PBF Energy reports Q1 adjusted EPS ($3.09), consensus ($3.29)

Reports Q1 revenue $7.07B, consensus $6.6B. Matt Lucey, PBF‘s president and CEO, said, “Policy volatility, macroeconomic uncertainty, the Martinez incident and planned maintenance within PBF’s refining system created a very challenging first quarter environment. On February 1, 2025, during preparations for a turnaround, a fire occurred at the Martinez refinery which caused significant damage and resulted in extended downtime. Since the event, we have restored partial operations and are working to restore full operations. We expect that PBF’s insurance program will largely reimburse the company, subject to our deductible and retentions, for the capital costs to restore the Martinez refinery to full operations.” Mr. Lucey continued, “The near-term volatility in our cyclical, commodity-dependent business does not reflect our broader, favorable, outlook that global supply and demand balances remain tight.”