PBF Energy Reports Fourth Quarter and Full Year 2025 Results, Declares Dividend of $0.275 per Share
- Fourth quarter income from operations of $128.0 million (excluding special items, fourth quarter income from operations of $99.4 million)
- Full year loss from operations of $54.3 million (excluding special items, full year loss from operations of $479.5 million)
- Declares quarterly dividend of $0.275 per share
- Martinez refinery restart on schedule
PARSIPPANY, N.J., Feb. 12, 2026 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported fourth quarter 2025 income from operations of $128.0 million as compared to loss from operations of $383.2 million for the fourth quarter of 2024. Excluding special items, fourth quarter 2025 income from operations was $99.4 million as compared to loss from operations of $427.9 million for the fourth quarter of 2024.
The company reported fourth quarter 2025 net income of $79.1 million and net income attributable to PBF Energy Inc. of $78.4 million or $0.66 per share. This compares to net loss of $292.6 million, and net loss attributable to PBF Energy Inc. of $289.3 million or $(2.54) per share for the fourth quarter of 2024. Special items in the fourth quarter 2025 results, which increased our net income by a net, after-tax benefit of $21.0 million, or $0.17 per share, consisted of gains on insurance recoveries associated with the February 1, 2025 fire at the Martinez refinery (the "Martinez refinery fire") and our share of the St. Bernard Renewables LLC ("SBR") lower-of-cost-or-market ("LCM") inventory adjustment, partially offset by PBF's LCM inventory adjustment, expenses associated with the Martinez refinery fire, costs related to PBF's Refinery Business Improvement ("RBI") initiative, and a LIFO decrement. Adjusted fully-converted net income for the fourth quarter 2025, excluding special items, was $57.8 million, or $0.49 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss of $324.5 million or $(2.82) per share, for the fourth quarter 2024.
PBF's President and Chief Executive Officer Matthew Lucey said, "2025 presented significant challenges and opportunities for PBF. Early in the year, unexpected downtime at our Martinez refinery resulted in substantial work and an unplanned use of resources. However, while this challenge was being addressed, we were also able to pursue efficiencies across the company, improving our cost structure, and building a stronger operating base for the future. We are now in the final stages of restoration at Martinez, and our full system will soon be operational—positioning us well as the competitive landscape improves."
Mr. Lucey continued, "Oil markets remain dynamic, and many recent headwinds are now converting to tailwinds for refiners, particularly for PBF. Global refining capacity remains structurally constrained, with expected demand growth and rationalization outpacing new capacity additions. In this environment, our highly-complex, predominantly coastal refining system positions us favorably for the next cycle." Mr. Lucey concluded, "Our focus remains unwavering: safety, reliability, equipment availability, and environmentally responsible operations. By executing on these fundamentals, we will position our refineries to capture the market opportunities ahead."
Loss from operations was $54.3 million for the year ended December 31, 2025 as compared to loss from operations of $699.0 million for the year ended December 31, 2024. Excluding special items, loss from operations was $479.5 million for the year ended December 31, 2025 as compared to loss from operations of $588.0 million for the year ended December 31, 2024.
Adjusted fully-converted net loss for the year ended December 31, 2025, excluding special items, was $474.6 million, or $(4.13) per share on a fully-exchanged, fully-diluted basis, as compared to an adjusted fully-converted net loss, excluding special items, of $456.1 million, or $(3.89) per share, for the year ended December 31, 2024.
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 March 11, 2026, to shareholders of record at the close of business on February 25, 2026.
Martinez Refinery Update
Construction activities are expected to be complete by February 16, 2026, at the 157,000 barrel per day Martinez, California refinery following the February 1, 2025, incident. The commissioning phase of utility systems and certain idled equipment has been underway since early January, and a sequenced restart of the refinery will progress following successful completion of quality assurance and control processes. We expect that start-up of the Catalytic Cracking Unit will be complete in the first week of March.
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 fourth quarter, PBF's insurers paid a third, unallocated, installment of insurance proceeds of $393.5 million, totaling $893.5 million of unallocated insurance reimbursements received in 2025, 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.
PBF Guidance Update and Outlook
PBF ended 2025 with clear priorities for 2026. We are committed to running all of our assets in a safe, reliable and environmentally responsible manner. We are finalizing the work to restore full operational capability at our Martinez refinery 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, expected to be fully realized in 2026. We are identifying and implementing additional efficiency and reliability measures throughout 2026 and expect to achieve run-rate cost improvements of [$350] million by year-end 2026. Beyond improving operations, we expect to realize the benefits of the RBI program in our refinery operating expenses and our capital and turnaround programs.
At year-end, we had approximately $530 million of cash and approximately $1,620 million of net debt. We paid approximately $126 million in dividends in 2025.
In 2026, PBF is committed to investing in the business by conducting extensive maintenance and multiple turnarounds across our refining system. In addition to the ongoing repair work at our Martinez refinery, our current planned turnaround schedule for the first half of 2026 is as follows:
- Torrance - Q1, CHD/HDT
- Martinez - Q2, Hydrocracker
Timing and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. First quarter throughput expectations are included in the table below.
Expected throughput ranges (barrels per day) | ||
First Quarter 2026 | ||
Low | High | |
East Coast | 280,000 | 300,000 |
Mid-continent | 135,000 | 145,000 |
Gulf Coast | 175,000 | 185,000 |
West Coast | 220,000 | 240,000 |
Guidance constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions and configuration. 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.
Renewable Diesel
SBR averaged approximately 16,700 barrels per day of renewable diesel production in the fourth quarter. Renewable diesel production for the first 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.
