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SummaryPBF Energy remains my top pick in refining, trading at a significant discount to peers despite similar crack spread assumptions.Consensus estimates are overly conservative, underestimating the persistence of high refining margins due to ongoing geopolitical disruptions.I see a reasonable 2027 price target of $171 for PBF, with potential 50% upside even under normalized margin scenarios, plus 10% annual capital returns.PBF offers a compelling hedge against the AI trade and macro risks, with scenario sensitivity highlighting asymmetric upside versus downside. georgeclerk/iStock via Getty Images

Introduction In August, I reported on PBF Energy (PBF) along with most of the refining sector. At the time, the Russian refining export ban, due to Ukraine drone strikes, was the main driver for refining margins, i.e., the crack spread, and

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of PBF either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Few stocks have had a year like PBF Energy NYSE: PBF.

PBF Energy Today

$89.03 -2.14 (-2.35%)

As of 03:07 PM Eastern

This is a fair market value price provided by Massive. Learn more.

$25.62▼

$92.461.24%

7.88

$65.55

The independent refiner has gone from a money-losing operation in 2025, weighed down by a damaged California plant, to one of the most profitable names in its industry. Its shares have followed, as the stock is up more than 230% this year.

Behind the performance is a rare mix of a Middle East supply shock, a repaired refinery, and a balance sheet that looks nothing like it did a year ago.

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The question for investors is whether the profits are durable or whether the stock has already priced in the best of it.

PBF's Earnings Show a Dramatic TurnaroundThe news around PBF has been heavy. The company signed a new $4 billion asset-based revolving credit facility on Sept. 30, several Wall Street firms have revised their views in recent days, and PBF will report third-quarter results at the end of October.

Combine that with the disruptions that have taken place because of the Middle East tensions, and there is a lot to unpack.

Start with the second-quarter numbers reported July 30. Revenue was $11.68 billion, up from $7.48 billion a year earlier and more than $2 billion above what analysts expected. Net income came in at $906 million, or $7.54 per share, in contrast to a net loss of 5 cents per share a year earlier.

On an adjusted basis, earnings were $6.22 per share, compared with an adjusted loss of $1.03 a year ago, and well above the $4.15 analysts expected.

Refining Margins Drive the Profit SurgeThe engine was the company’s refining margin, which climbed to several times its year-earlier level as crude prices jumped. Management said hostilities in the Middle East trapped crude and refined products and left millions of barrels a day of global refining capacity offline. That shortage is what helped turn PBF's plants into cash machines.

For perspective, 2025 was ugly. PBF posted a full-year loss, and a fire at the company’s Martinez refinery in California was a big reason. PBF also operates facilities on the East Coast, Gulf Coast, and in Ohio, processing about 1 million barrels per day.

The shutdown in northern California and the costs associated, though, had a significant impact on 2025 and first-quarter results. That makes this year's full restart, completed in the first part of 2026, a central part of the comeback story.

Debt Reduction Strengthens PBF's FinancesThe balance sheet might be the most underrated part of the turnaround. Net debt fell more than 62%, or more than $1.4 billion, during the second quarter, and insurers have paid more than $1 billion on the Martinez claim so far.

Looking ahead, management argues global product inventories are depleted and that restocking could keep margins elevated well into 2027. California imports close to one-third of the gasoline it uses, which is a structural opening for a West Coast refiner. A cost-cutting program is also on track to deliver more than $350 million of run-rate savings by the end of 2026.

The valuation looks cheap on paper. The shares trade at a trailing price-earnings ratio of about 8 and an even lower multiple of forward estimates. PBF is not one of the classic dividend stocks, though. Its yield is about 1.2%, and management declined to commit to buybacks or bigger dividends on the earnings call.

Analysts Remain Cautious About the StockWall Street is not nearly as excited as the tape might suggest. The consensus rating is Hold. Of the 15 analysts covering the stock, more than half recommend Hold with four rating shares a Buy and three suggesting Sell.

Price targets span an unusually wide range, from a 12-month price target to $99 to as low as $23 per share, a sign of how hard it is to model a refiner riding a geopolitical shock.

The stock has jumped so quickly based on geopolitical events that the consensus price target of $65.55 sits about 26% below the current price, illustrating where the price might settle if or when oil flow returns to normal levels.

Falling Margins and Insider Sales Pose RisksRefining profits this large are a symptom of disruption, not a new normal. Analysts expect earnings per share to fall by roughly 18% next year, and it’s unclear where margins settle until crude flows return to historical patterns.

A second red flag is who is selling. Insiders sold about $343 million of stock over the past three months, with no purchases listed since the start of the year. CEO Matt Lucey sold shares in August, and 10% owner Control Empresarial de Capitales has kept selling into October.

Investors Should Prepare for More VolatilityEven with expectations of a possible pullback, PBF is a much better company than it was a year ago. The Martinez refinery is running again, the balance sheet has been repaired, and cost savings are coming through.

But the stock already trades above where most analysts think it should, the earnings are tied to a war-driven margin spike, and insiders are cashing out.

Still, unlike growth stocks, refiners do not compound steadily, but surge and then give it back. For investors comfortable with that kind of volatility, building a position gradually after a pullback could be one way to buy into this slice of the energy business.

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Key Takeaways PBF reduced net term debt by more than $1.4B & gross term debt by more than $1B in the second quarter of 2026.PBF's RBI program targets more than $350 million in run-rate cost improvements by year-end 2026.PBF lowered 2026 capital-spending guidance to $825-$875 million after shifting turnarounds to 2027. PBF Energy Inc. (PBF - Free Report) is leveraging strong cash generation to strengthen its balance sheet and enhance financial flexibility. In the second quarter of 2026, the company reduced net term debt by more than $1.4 billion and gross term debt by more than $1 billion. PBF repaid borrowings under its asset-backed lending facility and refinanced roughly $802 million of 2028 senior notes. As of June 30, 2026, PBF held approximately $894 million in cash against $855 million of net debt, while its net debt-to-capital ratio, excluding special items, declined to 15%, reflecting a significantly stronger financial position.

