PBF Energy Reports $2,100.9 Million in Third-Quarter Operating Income as Refining Margins Surge
Key Facts
PBF Energy reported operating income of $2,100.9 million in the third quarter of 2026, compared with $285.9 million in the same period a year earlier, according to the company’s earnings release dated October 29. Operating income excluding special items was $2,111.9 million, compared with an operating loss of $27.1 million a year earlier. Net income also rose to $1,543.3 million from $171.7 million. Net income attributable to the company’s stockholders was $1,529.3 million, or $12.54 per diluted share, compared with $170.1 million and $1.45 per share in the third quarter of 2025. The results came as refining margins widened, with the company saying fundamentals remained “extremely strong” during the quarter.
Revenue rose to $12,132.8 million in the third quarter from $7,651.1 million a year earlier, according to the company’s release. Gross refining margin excluding special items climbed to $34.56 per barrel from $9.00. The comparison shows improvement in revenue and returns per barrel processed alongside higher operating income. Chief Executive Matt Lucey said the company continued to execute its priorities while refining fundamentals remained “extremely strong.” He added that PBF reduced net debt by more than $1.2 billion during the quarter, linking the reduction to the company’s financial performance in the period.
The debt reduction was reflected in liquidity at quarter-end; PBF said it had about $2.5 billion in cash and about $2.1 billion in total debt, leaving net cash of $426 million as of September 30, 2026. The company reported operating income of $1,272.1 million in the second quarter, providing an additional comparison with third-quarter operating income. During the quarter, it issued $550 million of 0% interest exchangeable notes due in 2032. It used the proceeds and available cash to redeem $500 million of notes due in 2030 that carried a 7.875% interest rate. The company thus replaced part of its existing liabilities with new financing bearing a stated interest rate of 0%.
The quarter’s results exceeded analyst estimates cited in an Investing.com report published on October 29. Adjusted earnings per share were $12.78, compared with a consensus estimate of $11.10, while revenue reached $12.13 billion against expectations of $10.38 billion. The report said the stock rose 1.5% after the announcement. EL7 data showed the stock closed at $73.28 on October 28, the last session before the results were released. Year over year, reported earnings per share rose from $1.45 to $12.54 on a diluted basis, while the $12.78 figure refers to the adjusted measure cited in the report.
Operationally, the Martinez refinery returned to full operations in May 2026. Unallocated insurance proceeds related to the claim totaled $1.25 billion as of the earnings release issued on October 29, the company said. PBF said it expects to complete the claim process before the end of 2026. In the fourth quarter, the company expects total throughput of between 925,000 and 985,000 barrels per day. Regional ranges are 300,000 to 320,000 barrels per day for the East Coast, 155,000 to 165,000 for the Midcontinent, 180,000 to 190,000 for the Gulf Coast, and 290,000 to 310,000 for the West Coast.