We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
PBF Energy Q1 Earnings Miss Estimates, Revenues Increase Y/Y
Read MoreHide Full Article
Key Takeaways
PBF Energy reported a narrower Q1 loss, as revenues rose 11.9% y/y and beat estimates.
PBF Energy's refining segment returned to profit, supported by higher margins and throughput gains.
PBF's throughput rose to 844.2 thousand bpd, with margins per barrel increasing to $9.53 from $5.96 y/y.
PBF Energy Inc. (PBF - Free Report) reported a first-quarter 2026 adjusted loss of 88 cents per share, wider than the Zacks Consensus Estimate of a loss of 79 cents by 11.4%. The bottom line improved from the year-ago quarter’s loss of $3.09.
Total quarterly revenues increased 11.9% year over year to $7.90 billion from $7.07 billion in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $6.83 billion.
The wider-than-expected loss was due to special charges and increased total costs and expenses. Higher refining margins and increased throughput partially offset the negatives.
Refining revenues totaled $7.90 billion, up from the year-ago figure of $7.06 billion. The Logistics segment generated $93.2 million in revenues, down from $94.5 million in the year-ago period.
Refining reported income from operations of $335.3 million against an operating loss of $473.2 million a year ago. Income from operations for the Logistics segment was $47.6 million compared with $51.4 million in the prior-year quarter. The Corporate segment posted an operating loss of $83.3 million, which narrowed from $89.4 million recorded in the year-ago quarter.
PBF's Throughput Rose on Martinez Progress & Stable Runs
In the quarter under review, throughput improved across PBF’s network. Total crude oil and feedstocks throughput averaged 844.2 thousand barrels per day (bpd), up from 730.4 thousand bpd in the first quarter of 2025.
Regional operating data pointed to broad-based gains. East Coast throughput averaged 304.4 thousand bpd, higher than 262.2 thousand bpd recorded in the year-ago period. Mid-Continent (Toledo) throughput averaged 144.0 thousand bpd compared with 137.4 thousand bpd in the year-ago quarter. Gulf Coast (Chalmette) throughput increased to 185.1 thousand bpd from 157.8 thousand bpd registered in the first quarter of 2025. West Coast (Torrance and Martinez) throughput increased from the year-ago figure of 173 thousand bpd to 210.7 thousand bpd.
Margin per Barrel of PBF
The company-wide gross refining margin per barrel of throughput, excluding special items, was $9.53, higher than the year-earlier figure of $5.96. The gross refining margin per barrel of throughput was $11.68 for the East Coast, up from $5.86 in the year-ago quarter. The realized refining margin rose to $11.34 per barrel for the Gulf Coast from $5.32 a year ago. The metric was $7.34 per barrel in the Mid-Continent and $6.31 per barrel in the West Coast compared with $6.76 and $6.04, respectively, in the year-ago period.
PBF Energy Managed Costs Despite RINs & Derivative Losses
On a GAAP basis, first-quarter 2026 income from operations improved from the year-ago loss of $511.2 million to $299.6 million, while the company flagged a $208.8 million mark-to-market derivative loss within its reported results.
Special items affected comparability. The quarter included a $313.0 million LCM inventory adjustment, a $106.5 million gain on insurance recoveries related to the Martinez refinery fire, $11.5 million of Martinez-related expenses and $9.4 million of costs tied to the Refinery Business Improvement initiative.
Costs & Expenses of PBF
Total costs and expenses in the reported quarter were $7.60 billion, up from $7.58 billion in the year-ago period.
PBF's Balance Sheet & Dividend
PBF exited the quarter with $541.8 million of cash and cash equivalents and total debt of $2,802.3 million, reflecting a total debt-to-capitalization of 33%. Cash used in operating activities totaled $323.7 million in the quarter.
Shareholders are set to receive a quarterly dividend of 27.5 cents per share, payable on May 29, 2026, to holders of record as of May 14.
PBF’s Q2 Outlook
For the second quarter of 2026, PBF Energy anticipates throughput volumes on the East Coast to be between 280,000 bpd and 300,000 bpd. In the Mid-Continent region, the figure is estimated to be between 145,000 bpd and 155,000 bpd. The Gulf Coast is expected to report throughput in the range of 175,000-185,000 bpd, while the West Coast is expected to deliver between 250,000 bpd and 270,000 bpd. Total PBF’s throughput volumes are expected to be in the range of 850,000-910,000 bpd. Renewable diesel production is anticipated to be in the range of 15,000-16,000 bpd for the second quarter.
Chevron reported first-quarter 2026 adjusted earnings per share (EPS) of $1.41, which beat the Zacks Consensus Estimate of 92 cents.
As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.
Valero reported first-quarter 2026 adjusted EPS of $4.22, which beat the Zacks Consensus Estimate of $3.07.
