olivLaw · US equity research
PBF Energy Inc. PBF
Petroleum Refining · SIC 2911 · Vertical: Petroleum Refining (SIC 2911)
PBF Energy is one of the largest independent petroleum refiners in the United States, producing and supplying transportation fuels, heating oil, petrochemical feedstocks and lubricants from six owned refineries. The company is recovering from the 2025 Martinez refinery fire, and its cash flow depends heavily on refining margins and crude costs.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, PBF Energy Inc. (PBF) stock was 72.62 USD (−6.67% on the day), with P/E 3.2 on diluted EPS of 22.41 USD over the last 12 months, dividend yield 1.65%, beta 0.66, 52-week range 26.02–91.17 USD. Latest reported quarter (Q3 2026): revenue of 12.1 bn USD (+58.6% YoY), net income of 1.5 bn USD (+799.1% YoY), diluted EPS 12.54 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.4
- weak (30–45)
- Bollinger (20, 2)
- 69.80 – 92.06
- in the lower half of the band · %B 0.13 · band width 27.5%
- SMA 50 / 200
- 77.71 / 54.30
- mixed trend
- MACD (12, 26, 9)
- -1.12 / -0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −13.7% | −1.1% | −12.6 pp | — |
| 3 months | +18.7% | −0.5% | +19.2 pp | — |
| 6 months | +74.6% | +4.4% | +70.2 pp | — |
| Year to date | +167.8% | +12.3% | +155.5 pp | — |
| 1 year | +105.7% | +13.5% | +92.1 pp | +46.0% |
| 3 years | +57.9% | +76.4% | −18.5 pp | +83.1% |
| 5 years | +394.0% | +63.7% | +330.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.4 bn | 7.1 bn | 7.5 bn | 7.7 bn | 7.1 bn | 7.9 bn | 11.7 bn | 12.1 bn |
| Cost of revenue | 7.7 bn | 7.5 bn | 7.5 bn | 7.6 bn | 7.3 bn | 7.6 bn | 10.5 bn | 10.0 bn |
| Operating income | -383.2 m | -511.2 m | 43.0 m | 285.9 m | 128.0 m | 299.6 m | 1.3 bn | 2.1 bn |
| Depreciation & amortisation | 348.5 m | 3.6 m | 3.6 m | 3.6 m | 360.8 m | 3.8 m | 3.6 m | 4.1 m |
| Interest expense | 22.8 m | 36.9 m | 53.8 m | 50.3 m | 40.6 m | 42.1 m | 42.0 m | 27.2 m |
| Pre-tax income | -405.3 m | -547.8 m | -10.5 m | 236.0 m | 87.7 m | 258.5 m | 1.2 bn | 2.0 bn |
| Income tax | -112.7 m | -141.9 m | -5.1 m | 64.3 m | 8.6 m | 58.3 m | 314.2 m | 503.8 m |
| Net income | -289.3 m | -401.8 m | -5.2 m | 170.1 m | 78.4 m | 198.3 m | 906.4 m | 1.5 bn |
| Diluted EPS | -2.52 ≈ | -3.53 | -0.05 | 1.45 | 0.68 ≈ | 1.65 | 7.54 | 12.54 |
| Operating cash flow | -329.7 m | -661.4 m | 191.1 m ≈ | 25.7 m ≈ | 366.6 m | -323.7 m | 1.6 bn ≈ | 1.9 bn ≈ |
| Capex | 96.0 m | 111.0 m | 156.1 m ≈ | 148.5 m ≈ | 289.6 m | 349.4 m | 127.1 m ≈ | 118.4 m ≈ |
| Dividends paid | 31.4 m | 31.3 m | 31.3 m ≈ | 31.4 m ≈ | 31.6 m | 31.7 m | 32.0 m ≈ | 32.7 m ≈ |
| Share repurchases | 29.0 m | 0 | 0 ≈ | 0 ≈ | 0 | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 28 percentile of its own 25-quarter history (min 1.7, median 7.6, max 208.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27.2 bn | 24.5 bn | 15.1 bn | 27.3 bn | 46.8 bn | 38.3 bn | 33.1 bn | 29.3 bn |
| Revenue YoY | +24.8% | −9.9% | −38.3% | +80.3% | +71.8% | −18.2% | −13.6% | −11.4% |
| Net income | 128.3 m | 319.4 m | -1.4 bn | 231.0 m | 2.9 bn | 2.1 bn | -533.8 m | -158.5 m |
| Net income YoY | −69.1% | +148.9% | −535.9% | unavailable | +1,145.4% | −25.6% | −124.9% | unavailable |
| Diluted EPS | 1.10 | 2.64 | -11.64 | 1.90 | 22.84 | 16.52 | -4.60 | -1.39 |
| Diluted EPS YoY | −70.5% | +140.0% | −540.9% | unavailable | +1,102.1% | −27.7% | −127.8% | unavailable |
| net % | 0.5% | 1.3% | -9.2% | 0.8% | 6.1% | 5.6% | -1.6% | -0.5% |
