PBF Energy Provides Update on Martinez Refinery

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]