PBF Energy (PBF) came out with a quarterly loss of $2.82 per share versus the Zacks Consensus Estimate of a loss of $2.68. This compares to loss of $0.41 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.22%. A quarter ago, it was expected that this refiner would post a loss of $1.40 per share when it actually produced a loss of $1.50, delivering a surprise of -7.14%.Over the last four quarters, the company has surpassed cons ...

Environmental and Regulatory Compliance - The company continues to incur significant capital expenditures for equipment upgrades and facility improvements to mitigate operational, safety, and environmental risks[162]. - Compliance costs related to environmental, health, and safety regulations are expected to increase over time, impacting the company's financial condition[164]. - The company is subject to stringent regulations regarding greenhouse gas emissions, which may require increased capital expenditures and operational costs[169]. - California's regulations mandate a 40% reduction in greenhouse gas emissions below 1990 levels by 2030, with further reductions required by 2045[170]. - The company may face substantial liabilities for environmental clean-up and remediation costs, which could adversely affect cash flow and financial results[172]. - Potential future regulations related to climate change could materially impact the company's operations and profitability[167]. - The company has assumed certain environmental obligations from acquisitions, which may lead to significant liabilities if prior owners fail to meet their obligations[173]. - The company is actively cooperating with agencies regarding the environmental effects of PFAS, which may lead to increased liabilities and regulatory scrutiny[174]. - Regulatory changes could increase compliance costs and limit business opportunities, adversely affecting operations and profitability[175]. - The company faces significant liabilities and costs related to compliance with health, safety, and environmental regulations, which are complex and frequently changing[184]. Legislative Changes - California's Senate Bill No. 1322 requires refineries to report monthly on crude oil costs, wholesale gasoline prices, and gross gasoline margins starting January 2023[178]. - Senate Bill No. 2, effective June 26, 2023, authorizes the establishment of a maximum gross gasoline refining margin and imposes penalties for exceeding it, along with expanded reporting obligations[179]. - Assembly Bill No. 1, adopted in October 2024, allows the California Energy Commission to impose minimum inventory requirements for refined transportation fuels[181]. - The implementation of SBx 1-2 and ABx 2-1 could adversely affect the company's financial results and profitability due to potential restrictions on operations[182]. Financial Condition and Debt Management - As of December 31, 2024, the company has total debt of $1,498.9 million, excluding unamortized deferred debt issuance costs of $41.6 million[220]. - The company recognized a total liability for the Tax Receivable Agreement of $293.6 million, with $125.4 million recorded as a current liability paid in January 2025[233]. - The 6.0% senior unsecured notes due 2028 and the 7.875% senior unsecured notes due 2030 are rated Ba3 by Moody's, BB by S&P, and BB by Fitch[225]. - The company may incur additional indebtedness in the future, which could exacerbate existing leverage risks[223]. - The company’s ability to meet future principal obligations will depend on its future performance, which is subject to general economic conditions and industry cycles[221]. - The Revolving Credit Facility matures in 2028, and there is no assurance that the company will be able to refinance these agreements on acceptable terms[222]. - A portion of the company's cash flow from operations will be dedicated to the payment of principal and interest on its indebtedness, limiting availability for other purposes[224]. - The company may face increased borrowing costs due to market disruptions, rising inflation, and higher interest rates[222]. - Certain covenants in the company's debt arrangements may limit its ability to borrow additional funds and make certain investments[226]. - PBF Energy's financial flexibility may be significantly affected by its level of indebtedness, increasing the risk of default[221]. Market and Competitive Landscape - The competitive landscape includes companies providing alternative energy sources, which may position them better against changes in refining capacity and margins[196]. - The company faces competition from larger integrated oil companies that have greater resources and may be more flexible in responding to market conditions, which could adversely affect its operations[203]. - Increased scrutiny on ESG matters may lead to reduced demand for the company's products and negatively impact its stock price and access to capital markets[194]. - Current inflation has resulted in increased costs for feedstocks, labor, and materials, potentially adversely affecting the company's financial condition[197]. - Geopolitical tensions, particularly the ongoing conflict in Ukraine, have led to significant market disruptions and could adversely impact the company's financial condition and cash flows[200]. Operational Risks - Cybersecurity threats pose risks to the company's technology infrastructure, which could materially affect its operations and financial results[187]. - The company may incur substantial costs if it cannot obtain necessary permits and authorizations, which could negatively impact its operations[183]. - Labor disruptions due to union negotiations could negatively affect operational and financial results, as collective bargaining agreements are set to expire between 2026 and 2028[214]. - The company relies on unaffiliated sources for feedstocks, which may pose risks compared to competitors that produce their own supply[203]. - The company’s forecasted internal rates of return are based on market fundamentals that are beyond its control, and any adverse changes could significantly impact financial performance[208]. Shareholder Considerations - PBF Energy's ability to pay dividends is at the discretion of its Board of Directors, and there is no obligation to declare or pay dividends[237]. - The market price of PBF Energy Class A common stock has been highly volatile, influenced by various factors including market conditions in the oil refining industry[240]. - Stockholders may face dilution due to potential sales of equity or convertible securities, which could depress the price of Class A common stock[244]. - The interests of other members of PBF LLC may not always align with the interests of PBF Energy Class A common stockholders[232]. - PBF Energy's organizational structure as a holding company means it relies on its subsidiaries for cash flow, which may limit its ability to meet obligations if distributions are restricted[229].