Balance-sheet strengthening remains one of the three core pillars of PBF’s capital allocation strategy, alongside reinvestment in the business and shareholder returns. Management views a stronger balance sheet as a way to reduce financial risk and enhance strategic flexibility across refining cycles. The financial flexibility is important as PBF continues investing in refinery reliability, efficiency and operating performance through its refining business improvement (RBI) initiative.

The RBI program generated more than $230 million in run-rate cost improvements in 2025, with PBF targeting more than $350 million by the end of 2026. Meanwhile, the company lowered its 2026 capital-spending guidance to $825-$875 million after shifting certain turnaround activities into 2027. With leverage declining, liquidity strengthening and efficiency initiatives progressing, PBF is improving its financial foundation while maintaining disciplined capital investment. Lower debt, cost savings, and targeted refinery investments give PBF greater flexibility to fund operational improvements and pursue strategic opportunities over the long term.

PARR & DK Are Strengthening Their Balance SheetsPar Pacific Holdings, Inc. (PARR - Free Report) and Delek US Holdings, Inc. (DK - Free Report) are taking steps to improve their financial flexibility through debt reduction and refinancing.

In the second quarter of 2026, PARR’s gross term debt was reduced by more than $130 million and ABL borrowings by $78 million, bringing total net debt down by more than $220 million. Management moderated share repurchases to prioritize balance-sheet strength. Delek US, meanwhile, refinanced its term loan from $920-$850 million and reduced standalone net debt by $72 million.

For PARR and DK, lower leverage strengthens financial flexibility and supports continued investment in refinery operations, infrastructure and other strategic initiatives.

PBF’s Price Performance, Valuation & EstimatesPBF Energyshares have gained 143.1% over the past year compared with the industry’s 101.9% growth.

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From a valuation standpoint, PBF trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 5.09X. This is below the broader industry average of 5.67X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PBF's 2026 earnings has remained unchanged over the past seven days.

Image Source: Zacks Investment Research

PBF currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways PBF gained 19.3% in a month as refinery availability and margins improved.Martinez's restart and rising West Coast margins strengthened PBF's refining performance.PBF's five-year-high sales multiple, RFS costs and planned maintenance could test momentum. PBF Energy Inc. (PBF - Free Report) shares have gained 19.3% in the past month, extending a sharp rerating as refinery availability and margins improve. The Zacks Consensus Estimate for 2026 earnings has increased 43.9% over the past four weeks, adding fundamental support to the move.

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The question is how much of that improvement is already reflected in the shares. PBF’s diversified refining system, Martinez restart and cost program add support, while a five-year-high sales multiple, renewable-fuel costs and scheduled maintenance create clear tests for the run.

PBF's Refinery Footprint Supports Margin CapturePBF’s six-refinery network spans East Coast, Gulf Coast, West Coast and Mid-Continent markets, with about 1 million barrels per day of aggregate processing capacity. A weighted-average Nelson Complexity Index of 12.8 supports varied crude slates, broadening the company’s options for margin capture.

Management expects product inventories to remain unusually low, with normalization taking well into 2027. It also does not expect crude availability to constrain operations, an important advantage while global trade flows remain disrupted.

Martinez Restores PBF's West Coast CapacityMartinez returned to full operations in May 2026 and has produced its full product slate since the fire-affected units restarted. That restored a key part of PBF’s West Coast system just as regional product availability tightened.

West Coast throughput increased 32.6% year over year to 269,900 barrels per day in the second quarter. The region’s gross refining margin, excluding special items, reached $30.16 per barrel, up from $9.35 a year earlier.

PBF's Cost Program and Lower Debt Add SupportThe Refining Business Improvement program is lowering PBF’s structural cost base. Run-rate cost improvements exceeded $230 million by year-end 2025 and are expected to surpass $350 million by year-end 2026, with energy efficiency and procurement initiatives contributing.

Balance-sheet repair adds another layer of flexibility. PBF cut net debt by more than 62% in the second quarter to about $855 million, while operational liquidity exceeded $3.5 billion at June 30.

PBF's Valuation Tests What May Be Priced InPBF trades at 0.26X forward 12-month sales, well below the Zacks sub-industry’s 1.61X. Yet 0.26X is also the top of PBF’s five-year range, versus a median of 0.12X, suggesting the stock is no longer cheap relative to its own history.

Delek US Holdings, Inc. (DK - Free Report) reported second-quarter 2026 refining adjusted EBITDA of $566.2 million, up from $114.8 million a year earlier, showing the broader benefit from stronger crack spreads. Valero Energy Corporation (VLO - Free Report) likewise posted refining operating income of $4.5 billion, up from $1.3 billion a year earlier. Peer strength supports the refining backdrop but does not remove PBF’s company-specific valuation tension.

RFS Costs and Turnarounds Could Test PBF's RunRenewable Fuel Standard compliance costs more than doubled to $331.3 million in the second quarter from $165 million a year earlier. First-half costs reached $609.3 million versus $285 million, showing how environmental-credit obligations can absorb part of the margin uplift.

Maintenance remains another test. Martinez’s hydrocracker turnaround is scheduled from late in the third quarter through October, while Paulsboro’s crude-unit work remains planned for late fall. Ongoing Martinez regulatory investigations add another source of uncertainty.