| Free cash flow | 520.5 m | 528.6 m | -827.8 m | 228.2 m | 4.1 bn | 678.9 m | -347.5 m | -783.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 527.9 m USD
- Financial debt
- 2.1 bn USD
- Net debt
- 1.6 bn USD
- Equity
- 5.4 bn USD
- Total assets
- 13.0 bn USD
- Debt / equity
- 0.39x
- Current ratio
- 1.21x
- ROE
- -2.8%
- ROA
- -1.2%
- FCF margin
- -2.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 15.1 bn | 27.3 bn | 46.8 bn | 38.3 bn | 33.1 bn | 29.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 16.7 bn | 26.4 bn | 42.2 bn | 35.9 bn | 33.5 bn | 29.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | -1.6 bn ≈ | 887.2 m ≈ | 4.7 bn ≈ | 2.4 bn ≈ | -372.2 m ≈ | -571.0 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Operating income | -1.4 bn | 597.2 m | 4.2 bn | 3.0 bn | -699.0 m | -54.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 325.9 m | 221.1 m | 262.0 m | 314.4 m | 358.3 m | 371.6 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | -1.1 bn ≈ | 818.3 m ≈ | 4.4 bn ≈ | 3.3 bn ≈ | -340.7 m ≈ | 317.3 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Interest expense | 258.2 m | 317.5 m | 246.0 m | 63.8 m | 72.0 m | 181.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | -1.3 bn | 327.6 m | 3.6 bn | 2.9 bn | -768.6 m | -234.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 2.1 m | 12.1 m | 584.8 m | 723.8 m | -228.4 m | -74.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | -1.4 bn | 231.0 m | 2.9 bn | 2.1 bn | -533.8 m | -158.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | -11.64 | 1.90 | 22.84 | 16.52 | -4.60 | -1.39 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 120.7 m | 122.6 m | 126.9 m | 130.5 m | 117.1 m | 114.9 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.6 bn | 1.3 bn | 2.2 bn | 1.8 bn | 536.1 m | 527.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | 1.7 bn | 2.5 bn | 2.8 bn | 3.2 bn | 2.6 bn | 2.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 3.9 bn | 5.2 bn | 6.5 bn | 6.6 bn | 4.5 bn | 4.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 4.8 bn | 4.9 bn | 5.4 bn | 5.0 bn | 5.1 bn | 5.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 10.1 m | 9.6 m | 9.1 m | 8.6 m | 8.1 m | — | SEC (XBRL)· 13 Feb 2025verified |
| Total assets | 10.5 bn | 11.6 bn | 13.5 bn | 14.4 bn | 12.7 bn | 13.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 407.0 m | 911.7 m | 854.6 m | 959.0 m | 735.6 m | 801.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | 7.4 m | 0 | 524.2 m | 0 | — | 0 | SEC (XBRL)· 29 Oct 2026verified |
| Long-term debt | 4.7 bn | 4.3 bn | 1.4 bn | 1.2 bn | 1.5 bn | 2.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 2.5 bn | 3.8 bn | 5.2 bn | 4.2 bn | 3.6 bn | 3.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 8.3 bn | 9.1 bn | 8.5 bn | 7.8 bn | 7.0 bn | 7.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 2.2 bn | 2.5 bn | 5.1 bn | 6.6 bn | 5.7 bn | 5.4 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -631.6 m | 477.3 m | 4.8 bn | 1.3 bn | 43.4 m | -78.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 196.2 m | 249.1 m | 633.3 m | 659.6 m | 390.9 m | 705.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | -827.8 m ≈ | 228.2 m ≈ | 4.1 bn ≈ | 678.9 m ≈ | -347.5 m ≈ | -783.2 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -1.0 bn | -388.5 m | -1.0 bn | -338.6 m | -1.0 bn | -480.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | 2.5 bn | -356.8 m | -2.9 bn | -1.4 bn | -249.3 m | 550.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 35.9 m | 0 | 24.7 m | 105.8 m | 119.0 m | 125.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | 1.6 m | 0 | 156.4 m | 532.5 m | 329.1 m | 0 | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 70 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
