PBF Energy Announces Second Quarter 2026 Results, Declares Dividend of $0.275 per Share

• Second quarter income from operations of $1,272.1 million (excluding special items, second quarter income from operations of $1,054.0 million)

• PBF reduced gross debt by over $1 billion in the second quarter

• Declared quarterly dividend of $0.275 per share

• PBF received a fifth unallocated installment of $250.0 million related to the Martinez refinery fire

• Martinez refinery restart completed in May 2026

PARSIPPANY, N.J., July 30, 2026 /PRNewswire/ — PBF Energy Inc. (NYSE: PBF) today reported second quarter 2026 income from operations of $1,272.1 million as compared to income from operations of $43.0 million for the second quarter of 2025. Excluding special items, second quarter 2026 income from operations was $1,054.0 million as compared to loss from operations of $110.0 million for the second quarter of 2025.

The company reported second quarter 2026 net income of $915.0 million and net income attributable to PBF Energy Inc. of $906.4 million or $7.54 per share. This compares to net loss of $5.4 million and net loss attributable to PBF Energy Inc. of $5.2 million or $(0.05) per share for the second quarter 2025. Non-cash special items included in the second quarter 2026 results, which increased net income by a net, after-tax benefit of $159.8 million, or $1.32 per share, primarily consisted of gains on insurance recoveries associated with the February 1, 2025 fire at the Martinez refinery (the “Martinez refinery fire”), partially offset by expenses associated with the Martinez refinery fire, costs related to PBF’s Refinery Business Improvement initiative (“RBI”), and loss on extinguishment of debt related to the redemption of the 6.00% senior unsecured notes due 2028. Adjusted fully-converted net income for the second quarter 2026, excluding special items, was $753.1 million, or $6.22 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss, excluding special items, of $118.5 million or $(1.03) per share, for the second quarter 2025.

Matt Lucey, PBF’s President and CEO, said, “We are in a cyclical business with a volatile and ever-changing environment. During the second quarter, PBF delivered significant equity value through our net debt reduction of over $1.4 billion. We will continue to apply a rigorous capital allocation process including investing in our refineries to capitalize on market opportunities and strengthening our balance sheet to ensure we are maximizing value for our investors. The underlying fundamentals for refining remain incredibly strong with tight global supply and demand balances. PBF, with its coastal complexity, is ideally positioned to capture these opportunities and generate significant value for our investors.”

Mr. Lucey continued, “The Martinez refinery successfully returned to full operations in the second quarter and is once again supplying California with a full slate of much-needed, domestically-produced products. The team at Martinez worked tirelessly, conducting repairs as expeditiously as possible and, more importantly, cemented their tremendous efforts with a safe restart.” Mr. Lucey concluded, “Our primary objective, especially in the current environment, is to ensure that we remain focused on safe, reliable and responsible operations.”

PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly dividend of $0.275 per share of Class A common stock on August 28, 2026, to shareholders of record at the close of business on August 14, 2026.

Martinez Refinery Update 
Following completion of the construction activities, the Martinez refinery returned to full operations in May 2026. Company and refinery management extend their thanks to all of the parties, internal and external, who worked for more than a year to return Martinez to full operations and, once again, to supplying Californian consumers with our full slate of products made in-state.

As previously disclosed, the company expects the fire-related cost of restoring the refinery to full operational status will largely be covered by insurance, subject to the company’s deductible and retentions totaling $30 million. Further, beyond the initial 60-day waiting period, the company expects that its business interruption insurance will significantly offset the financial loss resulting from the downtime through the restart of the refinery. This coverage commenced on April 3, 2025. In the second quarter, PBF’s insurers paid a fifth, unallocated, installment of insurance proceeds of $250 million, totaling $1.25 billion of unallocated insurance reimbursements received to date, net of deductibles and retentions. The timing and amount of any agreed future payments will be dependent on the quantum of actual, covered expenditures and calculated losses. Working with our insurance group, PBF expects to finalize the claim process in the second half of 2026.

