PBF Energy Operating Income Jumps to $2,100.9 Million in Third Quarter
Key Facts
PBF Energy reported on October 29, 2026, that operating income was $2,100.9 million in the third quarter, compared with $285.9 million in the same period of 2025. The company said in a statement distributed via PR Newswire that operating income excluding special items was $2,111.9 million. The two results highlight the scale of the year-over-year increase in operating income, with a difference between the reported figure and the figure excluding special items. The announcement came with an increase in the quarterly cash distribution to $0.325 per share, up 18%. The company had set October 29 as the date for announcing its third-quarter results.
The company ended the quarter with $2.5 billion in cash and total debt of $2.1 billion, according to the earnings statement. It said net debt fell 150% compared with the second quarter of 2026. The percentage reflects a comparison with the previous quarter, while the statement also gives cash and total debt balances at quarter-end. At the end of the second quarter, the company had $894 million in cash, $1,749 million in total debt and $855 million in net debt. It said at the time that it had reduced net debt by more than 62% during the quarter, repaid its entire asset-based credit facility and refinanced about $802 million of notes due in 2028.
The third-quarter result follows net income of $915.0 million in the second quarter of 2026, of which $906.4 million was attributable to the company, or $7.54 per share. In that quarter, the gross refining margin rose to $23.40 per barrel from $8.38 in the corresponding period of 2025. The company attributed the improvement in margins to favorable movements in prices for refined products relative to crude and in some crude differentials, as well as higher throughput at most refineries. It said higher costs to comply with renewable fuel standards and an unplanned outage at the Toledo refinery limited the improvement. These details relate to the second quarter and do not specify the drivers of the reported third-quarter result.
The Martinez refinery was part of the backdrop to the company's performance during 2026. PBF Energy said the refinery returned to full operations in May, and that units damaged by the fire had returned to service and were operating at planned rates. The company's quarterly report said it received $250 million in unrestricted insurance proceeds in the second quarter. Cumulative insurance proceeds since the fire totaled $1.25 billion after discounts and deductions as of June 30. The company also said in the second quarter that it expected to complete the insurance claim adjustment in the second half of 2026. It linked the timing and amount of any future payments to actual covered expenses and losses.
In September 2026, the company announced the pricing of $500 million of 0% exchangeable notes due in 2032. In trading, the stock closed at $73.28 on October 28, the day before the results announcement. The company was scheduled to hold a conference call and webcast on the results on October 29 at 8:30 a.m. Eastern time. The conference gives the company an opportunity to present its third-quarter results after releasing figures for operating income, its distribution and liquidity.