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, February 12, 2026, at 8:30 a.m. ET. The call is being webcast and can be accessed at PBF Energy's website, http://www.pbfenergy.com. 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 Martinez refinery fire, the timing of such restart, the throughput of the Martinez refinery and anticipated insurance recoveries related to the Martinez refinery fire, the amount and the timing of cost savings and operational efficiencies to be achieved through the Company's RBI Initiative 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 fuel production, and to realize the benefits from such acquisitions or investments; our ability to close divestitures and the timing 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; tariffs and other trade measures and their effects on trading relationships; global geopolitical and other conflicts and tensions; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations, political developments and other events that are adverse to or restrict refining and marketing operations or could otherwise 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.
Contacts:
Colin Murray (investors)
[email protected]
Tel: 973.455.7578
Michael C. Karlovich (media)
[email protected]
Tel: 973.455.8981
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(Unaudited, in millions, except share and per share data) | ||||||||||||
Three Months Ended | Year Ended | |||||||||||
December 31, | December 31, | |||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
Revenues | $ 7,139.5 | $ 7,351.3 | $ 29,332.3 | $ 33,115.3 | ||||||||
Cost and expenses: | ||||||||||||
Cost of products and other | 6,456.9 | 6,844.1 | 26,627.0 | 30,266.7 | ||||||||
Operating expenses (excluding depreciation and amortization expense as | 669.0 | 655.8 | 2,646.0 | 2,606.2 | ||||||||
Depreciation and amortization expense | 145.6 | 159.9 | 630.3 | 614.6 | ||||||||
Cost of sales | 7,271.5 | 7,659.8 | 29,903.3 | 33,487.5 | ||||||||
General and administrative expenses (excluding depreciation and amortization | 107.6 | 66.8 | 332.3 | 260.4 | ||||||||
Depreciation and amortization expense | 3.6 | 3.4 | 14.4 | 13.2 | ||||||||
Gain on insurance recoveries, net | (393.5) | — | (832.5) | — | ||||||||
Change in fair value of contingent consideration, net | — | — | — | (3.3) | ||||||||
Equity loss in investee | 21.2 | 4.8 | 62.2 | 47.4 | ||||||||
Loss on formation of SBR equity method investment | — | — | — | 8.7 | ||||||||
Loss (gain) on sale of assets | 1.1 | (0.3) | (93.1) | 0.4 | ||||||||
Total cost and expenses | 7,011.5 | 7,734.5 | 29,386.6 | 33,814.3 | ||||||||
Income (loss) from operations | 128.0 | (383.2) | (54.3) | (699.0) | ||||||||
Other income (expense): | ||||||||||||
Interest expense (net of interest income of $7.1, $7.7, $24.3, and $51.2, | (40.6) | (22.8) | (181.6) | (72.0) | ||||||||
Other non-service components of net periodic benefit cost | 0.3 | 0.7 | 1.3 | 2.4 | ||||||||
Income (loss) before income taxes | 87.7 | (405.3) | (234.6) | (768.6) | ||||||||
Income tax expense (benefit) | 8.6 | (112.7) | (74.1) | (228.4) | ||||||||
Net income (loss) | 79.1 | (292.6) | (160.5) | (540.2) | ||||||||
Less: net income (loss) attributable to noncontrolling interests | 0.7 | (3.3) | (2.0) | (6.4) | ||||||||
Net income (loss) attributable to PBF Energy Inc. stockholders | $ 78.4 | $ (289.3) | $ (158.5) | $ (533.8) | ||||||||
Net income (loss) available to Class A common stock per share: | ||||||||||||
Basic | $ 0.67 | $ (2.54) | $ (1.39) | $ (4.59) | ||||||||
Diluted | $ 0.66 | $ (2.54) | $ (1.39) | $ (4.60) | ||||||||
Weighted-average shares outstanding-basic | 116,657,218 | 114,087,570 | 114,052,733 | 116,248,827 | ||||||||
Weighted-average shares outstanding-diluted | 119,122,545 | 114,950,350 | 114,915,513 | 117,111,607 | ||||||||
Dividends per common share | $ 0.275 | $ 0.275 | $ 1.10 | $ 1.025 | ||||||||
Adjusted fully-converted net income (loss) and adjusted fully-converted net | ||||||||||||
Adjusted fully-converted net income (loss) | $ 78.8 | $ (291.5) | $ (160.1) | $ (538.3) | ||||||||
Adjusted fully-converted net income (loss) per fully exchanged, fully diluted | $ 0.66 | $ (2.54) | $ (1.39) | $ (4.60) | ||||||||
Adjusted fully-converted shares outstanding - diluted (Note 6) | 119,122,545 | 114,950,350 | 114,915,513 | 117,111,607 | ||||||||
See Footnotes to Earnings Release Tables | ||||||||||||
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP (Note 7) | ||||||||||||||
(Unaudited, in millions, except share and per share data) | ||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED | Three Months Ended | Year Ended | ||||||||||||
