PBF Energy provides strategic update

The company said, “PBF ended 2024 on solid operational footing following the extensive maintenance and turnaround work completed at our refineries. However, on February 1, 2025, a fire occurred at our Martinez refinery during preliminary turnaround activities, which resulted in the temporary shutdown of refinery operations. We are assessing the extent of the property damage, recoveries from insurance coverage, and the overall operational and financial impact of the event. At this time, the cost of repairs, and the length of the shutdown arising from the incident cannot be reasonably estimated. As such, our forward-looking guidance excludes Martinez operations beyond January 31, 2025. Additionally, the scope and timing of our planned turnaround at Martinez may be impacted. At year-end, we had approximately $536 million of cash and approximately $921 million of net debt. We paid approximately $119 million in dividends in 2024 and continued to execute on our share repurchase program, finishing the year with over $1 billion in total program-to-date share repurchases, including approximately $330 million repurchased in 2024. We believe these measures have generated significant value for our investors in the near-term and, more importantly, demonstrate our commitment to fiscal discipline and long-term value creation.”