PBF Energy Inc.: PBF Energy Announces First Quarter 2026 Results, Declares Dividend of $0.275 per Share and Update on Restart of Martinez Refinery

Parsippany, N.J., April 30, 2026 — PBF Energy Inc. reported first quarter 2026 income from operations of $299.6 million, compared with a loss from operations in the prior-year quarter. Excluding special items, first quarter 2026 reflected a loss from operations of $108.4 million, which includes a $208.8 million mark-to-market derivative loss. Net income for the quarter was $200.2 million, with net income attributable to PBF Energy Inc. of $198.3 million, or $1.65 per diluted share. On an adjusted fully-converted basis, the company reported a net loss of $102.4 million, or $(0.88) per fully exchanged, fully diluted share.

Quarter Highlights

• Martinez Refinery restart progressing: the Alkylation unit and Cat Feed Hydrotreater are online; the Fluid Catalytic Cracking unit is in restart and expected to produce finished products in early May, with full planned rates anticipated shortly thereafter.
• Dividend declared: quarterly cash dividend of $0.275 per share of Class A common stock, payable May 29, 2026, to shareholders of record as of May 14, 2026.
• Insurance proceeds: received a fourth unallocated installment of $106.5 million related to the February 1, 2025 Martinez refinery incident, bringing total unallocated reimbursements received to approximately $1.0 billion, net of deductibles and retentions.
• Refining Business Improvement (RBI) initiative: delivered more than $230 million of run-rate cost improvements in 2025; on track to exceed $350 million in run-rate improvements by year-end 2026.

Management Perspective

PBF’s leadership highlighted the safe and methodical return to full operations at the Martinez refinery following extensive repair and commissioning work. The company noted solid performance across the refining system despite severe winter conditions and the completion of a major turnaround at Torrance. Management reiterated its focus on strengthening the cost structure through the RBI initiative and maintaining safe, reliable and responsible operations amid continued market volatility and tight global supply-demand balances.

Financial Overview

• Income from operations: $299.6 million; excluding special items: loss from operations of $108.4 million (includes a $208.8 million mark-to-market derivative loss).
• Net income: $200.2 million; net income attributable to PBF Energy Inc.: $198.3 million ($1.65 per diluted share).
• Special items provided a net after-tax benefit of $302.0 million, driven primarily by the reversal of LCM inventory reserves, insurance recoveries related to Martinez, and the company’s share of SBR’s LCM adjustment, partially offset by Martinez-related expenses and RBI costs.
• Adjusted fully-converted net loss: $102.4 million, or $(0.88) per fully exchanged, fully diluted share.
• EBITDA: $459.4 million; EBITDA excluding special items: $51.4 million; Adjusted EBITDA: $68.7 million.

Martinez Refinery Update and Insurance

Following completion of construction activities in February, assets were transferred to operations for commissioning and restart. Sequential startups have placed key units into service, with the FCC in restart and finished products expected in early May. PBF expects the fire-related restoration costs to be largely covered by insurance, subject to a $30 million deductible and retentions. Business interruption coverage began April 3, 2025 and is expected to significantly offset downtime-related financial impacts through the refinery’s restart. In the first quarter of 2026, insurers paid an additional unallocated $106.5 million installment.

Guidance and Throughput Outlook (Second Quarter 2026)

• East Coast: 280,000–300,000 bpd
• Mid-Continent: 145,000–155,000 bpd
• Gulf Coast: 175,000–185,000 bpd
• West Coast: 250,000–270,000 bpd
• Total: 850,000–910,000 bpd

Maintenance timing and throughput ranges reflect current expectations and may change with market and operational factors. Year-to-date actuals and quarterly guidance should be used to refine full-year views.

Renewable Diesel (SBR)

St. Bernard Renewables averaged approximately 16,700 barrels per day of renewable diesel production in the first quarter. Second-quarter production is expected to average approximately 15,000–16,000 barrels per day. A catalyst change was completed in April 2026.

Liquidity and Capital

• Cash at quarter-end: approximately $542 million.
• Net debt at quarter-end: approximately $2.3 billion.
• Dividends paid in 2026 to date: approximately $32 million.

Non-GAAP Note

This summary references non-GAAP measures, including Adjusted Fully-Converted Net Income (Loss), Income (Loss) from operations excluding special items, gross refining margin and related per-barrel metrics, EBITDA, Adjusted EBITDA, net debt, and related ratios. These measures are intended to supplement, not replace, GAAP results and may not be comparable to similarly titled measures used by other companies.

Forward-Looking Statements

Statements herein regarding future plans, performance, timing and results—including the Martinez refinery restart, anticipated insurance recoveries, expected benefits of the RBI initiative, throughput expectations, and renewable diesel operations—are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially. Influencing factors include market conditions, operational and safety performance, regulatory developments, macroeconomic and geopolitical dynamics, and other risks described in company filings. The company undertakes no obligation to update forward-looking statements except as required by law.

About PBF Energy

PBF Energy Inc. is one of North America’s largest independent refiners, operating refineries and related facilities in California, Delaware, Louisiana, New Jersey, and Ohio. The company is also a 50% partner in the St. Bernard Renewables joint venture focused on next-generation sustainable fuels. PBF’s mission is to operate safely, reliably and in an environmentally responsible manner, provide a rewarding workplace, support its communities, and deliver superior returns to investors.