December 31, | December 31, | |||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||
Net income (loss) attributable to PBF Energy Inc. stockholders | $ 78.4 | $ (289.3) | $ (158.5) | $ (533.8) | ||||||||||
Less: Income allocated to participating securities | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||
Income (loss) available to PBF Energy Inc. stockholders - basic | 78.3 | (289.4) | (158.6) | (533.9) | ||||||||||
Add: Net income (loss) attributable to noncontrolling interest (Note 2) | 0.6 | (3.0) | (2.1) | (6.0) | ||||||||||
Less: Income tax benefit (expense) (Note 3) | (0.1) | 0.9 | 0.6 | 1.6 | ||||||||||
Adjusted fully-converted net income (loss) | $ 78.8 | $ (291.5) | $ (160.1) | $ (538.3) | ||||||||||
Special Items (Note 4): | ||||||||||||||
Add: LCM inventory adjustment | 313.0 | (154.5) | 313.0 | — | ||||||||||
Add: LCM inventory adjustment - SBR | (2.2) | (14.7) | (10.4) | (18.9) | ||||||||||
Add: LIFO inventory decrement | 5.4 | 124.5 | 5.4 | 124.5 | ||||||||||
Add: Martinez refinery fire expenses | 40.6 | — | 163.7 | — | ||||||||||
Add: Gain on insurance recoveries, net | (393.5) | — | (832.5) | — | ||||||||||
Add: Costs related to RBI initiative | 8.1 | — | 29.6 | — | ||||||||||
Add: Gain on sale of terminal assets | — | — | (94.0) | — | ||||||||||
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) | 7.6 | 11.7 | 110.7 | (28.8) | ||||||||||
Adjusted fully-converted net income (loss) excluding special items | $ 57.8 | $ (324.5) | $ (474.6) | $ (456.1) | ||||||||||
Weighted-average shares outstanding of PBF Energy Inc | 116,657,218 | 114,087,570 | 114,052,733 | 116,248,827 | ||||||||||
Conversion of PBF LLC Series A Units (Note 5) | 862,780 | 862,780 | 862,780 | 862,780 | ||||||||||
Common stock equivalents (Note 6) | 1,602,547 | — | — | — | ||||||||||
Fully-converted shares outstanding - diluted | 119,122,545 | 114,950,350 | 114,915,513 | 117,111,607 | ||||||||||
Adjusted fully-converted net income (loss) per fully exchanged, fully | $ 0.66 | $ (2.54) | $ (1.39) | $ (4.60) | ||||||||||
Adjusted fully-converted net income (loss) excluding special items per | $ 0.49 | $ (2.82) | $ (4.13) | $ (3.89) | ||||||||||
RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS | Three Months Ended | Year Ended | ||||||||||||
December 31, | December 31, | |||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||
Income (loss) from operations | $ 128.0 | $ (383.2) | $ (54.3) | $ (699.0) | ||||||||||
Special Items (Note 4): | ||||||||||||||
Add: LCM inventory adjustment | 313.0 | (154.5) | 313.0 | — | ||||||||||
Add: LCM inventory adjustment - SBR | (2.2) | (14.7) | (10.4) | (18.9) | ||||||||||
Add: LIFO inventory decrement | 5.4 | 124.5 | 5.4 | 124.5 | ||||||||||
Add: Martinez refinery fire expenses | 40.6 | — | 163.7 | — | ||||||||||
Add: Gain on insurance recoveries, net | (393.5) | — | (832.5) | — | ||||||||||
Add: Costs related to RBI initiative | 8.1 | — | 29.6 | — | ||||||||||
Add: Gain on sale of terminal assets | — | — | (94.0) | — | ||||||||||
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 | $ 99.4 | $ (427.9) | $ (479.5) | $ (588.0) | ||||||||||
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 | Year Ended | |||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND | December 31, | December 31, | ||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||
Net income (loss) | $ 79.1 | $ (292.6) | $ (160.5) | $ (540.2) | ||||||||||
Add: Depreciation and amortization expense | 149.2 | 163.3 | 644.7 | 627.8 | ||||||||||
Add: Interest expense, net | 40.6 | 22.8 | 181.6 | 72.0 | ||||||||||
Add: Income tax expense (benefit) | 8.6 | (112.7) | (74.1) | (228.4) | ||||||||||
EBITDA | $ 277.5 | $ (219.2) | $ 591.7 | $ (68.8) | ||||||||||
Special Items (Note 4): | ||||||||||||||
Add: LCM inventory adjustment | 313.0 | (154.5) | 313.0 | — | ||||||||||
Add: LCM inventory adjustment - SBR | (2.2) | (14.7) | (10.4) | (18.9) | ||||||||||
Add: LIFO inventory decrement | 5.4 | 124.5 | 5.4 | 124.5 | ||||||||||
Add: Martinez refinery fire expenses | 40.6 | — | 163.7 | — | ||||||||||
Add: Gain on insurance recoveries, net | (393.5) | — | (832.5) | — | ||||||||||
Add: Costs related to RBI initiative | 8.1 | — | 29.6 | — | ||||||||||
Add: Gain on sale of terminal assets | — | — | (94.0) | — | ||||||||||
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 | $ 248.9 | $ (263.9) | $ 166.5 | $ 42.2 | ||||||||||
Three Months Ended | Year Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA | 2025 | 2024 | 2025 | 2024 | ||||||||||
EBITDA | $ 277.5 | $ (219.2) | $ 591.7 | $ (68.8) | ||||||||||