- Balance sheet74
- Growth0
- Quality73
- Returns100
- Valuation100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.77 – 487.36 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E231.04 – 487.36 (Mid 406.47)10 companies used · median multiple 18.1x · quartiles 10.3x – 21.7xCOP, CVI, CVX, DK, EQNR, MPC, PSX, SUNC, VLO, XOM
- Dividend discount (DDM)15.77 – 21.21 (Mid 18.09)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 70/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 38.4% | 71 (vs peers) | 16% |
| Net margin · Quality | 7.0% | 53 (vs peers) | 9% |
| FCF conversion · Quality | 96.8% | 95 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -14.4% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.1x | 63 (vs peers) | 16% |
| Interest coverage · Balance sheet | 25.0x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.6x | 66 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 3.2x | 100 (vs peers) | 16% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 4.9% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet74/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality73/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PBF ENERGY INC. (PBF). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 29.3 bn USD in 2025; YoY growth -11.4%; net margin 7.0%; ROE 41.1%; net debt/EBITDA -0.1x.
The estimated value range is 123.41–254.28 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 212.28 USD, the price of 72.62 USD leaves a potential of 192.3% (value / price − 1) and a margin of safety of 65.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 70/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 38.4%
- FCF conversion: 96.8%
- Interest coverage: 25.0x
- P/E (TTM): 3.2x
- Payout ratio (FCF): 4.9%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -14.4%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Petroleum Refining (SIC 2911) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| XOMExxonMobil Holdings Corporation | 701.6 bn | 27.7 | 9.8% | 7.6% | −5.0% | +46% / +65% |
| CVXChevron Corp | 428.7 bn | 20.8 | 12.2% | 9.6% | −6.8% | +44% / +51% |
| COPConocoPhillips | 164.5 bn | 18.1 | 14.2% | 14.7% | +7.7% | +54% / +18% |
| EQNREquinor Asa | 107.0 bn | 22.1 | 12.2% | 4.7% | +2.6% | +87% / +34% |
| MPCMarathon Petroleum Corporation | 106.9 bn | 7.7 | 72.6% | 8.4% | −4.4% | +103% / +163% |
| VLOValero Energy Corp | 101.9 bn | 8.2 | 50.1% | 8.4% | −5.5% | +107% / +191% |
| PSXPhillips 66 | 101.3 bn | 8.3 | 41.1% | 7.5% | −7.5% | +90% / +101% |
| YPFYPF Sociedad Anonima | 16.4 bn | — | -7.4% | -4.5% | −4.4% | +13% / +151% |
| CVICvr Energy, Inc | 4.3 bn | 16.3 | 27.5% | 2.7% | −5.9% | +25% / +35% |
| IEPIcahn Enterprises L.P. | 4.0 bn | — | — | -9.4% | −3.6% | −34% / −68% |
| DKDelek Us Holdings, Inc. | 4.0 bn | 18.2 | 62.6% | 1.9% | −9.5% | +69% / +141% |
| CLMTCalumet, Inc. | 3.8 bn | — | — | -3.0% | −1.2% | +126% / +153% |
| SUNCSunococorp LLC | 3.4 bn | 23.8 | — | 0.4% | +11.1% | +26% / unavailable |
| IMOImperial Oil Limited | — | — | 25.2% | 10.9% | −8.6% | +29% / +126% |
| SUNSunoco LP | — | — | — | 2.9% | +11.1% | +15% / +18% |
| BPBp PLC | — | — | 0.1% | 0.0% | −1.1% | +26% / +26% |
| PBFPbf Energy Inc. | — | 3.2 | 41.1% | 7.0% | −11.4% | +106% / +58% |
| SUSuncor Energy Inc | — | — | 13.2% | 11.3% | −4.6% | +61% / +118% |
