PBF Energy Q2 Earnings: $43M Operating Income, Maintains $0.275 Dividend

Q: What were PBF Energy's (PBF) Q2 2025 earnings results?

PBF reported Q2 2025 income from operations of $43.0 million , but excluding special items, posted a loss from operations of $110.0 million . Net loss was $5.4 million or $(0.05) per share.

Q: How much is PBF Energy's dividend for Q2 2025?

PBF Energy declared a quarterly dividend of $0.275 per share , payable on August 28, 2025, to shareholders of record as of August 14, 2025.

Q: What is the status of PBF's Martinez refinery after the February 2025 fire?

The Martinez refinery is operating at reduced capacity of 85,000-105,000 barrels per day . Full operations are expected to be restored by year-end 2025, with insurance covering most rebuilding costs beyond the $30 million deductible.

Q: How much cost savings does PBF expect from its Refinery Business Improvement initiative?

PBF expects to generate over $200 million in annualized cost savings by end-2025 and over $350 million by end-2026 through its Refinery Business Improvement initiative.

PBF Energy Announces Second Quarter 2025 Results and Declares Dividend of $0.275 per Share

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Insights

PBF Energy posted mixed Q2 results with operational losses offset by insurance recoveries; underlying refining business faces challenges despite partial Martinez restart.

PBF Energy's Q2 2025 results reveal a company navigating significant operational challenges. The headline $43.0 million income from operations masks underlying weakness, as excluding special items, PBF actually recorded a $110.0 million operating loss - worse than the $72.5 million loss in Q2 2024. The special items primarily consist of insurance recoveries from the February Martinez refinery fire, creating a temporary financial cushion rather than reflecting improved business fundamentals.

The company's adjusted per-share loss of $1.03 substantially deteriorated from $0.54 in the year-ago quarter, indicating worsening core performance despite management's optimistic commentary about "improved performance across all regions." This disconnect between reported and adjusted figures highlights how the $280 million insurance payment ($250 million net after deductibles) is masking operational difficulties.

PBF's strategic initiatives deserve attention. The company is implementing a Refinery Business Improvement (RBI) initiative targeting over $200 million in annualized cost savings by year-end 2025 and $350 million by end of 2026. While ambitious, these targets suggest management recognizes the need for significant operational overhauls beyond just waiting for market conditions to improve.

The planned $175 million sale of two terminal facilities represents smart capital recycling, providing additional liquidity while maintaining $591 million cash on hand against $2.4 billion total debt. This balanced approach to maintaining financial flexibility while navigating recovery is prudent given the uncertain timeline for full Martinez restoration.

Narrow light-heavy crude differentials continue pressuring margins - a fundamental market challenge beyond management control that's particularly impactful for PBF's complex refining system designed to process heavier crudes. While management references "seasonally higher margin environment," the adjusted results suggest these benefits were insufficient to offset the feedstock challenges and reduced Martinez operations running at only 85,000-105,000 barrels per day.

07/31/2025 - 06:30 AM

Second quarter income from operations of $43.0 million (excluding special items, second quarter loss from operations of $110.0 million)
Martinez refinery partial operations restored
Declared quarterly dividend of $0.275 per share

PARSIPPANY, N.J., July 31, 2025 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported second quarter 2025 income from operations of $43.0 million as compared to loss from operations of $74.6 million for the second quarter of 2024. Excluding special items, second quarter 2025 loss from operations was $110.0 million as compared to loss from operations of $72.5 million for the second quarter of 2024.

The company reported second quarter 2025 net loss of $5.4 million and net loss attributable to PBF Energy Inc. of $5.2 million or $(0.05) per share. This compares to net loss of $66.0 million and net loss attributable to PBF Energy Inc. of $65.2 million or $(0.56) per share for the second quarter 2024. Non-cash special items included in the second quarter 2025 results, which increased net income by a net, after-tax benefit of $113.2 million, or $0.98 per share, primarily consisted of gains on insurance recoveries associated with the February 1, 2025 fire at the Martinez refinery and our share of the St. Bernard Renewables LLC ("SBR") lower-of-cost-or-market ("LCM") inventory adjustment, both of which were partially offset by expenses associated with the Martinez fire and severance and other charges related to PBF's Refinery Business Improvement initiative ("RBI"). Adjusted fully-converted net loss for the second quarter 2025, excluding special items, was $118.5 million, or $(1.03) per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss of $64.2 million or $(0.54) per share, for the second quarter 2024.

Matt Lucey, PBF's President and CEO, said, "Performance improved across all PBF's regions in the second quarter. We successfully restored partial operations at Martinez and expect to run at reduced capacity until repairs can be completed. The rest of our system ran as expected and benefited from the seasonally higher margin environment." Mr. Lucey continued, "We continue to face challenges in the feedstock markets, specifically the narrow light-heavy differentials, but near-term volatility in our cyclical, commodity-dependent business does not reflect our broader, favorable outlook that global supply and demand balances remain tight."

Mr. Lucey concluded, "As PBF's financial position improves, we will continue to prioritize conservative management of our balance sheet and debt reduction. We are focused on the elements of our business that we can control. We have implemented across a number of functional areas, and are seeing benefits from, our refining business improvement initiative. We are continuing the roll-out of this initiative across our entire footprint in a dedicated push to improve operations, efficiency, and reliability, and to generate cash savings. We remain committed to safe, reliable and responsible operations."

PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly dividend of $0.275 per share of Class A common stock on August 28, 2025, to shareholders of record at the close of business on August 14, 2025.

Martinez Refinery Update听
Subsequent to the February 1, 2025 fire at the Martinez refinery, limited operations were restored during the second quarter. Total throughput during the period of limited operations is expected in the range of 85,000 to 105,000 barrels per day, and the refinery began producing limited quantities of gasoline, jet fuel, and intermediates. The refinery is expected to run in the current configuration until full operations can be restored. Based on current estimates and expectations, restart of the remaining units is planned to occur by year-end 2025. Restart of these units is dependent on factors impacting our ability to effect necessary repairs, including those outside of our control such as regulatory permitting and approvals and the availability of certain critical equipment and components.

The company expects the cost of rebuilding the fire damaged units and restoring the refinery to full operational status will largely be covered by property insurance, subject to our deductible and retentions totaling $30.0 million. The company's insurance includes business interruption insurance that contains a 60-day waiting period. This coverage commenced on April 3, 2025. The insurance claims process is ongoing and is not expected to be fully closed until after full operations have been restored.

During the second quarter, PBF's insurers paid an unallocated first installment of insurance proceeds of $280 million, $250 million net to PBF after deductibles and retentions. The timing and amount of any agreed future interim payments will be dependent on the quantum of actual, covered expenditures and calculated losses.