Add: Stock-based compensation | 9.2 | 14.2 | 39.0 | 44.3 | ||||||||||
Special Items (Note 4): | ||||||||||||||
Add: LCM inventory adjustment | 313.0 | (154.5) | 313.0 | — | ||||||||||
Add: LCM inventory adjustment - SBR | (2.2) | (14.7) | (10.4) | (18.9) | ||||||||||
Add: LIFO inventory decrement | 5.4 | 124.5 | 5.4 | 124.5 | ||||||||||
Add: Martinez refinery fire expenses | 40.6 | — | 163.7 | — | ||||||||||
Add: Gain on insurance recoveries, net | (393.5) | — | (832.5) | — | ||||||||||
Add: Costs related to RBI initiative | 8.1 | — | 29.6 | — | ||||||||||
Add: Gain on sale of terminal assets | — | — | (94.0) | — | ||||||||||
Add: Change in fair value of contingent consideration, net | — | — | — | (3.3) | ||||||||||
Add: Loss on formation of SBR equity method investment | — | — | — | 8.7 | ||||||||||
Adjusted EBITDA | $ 258.1 | $ (249.7) | $ 205.5 | $ 86.5 | ||||||||||
See Footnotes to Earnings Release Tables | ||||||||||||||
PBF ENERGY INC. AND SUBSIDIARIES | |||||||
EARNINGS RELEASE TABLES | |||||||
CONSOLIDATED BALANCE SHEET DATA | |||||||
(Unaudited, in millions) | |||||||
December 31, | December 31, | ||||||
2025 | 2024 | ||||||
Balance Sheet Data: | |||||||
Cash and cash equivalents | $ 527.9 | $ 536.1 | |||||
Inventories | 2,563.1 | 2,595.3 | |||||
Total assets | 13,019.9 | 12,703.2 | |||||
Total debt | 2,148.3 | 1,457.3 | |||||
Total equity | 5,449.9 | 5,678.6 | |||||
Total equity excluding special items (Note 4, 13) | 4,143.5 | 4,686.8 | |||||
Total debt to capitalization ratio (Note 13) | 28 % | 20 % | |||||
Total debt to capitalization ratio, excluding special items (Note 13) | 34 % | 24 % | |||||
Net debt to capitalization ratio (Note 13) | 23 % | 14 % | |||||
Net debt to capitalization ratio, excluding special items (Note 13) | 28 % | 16 % | |||||
SUMMARIZED STATEMENT OF CASH FLOW DATA | |||||||
(Unaudited, in millions) | |||||||
Year Ended December 31, | |||||||
2025 | 2024 | ||||||
Cash flows (used in) provided by operations | $ (78.0) | $ 43.4 | |||||
Cash flows used in investing activities | (480.2) | (1,041.5) | |||||
Cash flows provided by (used in) financing activities | 550.0 | (249.3) | |||||
Net change in cash and cash equivalents | (8.2) | (1,247.4) | |||||
Cash and cash equivalents, beginning of period | 536.1 | 1,783.5 | |||||
Cash and cash equivalents, end of period | $ 527.9 | $ 536.1 | |||||
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 December 31, 2025 | |||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated | |||||
Revenues | $ 7,133.4 | $ 93.5 | $ — | $ (87.4) | $ 7,139.5 | ||||
Cost of products and other | 6,538.8 | 1.2 | — | (83.1) | 6,456.9 | ||||
Operating expenses (income) | 644.0 | 29.4 | — | (4.4) | 669.0 | ||||
Depreciation and amortization expense | 137.3 | 8.3 | 3.6 | — | 149.2 | ||||
Other segment (income) expenses, net (a) (b) | (392.4) | 2.0 | 126.8 | — | (263.6) | ||||
Income (loss) from operations | 205.7 | 52.7 | (130.4) | — | 128.0 | ||||
Interest (income) expense, net | (11.6) | (0.4) | 52.6 | — | 40.6 | ||||
Capital expenditures (c) | 113.6 | 3.1 | 7.5 | — | 124.2 | ||||
Three Months Ended December 31, 2024 | |||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated | |||||
Revenues | $ 7,342.1 | $ 97.6 | $ — | $ (88.4) | $ 7,351.3 | ||||
Cost of products and other | 6,923.6 | 4.5 | — | (84.0) | 6,844.1 | ||||
Operating expenses (income) | 629.8 | 30.4 | — | (4.4) | 655.8 | ||||
Depreciation and amortization expense | 150.8 | 9.1 | 3.4 | — | 163.3 | ||||
Other segment expenses, net (a) (b) | — | 1.9 | 69.4 | — | 71.3 | ||||
Income (loss) from operations (b) | (362.0) | 51.7 | (72.9) | — | (383.2) | ||||
Interest (income) expense, net | (4.1) | (0.4) | 27.3 | — | 22.8 | ||||
Capital expenditures (c) | 230.5 | 3.9 | 3.0 | — | 237.4 | ||||
Year Ended December 31, 2025 | |||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated | |||||
Revenues | $ 29,297.7 | $ 383.5 | $ — | $ (348.9) | $ 29,332.3 | ||||
Cost of products and other | 26,950.2 | 8.3 | — | (331.5) | 26,627.0 | ||||
Operating expenses (income) | 2,547.0 | 116.5 | — | (17.5) | 2,646.0 | ||||
Depreciation and amortization expense | 594.2 | 36.1 | 14.4 | — | 644.7 | ||||
Other segment (income) expenses, net (a) (b) | (831.4) | (86.9) | 387.2 | — | (531.1) | ||||
Income (loss) from operations | 37.6 | 309.6 | (401.5) | — | (54.3) | ||||
Interest (income) expense, net | (27.7) | (1.6) | 210.9 | — | 181.6 | ||||
Capital expenditures (c) | 598.1 | 17.0 | 13.8 | — | 628.9 | ||||
Year Ended December 31, 2024 | |||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated | |||||
Revenues | $ 33,077.9 | $ 386.8 | $ — | $ (349.4) | $ 33,115.3 | ||||
