Core Viewpoint - PBF Energy Inc. announced the pricing of $800 million in senior notes with a 9.875% interest rate, due in 2030, to be used for repaying borrowings and general corporate purposes [1]. Group 1: Financial Details - The senior notes were priced at an issue price of 98.563% [1]. - The offering is expected to close on March 17, 2025, subject to customary closing conditions [1]. - The net proceeds from the offering will be used to repay outstanding borrowings under an asset-based revolving credit facility [1]. Group 2: Offering Structure - The notes will be offered in a private placement and are expected to be resold to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S [2]. - The offering will be made only by means of a private offering memorandum and has not been registered under the Securities Act [2]. Group 3: Company Overview - PBF Energy Inc. is one of the largest independent refiners in North America, operating oil refineries and related facilities across several states [5]. - The company aims to operate its facilities safely and responsibly while providing superior returns to investors [5]. - PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture, focusing on sustainable fuels production [6].

PARSIPPANY, N.J., March 12, 2025 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) ("PBF Energy") today announced that its indirect subsidiary, PBF Holding Company LLC ("PBF Holding"), intends to offer, subject to market and other conditions, $750 million in aggregate principal amount of senior notes due 2030 (the "Notes") in a private offering. The Notes will be co-issued by PBF Finance Corporation, a wholly owned subsidiary of PBF Holding. Completion of the offering is subject to, among other things, pricing and ...

Company Leadership Transition - Thomas J. Nimbley will retire as Executive Chairman of PBF Energy Inc. on June 30, 2025, and will assume the role of non-executive Chairman of the Board if re-elected at the 2025 Annual Meeting of Stockholders [1] - Nimbley served as CEO from June 2010 to June 2023 and has been Executive Chairman since then, overseeing the growth of PBF Energy from a start-up to one of the largest independent refiners in the U.S. with a refining system of six refineries and a combined throughput of approximately 1 million barrels per day [2] Company Overview - PBF Energy Inc. is one of the largest independent refiners in North America, operating oil refineries and related facilities in California, Delaware, Louisiana, New Jersey, and Ohio [4] - The company aims to operate its facilities safely and responsibly, provide a rewarding workplace for employees, positively influence local communities, and deliver superior returns to investors [4] Joint Ventures and Future Plans - PBF Energy is a 50% partner in the St. Bernard Renewables joint venture, which focuses on the production of next-generation sustainable fuels [5]

PBF Energy Inc. (PBF) has announced plans to repair and restart its 157,000 barrel-per-day Martinez refinery in California, which was damaged by a fire on Feb. 1. The restart will take place in two stages, with key units, including the crude unit, expected to resume operations in second-quarter 2025. The refinery will initially operate at a reduced throughput of 85,000 to 105,000 barrels per day, producing limited gasoline, jet fuel and intermediates.The second stage of the restart will focus on units that ...

Core Viewpoint - PBF Energy Inc. plans to repair and restart its 157,000 barrel per day refinery in Martinez, CA, which was damaged by a fire on February 1, 2025, with a two-stage restart process expected to begin in Q2 2025 and complete by Q4 2025 [1][2][3] Group 1: Refinery Operations - The refinery's restart will occur in two stages, with certain units, including the crude unit, expected to restart early in Q2 2025, while remaining units are anticipated to restart by Q4 2025 [1] - During the first stage, throughput is expected to range from 85,000 to 105,000 barrels per day, producing limited quantities of gasoline, jet fuel, and intermediates [1] - The timing of the restart is contingent on various factors, including regulatory permitting and the availability of critical equipment [1] Group 2: Financial Impact and Insurance - The cost of repairs is expected to be largely covered by insurance, with a deductible and retentions totaling $30 million [2] - Business interruption insurance is anticipated to significantly offset financial losses incurred during the downtime, covering ongoing costs and potential lost margin opportunities from April 3, 2025, until operations are fully restored [2] Group 3: Company Commitment and Community Impact - The company emphasizes its commitment to restoring operations safely and responsibly, expressing gratitude to first responders and acknowledging the inconvenience caused to the community [3] - PBF Energy aims to maintain jobs for employees and continue providing critical transportation fuels, particularly for California [3] Group 4: Company Overview - PBF Energy Inc. is one of the largest independent refiners in North America, operating refineries and related facilities across several states [5] - The company's mission includes operating facilities safely and reliably, providing a rewarding workplace for employees, and delivering superior returns to investors [5] - PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture, focusing on sustainable fuel production [6]