Sale of Terminal Assets
On April 30, 2025, the company, through a subsidiary of PBF Logistics LP, entered into an agreement to sell two of its refined product terminal facilities located in Philadelphia, PA and Knoxville, TN for $175 million. The combined assets include 38 storage tanks with approximately 1.9 million barrels of storage capacity, and associated truck racks. Subject to satisfaction of customary closing conditions and certain regulatory approvals, we expect the transaction to close in the third quarter.

PBF Guidance Update and Outlook
PBF remains committed to the safety and reliability of our operations. We strive to maintain the quality of our balance sheet and preserve the ability of our operations to continue supporting our long-term strategic goal of increasing the value of our company. We continue to examine and advance opportunities within our portfolio to generate potential incremental value for shareholders. At quarter-end, we had approximately $591 million of cash and approximately $2.4 billion of total debt.

RBI is an integral part of our ongoing strategic process to extract incremental value across our business. We expect to generate greater than $200 million of annualized, run-rate sustainable cost savings by year-end 2025, and greater than $350 million by year-end 2026. Since inception of the initiative, we have generated over 500 cost savings ideas through more than 40 idea generation sessions. Our teams are building out these ideas with actionable, quantifiable, and measurable plans. Initially, we are focused on five main areas, including projects and turnarounds, strategic procurement opportunities, the East Coast refining system, the Torrance Refinery and the refining organizational structure.

As a result of an ongoing analysis of operations and market conditions, we now expect full-year capital expenditures in the $750 to $ 775 million range. This amount excludes the costs to restore the damage to the Martinez Refinery resulting from the February 2025 incident. We expect interest expense for the full-year 2025 to be in the $165 to $185 million range.

Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. Current second quarter throughput expectations are included in the table below.

Expected throughput ranges (barrels per day)
	Third Quarter 2025
	Low	High
East Coast	320,000	340,000
Mid-continent	150,000	160,000
Gulf Coast	175,000	185,000
West Coast	220,000	230,000
Total	865,000	915,000

Guidance provided constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions, and company configuration. Year-to-date actual throughput and quarterly guidance should be used to adjust full-year expectations. All figures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as company strategic decision-making and overall company performance.

St. Bernard Renewables
SBR averaged approximately 14,200 barrels per day of renewable diesel production in the second quarter. During the quarter, SBR operations reflected a catalyst change beginning in March and completed in April. Renewable diesel production for the third quarter is expected to average approximately 16,000 to 18,000 barrels per day.

Adjusted Fully-Converted Results
Adjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision.听

Non-GAAP Measures
This earnings release, and the discussion during the management conference call, may include references to Non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income (Loss), Adjusted Fully-Converted Net Income (Loss) excluding special items, Adjusted Fully-Converted Net Income (Loss) per fully-exchanged, fully-diluted share, Income (Loss) from operations excluding special items, gross refining margin, gross refining margin excluding special items, gross refining margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization), EBITDA excluding special items, Adjusted EBITDA, net debt, net debt to capitalization ratio and net debt to capitalization ratio excluding special items. PBF believes that Non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF's Non-GAAP financial measures may also differ from similarly named measures used by other companies.

See the accompanying tables and footnotes in this release for additional information on the Non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures.

Conference Call Information
PBF Energy's senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, July听31, 2025, at 8:30 a.m. ET. The call is being webcast and can be accessed at PBF Energy's website, . The call can also be accessed by dialing (800) 549-8228 or (646) 564-2877. The audio replay will be available approximately two hours after the end of the call and will be available through the company's website.

Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements, and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's expectations with respect to its plans, objectives, expectations, and intentions with respect to the full and partial restart of the Martinez refinery following the February 1, 2025 fire, the timing of such restart, the throughput of the Martinez refinery and anticipated insurance recoveries related to the fire, the amount and the timing of cost savings and operational efficiencies to be achieved through the Company's Refining Business Improvement Initiatives as well as the Company's future earnings and operations overall, including those of our 50- 50 equity method investment in SBR. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Company's control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the Company's filings with the SEC, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to procure necessary permits and equipment and materials required to rebuild the Martinez refinery; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable diesel production, and to realize the benefits from such acquisitions or investments; our ability to close divestitures and the timing of thereof; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in inflation, interest rates and capital costs; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations and other events that could negatively impact the Company. All forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.

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 facilities in California, Delaware, Louisiana, New Jersey, and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.

PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.

颁辞苍迟补肠迟蝉:听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听
Colin Murray (investors)
[email protected]
Tel: 973.455.7578听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听

Michael C. Karlovich (media)
[email protected]
Tel: 973.455.8994

听

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except share and per share data)

			Three Months Ended		Six Months Ended
			June 30,		June 30,
			2025	2024	2025	2024
Revenues			$听听听听听听听 7,475.3	$听听听听听听听 8,736.1	$听听听听听 14,541.7	$听听听听听 17,381.7
Cost and expenses:
	Cost of products and other		6,743.7	7,962.4	13,330.8	15,560.3
	Operating expenses (excluding depreciation and amortization expense as reflected below)		631.7	612.6	1,363.5	1,300.7
	Depreciation and amortization expense		157.9	154.8	325.6	296.2
Cost of sales			7,533.3	8,729.8	15,019.9	17,157.2
	General and administrative expenses (excluding depreciation and amortization expense as reflected below)		80.3	65.0	150.7	128.2
	Gain on insurance recoveries		(189.0)	鈥�	(189.0)	鈥�
	Depreciation and amortization expense		3.6	3.3	7.2	6.5
	Change in fair value of contingent consideration, net		鈥�	鈥�	鈥�	(3.3)
	Equity loss in investee		4.3	12.4	21.3	13.2
	Loss on formation of SBR equity method investment		鈥�	鈥�	鈥�	8.7
	(Gain) loss on sale of assets		(0.2)	0.2	(0.2)	0.7
Total cost and expenses			7,432.3	8,810.7	15,009.9	17,311.2
Income (loss) from operations			43.0	(74.6)	(468.2)	70.5
Other income (expense):
	Interest expense (net of interest income of $4.1, $14.3, $8.6, and $32.1, respectively)		(53.8)	(17.3)	(90.7)	(27.8)
	Other non-service components of net periodic benefit cost		0.3	0.6	0.6	1.2
Income (loss) before income taxes			(10.5)	(91.3)	(558.3)	43.9
Income tax (benefit) expense			(5.1)	(25.3)	(147.0)	2.4
Net income (loss)			(5.4)	(66.0)	(411.3)	41.5
	Less: net income (loss) attributable to noncontrolling interest		(0.2)	(0.8)	(4.3)	0.1
Net income (loss) attributable to PBF Energy Inc. stockholders			$听听听听听听听听听听听听 (5.2)	$听听听听听听听听听听 (65.2)	$听听听听听听听听 (407.0)	$听听听听听听听听听听听听 41.4