Cost of products and other | 30,590.4 | 8.3 | — | (332.0) | 30,266.7 | ||||
Operating expenses (income) | 2,487.8 | 135.8 | — | (17.4) | 2,606.2 | ||||
Depreciation and amortization expense | 578.4 | 36.2 | 13.2 | — | 627.8 | ||||
Other segment expenses, net (a) (b) | 0.9 | 7.3 | 305.4 | — | 313.6 | ||||
Income (loss) from operations (b) | (579.5) | 199.1 | (318.6) | — | (699.0) | ||||
Interest (income) expense, net | (14.1) | (1.9) | 88.0 | — | 72.0 | ||||
Capital expenditures (c) | 994.8 | 6.5 | 7.0 | — | 1,008.3 | ||||
Balance at December 31, 2025 | |||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated | |||||
Total Assets (d) | $ 11,469.1 | $ 683.4 | $ 906.3 | $ (38.9) | $ 13,019.9 | ||||
Balance at December 31, 2024 | |||||||||
Refining | Logistics | Corporate | Eliminations | Consolidated | |||||
Total Assets (d) | $ 10,945.5 | $ 781.9 | $ 1,015.4 | $ (39.6) | $ 12,703.2 | ||||
(a) Other segment (income) expenses, net include General and administrative expenses (excluding depreciation and | |||||||||
(b) Income (loss) from operations and Other segment (income) expenses, net within Corporate for the year ended | |||||||||
(c) For the three months and year ended December 31, 2025, the Company's refining segment Capital expenditures exclude | |||||||||
(d) As of December 31, 2025 and December 31, 2024, Corporate assets include the Company's Equity method investment in | |||||||||
See Footnotes to Earnings Release Tables | |||||||||
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||
MARKET INDICATORS AND KEY OPERATING INFORMATION | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended | Year Ended | |||||||||||
December 31, | December 31, | |||||||||||
Market Indicators (dollars per barrel) (Note 9) | 2025 | 2024 | 2025 | 2024 | ||||||||
Dated Brent crude oil | $ 63.70 | $ 74.80 | $ 69.03 | $ 80.72 | ||||||||
West Texas Intermediate (WTI) crude oil | $ 59.24 | $ 70.42 | $ 64.87 | $ 75.87 | ||||||||
Light Louisiana Sweet (LLS) crude oil | $ 60.75 | $ 72.60 | $ 67.08 | $ 78.33 | ||||||||
Alaska North Slope (ANS) crude oil | $ 64.02 | $ 74.28 | $ 69.67 | $ 80.24 | ||||||||
Crack Spreads: | ||||||||||||
Dated Brent (NYH) 2-1-1 | $ 25.24 | $ 14.32 | $ 22.59 | $ 18.24 | ||||||||
WTI (Chicago) 4-3-1 | $ 16.16 | $ 11.01 | $ 18.31 | $ 16.27 | ||||||||
LLS (Gulf Coast) 2-1-1 | $ 24.94 | $ 14.07 | $ 21.76 | $ 18.21 | ||||||||
ANS (West Coast-LA) 4-3-1 | $ 28.66 | $ 17.90 | $ 27.52 | $ 23.36 | ||||||||
ANS (West Coast-SF) 3-2-1 | $ 28.29 | $ 17.81 | $ 30.14 | $ 24.62 | ||||||||
Crude Oil Differentials: | ||||||||||||
Dated Brent (foreign) less WTI | $ 4.46 | $ 4.38 | $ 4.16 | $ 4.84 | ||||||||
Dated Brent less Maya (heavy, sour) | $ 9.37 | $ 12.66 | $ 9.31 | $ 12.31 | ||||||||
Dated Brent less WTS (sour) | $ 5.26 | $ 4.72 | $ 4.34 | $ 4.85 | ||||||||
Dated Brent less ASCI (sour) | $ 5.50 | $ 4.93 | $ 4.12 | $ 5.23 | ||||||||
WTI less WCS (heavy, sour) | $ 12.52 | $ 12.92 | $ 12.17 | $ 14.82 | ||||||||
WTI less Bakken (light, sweet) | $ 1.49 | $ 1.17 | $ 1.21 | $ 1.39 | ||||||||
WTI less Syncrude (light, sweet) | $ 1.58 | $ 1.08 | $ 0.97 | $ 0.75 | ||||||||
WTI less LLS (light, sweet) | $ (1.51) | $ (2.18) | $ (2.21) | $ (2.45) | ||||||||
WTI less ANS (light, sweet) | $ (4.78) | $ (3.86) | $ (4.80) | $ (4.36) | ||||||||
Effective RIN basket price | $ 6.11 | $ 4.05 | $ 5.85 | $ 3.75 | ||||||||
Natural gas (dollars per MMBTU) | $ 4.04 | $ 2.98 | $ 3.62 | $ 2.41 | ||||||||
Key Operating Information | ||||||||||||
Production (barrels per day ("bpd") in thousands) | 897.3 | 871.1 | 838.5 | 913.1 | ||||||||
Crude oil and feedstocks throughput (bpd in thousands) | 888.9 | 862.0 | 832.9 | 904.0 | ||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 81.8 | 79.3 | 304.0 | 330.9 | ||||||||
Consolidated gross margin per barrel of throughput | $ (1.62) | $ (3.89) | $ (1.87) | $ (1.13) | ||||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, | $ 11.16 | $ 4.89 | $ 8.77 | $ 7.89 | ||||||||
Refinery operating expense, per barrel of throughput (Note 11) | $ 7.87 | $ 7.94 | $ 8.38 | $ 7.52 | ||||||||
Crude and feedstocks (% of total throughput) (Note 12) | ||||||||||||
Heavy | 22 % | 33 % | 25 % | 31 % | ||||||||
Medium | 42 % | 35 % | 37 % | 38 % | ||||||||
Light | 16 % | 19 % | 21 % | 17 % | ||||||||
Other feedstocks and blends | 20 % | 13 % | 17 % | 14 % | ||||||||
Total throughput | 100 % | 100 % | 100 % | 100 % | ||||||||
Yield (% of total throughput) | ||||||||||||
Gasoline and gasoline blendstocks | 45 % | 46 % | 45 % | 47 % | ||||||||
Distillate and distillate blendstocks | 35 % | 36 % | 35 % | 34 % | ||||||||
