PBF Energy beats quarterly profit estimates on stronger refining margins

PBF Energy

30/07/2026 12:14

July 30 (Reuters) - U.S. refiner PBF Energy PBF.N beat Wall Street estimates for second-quarter adjusted profit on Thursday as tighter fuel markets helped refining margins and its Martinez refinery returned to full operations.
Shares of the company rose 3.8% in premarket trading.
Crude prices climbed in the quarter and gasoline and diesel markets tightened, following the U.S.-Iran war, boosting profitability across the U.S. refining sector.    
PBF Energy reported adjusted earnings per share of $6.22 for the quarter ended June 30, well above analysts' average estimate of $4.17, according to data compiled by LSEG. 
The Martinez refinery in California returned to full operations in May, after a fire last year.
PBF cut its 2026 capital spending forecast to $825 million-$875 million, excluding the Martinez rebuild, after delaying planned maintenance at its Chalmette refinery in Louisiana and Toledo refinery in Ohio.
The company expects third-quarter throughput of 900,000 to 960,000 barrels per (bpd) day across its refining system.
For the reported quarter, crude oil and feedstocks throughput rose to 887,300 bpd from last year's 839,100 bpd.
Quarterly consolidated gross margin per barrel of throughput stood at $14.20, compared with a year-ago loss of $0.76.

 (Reporting by Arunima Kumar in Bengaluru; Editing by Joyjeet Das)
 ((Arunima.Kumar@thomsonreuters.com;))