Net income (loss) available to Class A common stock per share:
		Basic	$听听听听听听听听听听 (0.05)	$听听听听听听听听听听 (0.56)	$听听听听听听听听听听 (3.58)	$听听听听听听听听听听听听 0.35
		Diluted	$听听听听听听听听听听 (0.05)	$听听听听听听听听听听 (0.56)	$听听听听听听听听听听 (3.58)	$听听听听听听听听听听听听 0.33
		Weighted-average shares outstanding-basic	113,852,406	117,043,158	113,803,619	118,965,510
		Weighted-average shares outstanding-diluted	114,715,186	117,905,938	114,666,399	124,195,155

Dividends per common share			$听听听听听听听听听听 0.275	$听听听听听听听听听听听听 0.25	$听听听听听听听听听听听听 0.55	$听听听听听听听听听听听听 0.50

Adjusted fully-converted net income (loss) and adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 1):
		Adjusted fully-converted net income (loss)	$听听听听听听听听听听听听 (5.3)	$听听听听听听听听听听 (65.8)	$听听听听听听听听 (410.2)	$听听听听听听听听听听听听 41.5
		Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share	$听听听听听听听听听听 (0.05)	$听听听听听听听听听听 (0.56)	$听听听听听听听听听听 (3.58)	$听听听听听听听听听听听听 0.33
		Adjusted fully-converted shares outstanding - diluted (Note 6)	114,715,186	117,905,938	114,666,399	124,195,155

See Footnotes to Earnings Release Tables

听

PBF ENERGY INC. AND SUBSIDIARIES

RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP

(Unaudited, in millions, except share and per share data)

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) AND ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) EXCLUDING SPECIAL ITEMS (Note 1)

Three Months Ended

Six Months Ended

June 30,

2025

2024

2025

2024

Net income (loss) attributable to PBF Energy Inc. stockholders

$听听听听听听听听听听听听 (5.2)

$听听听听听听听听听听 (65.2)

$听听听听听听听听 (407.0)

$听听听听听听听听听听听听 41.4

Less: Income allocated to participating securities

鈥�

Income (loss) available to PBF Energy Inc. stockholders 鈥� basic

(5.2)

(65.2)

(407.0)

41.4

Add: Net income (loss) attributable to noncontrolling interest (Note 2)

(0.2)

(0.8)

(4.3)

0.1

Less: Income tax benefit (Note 3)

0.1

0.2

1.1

鈥�

Adjusted fully-converted net income (loss)

$听听听听听听听听听听听听 (5.3)

$听听听听听听听听听听 (65.8)

$听听听听听听听听 (410.2)

$听听听听听听听听听听听听 41.5

Special items (Note 4):

Add: LCM inventory adjustment 鈥� SBR

(8.0)

2.1

(16.7)

(4.5)

Add: Martinez refinery fire expenses

30.4

鈥�

108.5

鈥�

Add: Gain on insurance recoveries

(189.0)

鈥�

(189.0)

鈥�

Add: Severance and related charges

13.6

鈥�

13.6

鈥�

Add: Change in fair value of contingent consideration, net

鈥�

(3.3)

Add: Loss on formation of SBR equity method investment

鈥�

8.7

Less: Recomputed income tax on special items (Note 3)

39.8

(0.5)

21.7

(0.2)

Adjusted fully-converted net income (loss) excluding special items

$听听听听听听听听 (118.5)

$听听听听听听听听听听 (64.2)

$听听听听听听听听 (472.1)

$听听听听听听听听听听听听 42.2

Weighted-average shares outstanding of PBF Energy Inc.

113,852,406

117,043,158

113,803,619

118,965,510

Conversion of PBF LLC Series听A Units (Note 5)

862,780

Common stock equivalents (Note 6)

鈥�

4,366,865

Fully-converted shares outstanding 鈥� diluted

114,715,186

117,905,938

114,666,399

124,195,155

Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6)

$听听听听听听听听听听 (0.05)

$听听听听听听听听听听 (0.56)

$听听听听听听听听听听 (3.58)

$听听听听听听听听听听听听 0.33

Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6)

$听听听听听听听听听听 (1.03)

$听听听听听听听听听听 (0.54)

$听听听听听听听听听听 (4.12)

$听听听听听听听听听听听听 0.34

Three Months Ended

Six Months Ended

RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS

June 30,

2025

2024

2025

2024

Income (loss) from operations

$听听听听听听听听听听听听 43.0

$听听听听听听听听听听 (74.6)

$听听听听听听听听 (468.2)

$听听听听听听听听听听听听 70.5

Special Items (Note 4):

Add: LCM inventory adjustment - SBR

(8.0)

2.1

(16.7)

(4.5)

Add: Martinez refinery fire expenses

30.4

鈥�

108.5

鈥�

Add: Gain on insurance recoveries

(189.0)

鈥�

(189.0)

鈥�

Add: Severance and related charges

13.6

鈥�

13.6

鈥�

Add: Change in fair value of contingent consideration, net

鈥�

(3.3)

Add: Loss on formation of SBR equity method investment

鈥�

8.7

Income (loss) from operations excluding special items

$听听听听听听听听 (110.0)

$听听听听听听听听听听 (72.5)

$听听听听听听听听 (551.8)

$听听听听听听听听听听听听 71.4

See Footnotes to Earnings Release Tables

听

PBF ENERGY INC. AND SUBSIDIARIES

RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP

EBITDA RECONCILIATIONS (Note 7)

(Unaudited, in millions)

Three Months Ended

Six Months Ended

June 30,

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS

2025

2024

2025

2024

Net income (loss)

$听听听听听听听听听 (5.4)

$听听听听听听听 (66.0)

$听听听听听 (411.3)

$听听听听听听听听听 41.5

Add: Depreciation and amortization expense

161.5

158.1

332.8

302.7

Add: Interest expense, net

53.8

17.3

90.7

27.8

Add: Income tax (benefit) expense

(5.1)

(25.3)

(147.0)

2.4

EBITDA

$听听听听听听听 204.8

$听听听听听听听听听 84.1

$听听听听听 (134.8)

$听听听听听听听 374.4

Special Items (Note 4):

Add: LCM inventory adjustment - SBR

(8.0)

2.1

(16.7)

(4.5)

Add: Martinez refinery fire expenses

30.4

鈥�

108.5

鈥�

Add: Gain on insurance recoveries

(189.0)

鈥�

(189.0)

鈥�

Add: Severance and related charges

13.6

鈥�

13.6

鈥�

Add: Change in fair value of contingent consideration, net

鈥�

(3.3)

