PBF Energy reported third‑quarter 2025 results with net income of $171.7 million, or $1.45 per share, compared with a $289.1 million loss, or $(2.49) per share, in the same quarter of 2024. After adjusting for special items, the company posted a net loss of $60.3 million, or $(0.52) per share, versus a $173.8 million loss, or $(1.50) per share, in Q3 2024. Special items included $231.6 million in insurance recoveries from the February 1, 2025 Martinez refinery fire, a $175.4 million sale of terminal assets, a $17 million inventory adjustment for St. Bernard Renewables, and Refining Business Improvement expenses.
The company declared a quarterly dividend of $0.275 per share, payable November 26.
Martinez refinery remains in limited operation with throughput of 85,000–105,000 bpd; a full restart is targeted for year‑end. Insurance recoveries total $500 million, comprising a $280 million first installment and a $250 million second installment, covering fire costs with a $30 million deductible and a 60‑day waiting period for business‑interruption coverage. Torrance refinery completed a major turnaround during the quarter.
PBF remains on track to achieve more than $230 million in annualized run‑rate savings from its RBI program by year‑end 2025, and expects savings to exceed $350 million by year‑end 2026. Capital expenditures for the full year are projected at $750–$775 million, excluding Martinez rebuild costs.
Q4 2025 throughput guidance is 860,000–910,000 bpd across the system, while St. Bernard Renewables is projected to produce 16,000–18,000 bpd of renewable diesel. Q2 2025 earnings per share were $(1.03), indicating sequential improvement.
Balance sheet highlights include $482 million in cash and approximately $2.4 billion in total debt. The asset sale of terminal assets generated $175.4 million, and the company’s earnings beat analyst expectations, which had forecast a loss.
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