PBF Energy Announces First Quarter 2025 Results, Sale of Terminal Assets and Declares Dividend of $0.275 per Share

Low

East Coast

265,000

285,000

Mid-continent

150,000

160,000

Gulf Coast

165,000

175,000

West Coast

215,000

235,000

Total

795,000

855,000

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

March 31,

2025

2024

Revenues

$        7,066.4

$        8,645.6

Cost and expenses:

Cost of products and other

6,587.1

7,597.9

Operating expenses (excluding depreciation and amortization expense as reflected below)

731.8

688.1

Depreciation and amortization expense

167.7

141.4

Cost of sales

7,486.6

8,427.4

General and administrative expenses (excluding depreciation and amortization expense as reflected below)

70.4

63.2

Depreciation and amortization expense

3.6

3.2

Change in fair value of contingent consideration, net

—

(3.3)

Equity loss in investee

17.0

0.8

Loss on formation of SBR equity method investment

—

8.7

Loss on sale of assets

—

0.5

Total cost and expenses

7,577.6

8,500.5

Income (loss) from operations

(511.2)

145.1

Other income (expense):

Interest expense (net of interest income of $4.5 million and $17.8 million, respectively)

(36.9)

(10.5)

Other non-service components of net periodic benefit cost

0.3

0.6

Income (loss) before income taxes

135.2

Income tax (benefit) expense

(141.9)

27.7

Net income (loss)

(405.9)

107.5

Less: net income (loss) attributable to noncontrolling interest

(4.1)

0.9

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

$         (401.8)

$           106.6

Net income (loss) available to Class A common stock per share:

Basic

$           (3.53)

$             0.89

Diluted

$           (3.53)

$             0.86

Weighted-average shares outstanding-basic

113,754,290

119,864,653

Weighted-average shares outstanding-diluted

114,617,070

124,670,049

Dividends per common share

$           0.275

$             0.25

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)

$         (404.9)

$           107.3

Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share

$           (3.53)

$             0.86

Adjusted fully-converted shares outstanding - diluted (Note 6)

114,617,070

124,670,049

See Footnotes to Earnings Release Tables

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

March 31,

2025

2024

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

$         (401.8)

$           106.6

Less: Income allocated to participating securities

—

—

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

(401.8)

106.6

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

(4.1)

0.9

Less: Income tax benefit (expense) (Note 3)

1.0

(0.2)

Adjusted fully-converted net income (loss)

$         (404.9)

$           107.3

Special items (Note 4):

Add: LCM inventory adjustment - SBR

(8.7)

(6.6)

Add: Martinez refinery fire expenses

78.1

—

Add: Change in fair value of contingent consideration, net

—

(3.3)

Add: Loss on formation of SBR equity method investment

—

8.7

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

(18.1)

0.3

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

$         (353.6)

$           106.4

Weighted-average shares outstanding of PBF Energy Inc.

113,754,290

119,864,653

Conversion of PBF LLC Series A Units (Note 5)

862,780

862,780

Common stock equivalents (Note 6)

—

3,942,616

Fully-converted shares outstanding - diluted

114,617,070

124,670,049

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

$           (3.53)

$             0.86

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

$           (3.09)

$             0.85

Three Months Ended

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

March 31,

2025

2024

Income (loss) from operations

$         (511.2)

$           145.1

Special Items (Note 4):

Add: LCM inventory adjustment - SBR

(8.7)

(6.6)

Add: Martinez refinery fire expenses

78.1

—

Add: Change in fair value of contingent consideration, net

—

(3.3)

Add: Loss on formation of SBR equity method investment

—

8.7

Income (loss) from operations excluding special items

$         (441.8)

$           143.9

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES

RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP

EBITDA RECONCILIATIONS (Note 7)

(Unaudited, in millions)

Three Months Ended

March 31,

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

2025

2024

Net income (loss)

$      (405.9)

$        107.5

Add: Depreciation and amortization expense

171.3

144.6

Add: Interest expense, net

36.9

10.5

Add: Income tax (benefit) expense

(141.9)

27.7

EBITDA

$      (339.6)

$        290.3

Special Items (Note 4):

Add: LCM inventory adjustment - SBR

(8.7)

(6.6)

Add: Martinez refinery fire expenses

78.1

—

Add: Change in fair value of contingent consideration, net

—

(3.3)

Add: Loss on formation of SBR equity method investment

—

8.7

EBITDA excluding special items

$      (270.2)

$        289.1

Three Months Ended

March 31,

RECONCILIATION OF EBITDA TO ADJUSTED EBITDA

2025

2024

EBITDA

$      (339.6)

