PBF Energy announces quarterly loss following fire and maintenance works
PBF Energy has reported a net loss of $401.8 million for the first quarter of 2025, citing the impact of a refinery fire in California and scheduled maintenance across its operations. This marks a sharp downturn from the $106.6 million profit recorded in the same period last year.
The incident, which occurred on 1 February at the company’s Martinez refinery, significantly disrupted operations. Although partial production resumed in April, full restoration is not expected until the fourth quarter. CEO Matt Lucey described the quarter as “very challenging,” attributing the losses to policy volatility, macroeconomic conditions, and the ongoing recovery at Martinez.
Gross refining margins dropped to a loss of $6.39 per barrel, down from a $2.68 gain a year ago. Throughput also declined, falling to 730,400 barrels per day from 897,400 the year before.
Despite the setback, PBF announced it has received a $250 million insurance payout to begin addressing damage at the Martinez site. The company also declared a quarterly dividend of $0.275 per share and revealed plans to sell terminal assets for $175 million as part of its broader strategy to strengthen its balance sheet.
CEO Matt Lucey reaffirmed PBF’s long-term outlook, noting that insurance coverage and a business improvement initiative could help offset near-term volatility and drive over $200 million in annual savings by year-end.
