PBF Energy Inc

PBF

Equity

ISIN US69318G1067 / Valor 14336808

New York Stock Exchange, Inc (2024-12-24)

USD 25.66+1.02%

PBF Energy Inc
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About company

PBF Energy Inc. is a prominent player in the petroleum refining and logistics sectors, operating primarily within the United States. The company's business is divided into two main segments: Refining and Logistics. In its Refining segment, PBF Energy owns six oil refineries that process crude oil and other feedstocks into a variety of petroleum products, including transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other related products. These refineries, with a combined processing capacity of approximately 1,000,000 barrels per day, are strategically located across the Northeast, Midwest, Gulf Coast, and West Coast of the U.S., enabling the company to serve a wide geographic market. Additionally, PBF Energy's Logistics segment, operated through PBFX, includes an array of logistical assets such as terminals, pipelines, and storage facilities that support the efficient distribution and transportation of crude oil and refined products. The company markets its products across the U.S., Canada, and Mexico, and has the capability to ship to other international destinations, positioning itself as one of the largest independent petroleum refiners and suppliers in the country. PBF Energy's operations are characterized by a high level of complexity, with a weighted-average Nelson Complexity Index of 12.7, reflecting its ability to process a wide range of feedstocks and produce a diverse array of petroleum products.

Summarized from source with an LLMView SourceSector: Energy

Second Quarter 2024 Loss

PBF Energy Inc. reported a loss from operations of $74.6 million for the second quarter of 2024, compared to an income from operations of $1,389.2 million for the same period in 2023. Excluding special items, the loss from operations was $72.5 million, a significant drop from the $403.7 million income from operations in the second quarter of 2023.

Net Loss and Earnings Per Share

The company recorded a net loss of $66.0 million for the second quarter of 2024, with a net loss attributable to PBF Energy Inc. of $65.2 million or $(0.56) per share. This is a stark contrast to the net income of $1,030.4 million and net income attributable to PBF Energy Inc. of $1,020.4 million or $7.88 per share for the second quarter of 2023.

Dividend Announcement

PBF Energy Inc. declared a quarterly dividend of $0.25 per share of Class A common stock, payable on August 29, 2024, to shareholders of record at the close of business on August 15, 2024. This reflects the company's commitment to returning value to its shareholders despite the challenging financial results.

Share Repurchases

During the second quarter of 2024, PBF Energy Inc. repurchased approximately 2.0 million shares for around $100 million. This move is part of the company's ongoing strategy to enhance shareholder value through share repurchase programs.

Outlook and Strategic Focus

Looking ahead, PBF Energy Inc. has completed most of its planned maintenance for the year and expects its assets to remain operational for the third quarter. The company continues to prioritize safe, reliable operations and capital allocation towards opportunities that promote long-term shareholder value. Full-year 2024 refining capital expenditures are expected to be around $850 million.

Summarized from source with an LLMView Source

Key figures

-43.3%1Y

108%3Y

-19.4%5Y

Performance

39.7%1Y

53.8%3Y

80.5%5Y

Volatility