PBF Guidance Update and Outlook
We are committed to running all of our assets in a safe, reliable and environmentally responsible manner, and continuing to progress our RBI program, which is focused on improving reliability and efficiency across our system. In 2025, the RBI program generated in excess of $230 million of run-rate cost improvements and that total is expected to grow to more than $350 million of run-rate cost improvements by year-end 2026. The RBI program is an ongoing, sustained initiative that continues to gain momentum in improving PBF’s cost structure and we expect to continue this effort beyond our current goals. Concurrent with the goal of improving system-wide reliability and efficiency, we expect to realize these benefits of the RBI program in our refinery operating expenses and our capital and turnaround programs.

During the second quarter, PBF reduced net debt by over 62% by fully paying down its asset-backed lending facility and refinancing approximately $802 million of senior notes due 2028 using available cash and proceeds from the issuance of $500 million of senior notes due 2034, an aggregate gross debt reduction of over $1 billion. At quarter-end, we had approximately $894 million of cash, $1,749 million of total debt, and $855 million of net debt.

PBF’s initial turnaround planning guidance for 2026 included five major turnarounds across our system. We completed the Torrance turnaround in the first quarter, and, after careful evaluation and safety inspections, we elected to move the scheduled Martinez second quarter hydrocracker complex turnaround to the end of the third quarter. Additionally, after further diligent review, we elected to move the planned fourth quarter turnarounds at both Chalmette and Toledo to 2027. During the second quarter, we performed unplanned work at Toledo which afforded us the opportunity to safely extend the run-time for our FCC complex. As a result, we are reducing our 2026 capital expenditure guidance to $825-$875 million for the year, excluding capital related to the Martinez rebuild.

Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. Current throughput expectations are included in the table below.

Guidance provided constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions, and company configuration. Year-to-date actual throughput and quarterly guidance should be used to adjust full-year expectations. All figures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as company strategic decision-making and overall company performance.

Renewable Diesel
St. Bernard Renewables LLC (“SBR”) averaged approximately 15,100 barrels per day of renewable diesel production in the second quarter, reflecting the impact of a catalyst change completed in April 2026. Renewable diesel production for the third quarter is expected to average approximately 18,000 to 20,000 barrels per day.

Adjusted Fully-Converted Results
Adjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company’s tax provision. 

Non-GAAP Measures 
This earnings release, and the discussion during the management conference call, may include references to Non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income (Loss), Adjusted Fully-Converted Net Income (Loss) excluding special items, Adjusted Fully-Converted Net Income (Loss) per fully-exchanged, fully-diluted share, Income (Loss) from operations excluding special items, gross refining margin, gross refining margin excluding special items, gross refining margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization), EBITDA excluding special items, Adjusted EBITDA, net debt, net debt to capitalization ratio and net debt to capitalization ratio excluding special items. PBF believes that Non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF’s Non-GAAP financial measures may also differ from similarly named measures used by other companies.

See the accompanying tables and footnotes in this release for additional information on the Non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures.

Conference Call Information
PBF Energy’s senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, July 30, 2026, at 8:30 a.m. ET. The call is being webcast and can be accessed at PBF Energy’s website, http://www.pbfenergy.com. The call can also be accessed by dialing (800) 549-8228 or (646) 564-2877. The audio replay will be available approximately two hours after the end of the call and will be available through the company’s website.

Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements, and the like are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company’s expectations with respect to its plans, objectives, estimates, and intentions with respect to the anticipated insurance recoveries related to the Martinez refinery fire, the amount and the timing of cost savings and operational efficiencies to be achieved through the Company’s RBI initiative as well as the Company’s future earnings and operations overall, including those of our 50-50 equity method investment in SBR. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Company’s control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements.

Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the Company’s filings with the SEC, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable fuel production, and to realize the benefits from such acquisitions or investments; our ability to close acquisitions or divestitures and the timing thereof; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in inflation, interest rates and capital costs; tariffs and other trade measures and their effects on trading relationships; global geopolitical and other conflicts and tensions; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations, political developments and other events that are adverse to or restrict refining and marketing operations or could otherwise negatively impact the Company. All forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.

About PBF Energy Inc.
PBF Energy Inc. (NYSE: PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey, and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.

PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.

Contacts:
Colin Murray (investors)
ir@pbfenergy.com
Tel: 973.455.7578

Michael C. Karlovich (media)
mediarelations@pbfenergy.com
Tel: 973.455.8994