Lubes | 1 % | 1 % | 1 % | 1 % | ||||||||
Chemicals | 1 % | 1 % | 1 % | 1 % | ||||||||
Other | 19 % | 17 % | 19 % | 18 % | ||||||||
Total yield | 101 % | 101 % | 101 % | 101 % | ||||||||
See Footnotes to Earnings Release Tables | ||||||||||||
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||
SUPPLEMENTAL OPERATING INFORMATION | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended | Year Ended | |||||||||||
December 31, | December 31, | |||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
Supplemental Operating Information - East Coast Refining System (Delaware City | ||||||||||||
Production (bpd in thousands) | 330.5 | 280.2 | 297.6 | 301.7 | ||||||||
Crude oil and feedstocks throughput (bpd in thousands) | 330.6 | 281.4 | 300.3 | 305.2 | ||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 30.4 | 25.9 | 109.6 | 111.7 | ||||||||
Gross margin per barrel of throughput | $ (0.26) | $ 2.28 | $ (0.43) | $ (3.18) | ||||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note | $ 11.50 | $ 4.42 | $ 8.39 | $ 4.74 | ||||||||
Refinery operating expense, per barrel of throughput (Note 11) | $ 5.24 | $ 6.31 | $ 5.76 | $ 5.66 | ||||||||
Crude and feedstocks (% of total throughput) (Note 12): | ||||||||||||
Heavy | 15 % | 28 % | 21 % | 25 % | ||||||||
Medium | 54 % | 40 % | 47 % | 42 % | ||||||||
Light | 9 % | 14 % | 12 % | 14 % | ||||||||
Other feedstocks and blends | 22 % | 18 % | 20 % | 19 % | ||||||||
Total throughput | 100 % | 100 % | 100 % | 100 % | ||||||||
Yield (% of total throughput): | ||||||||||||
Gasoline and gasoline blendstocks | 37 % | 38 % | 37 % | 35 % | ||||||||
Distillates and distillate blendstocks | 39 % | 38 % | 39 % | 36 % | ||||||||
Lubes | 2 % | 2 % | 2 % | 2 % | ||||||||
Chemicals | 1 % | 2 % | 1 % | 1 % | ||||||||
Other | 21 % | 20 % | 20 % | 25 % | ||||||||
Total yield | 100 % | 100 % | 99 % | 99 % | ||||||||
Supplemental Operating Information - Mid-Continent (Toledo) | ||||||||||||
Production (bpd in thousands) | 149.4 | 153.7 | 149.4 | 143.3 | ||||||||
Crude oil and feedstocks throughput (bpd in thousands) | 147.0 | 150.6 | 147.0 | 140.7 | ||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 13.6 | 13.8 | 53.7 | 51.5 | ||||||||
Gross margin per barrel of throughput | $ (12.67) | $ 5.82 | $ (2.29) | $ 2.28 | ||||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note | $ 9.96 | $ 5.85 | $ 9.53 | $ 10.33 | ||||||||
Refinery operating expense, per barrel of throughput (Note 11) | $ 6.12 | $ 6.16 | $ 6.26 | $ 6.10 | ||||||||
Crude and feedstocks (% of total throughput) (Note 12): | ||||||||||||
Medium | 43 % | 38 % | 39 % | 38 % | ||||||||
Light | 52 % | 58 % | 58 % | 59 % | ||||||||
Other feedstocks and blends | 5 % | 4 % | 3 % | 3 % | ||||||||
Total throughput | 100 % | 100 % | 100 % | 100 % | ||||||||
Yield (% of total throughput): | ||||||||||||
Gasoline and gasoline blendstocks | 52 % | 52 % | 53 % | 54 % | ||||||||
Distillate and distillate blendstocks | 40 % | 41 % | 38 % | 37 % | ||||||||
Chemicals | 4 % | 4 % | 4 % | 4 % | ||||||||
Other | 6 % | 5 % | 7 % | 7 % | ||||||||
Total yield | 102 % | 102 % | 102 % | 102 % | ||||||||
See Footnotes to Earnings Release Tables | ||||||||||||
PBF ENERGY INC. AND SUBSIDIARIES | ||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||
SUPPLEMENTAL OPERATING INFORMATION | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended | Year Ended | |||||||||||
December 31, | December 31, | |||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
Supplemental Operating Information - Gulf Coast (Chalmette) | ||||||||||||
Production (bpd in thousands) | 182.3 | 146.8 | 177.7 | 162.8 | ||||||||
Crude oil and feedstocks throughput (bpd in thousands) | 179.4 | 148.4 | 174.8 | 162.2 | ||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 16.5 | 13.7 | 63.8 | 59.4 | ||||||||
Gross margin per barrel of throughput | $ 6.43 | $ (7.44) | $ 2.28 | $ 0.34 | ||||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, | $ 12.66 | $ 2.87 | $ 9.04 | $ 7.83 | ||||||||
Refinery operating expense, per barrel of throughput (Note 11) | $ 5.37 | $ 6.54 | $ 5.55 | $ 6.00 | ||||||||
Crude and feedstocks (% of total throughput) (Note 12): | ||||||||||||
Heavy | 14 % | 14 % | 12 % | 14 % | ||||||||
Medium | 43 % | 47 % | 42 % | 50 % | ||||||||
Light | 21 % | 25 % | 26 % | 19 % | ||||||||
Other feedstocks and blends | 22 % | 14 % | 20 % | 17 % | ||||||||
Total throughput | 100 % | 100 % | 100 % | 100 % | ||||||||
Yield (% of total throughput): | ||||||||||||
Gasoline and gasoline blendstocks | 48 % | 34 % | 47 % | 42 % | ||||||||
Distillate and distillate blendstocks | 31 % | 35 % | 32 % | 35 % | ||||||||