Strong PBF Signals Reinforce the Momentum SetupPBF’s momentum still has fundamental support, but the next leg depends on capturing favorable refining margins while controlling compliance costs and downtime. The stock’s own five-year valuation range leaves less room for execution misses than the sub-industry discount alone suggests.

PBF currently carries a Zacks Rank #1 (Strong Buy), a Value Score of A, Growth Score of A, Momentum Score of B and VGM Score of A. The top Rank points to favorable near-term estimate-revision trends, while the Style Scores indicate a strong mix of value, growth and momentum characteristics. Those signals support the setup without eliminating refining-cycle or execution risk.

You can see the complete list of today’s Zacks #1 Rank stocks here.

3 Refiners Benefiting From Oil Volatility and Tight Fuel SupplyPBF Energy NYSE: PBF reported second-quarter adjusted net income of $6.22 per share and adjusted EBITDA of $1.24 billion, as management pointed to strong refined-product markets, low inventories and global supply disruptions as key drivers of the quarter.

Chief Executive Officer Matt Lucey said disruptions tied to conflicts in the Middle East and Eastern Europe have reshaped crude and product markets. He said that, initially, roughly 15 million barrels per day of crude and 5 million barrels per day of refined products were effectively trapped inside the strait, although crude markets have shown flexibility through alternative routing, strategic-reserve supply and lower refining utilization in some regions.

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As Energy Surges on Crack Spreads, Consider Taking Gains on 2 Small Cap Oil StocksLucey said the company expects product markets to take longer than crude markets to normalize. He cited global product inventory drawdowns, reduced refining utilization outside the United States and more than 5 million barrels per day of refining capacity that is offline or operating at reduced rates. Some of that capacity has sustained physical damage, he said.

Market Outlook and Refining Position Management said PBF’s refining footprint is positioned to benefit from its crude-slate flexibility and access to stable supply in the Americas. Lucey said the company has not experienced, and does not expect to experience, crude availability issues that would affect its operations.

Leading Oil Refiner's Stock Climbs Despite Market Volatility“Product inventories will be slow to rebuild,” Lucey said, adding that the eventual restocking of inventories should support refining margins in coming quarters.

During the question-and-answer session, Lucey said the floor for refining margins has “unquestionably” risen in the current cycle, though he did not quantify a long-term margin outlook. Non-Executive Chairman Tom Nimbley said crude normalization could occur over “weeks to months,” while product-market normalization could take “months to quarters.”

Paul Davis, senior vice president of supply, trading and optimization, said backwardated crude and product markets have encouraged hand-to-mouth inventory management. He said PBF is participating in Gulf Coast dock demand and East Coast export demand, while its commercial team is focused on keeping refineries supplied and moving products out daily.

Operations, Turnarounds and Cost Initiatives Senior Vice President and Head of Refining Mike Bukowski said all PBF refineries are currently operating well. The company restarted fire-affected units at its Martinez refinery in May and has been producing its full product slate there since then.

PBF plans to begin a hydrocracker turnaround at Martinez in the third quarter, with completion expected in October. The company also reached an agreement in July to repurchase two hydrogen plants that serve its Torrance refinery from Air Products. Bukowski said owning the facilities should improve Torrance reliability by allowing PBF to coordinate operations, maintenance and turnarounds across the refinery. The transaction is expected to close in the third quarter, subject to regulatory review and customary closing conditions.

At Chalmette, a May loss-of-containment event took a pretreater and reformer offline until repairs are completed later in the third quarter. Bukowski said the event did not materially reduce refinery throughput, though it increased naphtha production and slightly lowered finished gasoline yield. PBF moved its planned fourth-quarter Chalmette crude-unit and coker turnaround to 2027.

At Toledo, unplanned second-quarter work on the fluid catalytic cracker reduced throughput. However, the company used the outage to complete maintenance that allowed it to shift a planned fourth-quarter FCC turnaround to the first half of 2027. PBF expects East Coast assets to run uninterrupted until a Paulsboro crude-unit turnaround begins late in the fall.

The company’s Refining Business Improvement initiative included a circuit-wide energy-efficiency effort that reduced purchased natural gas per barrel, on a price-adjusted basis, by 20% from its 2024 baseline, according to Bukowski. PBF also said its procurement organization is midway through renegotiating or rebidding more than 60 contracts and expects roughly $60 million in annual savings on items including process chemicals, maintenance and equipment rentals.

Cash Flow, Debt Reduction and Capital Spending Chief Financial Officer Joe Marino said PBF generated $1.6 billion of cash from operations during the quarter, including an approximately $430 million working-capital benefit. The benefit reflected lower inventory levels from the first quarter and the company’s net payable position in a higher-price environment.

PBF ended the quarter with $894 million in cash and about $855 million in net debt, with net debt to capitalization at 15%. The company reduced net debt by more than 62% during the quarter, including by repaying borrowings under its asset-backed lending facility and refinancing $802 million of 2028 senior notes. It issued $500 million of senior notes due 2034 as part of that effort.

Lucey said he expects PBF to end July with approximately $1.5 billion in cash. While management said shareholder returns remain part of its capital-allocation framework, Lucey emphasized that the company remains focused on strengthening its balance sheet and improving the competitiveness of its refining assets.

Second-quarter consolidated capital expenditures totaled $189 million, excluding approximately $56 million related to the Martinez rebuild. PBF lowered its 2026 capital-expenditure guidance by about $75 million to $850 million at the midpoint, largely because turnarounds at Toledo and Chalmette were moved into 2027.

