PBF Energy reports Q3 adjusted EPS (52c), consensus (75c)

Reports Q3 revenue $7.65B, consensus $7.47B. Matt Lucey, PBF‘s president and CEO, said, “Our refineries operated largely to plan in the third quarter and many of our regions benefitted from seasonally higher product cracks. In addition to the ongoing work to safely restore Martinez to full operations by year-end, we completed a major turnaround at Torrance during the third quarter.” Mr. Lucey continued, “Narrow light-heavy differentials continue to pressure capture rates overall, but we are starting to see incremental supply of heavy barrels enter the market, which should provide benefits as those barrels physically appear within our system.”