Chemicals | 2 % | 2 % | 1 % | 1 % | ||||||||
Other | 21 % | 28 % | 22 % | 22 % | ||||||||
Total yield | 102 % | 99 % | 102 % | 100 % | ||||||||
Supplemental Operating Information - West Coast (Torrance and Martinez) | ||||||||||||
Production (bpd in thousands) | 235.1 | 290.4 | 213.8 | 305.3 | ||||||||
Crude oil and feedstocks throughput (bpd in thousands) | 231.9 | 281.6 | 210.8 | 295.9 | ||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 21.3 | 25.9 | 76.9 | 108.3 | ||||||||
Gross margin per barrel of throughput | $ (5.32) | $ (15.44) | $ (10.00) | $ (3.33) | ||||||||
Gross refining margin, excluding special items, per barrel of throughput (Note 4, | $ 10.28 | $ 5.94 | $ 8.55 | $ 10.02 | ||||||||
Refinery operating expense, per barrel of throughput (Note 11) | $ 14.68 | $ 11.26 | $ 15.93 | $ 10.95 | ||||||||
Crude and feedstocks (% of total throughput) (Note 12): | ||||||||||||
Heavy | 51 % | 66 % | 59 % | 61 % | ||||||||
Medium | 23 % | 21 % | 19 % | 26 % | ||||||||
Light | 2 % | — % | 3 % | — % | ||||||||
Other feedstocks and blends | 24 % | 13 % | 19 % | 13 % | ||||||||
Total throughput | 100 % | 100 % | 100 % | 100 % | ||||||||
Yield (% of total throughput): | ||||||||||||
Gasoline and gasoline blendstocks | 51 % | 59 % | 50 % | 59 % | ||||||||
Distillate and distillate blendstocks | 28 % | 30 % | 29 % | 29 % | ||||||||
Other | 22 % | 14 % | 22 % | 15 % | ||||||||
Total yield | 101 % | 103 % | 101 % | 103 % | ||||||||
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 | Three Months Ended | ||||||||||||
December 31, 2025 | December 31, 2024 | ||||||||||||
RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO | $ | per barrel of throughput | $ | per barrel of throughput | |||||||||
Calculation of consolidated gross margin: | |||||||||||||
Revenues | $ 7,139.5 | $ 87.28 | $ 7,351.3 | $ 92.70 | |||||||||
Less: Cost of sales | 7,271.5 | 88.90 | 7,659.8 | 96.59 | |||||||||
Consolidated gross margin | $ (132.0) | $ (1.62) | $ (308.5) | $ (3.89) | |||||||||
Reconciliation of consolidated gross margin to gross refining | |||||||||||||
Consolidated gross margin | $ (132.0) | $ (1.62) | $ (308.5) | $ (3.89) | |||||||||
Add: Logistics operating expense | 29.4 | 0.36 | 30.4 | 0.38 | |||||||||
Add: Logistics depreciation expense | 8.3 | 0.10 | 9.1 | 0.11 | |||||||||
Less: Logistics gross margin | (92.4) | (1.13) | (93.0) | (1.17) | |||||||||
Add: Refining operating expense | 644.0 | 7.87 | 629.8 | 7.94 | |||||||||
Add: Refining depreciation expense | 137.3 | 1.68 | 150.8 | 1.90 | |||||||||
Gross refining margin | $ 594.6 | $ 7.26 | $ 418.6 | $ 5.27 | |||||||||
Special Items (Note 4): | |||||||||||||
Add: LCM inventory adjustment | 313.0 | 3.83 | (154.5) | (1.95) | |||||||||
Add: LIFO inventory decrement | 5.4 | 0.07 | 124.5 | 1.57 | |||||||||
Gross refining margin excluding special items | $ 913.0 | $ 11.16 | $ 388.6 | $ 4.89 | |||||||||
Year Ended | Year Ended | ||||||||||||
December 31, 2025 | December 31, 2024 | ||||||||||||
RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO | $ | per barrel of throughput | $ | per barrel of throughput | |||||||||
Calculation of consolidated gross margin: | |||||||||||||
Revenues | $ 29,332.3 | $ 96.49 | $ 33,115.3 | $ 100.08 | |||||||||
Less: Cost of sales | 29,903.3 | 98.36 | 33,487.5 | 101.21 | |||||||||
Consolidated gross margin | $ (571.0) | $ (1.87) | $ (372.2) | $ (1.13) | |||||||||
Reconciliation of consolidated gross margin to gross refining | |||||||||||||
Consolidated gross margin | $ (571.0) | $ (1.87) | $ (372.2) | $ (1.13) | |||||||||
Add: Logistics operating expense | 116.5 | 0.38 | 135.8 | 0.41 | |||||||||
Add: Logistics depreciation expense | 36.1 | 0.12 | 36.2 | 0.11 | |||||||||
Less: Logistics gross margin | (375.3) | (1.24) | (378.4) | (1.15) | |||||||||
Add: Refining operating expense | 2,547.0 | 8.38 | 2,487.8 | 7.52 | |||||||||
Add: Refining depreciation expense | 594.2 | 1.95 | 578.4 | 1.75 | |||||||||
Gross refining margin | $ 2,347.5 | $ 7.72 | $ 2,487.6 | $ 7.51 | |||||||||
Special Items (Note 4): | |||||||||||||
Add: LCM inventory adjustment | 313.0 | 1.03 | — | — | |||||||||
Add: LIFO inventory decrement | 5.4 | 0.02 | 124.5 | 0.38 | |||||||||
Gross refining margin excluding special items | $ 2,665.9 | $ 8.77 | $ 2,612.1 | $ 7.89 | |||||||||
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 | ||||||||||||||
(2) Represents the elimination of the noncontrolling interest associated with the ownership by the members of | ||||||||||||||
(3) Represents an adjustment to reflect PBF Energy's annualized statutory corporate tax rate of approximately | ||||||||||||||
