PBF Energy Q2 revenue beats analyst estimates

Overview

• U.S. oil refiner's Q2 revenue rose and beat analyst expectations

• Adjusted net income for Q2 beat analyst expectations

• Martinez refinery returned to full operations in May after fire repairs

Outlook

• PBF Energy expects RBI program run-rate cost improvements to exceed $350 mln by year-end 2026

• Company reduces 2026 capital expenditure guidance to $825-$875 mln, excluding Martinez rebuild costs

• PBF Energy expects Q3 2026 total throughput between 900,000 and 960,000 barrels per day

Result Drivers

• MARTINEZ REFINERY RESTART - Co said the Martinez refinery returned to full operations in May, contributing to Q2 performance

• INSURANCE RECOVERIES - Q2 results included a $250 mln insurance payment related to the Martinez refinery fire, providing a net after-tax benefit

• STRONG REFINING FUNDAMENTALS - Co cited tight global supply and demand balances as supporting refining margins

Company press release: ID:nPn8RhqM7a

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", 10 "hold" and 3 "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 $57.00, about 10% below its July 29 closing price of $63.35

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 11 three months ago

Reuters Recommended Reads

• July 28 - HF Sinclair posts highest profit since 2022, plans lubricants unit spin-off

• July 29 - CVR Energy Q2 adjusted EPS misses estimates

• July 30 - SK Innovation swings to Q2 profit, tops estimates as refining rebounds

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)