PBF Energy Reports Fourth Quarter and Full Year 2024 Results, Declares Dividend of $0.275 per Share PARSIPPANY, NJ - February 13, 2025 - PBF Energy Inc. (NYSE:PBF) today reported fourth quarter 2024 loss from operations of $383.2 million as compared to loss from operations of $47.2 million for the fourth quarter of 2023. Excluding special items, fourth quarter 2024 loss from operations was $427.9 million as compared to loss from operations of $46.1 million for the fourth quarter of 2023. The Company reporte ...

Core Insights - PBF Energy Inc. reported a significant increase in losses for the fourth quarter of 2024, with a loss from operations of $383.2 million compared to a loss of $47.2 million in the same quarter of 2023 [1][2] - The company experienced a net loss of $292.6 million in Q4 2024, translating to $(2.54) per share, compared to a net loss of $48.4 million or $(0.40) per share in Q4 2023 [2] - The company declared a quarterly dividend of $0.275 per share, payable on March 14, 2025 [4] Financial Performance - For the full year 2024, PBF Energy reported a loss from operations of $699.0 million, a stark contrast to an income from operations of $2,951.5 million in 2023 [3][8] - The adjusted fully-converted net loss for 2024 was $456.1 million or $(3.89) per share, compared to an adjusted fully-converted net income of $1,477.3 million or $11.32 per share in 2023 [3][8] - The company had approximately $536 million in cash and $921 million in net debt at year-end 2024 [7] Operational Updates - A fire occurred at the Martinez refinery on February 1, 2025, during planned maintenance, leading to a temporary shutdown of operations [3][6] - The company is committed to extensive maintenance and multiple turnarounds across its refining system in 2025, with the planned turnaround at Martinez now delayed due to the fire [9][6] - Renewable diesel production averaged approximately 17,000 barrels per day in Q4 2024, with expectations of 10,000 to 12,000 barrels per day in Q1 2025 during catalyst changes [5] Market Position and Outlook - PBF Energy's President emphasized the company's strong financial condition entering 2024 and its ability to navigate challenging market conditions [3] - The global refining market remains tight, with demand growth expected to exceed new refinery additions, positioning PBF's coastal refining system favorably for future cycles [3] - The company returned over $60 million to stockholders through dividends and share buybacks in Q4 2024, totaling approximately $450 million for the year [8][7]

In its upcoming report, PBF Energy (PBF) is predicted by Wall Street analysts to post quarterly loss of $2.46 per share, reflecting a decline of 500% compared to the same period last year. Revenues are forecasted to be $7.25 billion, representing a year-over-year decrease of 20.7%.Over the last 30 days, there has been an upward revision of 1.2% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial foreca ...

PBF Energy (PBF) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on February 13, 2025, might help the stock move higher if these key numbers are better than e ...

PARSIPPANY, N.J., Dec. 20, 2024 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) announced today that it will release its earnings results for the fourth quarter 2024 on Thursday, February 13, 2025. The company will host a conference call and webcast regarding results and other business matters on Thursday, February 13, 2025, at 8:30 a.m. ET. The call is being webcast and can be accessed on PBF Energy's website, http://www.pbfenergy.com. The call can also be accessed by dialing (800) 579-2543 or (785) 424-1789, C ...

PARSIPPANY, N.J., Dec. 20, 2024 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today announced that members of its management team will participate in the Goldman Sachs Energy, CleanTech & Utilities Conference on January 6-8, 2025.Any company presentation materials will be made available on the Investor Relations section of the PBF Energy website at www.pbfenergy.com.About PBF Energy Inc.PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, ...

PARSIPPANY, N.J., Nov. 18, 2024 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today announced that members of its management team will participate in the TD Cowen Energy Conference on November 19, 2024.Any company presentation materials will be made available on the Investor Relations section of the PBF Energy website at www.pbfenergy.com.About PBF Energy Inc.PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related f ...

Shares of PBF Energy Inc. (PBF) declined 1.6% since it reported lower-than-expected third-quarter 2024 earnings on Oct. 31.The company reported a third-quarter 2024 adjusted loss of $1.50 per share, wider than the Zacks Consensus Estimate of $1.40. The bottom line also compared unfavorably with the year-ago quarter’s reported earnings of $6.61.Total quarterly revenues declined to $8.38 billion from $10.73 billion in the prior-year quarter. However, the top line beat the Zacks Consensus Estimate of $8.12 bil ...