$        290.3

Add: Stock-based compensation

11.4

12.4

Special Items (Note 4):

Add: LCM inventory adjustment - SBR

(8.7)

(6.6)

Add: Martinez refinery fire expenses

78.1

—

Add: Change in fair value of contingent consideration, net

—

(3.3)

Add: Loss on formation of SBR equity method investment

—

8.7

Adjusted EBITDA

$      (258.8)

$        301.5

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

CONDENSED CONSOLIDATED BALANCE SHEET DATA

(Unaudited, in millions)

March 31,

December 31,

Balance Sheet Data:

2025

2024

Cash and cash equivalents

$               468.6

$            536.1

Inventories

2,890.8

2,595.3

Total assets

13,027.6

12,703.2

Total debt

2,237.0

1,457.3

Total equity

5,245.0

5,678.6

Total equity excluding special items (Note 4, 13)

$            4,304.5

$         4,686.8

Total debt to capitalization ratio (Note 13)

30 %

20 %

Total debt to capitalization ratio, excluding special items (Note 13)

34 %

24 %

Net debt to capitalization ratio (Note 13)

25 %

14 %

Net debt to capitalization ratio, excluding special items (Note 13)

29 %

16 %

SUMMARIZED STATEMENT OF CASH FLOW DATA

(Unaudited, in millions)

Three Months Ended March 31,

2025

2024

Cash flows (used in) provided by operating activities

$             (661.4)

$              15.8

Cash flows used in investing activities

(217.5)

(284.4)

Cash flows provided by (used in) financing activities

811.4

(73.4)

Net change in cash and cash equivalents

(67.5)

(342.0)

Cash and cash equivalents, beginning of period

536.1

1,783.5

Cash and cash equivalents, end of period

$               468.6

$         1,441.5

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

CONSOLIDATING FINANCIAL INFORMATION (Note 8)

(Unaudited, in millions)

Three Months Ended March 31, 2025

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Revenues

$       7,057.1

$            94.5

$               —

$            (85.2)

$          7,066.4

Cost of products and other

6,665.4

2.6

—

(80.9)

6,587.1

Operating expenses

706.3

29.8

—

(4.3)

731.8

Depreciation and amortization expense

158.6

9.1

3.6

—

171.3

Other segment expenses, net ⁽¹⁾

—

1.6

85.8

—

87.4

Income (loss) from operations

(473.2)

51.4

(89.4)

—

(511.2)

Interest (income) expense, net

(4.5)

(0.2)

41.6

—

36.9

Capital expenditures

215.6

2.4

0.3

—

218.3

Three Months Ended March 31, 2024

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Revenues

$       8,636.4

$            96.1

$               —

$            (86.9)

$          8,645.6

Cost of products and other

7,678.1

2.4

—

(82.6)

7,597.9

Operating expenses

654.7

37.7

—

(4.3)

688.1

Depreciation and amortization expense

132.3

9.1

3.2

—

144.6

Other segment expenses, net ^{(1) (2)}

0.6

1.8

67.5

—

69.9

Income (loss) from operations ⁽²⁾

170.6

45.1

(70.6)

—

145.1

Interest (income) expense, net

(4.1)

(0.6)

15.2

—

10.5

Capital expenditures ⁽³⁾

283.1

1.1

0.5

—

284.7

Balance at March 31, 2025

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Total assets ⁽⁴⁾

$     11,214.8

$          773.3

$       1,001.1

$              38.4

$        13,027.6

Balance at December 31, 2024

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Total assets ⁽⁴⁾

$     10,945.5

$          781.9

$       1,015.4

$            (39.6)

$        12,703.2

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

(2) Income (loss) from operations and Other segment expenses, net within Corporate for the three months ended March 31, 2024 included a $8.7 million reduction of the gain associated with the formation of the SBR equity method investment.

(3) For the three months ended March 31, 2024, the Company's refining segment included $6.6 million of capital expenditures related to the Renewable Diesel Facility.

(4) As of March 31, 2025 and December 31, 2024, Corporate assets include the Company's Equity method investment in SBR of $848.9 million and $866.8 million, respectively.

