PBF Energy (PBF) Q2 2024 earnings summary

Executive summary

• Q2 2024 results showed a net loss due to extended maintenance, weaker market conditions, and lower refining margins, but a strong cash position was maintained through working capital normalization.

• Revenues decreased to $8.7 billion, reflecting lower throughput and less favorable crack spreads.

• Most planned maintenance for 2024 is complete, with only one major turnaround remaining at Chalmette in the fall.

• Capital allocation remains focused on shareholder returns, with $100 million in Q2 share repurchases and a $0.25 per share dividend.

• The refining market is expected to remain tightly balanced globally, with sector utilization coming off highs and improving cracks and crude differentials.

Financial highlights

• Adjusted net loss per share was $0.54; adjusted EBITDA was $94.8 million for Q2 2024.

• Revenues for Q2 2024 were $8.7 billion, down from $9.2 billion in Q2 2023.

• Cash flow from operations was $425 million in Q2, with $441.1 million for the first half of 2024.

• Consolidated CapEx for Q2 was $333 million; full-year 2024 CapEx expected near $850 million.

• Ended Q2 with $1.37 billion in cash and $1.25 billion in debt.

Outlook and guidance

• Most maintenance is complete for 2024, with only Chalmette turnaround remaining.

• Full-year 2024 capital spending expected to be approximately $850 million.

• Third quarter renewable diesel production expected at 12,500 barrels/day due to planned catalyst change.

• Q3 2024 throughput guidance: 945,000–885,000 barrels per day.

• Management expects to meet all capital, working capital, dividend, and debt service needs with available liquidity.