Group 1 - PBF Energy Inc. will participate in the Raymond James Institutional Investor Conference on March 3-4, 2025, and the Wolfe Research Refining Conference on March 6, 2025 [1] - Company presentation materials will be available on the Investor Relations section of the PBF Energy website [1] - PBF Energy is one of the largest independent refiners in North America, operating oil refineries and related facilities in multiple states [2] Group 2 - The company's mission includes operating facilities in a safe and environmentally responsible manner, providing a rewarding workplace, positively influencing communities, and delivering superior returns to investors [2] - PBF Energy is a 50% partner in the St. Bernard Renewables joint venture, which focuses on producing next-generation sustainable fuels [3]

Group 1 - The article discusses the financial challenges faced by PBF Energy due to weak crack spreads, which are impacting the company's cash reserves accumulated previously [1] - The author emphasizes the importance of evaluating potential equities in the power and energy industries for long-term investment opportunities [1] - The focus is on income-producing equities and rental real estate properties as viable options for cash flow and long-term appreciation [1] Group 2 - The article does not provide any specific financial data or performance metrics related to PBF Energy or the broader industry [2][3]

Core Viewpoint - PBF Energy Inc. reported a wider adjusted loss in Q4 2024 compared to both the Zacks Consensus Estimate and the previous year's loss, indicating ongoing challenges in the refining sector despite a revenue beat [1][2]. Financial Performance - The adjusted loss for Q4 2024 was $2.82 per share, compared to the Zacks Consensus Estimate of a loss of $2.68 and a loss of $0.41 per share in the same quarter last year [1]. - Total revenues decreased to $7.35 billion from $9.14 billion year-over-year, but exceeded the Zacks Consensus Estimate of $7.25 billion [1]. Segmental Performance - The Refining segment reported an operating loss of $362 million, significantly worse than the operating income of $26.6 million a year ago and also below the estimated loss of $52.8 million [3]. - The Logistics segment generated a profit of $51.7 million, down from $54.9 million in the prior-year quarter, and below the estimate of $55.6 million [3]. Throughput Analysis - Crude oil and feedstock throughput volumes were 862 thousand barrels per day (bpd), lower than the year-ago figure of 878.2 thousand bpd and below the estimate of 869.4 thousand bpd [4]. - The East Coast, Mid-Continent, Gulf Coast, and West Coast regions accounted for 32.6%, 17.5%, 17.2%, and 32.7% of total throughput, respectively [4]. Margins - The company-wide gross refining margin per barrel was $4.89, down from $9.88 a year earlier [5]. - Specific margins included $4.342 for the East Coast (down from $11.29), $2.87 for the Gulf Coast (down from $10.89), and $5.85 and $5.94 for the Mid-Continent and West Coast, respectively, compared to $6.94 and $8.93 a year ago [5]. Costs & Expenses - Total costs and expenses for the quarter were $7.7 billion, down from $9.2 billion in the prior-year period [6]. - Cost of sales, including operating expenses and depreciation, amounted to $7.66 billion, lower than $9.05 billion reported a year ago [6]. Capital Expenditure & Balance Sheet - PBF Energy invested $230.5 million in refining operations and $3.9 million in logistics [7]. - As of the end of Q4, the company had cash and cash equivalents of $0.54 billion and total debt of $1.46 billion, resulting in a total debt-to-capitalization ratio of 17.67% [7]. Outlook - For Q1 2025, PBF anticipates throughput volumes of 250,000 to 270,000 bpd on the East Coast, 135,000 to 145,000 bpd in the Mid-Continent, 155,000 to 165,000 bpd in the Gulf Coast, and 200,000 to 210,000 bpd on the West Coast [8].

