PBF

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2 a991pressreleaseq3-26.htm

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PBF Energy Announces Third Quarter 2026 Results, Declares Dividend of $0.325 per Share

•Third quarter income from operations of $2,100.9 million (excluding special items, third quarter income from operations of $2,111.9 million)

•Third quarter ending cash of $2.5 billion, total debt of $2.1 billion, resulted in net debt reduction of 150% as compared to the second quarter of 2026

•Increases quarterly dividend by 18% to $0.325 per share

PARSIPPANY, NJ - October 29, 2026 - PBF Energy Inc. (NYSE:PBF) today reported third quarter 2026 income from operations of $2,100.9 million as compared to income from operations of $285.9 million for the third quarter of 2025. Excluding special items, third quarter 2026 income from operations was $2,111.9 million as compared to loss from operations of $27.1 million for the third quarter of 2025.

The company reported third quarter 2026 net income of $1,543.3 million and net income attributable to PBF Energy Inc. of $1,529.3 million or $12.54 per share. This compares to net income of $171.7 million and net income attributable to PBF Energy Inc. of $170.1 million or $1.45 per share for the third quarter 2025. Non-cash special items included in the third quarter 2026 results, which decreased net income by a net, after-tax charge of $28.9 million, or $0.24 per share, primarily consisted of a loss on extinguishment of debt related to the redemption of the 2030 7.875% Senior Notes and the write-off of a portion of unamortized deferred financing costs in connection with refinancing activities, as well as costs related to PBF's Refinery Business Improvement initiative ("RBI"). Adjusted fully-converted net income for the third quarter 2026, excluding special items, was $1,568.6 million, or $12.78 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss, excluding special items, of $60.3 million or $(0.52) per share, for the third quarter 2025.

Matt Lucey, PBF's President and CEO, said, “The current environment provides PBF with an opportunity to further improve our through-the-cycle performance and enhance long-term value. By investing in our assets, strengthening the balance sheet and maintaining a disciplined approach to capital allocation, we are positioning PBF for success across market cycles. During the third quarter, while refining fundamentals remained exceptionally strong, we continued to execute on these priorities, including further reducing net debt by more than $1.2 billion.”

Mr. Lucey concluded, “Our focus remains on operating safely, reliably and in an environmentally responsible manner. With our complex, strategically located coastal refining system, PBF is well positioned to capture opportunities across market cycles, supply critical products to our markets and generate significant long-term value for our investors.”

PBF Energy Inc. Declares Dividend

The company announced today that it will pay a quarterly dividend of $0.325 per share of Class A common stock on November 24, 2026, to shareholders of record at the close of business on November 12, 2026.

Martinez Refinery Update

The Martinez refinery returned to full operations in May 2026. As previously disclosed, the company expects the fire-related cost of restoring the refinery to full operational status will largely be covered by insurance, subject to the company’s deductible and retentions totaling $30 million. Further, beyond the initial 60-day waiting period, the company expects that its business interruption insurance will significantly offset the financial loss resulting from the downtime. This coverage commenced on April 3, 2025. PBF's insurers have paid, on an unallocated basis, insurance proceeds totaling $1.25 billion to date related to this claim. The timing and amount of any agreed future payments will be dependent on the quantum of actual, covered expenditures and calculated losses. Working with our insurance group, PBF expects to finalize the claim process before year-end 2026.

PBF Guidance Update and Outlook

We are committed to running all of our assets in a safe, reliable and environmentally responsible manner, and continuing to progress our RBI program, which is focused on improving reliability and efficiency across our system. In 2025, the RBI program generated in excess of $230 million of run-rate cost improvements and that total is expected to grow to more than $350 million of run-rate cost improvements by year-end 2026. The RBI program is an ongoing, sustained initiative that continues to gain momentum in improving PBF's cost structure and we expect to continue this effort beyond our current goals. Concurrent with the goal of improving system-wide reliability and efficiency, we expect to realize these benefits of the RBI program in our refinery operating expenses and our capital and turnaround programs.