1- and 3-year price returns: for PBF from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
PBF Energy is one of the largest independent petroleum refiners in the United States, producing and supplying transportation fuels, heating oil, petrochemical feedstocks and lubricants from six owned refineries. The company is recovering from the 2025 Martinez refinery fire, and its cash flow depends heavily on refining margins and crude costs 123.
SWOT
Strengths
- The company operates highly complex refineries able to process heavy sour crude, which can offer cost advantages 1. Its geographic footprint covers the East Coast, the West Coast and the Gulf Coast 1.
- The Logistics segment earns fee-based revenue under long-term contracts 1. The company also has a solid ability to generate cash from operations, supported by the Martinez restart 23.
- The RBI programme and debt reduction show management's ability to adjust costs and the financial structure 3.
Weaknesses
- Results depend heavily on refining margins, which are volatile, and feedstock costs can move quickly 1. The lack of a fully diversified business outside refining remains a vulnerability.
- The Martinez fire caused significant operating losses in 2025 and a long shutdown 12. The final impact on costs and penalties remains unclear 12.
- The company relies on a relatively small number of sites, so any major outage has a large effect on output 1.
Opportunities
- If refining margins stay high, the company could capitalise on its ability to produce a wide range of products 3. A full return of Martinez could support volumes in California 3.
- Continuing the RBI programme could bring further cost savings through the end of 2026 3. Better system reliability could raise refinery yields 13.
- Growing renewable diesel investment through the SBR stake could diversify income sources 13.
Threats
- Emissions policies and renewable fuel mandates could raise compliance costs 1. Regulatory changes in California could have notable effects 1.
- Geopolitical tensions and shipping disruption can move crude and product prices 1. Sanctions on oil-exporting countries could add volatility 1.
- Ongoing investigations into the Martinez fire could lead to penalties or changes in operations 12.
Risks
- Volatile refining marginshigh
Revenue and cash flow depend on the spread between product prices and feedstock costs, which has historically been volatile 1. If margins compress, results could fall quickly 1.
- Refinery outageshigh
A major shutdown at a refinery, as with the Martinez fire, could reduce output and hurt results 12. Insurance does not always fully cover such losses 1.
- Uncertainty in environmental and safety investigationsmedium
Regulatory investigations into the Martinez fire are ongoing, and any penalties cannot be estimated at this point 2. Outcomes could affect future costs and operations 12.
- Debt and access to financingmedium
The company carries significant debt and credit agreement restrictions, and rating changes could affect borrowing costs 13. Debt reduction was a positive step, but the level remains substantial 3.
- Emissions and renewable fuel regulationmedium
Renewable fuel mandates, RIN costs and greenhouse gas rules could materially change compliance costs 1.
Investment thesis
What would need to be true (bull case)
- If refining margins stay high, the company's complex refineries could allow it to benefit from favourable crude differentials 13.
- A full return of the Martinez refinery and insurance recoveries could support cash flow in the coming period 23.
