PBF Energy beats quarterly profit estimates on stronger refining margins
PBF•Margins, throughput and capital spending update
- PBF Energy reported adjusted earnings per share of $6.22 for the quarter ended June 30, well above analysts' average estimate of $4.17, according to data compiled by LSEG.
- The Martinez refinery in California returned to full operations in May, after a fire last year.
- PBF cut its 2026 capital spending forecast to $825 million-$875 million, excluding the Martinez rebuild, after delaying planned maintenance at its Chalmette refinery in Louisiana and Toledo refinery in Ohio.
- The company expects third-quarter throughput of 900,000 to 960,000 barrels per day (bpd) across its refining system.
- For the reported quarter, crude oil and feedstocks throughput rose to 887,300 bpd from last year's 839,100 bpd.
- Quarterly consolidated gross margin per barrel of throughput stood at $14.20, compared with a year-ago loss of $0.76.
Second-quarter profit beat on tighter fuel markets
July 30 (Reuters) - U.S. refiner PBF Energy beat Wall Street estimates for second-quarter adjusted profit on Thursday as tighter fuel markets helped refining margins and its Martinez refinery returned to full operations.
Shares of the company rose 3.8% in premarket trading.
