PBF Energy — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter 2026 income from operations was $2,100.9 million, compared to $285.9 million in the third quarter of 2025; excluding special items, income from operations was $2,111.9 million versus a loss of $27.1 million in the prior year period.
• Net income for the third quarter 2026 was $1,543.3 million, with net income attributable to PBF Energy Inc. of $1,529.3 million ($12.54 per share), compared to net income of $171.7 million ($1.45 per share) in the third quarter of 2025.
• Adjusted fully-converted net income excluding special items for the third quarter 2026 was $1,568.6 million ($12.78 per share), compared to an adjusted fully-converted net loss of $60.3 million ($(0.52) per share) in the third quarter of 2025.
• Revenues for the three months ended September 30, 2026, were $12,132.8 million, up from $7,651.1 million in the same period of 2025.
• Consolidated gross margin per barrel of throughput was $25.54 for the third quarter 2026, compared to $0.49 in the third quarter of 2025; excluding special items, the margin was $34.56 per barrel.
• Cash and cash equivalents at quarter-end were $2.544 billion, up from $527.9 million at December 31, 2025.
• Total debt was $2.118 billion at September 30, 2026, down from $2.148 billion at December 31, 2025.
• Net debt to capitalization ratio was negative 6% at September 30, 2026, compared to 23% at December 31, 2025.
• Cash flows provided by operating activities for the nine months ended September 30, 2026, were $3,142.8 million, compared to cash used in operating activities of $444.6 million in the same period of 2025.
• EBITDA for the third quarter 2026 was $2,244.9 million, compared to $449.0 million in the third quarter of 2025; EBITDA excluding special items was $2,283.9 million.

Guidance and Future Outlook:

• The Refinery Business Improvement (RBI) program is expected to generate more than $350 million of run-rate cost improvements by year-end 2026, up from over $230 million in 2025.
• 2026 capital expenditure guidance remains $825-$875 million, excluding capital related to the Martinez rebuild; this includes funding for advance purchases of materials for turnarounds rescheduled to 2027.
• Expected throughput ranges for the fourth quarter 2026 are: East Coast (300,000–320,000 bpd), Mid-continent (155,000–165,000 bpd), Gulf Coast (180,000–190,000 bpd), West Coast (290,000–310,000 bpd), and Total (925,000–985,000 bpd).
• Renewable diesel production at St. Bernard Renewables LLC averaged approximately 19,156 barrels per day in the third quarter, with fourth quarter production expected to average 18,000 to 20,000 barrels per day.
• PBF expects to finalize the Martinez refinery fire claim process with insurers before year-end 2026.

Business Segments and Product Lines:

• The Martinez refinery returned to full operations in May 2026; insurance proceeds totaling $1.25 billion have been paid to date related to the fire claim.
• Turnaround schedule changes: The Torrance turnaround was completed in Q1 2026; the Martinez hydrocracker complex turnaround was moved to the end of Q3 2026; Chalmette and Toledo turnarounds were moved to 2027; Martinez and Paulsboro turnarounds commenced in September and completed in October.
• Refining segment income from operations for the third quarter 2026 was $2,115.8 million, compared to $232.3 million in the third quarter of 2025.
• Logistics segment income from operations for the third quarter 2026 was $52.5 million, compared to $149.2 million in the third quarter of 2025.
• Corporate segment loss from operations for the third quarter 2026 was $67.4 million, compared to a loss of $95.6 million in the third quarter of 2025.

Market and Competitive Landscape:

• Third quarter 2026 Dated Brent crude oil averaged $97.24 per barrel, compared to $69.17 in the third quarter of 2025.
• Third quarter 2026 WTI crude oil averaged $86.08 per barrel, compared to $65.07 in the third quarter of 2025.
• Third quarter 2026 LLS (Gulf Coast) 2-1-1 crack spread averaged $69.06 per barrel, compared to $24.41 in the third quarter of 2025.
• Third quarter 2026 ANS (West Coast-LA) 4-3-1 crack spread averaged $71.45 per barrel, compared to $29.34 in the third quarter of 2025.
• Effective RIN basket price for the third quarter 2026 was $14.36, compared to $6.38 in the third quarter of 2025.

Risks and Challenges:

• Forward-looking statements involve risks including the ability to successfully diversify operations, make acquisitions, and realize benefits from investments in renewable fuel production.
• Risks include the ability to close acquisitions or divestitures, manage the 50-50 equity method investment in SBR, and successfully manage capital spending and turnaround projects.
• Potential risks involve the obligation to buy Renewable Identification Numbers (RINs), price volatility of RINs, and regulatory or litigation outcomes.
• Global macroeconomic conditions, geopolitical conflicts, inflation, interest rates, and trade measures could negatively impact refining and marketing operations.

Management Commentary and Tone:

• President and CEO Matt Lucey stated the company is positioned for success across market cycles by investing in assets, strengthening the balance sheet, and maintaining disciplined capital allocation.
• Management noted that refining fundamentals remained exceptionally strong during the third quarter.
• The company focused on operating safely, reliably, and in an environmentally responsible manner while capturing opportunities across market cycles.
• PBF reduced net debt by more than $1.2 billion during the third quarter.

Other Key Points:

• PBF declared a quarterly dividend of $0.325 per share of Class A common stock, an 18% increase from the previous quarter's $0.275 per share; the dividend is payable on November 24, 2026, to shareholders of record on November 12, 2026.
• PBF issued $550 million of 0% Exchangeable Notes due 2032 and used proceeds and cash on hand to fully redeem $500 million of 7.875% Senior Unsecured Notes due 2030.
• Subsequent to the quarter end, PBF called and fully repaid the balance of the $800 million 9.875% Senior Unsecured Notes due 2030 using cash on hand.
• These debt transactions significantly reduced the company's cost of capital and cash interest expense.
• Special items included in the third quarter 2026 results decreased net income by a net, after-tax charge of $28.9 million ($0.24 per share), primarily consisting of a loss on extinguishment of debt and costs related to the RBI initiative.
• The Martinez refinery fire expenses and gain on insurance recoveries were significant special items in the prior year period, with a net gain of $250.0 million recorded in the third quarter of 2025.