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

MARKET INDICATORS AND KEY OPERATING INFORMATION

(Unaudited)

Three Months Ended

March 31,

Market Indicators (dollars per barrel) (Note 9)

2025

2024

Dated Brent crude oil

$     75.64

$     83.13

West Texas Intermediate (WTI) crude oil

$     71.47

$     77.01

Light Louisiana Sweet (LLS) crude oil

$     74.38

$     79.72

Alaska North Slope (ANS) crude oil

$     75.83

$     81.33

Crack Spreads:

Dated Brent (NYH) 2-1-1

$     16.89

$     21.05

WTI (Chicago) 4-3-1

$     13.73

$     17.15

LLS (Gulf Coast) 2-1-1

$     17.27

$     24.46

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

$     23.09

$     29.00

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

$     25.55

$     27.93

Crude Oil Differentials:

Dated Brent (foreign) less WTI

$       4.18

$       6.11

Dated Brent less Maya (heavy, sour)

$     10.51

$     13.65

Dated Brent less WTS (sour)

$       3.86

$       5.79

Dated Brent less ASCI (sour)

$       3.32

$       6.31

WTI less WCS (heavy, sour)

$     13.18

$     17.57

WTI less Bakken (light, sweet)

$       1.74

$       2.70

WTI less Syncrude (light, sweet)

$       2.69

$       3.81

WTI less LLS (light, sweet)

$     (2.91)

$     (2.70)

WTI less ANS (light, sweet)

$     (4.37)

$     (4.31)

Effective RIN basket price

$       4.75

$       3.69

Natural gas (dollars per MMBTU)

$       3.87

$       2.10

Key Operating Information

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

732.7

909.5

Crude oil and feedstocks throughput (bpd in thousands)

730.4

897.4

Total crude oil and feedstocks throughput (millions of barrels)

65.7

81.7

Consolidated gross margin per barrel of throughput

$     (6.39)

$       2.68

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

$       5.96

$     11.73

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

$     10.74

$       8.02

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

Heavy

28 %

24 %

Medium

36 %

44 %

Light

22 %

16 %

Other feedstocks and blends

14 %

16 %

Total throughput

100 %

100 %

Yield (% of total throughput)

Gasoline and gasoline blendstocks

48 %

48 %

Distillates and distillate blendstocks

35 %

34 %

Lubes

1 %

1 %

Chemicals

1 %

1 %

Other

15 %

17 %

Total yield

100 %

101 %

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

 SUPPLEMENTAL OPERATING INFORMATION

(Unaudited)

Three Months Ended

March 31,

2025

2024

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

Production (bpd in thousands)

258.4

308.7

Crude oil and feedstocks throughput (bpd in thousands)

262.2

312.7

Total crude oil and feedstocks throughput (millions of barrels)

23.6

28.5

Gross margin per barrel of throughput

$     (4.15)

$       0.02

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

$       5.86

$       7.72

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

$       7.88

$       6.35

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

Heavy

27 %

18 %

Medium

40 %

43 %

Light

13 %

19 %

Other feedstocks and blends

20 %

20 %

Total throughput

100 %

100 %

Yield (% of total throughput):

Gasoline and gasoline blendstocks

39 %

35 %

Distillates and distillate blendstocks

40 %

35 %

Lubes

2 %

2 %

Chemicals

1 %

1 %

Other

17 %

26 %

Total yield

99 %

99 %

Supplemental Operating Information - Mid-Continent (Toledo)

Production (bpd in thousands)

139.1

114.4

Crude oil and feedstocks throughput (bpd in thousands)

137.4

112.3

Total crude oil and feedstocks throughput (millions of barrels)

12.3

10.2

Gross margin per barrel of throughput

$     (2.48)

$       8.76

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

$       6.76

$     18.15

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

$       7.12

$       7.42

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

Medium

40 %

41 %

Light

56 %

56 %

Other feedstocks and blends

4 %

3 %

Total throughput

100 %

100 %

Yield (% of total throughput):

Gasoline and gasoline blendstocks

54 %

57 %

Distillates and distillate blendstocks

40 %

36 %

Chemicals

2 %

4 %

Other

5 %

5 %

Total yield

101 %

102 %

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

 SUPPLEMENTAL OPERATING INFORMATION

(Unaudited)

Three Months Ended

March 31,

2025

2024

Supplemental Operating Information - Gulf Coast (Chalmette)

Production (bpd in thousands)

158.9

173.5

Crude oil and feedstocks throughput (bpd in thousands)

157.8

170.8

Total crude oil and feedstocks throughput (millions of barrels)

14.2

15.6

Gross margin per barrel of throughput

$     (2.34)

$       5.99

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

$       5.32

$     12.36

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

$       6.15

$       5.52

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

Heavy

11 %

8 %

Medium

41 %

60 %

Light

32 %

14 %

Other feedstocks and blends

16 %

18 %

Total throughput

100 %

100 %

Yield (% of total throughput):

