Welcome to our dedicated page for PBF ENERGY news (Ticker: PBF), a resource for investors and traders seeking the latest updates and insights on PBF ENERGY stock.
PBF Energy Inc. (NYSE: PBF) is a leading independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. Headquartered in Parsippany, New Jersey, PBF Energy owns and operates refineries in Delaware, Ohio, New Jersey, California, and Louisiana, making it one of the largest independent refiners in North America.
The company's operations are divided into two main segments: Refining and Logistics. The Refining segment involves refining crude oil and other feedstocks into valuable petroleum products. The Logistics segment, operated solely by PBFX, manages logistics assets such as crude oil and refined products terminals, pipelines, and storage facilities.
PBF Energy is committed to identifying and executing acquisition opportunities in the petroleum refining industry that deliver superior returns for its investors. Recent financial activities include its indirect subsidiary, PBF Holding Company LLC, pricing $500 million in aggregate principal amount of 7.875% senior notes due 2030. The net proceeds are intended to fund the redemption of its 7.25% Senior Notes due 2025.
Latest Achievements and Updates:
- Announced third quarter 2023 results with income from operations of $1,077.1 million.
- Completed pricing of $500 million senior notes due 2030.
- Reported fourth quarter 2023 loss from operations of $47.2 million, attributing this to market volatility and planned maintenance activities.
- Declared dividends of $0.25 per share for Class A common stock in November 2023.
PBF Energy is also innovating in the renewable sector. It announced a 50% partnership in the St. Bernard Renewables joint venture, focusing on next-generation sustainable fuels. The company has made significant investments in renewable diesel production, aligning with its mission to operate in an environmentally responsible manner.
Financially, PBF Energy has shown resilience with significant improvements in its balance sheet, reducing and extending the maturities of its debt, and increasing liquidity. As of the end of 2023, the company had approximately $1.9 billion in cash and $1.2 billion in total debt, with a strong commitment to maintaining fiscal discipline and long-term value creation for its shareholders.
Looking forward, PBF Energy continues to prioritize safe, reliable operations and investing in its assets. It plans extensive maintenance and turnarounds, particularly on the West Coast, to ensure operational integrity and supply reliability.
Investor relations remain strong as PBF Energy consistently engages with stakeholders through quarterly earnings releases and webcasts, offering transparency and insights into its financial health and strategic initiatives.
For more updates and detailed financial reports, you can visit the official PBF Energy website.
TortoiseEcofin announced that PBF Logistics LP (PBFX) will be removed from the Tortoise MLP Index and the Tortoise North American Pipeline Index due to its merger with PBF Energy Inc (PBF). This acquisition will take effect on December 1, 2022, when PBF will acquire all outstanding common units of PBFX. The removal from both indices will occur at market open, with a special rebalancing implemented for TMLP but not for TNAP. Such corporate actions trigger necessary index adjustments to maintain compliance with established thresholds.
PBF Energy has successfully acquired the remaining common units of PBF Logistics not already owned by them, completing a merger valued at a combination of 0.270 shares of PBF Energy Class A stock and $9.25 in cash per unit. About 67.8% of PBF Logistics unitholders approved the merger at a special meeting. Following the transaction, PBF Logistics will no longer be publicly traded, ceasing its listing on the NYSE. PBF Energy's CEO expressed gratitude to unitholders for their support, marking the merger as a significant milestone for the company.
PBF Energy Inc. (NYSE: PBF) announced the retirement of independent director Robert Lavinia, effective December 31, 2022. CEO Tom Nimbley acknowledged Lavinia's invaluable contributions to the management team during his tenure. PBF Energy operates multiple oil refineries across North America, focusing on safe, reliable, and environmentally responsible operations. The company aims to provide excellent employee conditions, positively impact local communities, and deliver superior returns to investors.
PBF Energy Inc. (NYSE: PBF) and PBF Logistics LP (NYSE: PBFX) announced the resignation of CFO C. Erik Young, effective December 20, 2022. Young, who has been with PBF for twelve years and CFO since 2014, played a key role in the company's financial organization during the COVID-19 pandemic. A search for his replacement will commence. CEO Tom Nimbley expressed gratitude for Young's contributions. PBF Energy operates several oil refineries across North America, while PBF Logistics is a fee-based partnership focusing on logistics assets.
PBF Energy reported a significant increase in third quarter 2022 income from operations of $1,400 million, up from $100.9 million in Q3 2021. The company reinstated a quarterly dividend of $0.20 per share, payable on November 29, 2022, to stockholders on record as of November 14, 2022. PBF's net debt to capitalization dropped dramatically to 1% from 59% in 2021, highlighting improved financial health. The company plans to invest $103 million in renewable fuels and anticipates stable market demand, positioning itself for future growth.
SquareOne Energy announced its partnership with CTCI Americas as the EPC lead for its used oil recycling facility in Paulsboro, NJ. The facility, set to be operational in early 2024, will leverage existing infrastructure from PBF Logistics and aims to address environmental concerns related to used oil disposal. CTCIA will finalize the engineering process, ensuring project execution excellence with fixed pricing and performance guarantees. SquareOne's facility will process various waste oils and produce clean on-road fuels, showcasing its innovative approach in the recycling industry.
PBF Energy Inc. (NYSE:PBF) will release its third quarter 2022 earnings on October 27, 2022. The company will hold a conference call at 8:30 a.m. ET the same day to discuss the results and other business matters. Interested parties can access the call via the company's website or by dialing (877) 869-3847. PBF Energy is a major independent refiner operating in various states including California and New Jersey, and also owns approximately 48% of PBF Logistics LP (NYSE:PBFX).
PBF Energy Inc. (NYSE: PBF) announced its participation in the Barclays Energy-Power Conference on September 7, 2022, and the Wells Fargo Leveraged Finance Conference on September 8, 2022. PBF is one of North America's largest independent refiners, with operations in California, Delaware, Louisiana, New Jersey, and Ohio. The company aims to operate its facilities in a safe and environmentally responsible manner while delivering superior returns to investors. Additionally, PBF Energy owns about 48% of PBF Logistics LP (NYSE: PBFX).
PBF Energy reported a strong second quarter 2022, achieving an income from operations of $1,706.6 million, a significant increase from $147.5 million in Q2 2021. Net income reached $1,235.8 million, or $9.65 per share, compared to $69.9 million in the previous year. The company reduced its consolidated debt by over $2.6 billion, improving its net debt to capitalization ratio to 24%. PBF Energy also announced an agreement to acquire the remaining public stake in PBF Logistics. The outlook remains positive with expected strong demand and throughput for the second half of 2022.
PBF Energy (NYSE: PBF) and PBF Logistics (NYSE: PBFX) announced a merger agreement where PBF Energy will acquire the remaining 52.3% of PBF Logistics it does not own. Each common unit of PBF Logistics will convert to 0.270 shares of PBF Energy Class A stock and $9.25 in cash, representing a 13.2% premium over the average price prior to the announcement. This strategic acquisition aims to simplify corporate structure and enhance financial profiles. Approval from unitholders is required for completion. Barclays Capital Inc. is the financial advisor for PBF Energy.
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