Financial Data and Key Metrics Changes - For Q4 2024, the company reported an adjusted net loss of $2.82 per share and an adjusted EBITDA loss of $249.7 million, which included a $4.8 million loss related to PBF's equity investment in St. Bernard Renewables [25][27] - Cash flow used in operations for the quarter was approximately $330 million, including a working capital headwind of about $83 million [26][29] - The company ended the quarter with approximately $536 million in cash and approximately $921 million of net debt, maintaining a net debt to capital ratio of 16% [28][46] Business Line Data and Key Metrics Changes - The refining segment faced a weak margin environment and poor crude differentials, continuing the trend from the second half of 2024 [12][13] - The company executed a major turnaround at Chalmette, which adversely impacted capture rates in that region [12][13] - The renewable diesel production from St. Bernard Renewables averaged 17,000 barrels per day in Q4, with expectations of 10,000 to 12,000 barrels per day in Q1 2025 due to a planned catalyst change [25] Market Data and Key Metrics Changes - The California market is short on refined products and relies on imports, compounded by the announced shutdown of a LA Basin refinery scheduled for fall 2025 [11] - Global refining supply and product demand remain tightly balanced, with forward cracks looking constructive [14][15] Company Strategy and Development Direction - The company is focused on a Refining Business Improvement Program targeting over $200 million in run rate cost savings to be implemented by the end of 2025 [21][24] - The company aims to operate safely, reliably, and efficiently while enhancing value for investors [18][29] - The financial position is viewed as a strength, providing flexibility to navigate challenging market conditions and invest in future opportunities [17][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging market conditions faced by refiners, but expressed a long-term positive outlook for global refining supply and product demand [12][14] - The company is committed to maintaining a strong balance sheet and prioritizing deleveraging as market conditions improve [29][46] - Management emphasized the importance of collaboration with stakeholders following the Martinez refinery incident and the need for a constructive partnership with local authorities [8][10] Other Important Information - The company has proper insurance coverage for the Martinez incident, although specifics were not disclosed [11][54] - The company returned approximately $60 million to shareholders in Q4 through share repurchases and declared a regular quarterly dividend of $27.05 per share [27][28] Q&A Session Summary Question: Timeline for clarity on Martinez incident damage and repairs - Management indicated that access to the site is still restricted, but they expect to have a better assessment soon and will communicate transparently as information becomes available [33][36] Question: Financial levers to ensure liquidity during repairs - Management highlighted their strong financial position and ability to manage capital expenditures without deferring spending, ensuring cash generation will not be hindered by the Martinez incident [40][44] Question: Insurance offset details for the Martinez incident - Management stated that while specifics were not disclosed, they have proper coverage and will work closely with insurance providers to assess the situation [54][55] Question: Impact of potential peace between Ukraine and Russia on refining - Management acknowledged that peace could lead to wider light-heavy differentials, benefiting the company [65][66] Question: East Coast throughput guidance and market conditions - Management explained that throughput adjustments are based on market conditions, with no structural issues affecting operations [129] Question: Business improvement plan and cost savings timeline - Management clarified that the $200 million in savings will be phased in over time, with full implementation expected by January 2026 [97][98] Question: Impact of tariffs on crude sourcing and refining operations - Management discussed the dynamic nature of tariffs and their potential impact on throughput, emphasizing the need for market adjustments [72][80]

Core Insights - PBF Energy reported a revenue of $7.35 billion for the quarter ended December 2024, reflecting a 19.6% decrease year-over-year, while EPS was -$2.82 compared to -$0.41 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $7.25 billion by 1.46%, but the EPS fell short of the consensus estimate of -$2.68 by 5.22% [1] Financial Performance Metrics - PBF Energy's gross refining margins varied by region, with the Mid-Continent at $5.85 per barrel (vs. $6.09 estimate), West Coast at $5.94 per barrel (vs. $6.43 estimate), Gulf Coast at $2.87 per barrel (vs. $4.39 estimate), and East Coast at $4.42 per barrel (vs. $4.85 estimate) [4] - Total crude oil and feedstocks throughput was reported at 79.3 MBBL, slightly below the 79.32 MBBL estimate [4] - Revenues from logistics were $97.60 million, exceeding the $96.02 million estimate, marking a year-over-year increase of 0.8% [4] - Revenues from refining were $7.34 billion, significantly lower than the $6.52 billion estimate, representing a year-over-year decline of 19.6% [4] - Revenues from eliminations were reported at -$88.40 million, slightly worse than the -$84.03 million estimate, with a year-over-year change of 1.1% [4] Stock Performance - PBF Energy's shares have returned -15% over the past month, contrasting with the Zacks S&P 500 composite's +3.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]