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

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

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

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