Martinez Insurance Recoveries and Renewable Diesel PBF recorded a $250 million gain on insurance recoveries related to the Martinez fire during the second quarter. Marino said the payment brought total recoveries to $1.25 billion, net of deductibles and retention, including amounts received in 2025. He said most spending associated with the rebuild is complete, though cleanup and demobilization work remains.

The insurance claim remains ongoing, and PBF expects additional funds as it works toward finalizing the claim in the second half of 2026. Lucey said he expects one more payment that could be similar in size to the most recent payment.

The company also reported $27.5 million of net income from its investment in SBR, or approximately $40 million of EBITDA. SBR produced an average of 15,100 barrels per day of renewable diesel during the quarter. Marino said production reflected reduced rates associated with an April catalyst change, but management has seen improved performance since installation and expects a longer runtime.

About PBF Energy (NYSE:PBF)PBF Energy, Inc is an independent petroleum refiner organized in 2008 and headquartered in Parsippany, New Jersey. The company began trading on the New York Stock Exchange in July 2012 under the ticker symbol PBF. Since its formation, PBF Energy has grown through acquisitions and operational optimization, positioning itself as a leading supplier of refined petroleum products in the United States.

The company owns and operates five refineries located along the U.S. Gulf Coast, East Coast and in the Pacific Northwest, with a combined crude oil processing capacity of approximately 900,000 barrels per day.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Second quarter income from operations of $1,272.1 million (excluding special items, second quarter income from operations of $1,054.0 million) PBF reduced gross debt by over $1 billion in the second quarter Declared quarterly dividend of $0.275 per share PBF received a fifth unallocated installment of $250.0 million related to the Martinez refinery fire Martinez refinery restart completed in May 2026 , /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) today reported second quarter 2026 income from operations of $1,272.1 million as compared to income from operations of $43.0 million for the second quarter of 2025. Excluding special items, second quarter 2026 income from operations was $1,054.0 million as compared to loss from operations of $110.0 million for the second quarter of 2025.

The company reported second quarter 2026 net income of $915.0 million and net income attributable to PBF Energy Inc. of $906.4 million or $7.54 per share. This compares to net loss of $5.4 million and net loss attributable to PBF Energy Inc. of $5.2 million or $(0.05) per share for the second quarter 2025. Non-cash special items included in the second quarter 2026 results, which increased net income by a net, after-tax benefit of $159.8 million, or $1.32 per share, primarily consisted of gains on insurance recoveries associated with the February 1, 2025 fire at the Martinez refinery (the "Martinez refinery fire"), partially offset by expenses associated with the Martinez refinery fire, costs related to PBF's Refinery Business Improvement initiative ("RBI"), and loss on extinguishment of debt related to the redemption of the 6.00% senior unsecured notes due 2028. Adjusted fully-converted net income for the second quarter 2026, excluding special items, was $753.1 million, or $6.22 per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss, excluding special items, of $118.5 million or $(1.03) per share, for the second quarter 2025.

Matt Lucey, PBF's President and CEO, said, "We are in a cyclical business with a volatile and ever-changing environment. During the second quarter, PBF delivered significant equity value through our net debt reduction of over $1.4 billion. We will continue to apply a rigorous capital allocation process including investing in our refineries to capitalize on market opportunities and strengthening our balance sheet to ensure we are maximizing value for our investors. The underlying fundamentals for refining remain incredibly strong with tight global supply and demand balances. PBF, with its coastal complexity, is ideally positioned to capture these opportunities and generate significant value for our investors."

Mr. Lucey continued, "The Martinez refinery successfully returned to full operations in the second quarter and is once again supplying California with a full slate of much-needed, domestically-produced products. The team at Martinez worked tirelessly, conducting repairs as expeditiously as possible and, more importantly, cemented their tremendous efforts with a safe restart." Mr. Lucey concluded, "Our primary objective, especially in the current environment, is to ensure that we remain focused on safe, reliable and responsible operations."

PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly dividend of $0.275 per share of Class A common stock on August 28, 2026, to shareholders of record at the close of business on August 14, 2026.

Martinez Refinery Update 
Following completion of the construction activities, the Martinez refinery returned to full operations in May 2026. Company and refinery management extend their thanks to all of the parties, internal and external, who worked for more than a year to return Martinez to full operations and, once again, to supplying Californian consumers with our full slate of products made in-state.

As previously disclosed, the company expects the fire-related cost of restoring the refinery to full operational status will largely be covered by insurance, subject to the company's deductible and retentions totaling $30 million. Further, beyond the initial 60-day waiting period, the company expects that its business interruption insurance will significantly offset the financial loss resulting from the downtime through the restart of the refinery. This coverage commenced on April 3, 2025. In the second quarter, PBF's insurers paid a fifth, unallocated, installment of insurance proceeds of $250 million, totaling $1.25 billion of unallocated insurance reimbursements received to date, net of deductibles and retentions. The timing and amount of any agreed future payments will be dependent on the quantum of actual, covered expenditures and calculated losses. Working with our insurance group, PBF expects to finalize the claim process in the second half of 2026.

PBF Guidance Update and Outlook
We are committed to running all of our assets in a safe, reliable and environmentally responsible manner, and continuing to progress our RBI program, which is focused on improving reliability and efficiency across our system. In 2025, the RBI program generated in excess of $230 million of run-rate cost improvements and that total is expected to grow to more than $350 million of run-rate cost improvements by year-end 2026. The RBI program is an ongoing, sustained initiative that continues to gain momentum in improving PBF's cost structure and we expect to continue this effort beyond our current goals. Concurrent with the goal of improving system-wide reliability and efficiency, we expect to realize these benefits of the RBI program in our refinery operating expenses and our capital and turnaround programs.

