Martinez Refinery Progress
The Martinez refinery was partially restarted in late April and is working towards a full restart by the end of the year, showing commendable progress in rebuilding efforts.
Business Improvement Initiatives
PBF Energy is on track to exceed its Refining Business Improvement (RBI) targets, aiming for $230 million in annualized run rate savings by the end of 2025 and $350 million by the end of 2026, with over $125 million already implemented.
Insurance Recovery Gains
PBF Energy received a $189 million gain on insurance recoveries related to the Martinez fire, reflecting constructive collaboration with insurance providers.
Strong Liquidity Position
The company ended the quarter with approximately $590.7 million in cash and $1.8 billion of net debt, maintaining a net debt to cap of 30% and a liquidity position of approximately $2.3 billion.
Positive Market Outlook
The global distillate supply/demand balance remains in deficit, supporting distillate cracks, and PBF sees a constructive setup for the global refining environment.