Add: Loss on formation of SBR equity method investment

鈥�

8.7

EBITDA excluding special items

$听听听听听听听听听 51.8

$听听听听听听听听听 86.2

$听听听听听 (218.4)

$听听听听听听听 375.3

Three Months Ended

Six Months Ended

June 30,

RECONCILIATION OF EBITDA TO ADJUSTED EBITDA

2025

2024

2025

2024

EBITDA

$听听听听听听听 204.8

$听听听听听听听听听 84.1

$听听听听听 (134.8)

$听听听听听听听 374.4

Add: Stock-based compensation

10.0

8.6

21.4

21.0

Special Items (Note 4):

Add: LCM inventory adjustment - SBR

(8.0)

2.1

(16.7)

(4.5)

Add: Martinez refinery fire expenses

30.4

鈥�

108.5

鈥�

Add: Gain on insurance recoveries

(189.0)

鈥�

(189.0)

鈥�

Add: Severance and related charges

13.6

鈥�

13.6

鈥�

Add: Change in fair value of contingent consideration, net

鈥�

(3.3)

Add: Loss on formation of SBR equity method investment

鈥�

8.7

Adjusted EBITDA

$听听听听听听听听听 61.8

$听听听听听听听听听 94.8

$听听听听听 (197.0)

$听听听听听听听 396.3

See Footnotes to Earnings Release Tables

听

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in millions)

		June 30,	December 31,
Balance Sheet Data:		2025	2024
	Cash and cash equivalents	$听听听听听听听听听听听听听听 590.7	$听听听听听听听听听听听 536.1
	Inventories	2,769.9	2,595.3
	Total assets	12,980.4	12,703.2
	Total debt	2,390.2	1,457.3
	Total equity	5,216.3	5,678.6
	Total equity excluding special items (Note 4, 13)	$听听听听听听听听听听听 4,162.6	$听听听听听听听听 4,686.8

	Total debt to capitalization ratio (Note 13)	31听%	20听%
	Total debt to capitalization ratio, excluding special items (Note 13)	36听%	24听%
	Net debt to capitalization ratio (Note 13)	26听%	14听%
	Net debt to capitalization ratio, excluding special items (Note 13)	30听%	16听%


SUMMARIZED STATEMENT OF CASH FLOW DATA
(Unaudited, in millions)
		Six Months Ended June 30,
		2025	2024
Cash flows (used in) provided by operating activities		$听听听听听听听听听听听听 (470.3)	$听听听听听听听听听听听 441.1
Cash flows used in investing activities		(371.3)	(617.6)
Cash flows provided by (used in) financing activities		896.2	(239.8)
Net change in cash and cash equivalents		54.6	(416.3)
Cash and cash equivalents, beginning of period		536.1	1,783.5
Cash and cash equivalents, end of period		$听听听听听听听听听听听听听听 590.7	$听听听听听听听听 1,367.2


See Footnotes to Earnings Release Tables

听

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONSOLIDATING FINANCIAL INFORMATION (Note 8)
(Unaudited, in millions)

	Three Months Ended June 30, 2025
	Refining	Logistics	Corporate	听Eliminations	Consolidated Total
Revenues	$听听听听听听 7,465.6	$听听听听听听听听听听听 98.0	$听听听听听听听听听听听听听听鈥�	$听听听听听听听听听听听 (88.3)	$听听听听听听听听听 7,475.3
Cost of products and other	6,825.4	2.2	鈥�	(83.9)	6,743.7
Operating expenses (income)	607.5	28.6	鈥�	(4.4)	631.7
Depreciation and amortization expense	148.8	9.1	3.6	鈥�	161.5
Other segment (income) expenses, net ⁽¹⁾	(189.0)	1.8	82.6	鈥�	(104.6)
Income (loss) from operations	72.8	56.3	(86.1)	鈥�	43.0
Interest (income) expense, net	(4.8)	(0.6)	59.2	鈥�	53.8
Capital expenditures ⁽³⁾	144.5	8.2	2.0	鈥�	154.7

	Three Months Ended June 30, 2024
	Refining	Logistics	Corporate	听Eliminations	Consolidated Total
Revenues	$听听听听听听 8,726.6	$听听听听听听听听听听听 98.5	$听听听听听听听听听听听听听听鈥�	$听听听听听听听听听听听 (89.0)	$听听听听听听听听听 8,736.1
Cost of products and other	8,045.7	1.4	鈥�	(84.7)	7,962.4
Operating expenses (income)	581.9	35.1	鈥�	(4.4)	612.6
Depreciation and amortization expense	145.7	9.1	3.3	鈥�	158.1
Other segment expenses, net ⁽¹⁾	0.2	1.9	75.5	鈥�	77.6
Income (loss) from operations	(46.9)	51.0	(78.7)	鈥�	(74.6)
Interest (income) expense, net	(2.7)	(0.4)	20.4	鈥�	17.3
Capital expenditures	330.3	0.6	2.5	鈥�	333.4

	Six Months Ended June 30, 2025
	Refining	Logistics	Corporate	听Eliminations	Consolidated Total
Revenues	$听听听听 14,522.7	$听听听听听听听听听 192.5	$听听听听听听听听听听听听听听鈥�	$听听听听听听听听听 (173.5)	$听听听听听听听 14,541.7
Cost of products and other	13,490.8	4.8	鈥�	(164.8)	13,330.8
Operating expenses (income)	1,313.8	58.4	鈥�	(8.7)	1,363.5
Depreciation and amortization expense	307.4	18.2	7.2	鈥�	332.8
Other segment (income) expenses, net ⁽¹⁾	(189.0)	3.4	168.4	鈥�	(17.2)
Income (loss) from operations	(400.4)	107.7	(175.5)	鈥�	(468.2)
Interest (income) expense, net	(9.3)	(0.8)	100.8	鈥�	90.7
Capital expenditures ⁽³⁾	360.1	10.6	2.3	鈥�	373.0

	Six Months Ended June 30, 2024
	Refining	Logistics	Corporate	听Eliminations	Consolidated Total
Revenues	$听听听听 17,363.0	$听听听听听听听听听 194.6	$听听听听听听听听听听听听听听鈥�	$听听听听听听听听听 (175.9)	$听听听听听听听 17,381.7
Cost of products and other	15,723.8	3.8	鈥�	(167.3)	15,560.3
Operating expenses (income)	1,236.6	72.8	鈥�	(8.7)	1,300.7
Depreciation and amortization expense	278.0	18.2	6.5	鈥�	302.7
Other segment expenses, net ^{(1) (2)}	0.8	3.7	143.0	鈥�	147.5
Income (loss) from operations ⁽²⁾	123.7	96.1	(149.3)	鈥�	70.5
Interest (income) expense, net	(6.8)	(1.0)	35.6	鈥�	27.8
Capital expenditures ⁽³⁾	613.4	1.7	3.0	鈥�	618.1

