [1] - The full year 2025 loss from operations was $54.3 million, significantly improved from a loss of $699.0 million in 2024 [1] - Adjusted fully-converted net income for Q4 2025 was $57.8 million, compared to an adjusted loss of $324.5 million in Q4 2024 [1][4] Operational Updates - The Martinez refinery, with a capacity of 157,000 barrels per day, is nearing completion of construction activities, expected by February 16, 2026 [1][2] - The company anticipates achieving run-rate cost improvements of $350 million by the end of 2026, building on the $230 million improvements realized in 2025 [2] - PBF's refining system is expected to benefit from a constrained global refining capacity, positioning the company favorably for future demand growth [1] Market and Industry Context - Oil markets are described as dynamic, with recent headwinds turning into tailwinds for refiners, particularly benefiting PBF Energy [1] - The company is focused on safety, reliability, and environmentally responsible operations as it navigates the competitive landscape [1] - PBF Energy's refining margins have improved, with gross refining margin per barrel of throughput at $11.16 in Q4 2025, compared to $4.89 in Q4 2024 [5]