PBF Energy Inc. reported a net loss of $160.5 million for the fiscal year ending December 31, 2025, compared to a net loss of $540.2 million in 2024. Revenues decreased by 11.5% to $29.3 billion from $33.1 billion in the previous year, primarily due to lower hydrocarbon commodity prices and sale volumes. The company's gross refining margin, excluding special items, was $8.77 per barrel of throughput, compared to $7.89 per barrel in 2024.
The company's financial performance was significantly impacted by a number of special items. These included a $313.0 million non-cash LCM inventory adjustment, $163.7 million in expenses related to the Martinez refinery fire, and $29.6 million in costs related to the Refining Business Improvement (RBI) initiative. These were partially offset by an $832.5 million gain on insurance recoveries related to the Martinez refinery fire and a $94.0 million gain on the sale of terminal assets. In 2024, the company's results were negatively impacted by a $124.5 million LIFO inventory decrement.
Key operational developments included a decrease in overall average throughput rates at the company's refineries, primarily due to the Martinez refinery fire. The company's total crude oil and feedstocks throughput was 832,900 barrels per day, compared to 904,000 barrels per day in 2024. The company also continued to incur significant costs to comply with renewable fuel mandates, with RINs costs totaling $680.1 million, compared to $515.3 million in 2024. As of December 31, 2025, the company had approximately 3,678 employees, with 1,935 covered by collective bargaining agreements.
Looking ahead, PBF Energy expects to spend between $850.0 million and $900.0 million in 2026 for facility improvements, refinery maintenance and turnarounds, and to meet environmental, regulatory, and safety requirements. The company also anticipates the full restart of the Martinez refinery by February 2026, with planned operating rates expected by the beginning of March 2026. The company's ability to generate sufficient cash flow from operations depends, in part, on petroleum oil market pricing and general economic, political and other factors beyond its control.
About PBF Energy Inc.
PBF Energy is a leading independent U.S. petroleum refiner and supplier of transportation fuels, petrochemicals, lubricants, and related products. Operating six refineries across key U.S. regions, it produces gasoline, diesel, jet fuel, and specialty chemicals for domestic and international markets. The company leverages extensive logistics assets, competitive feedstock sourcing, and a diversified customer base to deliver high-quality refined products.
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