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PBF Energy (PBF) investor relations material
PBF Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 results improved over prior quarters, with insurance recoveries offsetting losses from the Martinez refinery fire; partial operations at Martinez were restored, with full restart targeted by year-end 2025.
Net loss for Q2 2025 was $5.2 million ($0.05 per share), improved from $65.2 million loss in Q2 2024; adjusted net loss was $1.03 per share.
Revenues declined 13.8% year-over-year to $7.5 billion, driven by lower commodity prices and reduced throughput.
Business improvement initiatives and cost-saving programs are on track, targeting over $200 million in annualized savings by year-end 2025.
Quarterly dividend of $0.275 per share declared, payable August 28, 2025.
Financial highlights
Q2 2025 revenues were $7.48 billion, down from $8.74 billion in Q2 2024.
Q2 2025 net loss was $5.2 million; adjusted EBITDA was $61.8 million, and EBITDA was $204.8 million.
Gross refining margin per barrel excluding special items was $8.38 in Q2 2025, up from $8.12 in Q2 2024.
Cash and cash equivalents at June 30, 2025 were $590.7 million; net debt to capitalization was 26%.
Q2 2025 production averaged 845,800 barrels per day, down from 926,700 barrels per day in Q2 2024.
Outlook and guidance
Martinez refinery expected to remain at partial capacity until year-end 2025; full restart depends on regulatory and equipment factors.
2025 capital spending projected at $750–$775 million, excluding Martinez rebuild costs.
Annualized cost savings from business improvement initiatives expected to exceed $200 million by year-end 2025 and $350 million by year-end 2026.
Sale of two terminal facilities for $175 million pending regulatory approval, expected to close in Q3 2025.
Insurance expected to cover most Martinez fire costs, but timing of proceeds may impact quarterly results.
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