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.
PBF Energy Inc. (NYSE:PBF) announced the release of its fourth quarter 2020 earnings results on February 11, 2021. A conference call will follow at 8:30 a.m. ET to discuss the results and other business matters. The call will be available via webcast on the company’s official website, and an audio replay will be accessible shortly after the call ends. PBF is a leading independent refiner in North America, with operations across several states including California, Louisiana, and New Jersey, and it also owns 48% of PBF Logistics LP (NYSE:PBFX).
PBF Energy Inc. (NYSE:PBF) announced its participation in three upcoming virtual investor conferences: the Sankey Research Virtual Refining Conference on January 4, 2021, the 3rd Annual Mizuho Virtual Refining Conference on January 5, 2021, and the Goldman Sachs Global Energy Conference 2021 on January 6, 2021. As one of North America's largest independent refiners, PBF operates oil refineries across California, Delaware, Louisiana, New Jersey, and Ohio. The company focuses on safe, reliable, and environmentally responsible operations while also providing a rewarding workplace for its employees.
PBF Energy Inc. (NYSE:PBF) announced an add-on offering of $250 million in senior secured notes due 2025, priced at 9.25% interest. The notes will be issued by its subsidiary PBF Holding Company LLC and are expected to close on December 21, 2020. Proceeds will be utilized for general corporate purposes. The offering will be made through private placements under Rule 144A and Regulation S, and the notes have not been registered under the Securities Act.
PBF Energy Inc. (NYSE:PBF) has announced an add-on offering of $250 million in 9.25% senior secured notes due 2025. This offering, subject to market conditions, aims to generate funds for general corporate purposes. PBF Holding, a subsidiary of PBF Energy, will co-issue these notes alongside PBF Finance Corporation. Previously, PBF had issued $1 billion in similar notes. The offering, designed for qualified institutional buyers, is not registered under the Securities Act and will follow a private placement process.
PBF Energy Inc. (NYSE:PBF) announced its participation in the Cowen 2020 Energy Conference on December 3, 2020. The management team will provide insights during the event, emphasizing their commitment to safety, environmental responsibility, and community engagement. Presentation materials will be accessible on PBF Energy's Investor Relations webpage. Additionally, PBF Energy holds approximately 48% of the limited partnership interest in PBF Logistics LP (NYSE:PBFX).
PBF Holding Company LLC has extended the deadline for its exchange offer of $1 billion in 6.00% Senior Notes due 2028. The new expiration date is set for November 24, 2020. As of November 9, 2020, approximately $716.9 million of the old notes had been tendered, representing 71.69% of the total. The terms of the exchange offer remain unchanged, and the announcement clarifies that this press release does not constitute an offer.
PBF Energy reported a substantial third quarter 2020 loss from operations of $342.7 million, compared to income of $151.9 million in Q3 2019. The net loss reached $397.8 million, or $(3.49) per share, primarily due to challenging market conditions stemming from the COVID-19 pandemic. The company announced the reconfiguration of its East Coast refineries to improve efficiency, expecting around $100 million in operating savings. As of September 30, liquidity was approximately $1.9 billion.
PBF Energy Inc. (NYSE: PBF) will announce its third quarter 2020 earnings on October 29, 2020, at 8:30 a.m. ET. The company will host a conference call and webcast to discuss the results and other business updates, accessible via their website or by phone.
The audio replay of the call will be available until November 12, 2020. PBF Energy operates refineries in multiple U.S. states and holds a significant interest in PBF Logistics LP (NYSE: PBFX).
PBF Energy Inc. (NYSE: PBF) announced the retirement of Edward Kosnik as a director, effective September 30, 2020. Kosnik has served on PBF's Board of Directors for a long time, contributing significantly as Lead Director and Chairman of the Audit Committee. CEO Thomas Nimbley expressed gratitude for Kosnik's leadership and contributions. The release also includes forward-looking statements regarding risks that could impact future performance, including those related to the COVID-19 pandemic and acquisitions.
PBF Energy reported Q2 2020 income from operations of $620.8 million, a significant increase from $9.5 million in Q2 2019. However, excluding special items, the loss from operations was $433.7 million compared to a profit of $191.5 million year-over-year. The net income reached $413.0 million, or $3.23 per share, versus a net loss of $21.6 million in 2019. Special items, including a $777.2 million after-tax benefit, heavily influenced results. The company aims to reduce operating expenses by $250 million in 2020 and forecasts refinery throughput of 700,000 to 800,000 barrels per day.
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