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PBF Energy Reports Narrower Loss in Q1 & Y/Y Revenue Decline
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PBF Energy Inc. (PBF - Free Report) reported a first-quarter 2025 adjusted loss of $3.09 per share, narrower than the Zacks Consensus Estimate of a loss of $3.50. The bottom line deteriorated from the year-ago quarter’s loss of 86 cents per share.
Total quarterly revenues declined to $7.07 billion from $8.65 billion in the prior-year quarter. However, the top line beat the Zacks Consensus Estimate of $6.47 billion. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
Better-than-expected quarterly earnings were driven by reduced costs and expenses.
The positives were partially offset by lower throughput volumes and declining refining margins. A Feb. 1, 2025 fire at PBF’s Martinez refinery significantly impacted the first-quarter results by disrupting operations.
PBF Energy reported an operating loss of $473.2 million in the Refining segment against an operating income of $170.6 million a year ago. The figure lagged our estimate of an operating income of $99.2 million.
The company generated a profit of $51.4 million from the Logistics segment, indicating an increase from the prior-year quarter’s reported figure of $45.1 million. The figure surpassed our estimate of $45.5 million.
Throughput Analysis
Volumes
In the quarter under review, crude oil and feedstock throughput volumes totaled 730.4 thousand barrels per day (bpd), lower than the year-ago figure of 897.4 thousand bpd. The figure was below our estimate of 770 thousand bpd.
The East Coast, Mid-Continent, Gulf Coast and West Coast regions accounted for 35.9%, 18.8%, 21.6% and 23.7%, respectively, of the total oil and feedstock throughput volume.
Margins
The company-wide gross refining margin per barrel of throughput, excluding special items, was $5.96, lower than the year-earlier figure of $11.73. The figure lagged our estimate of $9.94.
The gross refining margin per barrel of throughput was $5.86 for the East Coast, down from $7.72 in the year-ago quarter. The realized refining margin was $5.32 per barrel for the Gulf Coast, down from $12.36 a year ago. The metric was $6.76 and $6.05 per barrel in the Mid-Continent and West Coast, respectively, compared with $18.15 and $13.15 a year ago.
Costs & Expenses
Total costs and expenses in the reported quarter were $7.56 billion, down from $8.5 billion in the year-ago period. Our estimate for the same was pinned at $6.97 billion.
Cost of sales, including operating expenses, cost of products and others, and depreciation and amortization expenses, amounted to $7.49 billion, lower than $8.43 billion a year ago.
Capital Expenditure & Balance Sheet
PBF Energy spent $215.6 million in capital on refining operations and $2.4 million on logistics businesses.
At the end of the first quarter, it had cash and cash equivalents of $0.47 billion. As of March 31, PBF had a total debt of $2.24 billion, resulting in a total debt-to-capitalization of 30%.
Outlook
For the second quarter of 2025, PBF Energy anticipates throughput volumes on the East Coast between 265,000 bpd and 285,000 bpd. In the Mid-continent region, the figure is estimated between 150,000 bpd and 160,000 bpd. The Gulf Coast is anticipated to report throughput of 165,000-175,000 bpd, while the West Coast is expected to deliver between 215,000 bpd and 235,000 bpd.
PBF’s Zacks Rank & Stocks to Consider
Currently, PBF Energy carries a Zacks Rank #3 (Hold).
Nabors Industries Ltd. (NBR - Free Report) reported a first-quarter 2025 adjusted loss of $7.5 per share, which was wider than the Zacks Consensus Estimate of a loss of $2.64. This underperformance was mainly due to lower adjusted operating income from its U.S. Drilling segment.
As of March 31, 2025, this company had $404.1 million in cash and short-term investments. Nabors expects an adjusted free cash flow of $80 million for 2025, excluding any impact of tariffs. NBR has a Zacks Style Score of A for Value.
RPC Inc. (RES - Free Report) reported first-quarter 2025 adjusted earnings of 6 cents per share, which missed the Zacks Consensus Estimate of 7 cents. The bottom line declined from the year-ago figure of 13 cents. The weak quarterly earnings primarily resulted from flat pressure pumping revenues and slightly declining performance across other service lines.
As of March 31, RES had cash and cash equivalents of $326.7 million, and maintained a debt-free balance sheet. RPC has a Zacks Style Score of A for Value and Momentum.
Kinder Morgan, Inc. (KMI - Free Report) reported first-quarter 2025 adjusted earnings per share of 34 cents, which missed the Zacks Consensus Estimate of 35 cents. The bottom line was flat year over year. Lower-than-expected quarterly earnings primarily resulted from a planned turnaround at its condensate processing facility and increased operating costs.
As of March 31, 2025, KMI reported $80 million in cash and cash equivalents. At the quarter's end, its long-term debt amounted to $29.8 billion. Kinder Morgan announced a quarterly cash dividend of 29.25 cents per share for the first quarter of 2025, reflecting an almost 2% increase sequentially.