	Balance at June 30, 2025
	Refining	Logistics	Corporate	听Eliminations	Consolidated Total
Total assets ⁽⁴⁾	$听听听听 11,293.8	$听听听听听听听听听 769.5	$听听听听听听听听听 878.9	$听听听听听听听听听听听听听 38.2	$听听听听听听听 12,980.4

	Balance at December 31, 2024
	Refining	Logistics	Corporate	听Eliminations	Consolidated Total
Total assets ⁽⁴⁾	$听听听听 10,945.5	$听听听听听听听听听 781.9	$听听听听听听 1,015.4	$听听听听听听听听听听听 (39.6)	$听听听听听听听 12,703.2


(1) Other segment (income) expenses, net include General and administrative expenses (excluding depreciation and amortization expenses), Gain on insurance recoveries, Change in fair value of contingent consideration, net, Equity loss in investee, Loss on formation of SBR equity method investment, and (Gain) loss on sale of assets.

(2) Income (loss) from operations and Other segment expenses, net within Corporate for the six months ended June听30, 2024 included a $8.7听million reduction of the gain associated with the formation of the SBR equity method investment.

(3) For the three and six months ended June听30, 2025, the company's refining segment capital expenditures exclude $132.0 million of costs associated with the repair of units damaged by the Martinez fire that were reimbursed by insurance proceeds. For the six months ended June听30, 2024, the company's refining segment included $5.6听million of capital expenditures related to the Renewable Diesel Facility.

(4) As of June听30, 2025 and December听31, 2024, Corporate assets include the Company's Equity method investment in SBR of $843.9 million and $866.8 million, respectively.

See Footnotes to Earnings Release Tables

听

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

MARKET INDICATORS AND KEY OPERATING INFORMATION

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

Market Indicators (dollars per barrel) (Note 9)

2025

2024

2025

2024

Dated Brent crude oil

$听听听听 67.70

$听听听听 85.02

$听听听听 71.64

$听听听听 84.09

West Texas Intermediate (WTI) crude oil

$听听听听 63.81

$听听听听 80.82

$听听听听 67.60

$听听听听 78.95

Light Louisiana Sweet (LLS) crude oil

$听听听听 66.12

$听听听听 83.65

$听听听听 70.22

$听听听听 81.72

Alaska North Slope (ANS) crude oil

$听听听听 68.82

$听听听听 86.42

$听听听听 72.30

$听听听听 83.91

Crack Spreads:

Dated Brent (NYH) 2-1-1

$听听听听 22.24

$听听听听 21.46

$听听听听 19.58

$听听听听 21.26

WTI (Chicago) 4-3-1

$听听听听 21.16

$听听听听 19.48

$听听听听 17.47

$听听听听 18.33

LLS (Gulf Coast) 2-1-1

$听听听听 20.26

$听听听听 18.48

$听听听听 18.77

$听听听听 21.42

ANS (West Coast-LA) 4-3-1

$听听听听 28.85

$听听听听 27.44

$听听听听 26.00

$听听听听 28.21

ANS (West Coast-SF) 3-2-1

$听听听听 36.07

$听听听听 29.92

$听听听听 30.85

$听听听听 28.94

Crude Oil Differentials:

Dated Brent (foreign) less WTI

$听听听听听听 3.90

$听听听听听听 4.21

$听听听听听听 4.04

$听听听听听听 5.15

Dated Brent less Maya (heavy, sour)

$听听听听听听 9.22

$听听听听 12.14

$听听听听听听 9.86

$听听听听 12.53

Dated Brent less WTS (sour)

$听听听听听听 4.03

$听听听听听听 4.10

$听听听听听听 3.95

$听听听听听听 4.93

Dated Brent less ASCI (sour)

$听听听听听听 3.19

$听听听听听听 3.88

$听听听听听听 3.26

$听听听听听听 5.08

WTI less WCS (heavy, sour)

$听听听听 10.65

$听听听听 13.60

$听听听听 11.86

$听听听听 15.58

WTI less Bakken (light, sweet)

$听听听听听听 0.65

$听听听听听听 0.86

$听听听听听听 1.19

$听听听听听听 1.77

WTI less Syncrude (light, sweet)

$听听听听 (0.93)

$听听听听 (1.45)

$听听听听听听 0.83

$听听听听听听 1.17

WTI less LLS (light, sweet)

$听听听听 (2.31)

$听听听听 (2.84)

$听听听听 (2.61)

$听听听听 (2.77)

WTI less ANS (light, sweet)

$听听听听 (5.01)

$听听听听 (5.60)

$听听听听 (4.69)

$听听听听 (4.97)

Effective RIN basket price

$听听听听听听 6.14

$听听听听听听 3.38

$听听听听听听 5.45

$听听听听听听 3.53

Natural gas (dollars per MMBTU)

$听听听听听听 3.51

$听听听听听听 2.32

$听听听听听听 3.69

$听听听听听听 2.21

Key Operating Information

Production (barrels per day ("bpd") in thousands)

845.8

926.7

789.5

918.0

Crude oil and feedstocks throughput (bpd in thousands)

839.1

921.3

785.1

909.5

Total crude oil and feedstocks throughput (millions of barrels)

76.4

83.8

142.1

165.5

Consolidated gross margin per barrel of throughput

$听听听听 (0.76)

$听听听听听听 0.08

$听听听听 (3.37)

$听听听听听听 1.36

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$听听听听听听 8.38

$听听听听听听 8.12

$听听听听听听 7.26

$听听听听听听 9.91

Refining operating expense, per barrel of throughput (Note 11)

$听听听听听听 7.96

$听听听听听听 6.94

$听听听听听听 9.25

$听听听听听听 7.47

Crude and feedstocks (% of total throughput) (Note 12)

Heavy

25听%

34听%

27听%

29听%

Medium

35听%

34听%

35听%

39听%

Light

26听%

18听%

24听%

17听%

Other feedstocks and blends

14听%

15听%

Total throughput

100听%

Yield (% of total throughput)

Gasoline and gasoline blendstocks

44听%

46听%

47听%

Distillates and distillate blendstocks

34听%

33听%

35听%

33听%

Lubes

1听%

Chemicals

2听%

1听%

Other

20听%

18听%

19听%

Total yield

101听%

See Footnotes to Earnings Release Tables

听

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

听SUPPLEMENTAL OPERATING INFORMATION

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2025

2024

2025

2024

Supplemental Operating Information - East Coast Refining System (Delaware City and Paulsboro)

Production (bpd in thousands)