As of March 31, 2026, VLO reported $5.7 billion in cash and cash equivalents. At the quarter's end, its total debt amounted to $9.2 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion and cash and cash equivalents of €8.3 billion.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
View the Zacks #1 Rank List
Image: Bigstock
PBF Energy Q1 Earnings Miss Estimates, Revenues Increase Y/Y
Key Takeaways
PBF Energy Inc. (PBF - Free Report) reported a first-quarter 2026 adjusted loss of 88 cents per share, wider than the Zacks Consensus Estimate of a loss of 79 cents by 11.4%. The bottom line improved from the year-ago quarter’s loss of $3.09.
Total quarterly revenues increased 11.9% year over year to $7.90 billion from $7.07 billion in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $6.83 billion.
The wider-than-expected loss was due to special charges and increased total costs and expenses. Higher refining margins and increased throughput partially offset the negatives.
PBF Energy Inc. Price, Consensus and EPS Surprise
PBF Energy Inc. price-consensus-eps-surprise-chart | PBF Energy Inc. Quote
PBF Energy's Refining Segment Returned to Profit
Refining revenues totaled $7.90 billion, up from the year-ago figure of $7.06 billion. The Logistics segment generated $93.2 million in revenues, down from $94.5 million in the year-ago period.
Refining reported income from operations of $335.3 million against an operating loss of $473.2 million a year ago. Income from operations for the Logistics segment was $47.6 million compared with $51.4 million in the prior-year quarter. The Corporate segment posted an operating loss of $83.3 million, which narrowed from $89.4 million recorded in the year-ago quarter.
PBF's Throughput Rose on Martinez Progress & Stable Runs
In the quarter under review, throughput improved across PBF’s network. Total crude oil and feedstocks throughput averaged 844.2 thousand barrels per day (bpd), up from 730.4 thousand bpd in the first quarter of 2025.
Regional operating data pointed to broad-based gains. East Coast throughput averaged 304.4 thousand bpd, higher than 262.2 thousand bpd recorded in the year-ago period. Mid-Continent (Toledo) throughput averaged 144.0 thousand bpd compared with 137.4 thousand bpd in the year-ago quarter. Gulf Coast (Chalmette) throughput increased to 185.1 thousand bpd from 157.8 thousand bpd registered in the first quarter of 2025. West Coast (Torrance and Martinez) throughput increased from the year-ago figure of 173 thousand bpd to 210.7 thousand bpd.
Margin per Barrel of PBF
The company-wide gross refining margin per barrel of throughput, excluding special items, was $9.53, higher than the year-earlier figure of $5.96. The gross refining margin per barrel of throughput was $11.68 for the East Coast, up from $5.86 in the year-ago quarter. The realized refining margin rose to $11.34 per barrel for the Gulf Coast from $5.32 a year ago. The metric was $7.34 per barrel in the Mid-Continent and $6.31 per barrel in the West Coast compared with $6.76 and $6.04, respectively, in the year-ago period.
PBF Energy Managed Costs Despite RINs & Derivative Losses
On a GAAP basis, first-quarter 2026 income from operations improved from the year-ago loss of $511.2 million to $299.6 million, while the company flagged a $208.8 million mark-to-market derivative loss within its reported results.
Special items affected comparability. The quarter included a $313.0 million LCM inventory adjustment, a $106.5 million gain on insurance recoveries related to the Martinez refinery fire, $11.5 million of Martinez-related expenses and $9.4 million of costs tied to the Refinery Business Improvement initiative.
Costs & Expenses of PBF
Total costs and expenses in the reported quarter were $7.60 billion, up from $7.58 billion in the year-ago period.
PBF's Balance Sheet & Dividend
PBF exited the quarter with $541.8 million of cash and cash equivalents and total debt of $2,802.3 million, reflecting a total debt-to-capitalization of 33%. Cash used in operating activities totaled $323.7 million in the quarter.
Shareholders are set to receive a quarterly dividend of 27.5 cents per share, payable on May 29, 2026, to holders of record as of May 14.
PBF’s Q2 Outlook
For the second quarter of 2026, PBF Energy anticipates throughput volumes on the East Coast to be between 280,000 bpd and 300,000 bpd. In the Mid-Continent region, the figure is estimated to be between 145,000 bpd and 155,000 bpd. The Gulf Coast is expected to report throughput in the range of 175,000-185,000 bpd, while the West Coast is expected to deliver between 250,000 bpd and 270,000 bpd. Total PBF’s throughput volumes are expected to be in the range of 850,000-910,000 bpd. Renewable diesel production is anticipated to be in the range of 15,000-16,000 bpd for the second quarter.
PBF’s Zacks Rank & Key Picks
PBF currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Chevron Corporation (CVX - Free Report) , Valero Energy Corporation (VLO - Free Report) and Eni S.p.A. (E - Free Report) . CVX, VLO and E each sport a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chevron reported first-quarter 2026 adjusted earnings per share (EPS) of $1.41, which beat the Zacks Consensus Estimate of 92 cents.
As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.
Valero reported first-quarter 2026 adjusted EPS of $4.22, which beat the Zacks Consensus Estimate of $3.07.
As of March 31, 2026, VLO reported $5.7 billion in cash and cash equivalents. At the quarter's end, its total debt amounted to $9.2 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion and cash and cash equivalents of €8.3 billion.