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PBF Energy Reports Narrower Loss in Q1 & Y/Y Revenue Decline
PBF Energy Inc. (PBF - Free Report) reported a first-quarter 2025 adjusted loss of $3.09 per share, narrower than the Zacks Consensus Estimate of a loss of $3.50. The bottom line deteriorated from the year-ago quarter’s loss of 86 cents per share.
Total quarterly revenues declined to $7.07 billion from $8.65 billion in the prior-year quarter. However, the top line beat the Zacks Consensus Estimate of $6.47 billion. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
Better-than-expected quarterly earnings were driven by reduced costs and expenses.
The positives were partially offset by lower throughput volumes and declining refining margins. A Feb. 1, 2025 fire at PBF’s Martinez refinery significantly impacted the first-quarter results by disrupting operations.
PBF Energy Inc. Price, Consensus and EPS Surprise
PBF Energy Inc. price-consensus-eps-surprise-chart | PBF Energy Inc. Quote
Segmental Performance
PBF Energy reported an operating loss of $473.2 million in the Refining segment against an operating income of $170.6 million a year ago. The figure lagged our estimate of an operating income of $99.2 million.
The company generated a profit of $51.4 million from the Logistics segment, indicating an increase from the prior-year quarter’s reported figure of $45.1 million. The figure surpassed our estimate of $45.5 million.
Throughput Analysis
Volumes
In the quarter under review, crude oil and feedstock throughput volumes totaled 730.4 thousand barrels per day (bpd), lower than the year-ago figure of 897.4 thousand bpd. The figure was below our estimate of 770 thousand bpd.
The East Coast, Mid-Continent, Gulf Coast and West Coast regions accounted for 35.9%, 18.8%, 21.6% and 23.7%, respectively, of the total oil and feedstock throughput volume.
Margins
The company-wide gross refining margin per barrel of throughput, excluding special items, was $5.96, lower than the year-earlier figure of $11.73. The figure lagged our estimate of $9.94.
The gross refining margin per barrel of throughput was $5.86 for the East Coast, down from $7.72 in the year-ago quarter. The realized refining margin was $5.32 per barrel for the Gulf Coast, down from $12.36 a year ago. The metric was $6.76 and $6.05 per barrel in the Mid-Continent and West Coast, respectively, compared with $18.15 and $13.15 a year ago.
Costs & Expenses
Total costs and expenses in the reported quarter were $7.56 billion, down from $8.5 billion in the year-ago period. Our estimate for the same was pinned at $6.97 billion.
Cost of sales, including operating expenses, cost of products and others, and depreciation and amortization expenses, amounted to $7.49 billion, lower than $8.43 billion a year ago.
Capital Expenditure & Balance Sheet
PBF Energy spent $215.6 million in capital on refining operations and $2.4 million on logistics businesses.
At the end of the first quarter, it had cash and cash equivalents of $0.47 billion. As of March 31, PBF had a total debt of $2.24 billion, resulting in a total debt-to-capitalization of 30%.
Outlook
For the second quarter of 2025, PBF Energy anticipates throughput volumes on the East Coast between 265,000 bpd and 285,000 bpd. In the Mid-continent region, the figure is estimated between 150,000 bpd and 160,000 bpd. The Gulf Coast is anticipated to report throughput of 165,000-175,000 bpd, while the West Coast is expected to deliver between 215,000 bpd and 235,000 bpd.
PBF’s Zacks Rank & Stocks to Consider
Currently, PBF Energy carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks that presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nabors Industries Ltd. (NBR - Free Report) reported a first-quarter 2025 adjusted loss of $7.5 per share, which was wider than the Zacks Consensus Estimate of a loss of $2.64. This underperformance was mainly due to lower adjusted operating income from its U.S. Drilling segment.
As of March 31, 2025, this company had $404.1 million in cash and short-term investments. Nabors expects an adjusted free cash flow of $80 million for 2025, excluding any impact of tariffs. NBR has a Zacks Style Score of A for Value.
RPC Inc. (RES - Free Report) reported first-quarter 2025 adjusted earnings of 6 cents per share, which missed the Zacks Consensus Estimate of 7 cents. The bottom line declined from the year-ago figure of 13 cents. The weak quarterly earnings primarily resulted from flat pressure pumping revenues and slightly declining performance across other service lines.
As of March 31, RES had cash and cash equivalents of $326.7 million, and maintained a debt-free balance sheet. RPC has a Zacks Style Score of A for Value and Momentum.
Kinder Morgan, Inc. (KMI - Free Report) reported first-quarter 2025 adjusted earnings per share of 34 cents, which missed the Zacks Consensus Estimate of 35 cents. The bottom line was flat year over year. Lower-than-expected quarterly earnings primarily resulted from a planned turnaround at its condensate processing facility and increased operating costs.
As of March 31, 2025, KMI reported $80 million in cash and cash equivalents. At the quarter's end, its long-term debt amounted to $29.8 billion. Kinder Morgan announced a quarterly cash dividend of 29.25 cents per share for the first quarter of 2025, reflecting an almost 2% increase sequentially.