During the second quarter, PBF reduced net debt by over 62% by fully paying down its asset-backed lending facility and refinancing approximately $802 million of senior notes due 2028 using available cash and proceeds from the issuance of $500 million of senior notes due 2034, an aggregate gross debt reduction of over $1 billion. At quarter-end, we had approximately $894 million of cash, $1,749 million of total debt, and $855 million of net debt.

PBF's initial turnaround planning guidance for 2026 included five major turnarounds across our system. We completed the Torrance turnaround in the first quarter, and, after careful evaluation and safety inspections, we elected to move the scheduled Martinez second quarter hydrocracker complex turnaround to the end of the third quarter. Additionally, after further diligent review, we elected to move the planned fourth quarter turnarounds at both Chalmette and Toledo to 2027. During the second quarter, we performed unplanned work at Toledo which afforded us the opportunity to safely extend the run-time for our FCC complex. As a result, we are reducing our 2026 capital expenditure guidance to $825-$875 million for the year, excluding capital related to the Martinez rebuild.

Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. Current throughput expectations are included in the table below.

Expected throughput ranges (barrels per day)

Third Quarter 2026

Low

High

East Coast

300,000

320,000

Mid-continent

155,000

165,000

Gulf Coast

175,000

185,000

West Coast

270,000

290,000

Total

900,000

960,000

Guidance provided constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions, and company configuration. Year-to-date actual throughput and quarterly guidance should be used to adjust full-year expectations. All figures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as company strategic decision-making and overall company performance.

Renewable Diesel
St. Bernard Renewables LLC ("SBR") averaged approximately 15,100 barrels per day of renewable diesel production in the second quarter, reflecting the impact of a catalyst change completed in April 2026. Renewable diesel production for the third quarter is expected to average approximately 18,000 to 20,000 barrels per day.

Adjusted Fully-Converted Results
Adjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision. 

Non-GAAP Measures 
This earnings release, and the discussion during the management conference call, may include references to Non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income (Loss), Adjusted Fully-Converted Net Income (Loss) excluding special items, Adjusted Fully-Converted Net Income (Loss) per fully-exchanged, fully-diluted share, Income (Loss) from operations excluding special items, gross refining margin, gross refining margin excluding special items, gross refining margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization), EBITDA excluding special items, Adjusted EBITDA, net debt, net debt to capitalization ratio and net debt to capitalization ratio excluding special items. PBF believes that Non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF's Non-GAAP financial measures may also differ from similarly named measures used by other companies.

See the accompanying tables and footnotes in this release for additional information on the Non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures.

Conference Call Information
PBF Energy's senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, July 30, 2026, at 8:30 a.m. ET. The call is being webcast and can be accessed at PBF Energy's website, http://www.pbfenergy.com. The call can also be accessed by dialing (800) 549-8228 or (646) 564-2877. The audio replay will be available approximately two hours after the end of the call and will be available through the company's website.

Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements, and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's expectations with respect to its plans, objectives, estimates, and intentions with respect to the anticipated insurance recoveries related to the Martinez refinery fire, the amount and the timing of cost savings and operational efficiencies to be achieved through the Company's RBI initiative as well as the Company's future earnings and operations overall, including those of our 50-50 equity method investment in SBR. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Company's control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements.

Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the Company's filings with the SEC, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable fuel production, and to realize the benefits from such acquisitions or investments; our ability to close acquisitions or divestitures and the timing thereof; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in inflation, interest rates and capital costs; tariffs and other trade measures and their effects on trading relationships; global geopolitical and other conflicts and tensions; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations, political developments and other events that are adverse to or restrict refining and marketing operations or could otherwise negatively impact the Company. All forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.

About PBF Energy Inc.
PBF Energy Inc. (NYSE: PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey, and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.

PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.

Contacts:                                                        
Colin Murray (investors)                                                                           
[email protected]
Tel: 973.455.7578                                                                           

Michael C. Karlovich (media)
[email protected]
Tel: 973.455.8994

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except share and per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Revenues

$   11,678.3

$    7,475.3

$   19,582.6

$   14,541.7

Cost and expenses:

Cost of products and other

9,701.9

6,743.7

16,483.8

13,330.8

Operating expenses (excluding depreciation and amortization expense as reflected below)

670.1

631.7

1,359.0

1,363.5

Depreciation and amortization expense

159.5

157.9

314.5

325.6

Cost of sales

10,531.5

7,533.3

18,157.3

15,019.9

General and administrative expenses (excluding depreciation and amortization expense as reflected below)

148.6

80.3

238.2

150.7

Depreciation and amortization expense

3.6

3.6

7.4

7.2

Gain on insurance recoveries, net

(250.0)

(189.0)

(356.5)

(189.0)

Equity (income) loss in investee

(27.5)

4.3

(35.8)

21.3

(Gain) loss on sale of assets

—

(0.2)

0.3

(0.2)

Total cost and expenses

10,406.2

7,432.3

18,010.9

15,009.9

Income (loss) from operations

1,272.1

43.0

1,571.7

(468.2)

Other income (expense):

Interest expense (net of interest income of $8.0, $4.1, $11.5 and $8.6, respectively)

(42.0)

(53.8)

(84.1)

(90.7)

Loss on extinguishment of debt

(2.2)

—

(2.2)

—

Other non-service components of net periodic benefit cost

1.3

0.3

2.3

0.6

Income (loss) before income taxes

1,229.2

(10.5)

1,487.7

(558.3)

Income tax expense (benefit)

314.2

(5.1)

372.5

(147.0)

Net income (loss)

915.0

(5.4)

1,115.2

(411.3)

Less: net income (loss) attributable to noncontrolling interest

8.6

(0.2)

