PBF Energy (PBF) Q1 2025 earnings summary

Executive summary

• Reported a Q1 2025 net loss of $405.9 million, or $(3.53) per share, compared to net income of $107.5 million in Q1 2024, primarily due to the Martinez refinery fire and weaker refining margins.

• Revenues declined 17.4% year-over-year to $7.07 billion, reflecting lower commodity prices and reduced throughput from the Martinez incident.

• Martinez refinery fire in February 2025 led to a full shutdown for the quarter, with partial restart in April and full restart expected in Q4 2025; insurance expected to cover most repair costs.

• Announced sale of terminal assets in Philadelphia and Knoxville for $175 million, expected to close in the second half of the year pending regulatory approval.

• Declared a quarterly dividend of $0.275 per share.

Financial highlights

• Adjusted net loss of $3.09 per share and adjusted EBITDA loss of $258.8 million for Q1, excluding special items.

• Revenues: $7.07 billion, down from $8.65 billion year-over-year.

• Cash flow from operations was $(661.4) million, impacted by working capital headwinds and increased inventory.

• Cash and cash equivalents at quarter-end were $469 million; total debt increased to $2.24 billion.

• Gross refining margin per barrel, excluding special items, was $5.96, down from $11.73 in Q1 2024.

Outlook and guidance

• Martinez refinery full operational restart targeted for Q4 2025, with insurance expected to offset most fire-related costs.

• Full-year 2025 capital expenditures expected at $750–$775 million, excluding Martinez restoration costs.

• RBI cost savings program on track to exceed $200 million in annualized run-rate savings by year-end 2025, with full value realized in 2026.

• SBR renewable diesel production expected to average 12,000–14,000 barrels per day in Q2.

• Company expects sufficient liquidity to meet obligations for the next twelve months, with $2.4 billion in operational liquidity as of March 31, 2025.