296.8

313.7

277.7

311.1

Crude oil and feedstocks throughput (bpd in thousands)

299.8

319.7

281.1

316.2

Total crude oil and feedstocks throughput (millions of barrels)

27.3

29.0

50.9

57.5

Gross margin per barrel of throughput

$听听听听听听 0.46

$听听听听 (3.85)

$听听听听 (1.68)

$听听听听 (1.93)

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$听听听听听听 7.37

$听听听听听听 2.52

$听听听听听听 6.67

$听听听听听听 5.09

Refining operating expense, per barrel of throughput (Note 11)

$听听听听听听 5.34

$听听听听听听 4.95

$听听听听听听 6.51

$听听听听听听 5.64

Crude and feedstocks (% of total throughput) (Note 12):

Heavy

21听%

27听%

24听%

23听%

Medium

45听%

39听%

42听%

41听%

Light

20听%

16听%

17听%

Other feedstocks and blends

14听%

18听%

17听%

19听%

Total throughput

100听%

Yield (% of total throughput):

Gasoline and gasoline blendstocks

37听%

32听%

38听%

33听%

Distillates and distillate blendstocks

37听%

34听%

38听%

34听%

Lubes

2听%

Chemicals

2听%

1听%

2听%

1听%

Other

21听%

29听%

19听%

28听%

Total yield

99听%

98听%

99听%

98听%

Supplemental Operating Information - Mid-Continent (Toledo)

Production (bpd in thousands)

165.6

141.6

152.4

128.0

Crude oil and feedstocks throughput (bpd in thousands)

162.2

139.8

149.9

126.1

Total crude oil and feedstocks throughput (millions of barrels)

14.8

12.8

27.1

23.0

Gross margin per barrel of throughput

$听听听听听听 2.74

$听听听听听听 1.67

$听听听听听听 0.36

$听听听听听听 4.83

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$听听听听 10.14

$听听听听听听 9.50

$听听听听听听 8.60

$听听听听 13.36

Refining operating expense, per barrel of throughput (Note 11)

$听听听听听听 5.60

$听听听听听听 5.82

$听听听听听听 6.29

$听听听听听听 6.54

Crude and feedstocks (% of total throughput) (Note 12):

Medium

31听%

41听%

35听%

41听%

Light

67听%

56听%

62听%

56听%

Other feedstocks and blends

2听%

3听%

Total throughput

100听%

Yield (% of total throughput):

Gasoline and gasoline blendstocks

51听%

53听%

55听%

Distillates and distillate blendstocks

37听%

36听%

38听%

36听%

Chemicals

4听%

3听%

4听%

Other

10听%

8听%

7听%

Total yield

102听%

101听%

102听%

See Footnotes to Earnings Release Tables

听

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

听SUPPLEMENTAL OPERATING INFORMATION

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2025

2024

2025

2024

Supplemental Operating Information - Gulf Coast (Chalmette)

Production (bpd in thousands)

177.5

164.8

168.2

169.1

Crude oil and feedstocks throughput (bpd in thousands)

173.6

165.1

165.8

168.0

Total crude oil and feedstocks throughput (millions of barrels)

15.8

14.9

30.0

30.5

Gross margin per barrel of throughput

$听听听听听听 0.48

$听听听听听听 2.32

$听听听听 (0.86)

$听听听听听听 4.18

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$听听听听听听 7.35

$听听听听听听 8.66

$听听听听听听 6.39

$听听听听 10.54

Refining operating expense, per barrel of throughput (Note 11)

$听听听听听听 5.57

$听听听听听听 5.42

$听听听听听听 5.85

$听听听听听听 5.48

Crude and feedstocks (% of total throughput) (Note 12):

Heavy

9听%

16听%

10听%

12听%

Medium

46听%

47听%

44听%

53听%

Light

25听%

19听%

28听%

16听%

Other feedstocks and blends

20听%

18听%

19听%

Total throughput

100听%

Yield (% of total throughput):

Gasoline and gasoline blendstocks

46听%

41听%

48听%

44听%

Distillates and distillate blendstocks

34听%

35听%

32听%

35听%

Chemicals

1听%

Other

21听%

23听%

20听%

21听%

Total yield

102听%

100听%

101听%

Supplemental Operating Information - West Coast (Torrance and Martinez)

Production (bpd in thousands)

205.9

306.6

191.2

309.8

Crude oil and feedstocks throughput (bpd in thousands)

203.5

296.7

188.3

299.2

Total crude oil and feedstocks throughput (millions of barrels)

18.5

27.1

34.1

54.5

Gross margin per barrel of throughput

$听听听听 (9.54)

$听听听听听听 0.34

$听听 (14.32)

$听听听听 (0.05)

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$听听听听听听 9.35

$听听听听 13.21

$听听听听听听 7.84

$听听听听 13.18

Refining operating expense, per barrel of throughput (Note 11)

$听听听听 15.73

$听听听听 10.46

$听听听听 18.67

$听听听听 10.92

Crude and feedstocks (% of total throughput) (Note 12):

Heavy

66听%

68听%

66听%

58听%

Medium

12听%

18听%

17听%

28听%

Light

4听%

鈥斕�%

2听%

鈥斕�%

Other feedstocks and blends

18听%

14听%

15听%

14听%

Total throughput

100听%

Yield (% of total throughput):

Gasoline and gasoline blendstocks

45听%

59听%

51听%

60听%

Distillates and distillate blendstocks

30听%

28听%

30听%

29听%

Other

26听%

16听%

21听%

15听%

Total yield

101听%

103听%

102听%

104听%

See Footnotes to Earnings Release Tables

听

PBF ENERGY INC. AND SUBSIDIARIES

RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP

GROSS REFINING MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note 10)

(Unaudited, in millions, except per barrel amounts)

Three Months Ended June 30,

2025

2024

RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS

per barrel
of

throughput

per barrel
of

throughput

Calculation of consolidated gross margin:

Revenues

$听听听听听 7,475.3

$听听听听听听听听 97.90

$听听听听听 8,736.1

$听听听听听听 104.21

Less: Cost of sales

7,533.3

98.66

8,729.8

104.13

Consolidated gross margin

$听听听听听听听听 (58.0)

$听听听听听听听听 (0.76)

$听听听听听听听听听听听听 6.3

$听听听听听听听听听听 0.08

Reconciliation of consolidated gross margin to gross refining margin:

Consolidated gross margin

$听听听听听听听听 (58.0)

$听听听听听听听听 (0.76)

$听听听听听听听听听听听听 6.3

$听听听听听听听听听听 0.08

Add: Logistics operating expense

28.6

0.37

35.1

0.41

Add: Logistics depreciation expense

9.1

0.12

9.1

0.11

Less: Logistics gross margin

(95.9)

(1.26)