10.5

(4.3)

Net income (loss) attributable to PBF Energy Inc. stockholders

$      906.4

$        (5.2)

$    1,104.7

$     (407.0)

Net income (loss) available to Class A common stock per share:

Basic

$        7.66

$       (0.05)

$        9.38

$       (3.58)

Diluted

$        7.54

$       (0.05)

$        9.22

$       (3.58)

Weighted-average shares outstanding-basic

118,367,104

113,852,406

117,784,098

113,803,619

Weighted-average shares outstanding-diluted

121,066,763

114,715,186

120,603,759

114,666,399

Dividends per common share

$      0.275

$      0.275

$        0.55

$        0.55

Adjusted fully-converted net income (loss) and adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 1):

Adjusted fully-converted net income (loss)

$      912.9

$        (5.3)

$    1,112.5

$     (410.2)

Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share

$        7.54

$       (0.05)

$        9.22

$       (3.58)

Adjusted fully-converted shares outstanding - diluted (Note 6)

121,066,763

114,715,186

120,603,759

114,666,399

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
(Unaudited, in millions, except share and per share data)

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) AND ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) EXCLUDING SPECIAL ITEMS (Note 1)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income (loss) attributable to PBF Energy Inc. stockholders

$      906.4

$        (5.2)

$    1,104.7

$     (407.0)

Less: Income allocated to participating securities

0.1

—

0.1

—

Income (loss) available to PBF Energy Inc. stockholders - basic

906.3

(5.2)

1,104.6

(407.0)

Add: Net income (loss) attributable to noncontrolling interest (Note 2)

8.8

(0.2)

10.6

(4.3)

Less: Income tax (expense) benefit (Note 3)

(2.2)

0.1

(2.7)

1.1

Adjusted fully-converted net income (loss)

$      912.9

$        (5.3)

$    1,112.5

$     (410.2)

Special items (Note 4):

Add: LCM inventory adjustment

—

—

(313.0)

—

Add: LCM inventory adjustment - SBR

—

(8.0)

(9.4)

(16.7)

Add: Martinez refinery fire expenses

22.7

30.4

34.2

108.5

Add: Gain on insurance recoveries, net

(250.0)

(189.0)

(356.5)

(189.0)

Add: Costs related to RBI initiative

9.2

13.6

18.6

13.6

Add: Loss on extinguishment of debt

2.2

—

2.2

—

Less: Recomputed income tax on special items (Note 3, 4)

56.1

39.8

162.1

21.7

Adjusted fully-converted net income (loss) excluding special items

$      753.1

$     (118.5)

$      650.7

$     (472.1)

Weighted-average shares outstanding of PBF Energy Inc.

118,367,104

113,852,406

117,784,098

113,803,619

Conversion of PBF LLC Series A Units (Note 5)

860,839

862,780

861,525

862,780

Common stock equivalents (Note 6)

1,838,820

—

1,958,136

—

Fully-converted shares outstanding - diluted

121,066,763

114,715,186

120,603,759

114,666,399

Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6)

$        7.54

$       (0.05)

$        9.22

$       (3.58)

Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6)

$        6.22

$       (1.03)

$        5.40

$       (4.12)

Three Months Ended

Six Months Ended

RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS

June 30,

June 30,

2026

2025

2026

2025

Income (loss) from operations

$    1,272.1

$        43.0

$    1,571.7

$     (468.2)

Special Items (Note 4):

Add: LCM inventory adjustment

—

—

(313.0)

—

Add: LCM inventory adjustment - SBR

—

(8.0)

(9.4)

(16.7)

Add: Martinez refinery fire expenses

22.7

30.4

34.2

108.5

Add: Gain on insurance recoveries, net

(250.0)

(189.0)

(356.5)

(189.0)

Add: Costs related to RBI initiative

9.2

13.6

18.6

13.6

Income (loss) from operations excluding special items

$    1,054.0

$     (110.0)

$      945.6

$     (551.8)

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
EBITDA RECONCILIATIONS (Note 7)
(Unaudited, in millions)

Three Months Ended

Six Months Ended

June 30,

June 30,

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS

2026

2025

2026

2025

Net income (loss)

$    915.0

$      (5.4)

$   1,115.2

$   (411.3)

Add: Depreciation and amortization expense

163.1

161.5

321.9

332.8

Add: Interest expense, net

42.0

53.8

84.1

90.7

Add: Income tax expense (benefit)

314.2

(5.1)

372.5

(147.0)

EBITDA

$   1,434.3

$    204.8

$   1,893.7

$   (134.8)

Special Items (Note 4):

Add: LCM inventory adjustment

—

—

(313.0)

—

Add: LCM inventory adjustment - SBR

—

(8.0)

(9.4)

(16.7)

Add: Martinez refinery fire expenses

22.7

30.4

34.2

108.5

Add: Gain on insurance recoveries, net

(250.0)

(189.0)

(356.5)

(189.0)

Add: Costs related to RBI initiative

9.2

13.6

18.6

13.6

Add: Loss on extinguishment of debt

2.2

—

2.2

—

EBITDA excluding special items

$   1,218.4

$      51.8

$   1,269.8

$   (218.4)

Three Months Ended

Six Months Ended

June 30,

June 30,

RECONCILIATION OF EBITDA TO ADJUSTED EBITDA

2026

2025

2026

2025

EBITDA

$   1,434.3

$    204.8

$   1,893.7

$   (134.8)

Add: Stock-based compensation

9.0

10.0

17.4

21.4

Add: Interest, depreciation, and amortization expense - SBR

12.5

7.7

21.4

24.3

Special Items (Note 4):

Add: LCM inventory adjustment

—

—

(313.0)

