• Adjusted Net Loss: $1.50 per share.

• Adjusted EBITDA Loss: $60.1 million.

• Equity Investment Loss: $29 million loss related to St. Bernard Renewables.

• Renewable Diesel Production: 13,000 barrels per day in Q3; expected 16,000 to 17,000 barrels per day in Q4.

• Cash Flow Used in Operations: Approximately $68 million, including a $25 million working capital headwind.

• Consolidated CapEx: Approximately $153 million for Q3; full-year 2024 CapEx near $850 million.

• Shareholder Returns: $104 million returned in Q3 through share repurchases and dividends.

• Share Repurchases: $990 million since December 2022, reducing share count by over 17% to approximately 115 million shares.

• Cash and Debt: $977 million in cash and $1.3 billion of debt at the end of Q3.

• Dividend Increase: 10% increase to $0.275 per share.

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Release Date: October 31, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• PBF Energy Inc (NYSE:PBF) reported strong operational performance with no planned maintenance or material unplanned downtime during the third quarter.

• The company has identified opportunities for $200 million in run rate cash savings by the end of 2025 through a business improvement initiative.

• PBF Energy Inc (NYSE:PBF) returned $104 million in cash to shareholders in the third quarter, including $75 million in share repurchases.

• The Board of Directors approved a 10% increase in the regular quarterly dividend to $0.275 per share, reflecting confidence in the company's operations and outlook.

• The company maintains a strong financial position with approximately $977 million in cash and $1.3 billion in debt, providing flexibility to weather challenging markets.

Negative Points

• PBF Energy Inc (NYSE:PBF) reported an adjusted net loss of $1.50 per share and an adjusted EBITDA loss of $60.1 million for the third quarter.

• The company faced a challenging market environment with weaker margins and poor crude differentials impacting refinery margins.

• PBF's equity investment in St. Bernard Renewables resulted in a $29 million loss, with lower-than-expected production of renewable diesel.

• The company's environmental liability increased from $429 million to $474 million, slightly above guidance due to extended payment terms for cap and trade payables.

• Market conditions remain cyclical, with ongoing regulatory and political challenges in California impacting operations.