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PBF Energy (PBF) Rises 13.6% as Q1 Earnings Beat Estimates
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PBF Energy Inc. (PBF - Free Report) has gained 13.6% since it reported strong first-quarter 2022 results on Apr 28, before the opening bell.
PBF Energy reported first-quarter earnings of 35 cents per share, comfortably beating the Zacks Consensus Estimate of earnings of 26 cents. The bottom line also improved from the year-ago loss of $2.61 per share.
Total quarterly revenues of PBF Energy increased to $9,142 million from $4,925 million in the prior-year quarter and beat the Zacks Consensus Estimate of $8,255 million.
The strong quarterly results of PBF Energy can be attributed to increased contributions from the Refining segment.
Segmental Performance
PBF Energy’s operating income from the Refining segment was $146.1 million, improving from $85.9 million a year ago.
It generated a profit of $46.4 million from the Logistics segment, reflecting a decrease from the prior-year quarter’s $47.9 million.
Throughput Analysis
Volumes:
In the quarter under review, crude oil and feedstocks throughput volumes were 832.6 thousand barrels per day (bpd), higher than the year-ago figure of 745.5 thousand bpd.
East Coast, Mid-Continent, Gulf Coast and West Coast regions accounted for 31.6%, 16.4%, 19.6% and 32.4%, respectively, of the total oil and feedstock throughput volume.
Margins:
Company-wide gross refining margin per barrel of throughput, excluding special items, was recorded at $11.36, significantly higher than the year-earlier figure of $3.65.
The gross refining margin per barrel of throughput was $11.03 for the East Coast, up from $2.48 in the year-ago quarter. Realized refining margin was $11.96 per barrel in the Gulf Coast, up from $5.44. The metric was $12.75 and $8.50 per barrel in the West Coast and Mid-Continent compared with respective margins of $2.91 and $5.18 a year ago.
Costs & Expenses
Total costs and expenses of PBF Energy in the reported quarter were $9,050.7 million, significantly higher than $4,867.1 million in the year-ago period. Cost of sales — which includes operating expenses, cost of products and others and depreciation and amortization expenses — amounted to $8,944.9 million, higher than the year-ago $4,786.4 million.
Capital Expenditure & Balance Sheet
Through the first quarter, PBF Energy spent $223.1 million in capital on refining operations and $1.4 million on logistics businesses.
At the quarter-end, it had cash and cash equivalents of $1,434.6 million. As of Mar 31, PBF Energy had a total debt of $4,278.6 million, resulting in a total debt to capitalization of 63%.
Zacks Rank & Other Stocks to Consider
PBF Energy currently sports a Zacks Rank #1 (Strong Buy). Other top-ranked players in the energy space include ConocoPhillips (COP - Free Report) , Marathon Oil (MRO - Free Report) and Occidental Petroleum (OXY - Free Report) . While ConocoPhillips and Marathon Oil carry a Zacks Rank #2 (Buy), Occidental Petroleum sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Considering production and reserves, ConocoPhillips is one of the leading exploration and production players in the global market. COP has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, ConocoPhillips is likely to see earnings growth of 141.6%.
Marathon Oil is a leading oil and natural gas exploration and production company. MRO has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, Marathon Oil is likely to see earnings growth of 201.3%.
In the United States, Occidental Petroleum is among the largest oil producers. OXY has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, Occidental Petroleum is likely to see earnings growth of 278.8%.
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PBF Energy (PBF) Rises 13.6% as Q1 Earnings Beat Estimates
PBF Energy Inc. (PBF - Free Report) has gained 13.6% since it reported strong first-quarter 2022 results on Apr 28, before the opening bell.
PBF Energy reported first-quarter earnings of 35 cents per share, comfortably beating the Zacks Consensus Estimate of earnings of 26 cents. The bottom line also improved from the year-ago loss of $2.61 per share.
PBF Energy Inc. Price, Consensus and EPS Surprise
PBF Energy Inc. price-consensus-eps-surprise-chart | PBF Energy Inc. Quote
Total quarterly revenues of PBF Energy increased to $9,142 million from $4,925 million in the prior-year quarter and beat the Zacks Consensus Estimate of $8,255 million.
The strong quarterly results of PBF Energy can be attributed to increased contributions from the Refining segment.
Segmental Performance
PBF Energy’s operating income from the Refining segment was $146.1 million, improving from $85.9 million a year ago.
It generated a profit of $46.4 million from the Logistics segment, reflecting a decrease from the prior-year quarter’s $47.9 million.
Throughput Analysis
Volumes:
In the quarter under review, crude oil and feedstocks throughput volumes were 832.6 thousand barrels per day (bpd), higher than the year-ago figure of 745.5 thousand bpd.
East Coast, Mid-Continent, Gulf Coast and West Coast regions accounted for 31.6%, 16.4%, 19.6% and 32.4%, respectively, of the total oil and feedstock throughput volume.
Margins:
Company-wide gross refining margin per barrel of throughput, excluding special items, was recorded at $11.36, significantly higher than the year-earlier figure of $3.65.
The gross refining margin per barrel of throughput was $11.03 for the East Coast, up from $2.48 in the year-ago quarter. Realized refining margin was $11.96 per barrel in the Gulf Coast, up from $5.44. The metric was $12.75 and $8.50 per barrel in the West Coast and Mid-Continent compared with respective margins of $2.91 and $5.18 a year ago.
Costs & Expenses
Total costs and expenses of PBF Energy in the reported quarter were $9,050.7 million, significantly higher than $4,867.1 million in the year-ago period. Cost of sales — which includes operating expenses, cost of products and others and depreciation and amortization expenses — amounted to $8,944.9 million, higher than the year-ago $4,786.4 million.
Capital Expenditure & Balance Sheet
Through the first quarter, PBF Energy spent $223.1 million in capital on refining operations and $1.4 million on logistics businesses.
At the quarter-end, it had cash and cash equivalents of $1,434.6 million. As of Mar 31, PBF Energy had a total debt of $4,278.6 million, resulting in a total debt to capitalization of 63%.
Zacks Rank & Other Stocks to Consider
PBF Energy currently sports a Zacks Rank #1 (Strong Buy). Other top-ranked players in the energy space include ConocoPhillips (COP - Free Report) , Marathon Oil (MRO - Free Report) and Occidental Petroleum (OXY - Free Report) . While ConocoPhillips and Marathon Oil carry a Zacks Rank #2 (Buy), Occidental Petroleum sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Considering production and reserves, ConocoPhillips is one of the leading exploration and production players in the global market. COP has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, ConocoPhillips is likely to see earnings growth of 141.6%.
Marathon Oil is a leading oil and natural gas exploration and production company. MRO has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, Marathon Oil is likely to see earnings growth of 201.3%.
In the United States, Occidental Petroleum is among the largest oil producers. OXY has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, Occidental Petroleum is likely to see earnings growth of 278.8%.