BUZZ-PBF Energy says no estimate on length of Martinez refinery outage; shares drop

Updates

Shares of refiner PBF Energy PBF.N decline 11% to $23.73, their lowest since March 2022

PBF says it has no estimate for how long the 156,400-barrel-per-day (bpd) Martinez, California, refinery would remain shut following a February 1 fire

"At this time, the cost of repairs and the length of the shutdown arising from the incident cannot be reasonably estimated," the company says

PBF posts a third consecutive quarterly loss as refining margins decline

Posts Q4 adj. loss of $2.82/share vs analysts' estimate of $2.81/share - data compiled by LSEG

Q4 consolidated gross refining margin loss of $3.89/bbl compared with a profit of $1.04/bbl a year ago

Company plans to operate its refineries up to 76% of their combined production capacity of 1 million barrels per day (bpd) in Q1 2025

So far this year PBF stock is down ~11%