PBF Energy Reports $405.9 Million Loss

By Bobby Samwell • Thursday, May 01 10:18 • Permanent Link

PBF Energy Inc. has recently released its 10-Q report, detailing its operations and financial performance for the quarter. The company, through its subsidiaries, is engaged in refining and supplying petroleum products, operating through two segments: Refining and Logistics. It produces a range of products including gasoline, diesel fuel, jet fuel, and petrochemicals, selling them in various regions of the United States, Canada, Mexico, and internationally. The company also provides terminaling, pipeline transportation, and storage services.

In ITEM 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, PBF Energy reported a net loss of $405.9 million for the first quarter of 2025, compared to a net income of $107.5 million for the same period in 2024. The company attributed the loss to the operating expenses associated with the Martinez fire, which decreased income from operations and net income by $78.1 million and $57.8 million, respectively. Additionally, the company highlighted the issuance of $800.0 million in aggregate principal amount of 9.875% senior unsecured notes due 2030 and the Repurchase Program for its Class A common stock.

The company's consolidated gross margin per barrel of throughput was reported at $(6.39) for the first quarter of 2025, a significant decrease from $2.68 for the same period in 2024. The gross refining margin, excluding special items, per barrel of throughput, also saw a decline from $11.73 in 2024 to $5.96 in 2025. PBF Energy reported a decrease in production, crude oil and feedstocks throughput, and total crude oil and feedstocks throughput compared to the first quarter of 2024.

Market indicators reported by Platts showed a decrease in Dated Brent crude oil prices from $83.13 per barrel in the first quarter of 2024 to $75.64 per barrel in the same period in 2025. The company also reported on crack spreads and crude oil differentials, providing insight into the market conditions affecting its operating results.

The market has reacted to these announcements by moving the company's shares 2.4% to a price of $17.59. Check out the company's full 10-Q submission here.

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