During the third quarter, PBF reduced net debt by approximately 150

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PBF Energy Announces Second Quarter 2026 Results, Declares Dividend of $0.275 per Share

•Second quarter income from operations of $1,272.1 million (excluding special items, second quarter income from operations of $1,054.0 million)

•PBF reduced gross debt by over $1 billion in the second quarter

•Declared quarterly dividend of $0.275 per share

•PBF received a fifth unallocated installment of $250.0 million related to the Martinez refinery fire

•Martinez refinery restart completed in May 2026

PARSIPPANY, NJ - July 30, 2026 - PBF Energy Inc. (NYSE:PBF) today reported second quarter 2026 income from operations of $1,272.1 million as compared to income from operations of $43.0 million for the second quarter of 2025. Excluding special items, second quarter 2026 income from operations was $1,054.0 million as compared to loss from operations of $110.0 million for the second quarter of 2025.

The company reported second quarter 2026 net income of $915.0 million and net income attributable to PBF Energy Inc. of $906.4 million or $7.54 per share. This compares to net loss of $5.4 million and net loss attributable to PBF Energy Inc. of $5.2 million or $(0.05) per share for the second quarter 2025. Non-cash special items included in the second quarter 2026 results, which increased net income by a net, after-tax benefit of $159.8 million, or $1.32 per share, primarily consisted of gains on insurance recoveries associated with the February 1, 2025 fire at the Martinez refinery (the "Martinez refinery fire"), partially offset by expenses associated with the Martinez refinery fire, costs related to PBF's Refinery Business Improvement initiative ("RBI"), and loss on extinguishment of debt related to the redemption of the 6.00% senior unsecured notes due 2028. Adjusted fully-converted net income for the second quarter 2026, excluding special items, was $753.1 million, or $6.22 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss, excluding special items, of $118.5 million or $(1.03) per share, for the second quarter 2025.

Matt Lucey, PBF's President and CEO, said, “We are in a cyclical business with a volatile and ever-changing environment. During the second quarter, PBF delivered significant equity value through our net debt reduction of over $1.4 billion. We will continue to apply a rigorous capital allocation process including investing in our refineries to capitalize on market opportunities and strengthening our balance sheet to ensure we are maximizing value for our investors. The underlying fundamentals for refining remain incredibly strong with tight global supply and demand balances. PBF, with its coastal complexity, is ideally positioned to capture these opportunities and generate significant value for our investors.”

Mr. Lucey continued, “The Martinez refinery successfully returned to full operations in the second quarter and is once again supplying California with a full slate of much-needed, domestically-produced products. The team at Martinez worked tirelessly, conducting repairs as expeditiously as possible and, more importantly, cemented their tremendous efforts with a safe restart.” Mr. Lucey concluded, “Our primary objective, especially in the current environment, is to ensure that we remain focused on 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, 2026, to shareholders of record at the close of business on August 14, 2026.

Martinez Refinery Update

Following completion of the construction activities, the Martinez refinery returned to full operations in May 2026. Company and refinery management extend their thanks to all of the parties, internal and external, who worked for more than a year to return Martinez to full operations and, once again, to supplying Californian consumers with our full slate of products made in-state.

As previously disclosed, the company expects the fire-related cost of restoring the refinery to full operational status will largely be covered by insurance, subject to the company’s deductible and retentions totaling $30 million. Further, beyond the initial 60-day waiting period, the company expects that its business interruption insurance will significantly offset the financial loss resulting from the downtime through the restart of the refinery. This coverage commenced on April 3, 2025. In the second quarter, PBF's insurers paid a fifth, unallocated, installment of insurance proceeds of $250 million, totaling $1.25 billion of unallocated insurance reimbursements received to date, net of deductibles and retentions. The timing and amount of any agreed future payments will be dependent on the quantum of actual, covered expenditures and calculated losses. Working with our insurance group, PBF expects to fi

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