- The RBI programme and debt reduction show financial discipline that could strengthen long-term results 3.
What would break the thesis
- If margins narrow or crude differentials shrink, results could fall quickly given the dependence on refining margins 1.
- Investigations into the Martinez fire could lead to unforeseen penalties, and insurance recoveries remain uncertain in amount and timing 12.
- The company remains exposed to operational disruption across a limited number of refineries, which could materially affect output 1.
What to watch
- Completion of the insurance claim process for the Martinez firesecond half 2026
- Delivery of the RBI target of more than 350 million dollars in run-rate savings2026
- Achievement of third-quarter 2026 throughput guidanceQ3 2026
- Outcome of regulatory investigations into the Martinez fire and any penaltiesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
PBF Energy is a holding company whose primary asset is a controlling equity interest in PBF LLC, and its operations split into two segments: Refining and Logistics 1. Its six refineries, located in Delaware, New Jersey, Ohio, Louisiana and California, have a combined capacity of about 1,000,000 bpd and a weighted-average Nelson Complexity Index of 12.8 1. The Logistics segment, operated by PBFX, runs terminals, pipelines and storage that support the refineries and third-party customers 1.
The company sells unbranded products across the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in Canada and Mexico 1. It also holds a 50% interest in the Renewable Diesel Facility through its equity method investment in SBR 1.
The Martinez refinery, damaged by the fire of February 1, 2025, was described as having returned to full operations in May 2026 23. Repair costs are expected to be largely covered by insurance, subject to a deductible and retentions totaling 30 million dollars, while regulatory inquiries remain open 12.
Segments
Refining
The Refining segment includes the six refineries that convert crude oil and other feedstocks into gasoline, ULSD, heating oil, jet fuel, lubricants, petrochemicals and asphalt 1. The Delaware City refinery mainly processes medium to heavy sour crudes and has a throughput capacity of 180,000 bpd 1.
Market context
The US refining market is driven by margins, and the price of crude, refined products and natural gas directly affects profitability 1. In the second quarter of 2026 the company reported income from operations of 1,272.1 million dollars and said the refining fundamentals remain strong with tight global supply and demand 3.
Trends
- Martinez fire and insurance recoveriesmixed
The Martinez refinery returned to full operations in May 2026, and the company has received 1.25 billion dollars of insurance proceeds net of deductibles 23. If final payments are settled, the impact on results could ease, though the amount and timing remain uncertain 13.
- Debt reductiontailwind
In the second quarter of 2026 the company cut gross debt by over one billion dollars, and net debt stood at 855 million dollars 3. If this trend continues, financial flexibility could increase 3.
- RBI cost reduction programmetailwind
The RBI programme generated more than 230 million dollars of run-rate cost improvements in 2025, and the company expects more than 350 million dollars by year-end 2026 3. Delivering these savings depends on execution and turnaround timing 13.
Competitive position
The source documents do not name specific competitors, but they cite competition in refining and renewable fuels as a distinct risk 1. The company notes that competitors' adjustments to refining capacity or renewable fuels output could affect its own position 1.
Competitive standing depends on refinery complexity, access to cost-advantaged crude and logistics that allow delivery across several corridors 13. If rival refiners become more efficient, PBF margins could come under pressure 1.
- Other independent US refiners
The sources do not name specific rivals but point to pressure from the refining industry as a whole 1.
- Renewable fuels producers
Competition in renewable fuels is cited as a risk factor, without naming particular companies in the sources provided 1.
- Refiners with access to Canadian and Mexican markets
The sources mention Canada and Mexico as sales destinations, without naming direct competitors 1.
- Crude oil and petroleum product suppliers
Supplier capacity and pricing changes can shape competition, but the sources do not identify specific entities 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report30 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report14 Oct 2026Other events · Financial statements and exhibits
- Current report01 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report17 Sept 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
- Current report15 Sept 2026Other events · Financial statements and exhibits
- Current report14 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / PBF Energy Inc. · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / PBF Energy Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / PBF Energy Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.