(97.1)

(1.16)

Add: Refining operating expense

607.5

7.96

581.9

6.94

Add: Refining depreciation expense

148.8

1.95

145.8

1.74

Gross refining margin

$听听听听听听听听 640.1

$听听听听听听听听听听 8.38

$听听听听听听听听 681.1

$听听听听听听听听听听 8.12

Gross refining margin excluding special items

$听听听听听听听听 640.1

$听听听听听听听听听听 8.38

$听听听听听听听听 681.1

$听听听听听听听听听听 8.12

Six Months Ended June 30,

2025

2024

RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS

per barrel
of

throughput

per barrel
of

throughput

Calculation of consolidated gross margin:

Revenues

$听听听 14,541.7

$听听听听听听 102.34

$听听听 17,381.7

$听听听听听听 105.02

Less: Cost of sales

15,019.9

105.71

17,157.2

103.66

Consolidated gross margin

$听听听听听听 (478.2)

$听听听听听听听听 (3.37)

$听听听听听听听听 224.5

$听听听听听听听听听听 1.36

Reconciliation of consolidated gross margin to gross refining margin:

Consolidated gross margin

$听听听听听听 (478.2)

$听听听听听听听听 (3.37)

$听听听听听听听听 224.5

$听听听听听听听听听听 1.36

Add: Logistics operating expense

58.4

0.41

72.8

0.44

Add: Logistics depreciation expense

18.2

0.13

18.2

0.11

Less: Logistics gross margin

(187.8)

(1.32)

(190.8)

(1.15)

Add: Refining operating expense

1,313.8

9.25

1,236.6

7.47

Add: Refining depreciation expense

307.4

2.16

278.1

1.68

Gross refining margin

$听听听听听 1,031.8

$听听听听听听听听听听 7.26

$听听听听听 1,639.4

$听听听听听听听听听听 9.91

Gross refining margin excluding special items

$听听听听听 1,031.8

$听听听听听听听听听听 7.26

$听听听听听 1,639.4

$听听听听听听听听听听 9.91

See Footnotes to Earnings Release Tables

听

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

FOOTNOTES TO EARNINGS RELEASE TABLES

(1) Adjusted fully-converted information is presented in this table as management believes that these Non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful to investors to compare our results across the periods presented and facilitate an understanding of our operating results. We also use these measures to evaluate our operating performance. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The differences between adjusted fully-converted and GAAP results are explained in footnotes 2 through 6.

(2) Represents the elimination of the noncontrolling interest associated with the ownership by the members of PBF Energy Company LLC ("PBF LLC") other than PBF Energy Inc., as if such members had fully exchanged their PBF LLC Series A Units for shares of PBF Energy Class A common stock.

(3) Represents an adjustment to reflect PBF Energy's estimated annualized statutory corporate tax rate of approximately 26.0% for both the 2025 and 2024 periods, applied to net income (loss) attributable to noncontrolling interest for all periods presented. The adjustment assumes the full exchange of existing PBF LLC Series A Units as described in footnote 2.

(4) The Non-GAAP measures presented include adjusted fully-converted net income (loss) excluding special items, income (loss) from operations excluding special items, EBITDA excluding special items and gross refining margin excluding special items. Special items for the periods presented relate to our share of the SBR LCM inventory adjustment, expenses associated with the Martinez fire, gain on insurance recoveries, severance and related charges, net changes in fair value of contingent consideration, and loss on the formation of the SBR equity method investment, all as discussed further below. Additionally, the cumulative effects of all current and prior period special items on equity are shown in footnote 13.

听

Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful supplemental information to investors regarding the results and performance of our business and allow for useful period-over-period comparisons, such Non-GAAP measures should only be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.

听

Special Items:

SBR LCM inventory adjustment - The LCM adjustment is a GAAP requirement related to inventory valuation that mandates inventory to be stated at the lower of cost or market. During the three and six months ended June听30, 2025, SBR recorded adjustments to the LCM which increased its income from operations by $15.9听million and $33.3听million, respectively. During the three and six months ended June听30, 2024, SBR recorded adjustments to the LCM which decreased its income from operations by $4.1听million and increased its income from operations by $9.1听million, respectively. Our Equity loss in investee includes our 50% share of these adjustments.

For the three and six months ended June听30, 2025 these LCM adjustments increased our income from operations by $8.0 million and $16.7 million, respectively ($5.9 million and $12.4 million, respectively, net of tax). For the three and six months ended June听30, 2024 these LCM adjustments decreased our income from operations by $2.1 million and increased our income from operations by $4.5 million, respectively ($1.6 million and $3.3 million, respectively, net of tax).

Martinez refinery fire expenses - During the three and six months ended June听30, 2025, we recorded operating expenses associated with the Martinez fire that decreased income from operations by $30.4 million and $108.5 million, respectively ($22.5 million and $80.3 million, respectively, net of tax). There were no such costs in the three and six months ended June听30, 2024.

Gain on insurance recoveries - During both the three and six months ended June听30, 2025, we recorded a gain on insurance recoveries associated with the Martinez fire that increased income from operations and net income by $189.0 million and $139.9 million, respectively. There were no such gains in the three and six months ended June听30, 2024.

Severance and related charges - During the three and six months ended June听30, 2025, we initiated our Refining Business Improvement ("RBI") initiative as part of our ongoing strategic process to extract incremental value across our business. As a result, we recorded severance and related charges that decreased income from operations and net income by $13.6 million and $10.1 million, respectively. These charges are included within General and administrative expenses. There were no such charges in the three and six months ended June听30, 2024.

Change in fair value of contingent consideration, net - There was no change in the fair value of the Martinez Contingent Consideration during the three and six months ended June听30, 2025 as the final earn-out payment of $18.8听million was paid in full during the second quarter of 2024. During the six months ended June听30, 2024, we recorded a net change in fair value of the Martinez Contingent Consideration which increased income from operations by $3.3 million, or $2.4 million, net of tax.

Loss on formation of SBR equity method investment - During the six months ended June听30, 2024, we recorded a reduction of our gain associated with the formation of the SBR equity method investment, which decreased income from operations and net income by $8.7 million and $6.4 million, respectively. There was no such loss during the six months ended June听30, 2025.

Recomputed income tax on special items - The income tax impact on these special items is calculated using the tax rate shown in (3) above.

(5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of existing PBF LLC Series A Units as described in footnote 2.

(6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive) for the three and six months ended June听30, 2025 and 2024, respectively. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 7,023,756 and 6,834,426 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the three and six months ended June听30, 2025. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 5,306,955 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the three months ended June听30, 2024 (zero shares for the six months ended June听30, 2024). For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive.