—

Add: LCM inventory adjustment - SBR

—

(8.0)

(9.4)

(16.7)

Add: Martinez refinery fire expenses

22.7

30.4

34.2

108.5

Add: Gain on insurance recoveries, net

(250.0)

(189.0)

(356.5)

(189.0)

Add: Costs related to RBI initiative

9.2

13.6

18.6

13.6

Add: Loss on extinguishment of debt

2.2

—

2.2

—

Adjusted EBITDA

$   1,239.9

$      69.5

$   1,308.6

$   (172.7)

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in millions)

June 30,

December 31,

Balance Sheet Data:

2026

2025

Cash and cash equivalents

$         894.1

$       527.9

Inventories

2,893.9

2,563.1

Total assets

14,718.7

13,019.9

Total debt

1,749.1

2,148.3

Total equity

6,545.4

5,449.9

Total equity excluding special items (Note 4, 14)

$       4,777.2

$     4,143.5

Total debt to capitalization ratio (Note 14)

21 %

28 %

Total debt to capitalization ratio, excluding special items (Note 14)

27 %

34 %

Net debt to capitalization ratio (Note 14)

12 %

23 %

Net debt to capitalization ratio, excluding special items (Note 14)

15 %

28 %

SUMMARIZED STATEMENT OF CASH FLOW DATA

(Unaudited, in millions)

Six Months Ended June 30,

2026

2025

Cash flows provided by (used in) operating activities

$       1,265.1

$      (470.3)

Cash flows used in investing activities

(506.1)

(371.3)

Cash flows (used in) provided by financing activities

(392.8)

896.2

Net change in cash and cash equivalents

366.2

54.6

Cash and cash equivalents, beginning of period

527.9

536.1

Cash and cash equivalents, end of period

$         894.1

$       590.7

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
CONSOLIDATING FINANCIAL INFORMATION (Note 8)
(Unaudited, in millions)

Three Months Ended June 30, 2026

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Revenues

$   11,676.3

$       94.9

$         —

$       (92.9)

$     11,678.3

Cost of products and other

9,786.9

3.3

—

(88.3)

9,701.9

Operating expenses (income)

646.0

28.7

—

(4.6)

670.1

Depreciation and amortization expense

151.2

8.3

3.6

—

163.1

Other segment (income) expenses, net (a) 

(250.0)

1.6

119.5

—

(128.9)

Income (loss) from operations

1,342.2

53.0

(123.1)

—

1,272.1

Interest (income) expense, net

(13.2)

(0.3)

55.5

—

42.0

Capital expenditures (b)

184.0

2.0

2.5

—

188.5

Three Months Ended June 30, 2025

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Revenues

$    7,465.6

$       98.0

$         —

$       (88.3)

$      7,475.3

Cost of products and other

6,825.4

2.2

—

(83.9)

6,743.7

Operating expenses (income)

607.5

28.6

—

(4.4)

631.7

Depreciation and amortization expense

148.8

9.1

3.6

—

161.5

Other segment (income) expenses, net (a) 

(189.0)

1.8

82.6

—

(104.6)

Income (loss) from operations

72.8

56.3

(86.1)

—

43.0

Interest (income) expense, net

(4.8)

(0.6)

59.2

—

53.8

Capital expenditures (b) 

144.5

8.2

2.0

—

154.7

Six Months Ended June 30, 2026

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Revenues

$   19,576.1

$      188.1

$         —

$      (181.6)

$     19,582.6

Cost of products and other

16,649.8

6.5

—

(172.5)

16,483.8

Operating expenses (income)

1,307.2

60.9

—

(9.1)

1,359.0

Depreciation and amortization expense

297.9

16.6

7.4

—

321.9

Other segment (income) expenses, net (a) 

(356.2)

3.4

199.0

—

(153.8)

Income (loss) from operations

1,677.5

100.6

(206.4)

—

1,571.7

Interest (income) expense, net

(29.6)

(0.5)

114.2

—

84.1

Capital expenditures (b)

500.1

3.6

4.9

—

508.6

Six Months Ended June 30, 2025

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Revenues

$   14,522.7

$      192.5

$         —

$      (173.5)

$     14,541.7

Cost of products and other

13,490.8

4.8

—

(164.8)

13,330.8

Operating expenses (income)

1,313.8

58.4

—

(8.7)

1,363.5

Depreciation and amortization expense

307.4

18.2

7.2

—

332.8

Other segment (income) expenses, net (a)

(189.0)

3.4

168.4

—

(17.2)

Income (loss) from operations

(400.4)

107.7

(175.5)

—

(468.2)

Interest (income) expense, net

(9.3)

(0.8)

100.8

—

90.7

Capital expenditures (b)

360.1

10.6

2.3

—

373.0

Balance at June 30, 2026

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Total assets (c)

$   13,138.6

$      660.5

$      959.0

$       (39.4)

$     14,718.7

Balance at December 31, 2025

Refining

Logistics

Corporate

 Eliminations

Consolidated
Total

Total assets (c)

$   11,469.1

$      683.4

$      906.3

$       (38.9)

$     13,019.9

(a) Other segment (income) expenses, net include General and administrative expenses (excluding depreciation and amortization expenses), Gain on insurance recoveries, net, Equity (income) loss in investee, and (Gain) loss on sale of assets.

(b) For the three and six months ended June 30, 2026, the Company's refining segment Capital expenditures exclude $55.8 million and $245.2 million, respectively, of costs associated with the rebuild of units damaged by the Martinez refinery fire that were reimbursed by insurance proceeds. For the three and six months ended June 30, 2025, the Company's refining segment Capital expenditures exclude $132.0 million of costs associated with the rebuild of units damaged by the Martinez refinery fire that were reimbursed by insurance proceeds.