Gasoline and gasoline blendstocks

49 %

47 %

Distillates and distillate blendstocks

31 %

36 %

Chemicals

1 %

1 %

Other

20 %

18 %

Total yield

101 %

102 %

Supplemental Operating Information - West Coast (Torrance and Martinez)

Production (bpd in thousands)

176.3

312.9

Crude oil and feedstocks throughput (bpd in thousands)

173.0

301.6

Total crude oil and feedstocks throughput (millions of barrels)

15.6

27.4

Gross margin per barrel of throughput

$   (20.00)

$     (0.44)

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

$       6.05

$     13.15

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

$     22.17

$     11.38

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

Heavy

65 %

49 %

Medium

24 %

37 %

Other feedstocks and blends

11 %

14 %

Total throughput

100 %

100 %

Yield (% of total throughput):

Gasoline and gasoline blendstocks

57 %

60 %

Distillates and distillate blendstocks

30 %

31 %

Other

15 %

13 %

Total yield

102 %

104 %

See Footnotes to Earnings Release Tables

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 March 31,

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

$      7,066.4

$       107.50

$      8,645.6

$       105.86

Less: Cost of sales

7,486.6

113.89

8,427.4

103.18

Consolidated gross margin

$       (420.2)

$         (6.39)

$         218.2

$           2.68

Reconciliation of consolidated gross margin to gross refining margin:

Consolidated gross margin

$       (420.2)

$         (6.39)

$         218.2

$           2.68

Add: Logistics operating expense

29.8

0.46

37.7

0.46

Add: Logistics depreciation expense

9.1

0.14

9.1

0.11

Less: Logistics gross margin

(91.9)

(1.40)

(93.7)

(1.16)

Add: Refining operating expense

706.3

10.74

654.7

8.02

Add: Refining depreciation expense

158.6

2.41

132.3

1.62

Gross refining margin

$         391.7

$           5.96

$         958.3

$         11.73

Gross refining margin excluding special items

$         391.7

$           5.96

$         958.3

$         11.73

See Footnotes to Earnings Release Tables

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, 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.

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.

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 months ended March 31, 2025 and March 31, 2024, SBR recorded adjustments to the LCM which increased its income from operations by $17.4 million and $13.2 million, respectively. Our Equity loss in investee includes our 50% share of these adjustments. For the three months ended March 31, 2025 and March 31, 2024, these LCM adjustments increased our income from operations by $8.7 million and $6.6 million, respectively ($6.4 million and $4.9 million, respectively, net of tax).

Martinez refinery fire expenses - During the three months ended March 31, 2025, we recorded operating expenses associated with the Martinez fire that decreased income from operations and net income by $78.1 million and $57.8 million, respectively. There were no such costs in the three months ended March 31, 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 months ended March 31, 2025 as the final earn-out payment of $18.8 million was paid in full during the second quarter of 2024. During the three months ended March 31, 2024, we recorded a change in fair value of the Martinez Contingent Consideration, which increased income from operations and net income by $3.3 million and $2.4 million, respectively.

Loss on formation of SBR equity method investment - During the three months ended March 31, 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 three months ended March 31, 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 months ended March 31, 2025 and 2024, respectively. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 6,955,541 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the three months ended March 31, 2025. 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, 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 March 31, 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.

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 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.

March 31,

December 31,

2025

2024

(in millions)

Total debt

$           2,237.0

$           1,457.3

Total equity

5,245.0

5,678.6

Total capitalization

$           7,482.0

$           7,135.9

Total debt

$           2,237.0

$           1,457.3

Total equity excluding special items

4,304.5

4,686.8

Total capitalization excluding special items

$           6,541.5

$           6,144.1

Total equity

$           5,245.0

$           5,678.6

  Special Items (Note 4)

Add: LCM inventory adjustment - SBR

11.1

19.8

Add: Martinez refinery fire expenses

78.1

—

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)

(369.4)

(369.4)

Less: Recomputed income tax on special items

318.2

336.3

       Net impact of special items

(940.5)

(991.8)

Total equity excluding special items

$           4,304.5

$           4,686.8

Total debt

$           2,237.0

$           1,457.3

    Less: Cash and cash equivalents

468.6

536.1

Net debt

$           1,768.4

$              921.2

Total debt to capitalization ratio

30 %

20 %

Total debt to capitalization ratio, excluding special items

34 %

24 %

Net debt to capitalization ratio

25 %

14 %

29 %

16 %

(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.