(7) Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA are supplemental measures of performance that are not required by, or presented in accordance with GAAP. Adjusted EBITDA is defined as EBITDA before adjustments for items such as stock-based compensation expense, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez fire, gain on insurance recoveries, severance and related charges, net change in the fair value of contingent consideration, loss on the formation of the SBR equity method investment, and certain other non-cash items. We use these Non-GAAP financial measures as a supplement to our GAAP results in order to provide additional metrics on factors and trends affecting our business. EBITDA and Adjusted EBITDA are measures of operating performance that are not defined by GAAP and should not be considered substitutes for net income as determined in accordance with GAAP. In addition, because EBITDA and Adjusted EBITDA are not calculated in the same manner by all companies, they are not necessarily comparable to other similarly titled measures used by other companies. EBITDA and Adjusted EBITDA have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.

(8) We operate in two reportable segments: Refining and Logistics. Our operations that are not included in the Refining and Logistics segments are included in Corporate. As of June听30, 2025, the Refining segment includes the operations of our oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The Logistics segment includes the operations of PBF Logistics LP ("PBFX"), an indirect wholly-owned subsidiary of PBF Energy and PBF LLC, which owns or leases, operates, develops, and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX's assets primarily consist of rail and truck terminals and unloading racks, storage facilities and pipelines, a substantial portion of which were acquired from or contributed by PBF LLC and are located at, or nearby, our refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third party customers through fee-based commercial agreements.

听

PBFX currently does not generate significant third party revenue and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy perspective, our chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX's individual operating segments.

(9) Our market indicators table summarizes certain market indicators relating to our operating results as reported by Platts, a division of The McGraw-Hill Companies. Effective RIN basket price is recalculated based on information as reported by Argus.

(10) Gross听refining margin and gross refining margin per barrel of throughput are Non-GAAP measures because they exclude refining operating expenses, depreciation and amortization and gross margin of the Logistics segment. Gross refining margin per barrel is gross refining margin, divided by total crude and feedstocks throughput. We believe they are important measures of operating performance and provide useful information to investors because gross refining margin per barrel is a helpful metric comparison to the industry refining margin benchmarks shown in the Market Indicators Tables, as the industry benchmarks do not include a charge for refinery operating expenses and depreciation. Other companies in our industry may not calculate gross refining margin and gross refining margin per barrel in the same manner. Gross refining margin and gross refining margin per barrel of throughput have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.

(11) Represents refining operating expenses, including corporate-owned logistics assets, excluding depreciation and amortization, divided by total crude oil and feedstocks throughput.

(12) We define heavy crude oil as crude oil with American Petroleum Institute ("API") gravity less than 24 degrees. We define medium crude oil as crude oil with API gravity between 24 and 35 degrees. We define light crude oil as crude oil with API gravity higher than 35 degrees.

(13) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. This ratio is a measurement that management believes is useful to investors in analyzing our leverage. Net debt and the net debt to capitalization ratio are Non-GAAP measures. Net debt is calculated by subtracting cash and cash equivalents from total debt. We believe these measurements are also useful to investors since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire or pay down our debt. Additionally, we have also presented the total debt to capitalization and net debt to capitalization ratios excluding the cumulative effects of special items on equity.

听


	June 30,	December 31,
	2025	2024
	(in millions)
Total debt	$听听听听听听听听听听 2,390.2	$听听听听听听听听听听 1,457.3
Total equity	5,216.3	5,678.6
Total capitalization	$听听听听听听听听听听 7,606.5	$听听听听听听听听听听 7,135.9

Total debt	$听听听听听听听听听听 2,390.2	$听听听听听听听听听听 1,457.3
Total equity excluding special items	4,162.6	4,686.8
Total capitalization excluding special items	$听听听听听听听听听听 6,552.8	$听听听听听听听听听听 6,144.1

Total equity	$听听听听听听听听听听 5,216.3	$听听听听听听听听听听 5,678.6
听 Special Items (Note 4)
Add: LCM inventory adjustment - SBR	3.1	19.8
Add: Martinez refinery fire expenses	108.5	鈥�
Add: Gain on insurance recoveries	(189.0)	鈥�
Add: Severance and related charges	43.6	30.0
Add: Change in fair value of contingent consideration, net	(62.1)	(62.1)
Add: Gain on formation of SBR equity method investment	(916.4)	(916.4)
Add: Cumulative historical equity adjustments (a)	(399.4)	(399.4)
Less: Recomputed income tax on special items	358.0	336.3
听听听听听听 Net impact of special items	(1,053.7)	(991.8)
Total equity excluding special items	$听听听听听听听听听听 4,162.6	$听听听听听听听听听听 4,686.8

Total debt	$听听听听听听听听听听 2,390.2	$听听听听听听听听听听 1,457.3
听听听 Less: Cash and cash equivalents	590.7	536.1
Net debt	$听听听听听听听听听听 1,799.5	$听听听听听听听听听听听听听 921.2

Total debt to capitalization ratio	31听%	20听%
Total debt to capitalization ratio, excluding special items	36听%	24听%
Net debt to capitalization ratio	26听%	14听%
Net debt to capitalization ratio, excluding special items	30听%	16听%


(a) Refer to the company's 2024 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's Discussion and Analysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative historical equity adjustments prior to 2025.

听

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FAQ

What were PBF Energy's (PBF) Q2 2025 earnings results?

PBF reported Q2 2025 income from operations of $43.0 million, but excluding special items, posted a loss from operations of $110.0 million. Net loss was $5.4 million or $(0.05) per share.

How much is PBF Energy's dividend for Q2 2025?

PBF Energy declared a quarterly dividend of $0.275 per share, payable on August 28, 2025, to shareholders of record as of August 14, 2025.

What is the status of PBF's Martinez refinery after the February 2025 fire?

The Martinez refinery is operating at reduced capacity of 85,000-105,000 barrels per day. Full operations are expected to be restored by year-end 2025, with insurance covering most rebuilding costs beyond the $30 million deductible.

How much cost savings does PBF expect from its Refinery Business Improvement initiative?

PBF expects to generate over $200 million in annualized cost savings by end-2025 and over $350 million by end-2026 through its Refinery Business Improvement initiative.

What assets is PBF Energy selling and for how much?

PBF is selling two refined product terminals in Philadelphia, PA and Knoxville, TN for $175 million. The assets include 38 storage tanks with 1.9 million barrels capacity. The sale is expected to close in Q3 2025.

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PBF Energy Announces Second Quarter 2025 Results and Declares Dividend of $0.275 per Share

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PBF Energy Announces Second Quarter 2025 Results and Declares Dividend of $0.275 per Share

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What were PBF Energy's (PBF) Q2 2025 earnings results?

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How much cost savings does PBF expect from its Refinery Business Improvement initiative?

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