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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.
PBF Energy Inc. (NYSE: PBF) announced the full redemption of $1.25 billion of its 9.25% Senior Secured Notes due 2025, effective July 11, 2022. The Notes were redeemed at a price of 104.625%, plus accrued interest. This strategic move allows PBF Holding Company LLC to streamline its debt obligations. PBF Energy operates oil refineries across North America, emphasizing safe and environmentally responsible operations while delivering returns to investors.
PBF Energy Inc. (NYSE:PBF) will announce its second quarter 2022 earnings results on July 28, 2022. The company will host a conference call and webcast at 8:30 a.m. ET on the same day to discuss these results and other business matters. Interested parties can join the call by dialing (877) 869-3847 or (201) 689-8261, or tune in via the company's website. PBF Energy is one of the largest independent refiners in North America, with operations across several states, including California and Louisiana. PBF Logistics LP (NYSE:PBFX) is also partially owned by PBF Energy.
PBF Energy Inc. (NYSE:PBF) will participate in the J.P. Morgan Energy, Power and Renewables Conference on June 22, 2022. The conference will feature members of PBF's management team discussing the company's strategies and outlook. PBF is a leading independent refiner in North America, operating refineries in California, Delaware, Louisiana, New Jersey, and Ohio. PBF Energy also owns about 48% of PBF Logistics LP (NYSE:PBFX), enhancing its position in the energy sector.
PBF Energy Inc. announced a full redemption of its $1.25 billion 9.25% Senior Secured Notes due 2025. This action will take place on July 11, 2022, at a price of 104.625%, plus accrued interest. Wilmington Trust, National Association is the paying agent for the redemption. The company emphasizes that this announcement does not constitute a solicitation of an offer to buy securities. PBF Energy is a significant independent refiner in North America, with operations across multiple states. The company also owns a substantial stake in PBF Logistics LP.
PBF Energy Inc. (NYSE:PBF) will participate in the Bank of America Energy Credit Conference on June 8, 2022. This event highlights PBF's continuous engagement with the energy sector and its commitment to operational excellence.
As one of North America's largest independent refiners, PBF operates oil refineries in states including California, Delaware, Louisiana, New Jersey, and Ohio. PBF Energy also holds approximately 48% of PBF Logistics LP (NYSE:PBFX), its logistic arm.
PBF Energy announced the successful completion of a multi-year extension of its asset-based revolving credit facility, increasing total commitments to $4.3 billion. This includes a new tranche of $2.75 billion maturing in January 2025 and an existing tranche of $1.55 billion maturing in May 2023. Erik Young, CFO, emphasized the facility's importance for liquidity and financial flexibility. The facility was arranged by a syndicate of 35 banks, led by Bank of America.
PBF Energy reported first quarter 2022 income from operations of $91.0 million, up from $57.7 million in 2021. Excluding special items, it was $141.3 million compared to a loss of $317.8 million in Q1 2021. The net loss was $3.3 million, or $(0.18) per share. Consolidated cash at quarter-end was approximately $1.4 billion. PBF reduced debt by approximately $55 million in Q1 2022. The company is enhancing profitability with a capital expenditure plan of $500-$550 million for 2022 and expects favorable refining conditions going forward.
PBF Energy Inc. (NYSE:PBF) will announce its first quarter 2022 earnings results on April 28, 2022. The company has scheduled a conference call and webcast to discuss the quarterly results and other business matters at 8:30 a.m. ET on the same day. Interested parties can access the call via PBF Energy's website or by telephone. PBF operates several oil refineries across North America and owns approximately 48% of PBF Logistics LP (NYSE:PBFX).
PBF Energy Inc. (NYSE:PBF) announced its participation in the Scotia Howard Weil Energy Conference on March 22, 2022. The event highlights PBF Energy's commitment as one of North America's largest independent refiners, operating facilities across California, Delaware, Louisiana, New Jersey, and Ohio. The company aims to provide safe and responsible operations while delivering superior returns to investors. Additionally, PBF Energy holds approximately 48% of the limited partnership interest in PBF Logistics LP (NYSE:PBFX).
PBF Energy Inc. (NYSE:PBF), a leading independent refiner in North America, will participate in two significant industry events: the Credit Suisse Annual Energy Summit on March 1, 2022, and the Bank of America Refining Conference on March 10, 2022. These conferences provide a platform for PBF's management team to engage with investors and industry experts.
The company operates refineries in California, Delaware, Louisiana, New Jersey, and Ohio, underlining its commitment to safety and environmental responsibility while aiming for superior returns for its investors.
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