(4) The Non-GAAP measures presented include adjusted fully-converted net income (loss) excluding special
Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful | ||||||||||||||
Special Items:
LCM inventory adjustment - LCM is a GAAP requirement related to inventory valuation that mandates inventory PBF Energy LCM inventory adjustment - During both the three months and year ended December 31, 2025, SBR LCM inventory adjustment - During the years ended December 31, 2025 and December 31, 2024, SBR | ||||||||||||||
LIFO inventory decrement - During both the three months and year ended December 31, 2025, the Company | ||||||||||||||
Martinez refinery fire expenses - During the three months and year ended December 31, 2025, we recorded | ||||||||||||||
Gain on insurance recoveries, net - During the three months and year ended December 31, 2025, we recorded | ||||||||||||||
Costs related to RBI initiative - During the year ended December 31, 2025, we launched our RBI initiative as | ||||||||||||||
Gain on sale of terminal assets - During the year ended December 31, 2025, we recorded a gain on the sale of | ||||||||||||||
Change in fair value of contingent consideration, net - During the year ended December 31, 2024, we recorded a | ||||||||||||||
Loss on formation of SBR equity method investment - During the year ended December 31, 2024, we recorded a | ||||||||||||||
Recomputed income tax on special items - The income tax impact on special items was calculated using the tax | ||||||||||||||
(5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of | ||||||||||||||
(6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock | ||||||||||||||
(7) Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA | ||||||||||||||
(8) We operate in two reportable segments: Refining and Logistics. Our operations that are not included in the
PBFX currently does not generate significant third party revenue and intersegment related-party revenues are | ||||||||||||||
(9) As reported by Platts, a division of The McGraw-Hill Companies. Effective RIN basket price is recalculated | ||||||||||||||
(10) Gross refining margin and gross refining margin per barrel of throughput are Non-GAAP measures because | ||||||||||||||
(11) Represents refinery operating expenses, including corporate-owned logistics assets, excluding depreciation | ||||||||||||||
(12) We define heavy crude oil as crude oil with American Petroleum Institute (API) gravity less than 24 degrees. | ||||||||||||||
(13) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total | ||||||||||||||
December 31, | December 31, | |||||||||||||
2025 | 2024 | |||||||||||||
(in millions) | ||||||||||||||
Total debt | $ 2,148.3 | $ 1,457.3 | ||||||||||||
Total equity | 5,449.9 | 5,678.6 | ||||||||||||
Total capitalization | $ 7,598.2 | $ 7,135.9 | ||||||||||||
Total debt | $ 2,148.3 | $ 1,457.3 | ||||||||||||
Total equity excluding special items | 4,143.5 | 4,686.8 | ||||||||||||
Total capitalization excluding special items | $ 6,291.8 | $ 6,144.1 | ||||||||||||
Total equity | $ 5,449.9 | $ 5,678.6 | ||||||||||||
Special Items (Note 4) | ||||||||||||||
Add: LCM inventory adjustments | 313.0 | — | ||||||||||||
Add: LCM inventory adjustment - SBR | (10.4) | — | ||||||||||||
Add: LIFO inventory decrement | 5.4 | — | ||||||||||||
Add: Martinez refinery fire expenses | 163.7 | — | ||||||||||||
Add: Gain on insurance recoveries, net | (832.5) | — | ||||||||||||
Add: Costs related to RBI initiative | 29.6 | — | ||||||||||||
Add: Gain on sale of terminal assets | (94.0) | — | ||||||||||||
Add: Cumulative historical equity adjustments (a) | (1,328.1) | (1,328.1) | ||||||||||||
Less: Recomputed income tax on special items | 446.9 | 336.3 | ||||||||||||
Net impact of special items to equity | (1,306.4) | (991.8) | ||||||||||||
Total equity excluding special items | $ 4,143.5 | $ 4,686.8 | ||||||||||||
Total debt | $ 2,148.3 | $ 1,457.3 | ||||||||||||
Less: Cash and cash equivalents | 527.9 | 536.1 | ||||||||||||
Net debt | $ 1,620.4 | $ 921.2 | ||||||||||||
Total debt to capitalization ratio | 28 % | 20 % | ||||||||||||
Total debt to capitalization ratio, excluding special items | 34 % | 24 % | ||||||||||||
Net debt to capitalization ratio | 23 % | 14 % | ||||||||||||
Net debt to capitalization ratio, excluding special items | 28 % | 16 % | ||||||||||||
(a) All prior year special items are reflected on an aggregate basis within "Cumulative historical equity adjustments" before recomputed income tax effect. 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 | ||||||||||||||
SOURCE PBF Energy Inc.
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