PBF Energy (PBF) Q2 2025 earnings summary

Executive summary

• Q2 2025 results improved over prior quarters, with insurance recoveries offsetting losses from the Martinez refinery fire, but adjusted losses widened year-over-year due to lower commodity prices and reduced throughput.

• Martinez refinery partially restarted in April 2025 after the February fire, with full restart targeted by year-end, subject to regulatory and supply chain factors.

• Product margins were supported by strong demand, but light-heavy crude differentials and market volatility remained challenges.

• Revenues declined 13.8% year-over-year to $7.48 billion for Q2 2025, with gross refining margin per barrel at $8.38, slightly up from $8.12 in Q2 2024.

• Declared a quarterly dividend of $0.275 per share, payable August 28, 2025.

Financial highlights

• Q2 2025 net loss was $5.4 million ($0.05 per share), with adjusted net loss of $1.03 per share and adjusted EBITDA of $61.8 million.

• Q2 2025 revenues were $7.48 billion, down from $8.74 billion in Q2 2024; Q2 2025 EBITDA was $204.8 million.

• Cash and cash equivalents at June 30, 2025 were $590.7 million; net debt to capitalization ratio was 26%.

• $189 million gain on insurance recoveries and $30.4 million in Martinez fire expenses recognized as special items in Q2 2025.

• Cash flow from operations was $191.1 million, including a $79 million working capital benefit from inventory reduction.

Outlook and guidance

• Martinez refinery expected to remain at partial capacity until year-end 2025, with full restart dependent on regulatory approvals and equipment availability.

• 2025 capital expenditures projected at $750–$775 million, excluding Martinez rebuild costs.

• Annualized cost savings from the Refining Business Improvement initiative expected to exceed $200 million by end of 2025 and $350 million by end of 2026.

• Only 500,000 barrels/day of net refinery capacity additions expected in 2025, with more rationalizations than additions in 2025–2026.

• Q3 2025 throughput guidance: 865,000–915,000 barrels per day across all regions.