Oil refiner PBF Energy's Q1 adjusted loss widens more than expected

PBF Energy

30/04/2026 11:50

Overview

U.S. oil refiner's Q1 revenue rose and beat analyst expectations

Adjusted net loss for Q1 was larger than analyst consensus

Company declared quarterly dividend of $0.275 per share; Martinez refinery restart on track

Outlook

PBF expects Martinez refinery to reach full planned rates in early May

Company sees Q2 2026 total throughput between 850,000 and 910,000 barrels per day

PBF expects RBI program run-rate cost improvements to exceed $350 mln by year-end 2026

Result Drivers

MARTINEZ REFINERY RESTART - Co said restart of Martinez refinery progressed, with full rates expected in early May; startup process took longer due to safety and process checks

INSURANCE RECOVERIES - Q1 results included gains from insurance recoveries related to Martinez refinery fire, partially offset by fire-related expenses

COST IMPROVEMENT INITIATIVE - RBI program continued to improve cost structure and efficiency, with over $230 mln of run-rate cost improvements in 2025 and higher savings targeted for 2026

Company press release: ID:nPn1Ylbwqa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$7.90 bln
$7.49 bln (9 Analysts)
Q1 Adjusted Net Income
Miss
-$102.40 mln
-$68.61 mln (8 Analysts)
Q1 Net Income
$200.20 mln
Q1 Dividend
$0.28
Q1 Operating Income
$299.60 mln
Q1 Pretax Profit
$258.50 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 8 "hold" and 4 "sell" or "strong sell"

The average consensus recommendation for the oil & gas refining and marketing peer group is "buy."

Wall Street's median 12-month price target for PBF Energy Inc is $39.50, about 8.4% below its April 29 closing price of $43.13

The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 14 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)