(c) As of June 30, 2026 and December 31, 2025, Corporate assets include the Company's Equity method investment in SBR of $859.6 million and $826.3 million, respectively.

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
MARKET INDICATORS AND KEY OPERATING INFORMATION
(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

Market Indicators (dollars per barrel) (Note 9)

2026

2025

2026

2025

Dated Brent crude oil

$  104.86

$   67.70

$   93.28

$   71.64

West Texas Intermediate (WTI) crude oil

$    93.11

$   63.81

$   83.00

$   67.60

Light Louisiana Sweet (LLS) crude oil

$    95.64

$   66.12

$   85.57

$   70.22

Alaska North Slope (ANS) crude oil

$  103.05

$   68.82

$   90.40

$   72.30

Crack Spreads:

Dated Brent (NYH) 2-1-1

$   43.48

$   22.24

$   35.05

$   19.58

WTI (Chicago) 4-3-1

$   44.62

$   21.16

$   32.11

$   17.47

LLS (Gulf Coast) 2-1-1

$   48.66

$   20.26

$   39.39

$   18.77

ANS (West Coast-LA) 4-3-1

$   53.28

$   28.85

$   45.03

$   26.00

ANS (West Coast-SF) 3-2-1

$   58.27

$   36.07

$   49.67

$   30.85

Crude Oil Differentials:

Dated Brent (foreign) less WTI

$   11.75

$    3.90

$   10.27

$    4.04

Dated Brent less Maya (heavy, sour)

$   16.08

$    9.22

$   15.12

$    9.86

Dated Brent less WTS (sour)

$   13.04

$    4.03

$   11.64

$    3.95

Dated Brent less ASCI (sour)

$   10.98

$    3.19

$     9.07

$    3.26

WTI less WCS (heavy, sour)

$   20.25

$   10.65

$   18.03

$   11.86

WTI less Bakken (light, sweet)

$     0.32

$    0.65

$     1.15

$    1.19

WTI less Syncrude (light, sweet)

$    (2.83)

$   (0.93)

$    (0.66)

$    0.83

WTI less LLS (light, sweet)

$    (2.53)

$   (2.31)

$    (2.56)

$   (2.61)

WTI less ANS (light, sweet)

$    (9.93)

$   (5.01)

$    (7.40)

$   (4.69)

Effective RIN basket price

$   13.78

$    6.14

$   11.30

$    5.45

Natural gas (dollars per MMBTU)

$     2.94

$    3.51

$     3.20

$    3.69

Key Operating Information

Production (barrels per day ("bpd") in thousands)

893.5

845.8

867.5

789.5

Crude oil and feedstocks throughput (bpd in thousands)

887.3

839.1

865.9

785.1

Total crude oil and feedstocks throughput (millions of barrels)

80.7

76.4

156.7

142.1

Consolidated gross margin per barrel of throughput

$   14.20

$   (0.76)

$     9.10

$   (3.37)

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$   23.40

$    8.38

$   16.67

$    7.26

Refining operating expense, per barrel of throughput (Note 11)

$     8.00

$    7.96

$     8.34

$    9.25

Crude and feedstocks (% of total throughput) (Note 13)

Heavy

31 %

25 %

28 %

27 %

Medium

29 %

35 %

33 %

35 %

Light

24 %

26 %

23 %

24 %

Other feedstocks and blends

16 %

14 %

16 %

14 %

Total throughput

100 %

100 %

100 %

100 %

Yield (% of total throughput)

Gasoline and gasoline blendstocks

42 %

44 %

43 %

46 %

Distillates and distillate blendstocks

36 %

34 %

35 %

35 %

Lubes

1 %

1 %

1 %

1 %

Chemicals

1 %

2 %

1 %

1 %

Other

21 %

20 %

20 %

18 %

Total yield

101 %

101 %

100 %

101 %

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
SUPPLEMENTAL OPERATING INFORMATION
(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Supplemental Operating Information - East Coast Refining System (Delaware City and Paulsboro)

Production (bpd in thousands)

308.1

296.8

305.4

277.7

Crude oil and feedstocks throughput (bpd in thousands)

309.1

299.8

306.8

281.1

Total crude oil and feedstocks throughput (millions of barrels)

28.2

27.3

55.5

50.9

Gross margin per barrel of throughput

$   13.57

$    0.46

$   11.26

$   (1.68)

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$   20.80

$    7.37

$   16.30

$    6.67

Refining operating expense, per barrel of throughput (Note 11, 12)

$     5.61

$    5.34

$     6.14

$    6.51

Crude and feedstocks (% of total throughput) (Note 13):

Heavy

23 %

21 %

19 %

24 %

Medium

39 %

45 %

44 %

42 %

Light

20 %

20 %

18 %

17 %

Other feedstocks and blends

18 %

14 %

19 %

17 %

Total throughput

100 %

100 %

100 %

100 %

Yield (% of total throughput):

Gasoline and gasoline blendstocks

35 %

37 %

36 %

38 %

Distillates and distillate blendstocks

39 %

37 %

38 %

38 %

Lubes

2 %

2 %

2 %

2 %

Chemicals

2 %

2 %

2 %

2 %

Other

22 %

21 %

22 %

19 %

Total yield

100 %

99 %

100 %

99 %

Supplemental Operating Information - Mid-Continent (Toledo)

Production (bpd in thousands)

132.1

165.6

138.6

152.4

Crude oil and feedstocks throughput (bpd in thousands)

130.9

162.2

137.4

149.9

Total crude oil and feedstocks throughput (millions of barrels)

11.9

14.8

24.9

27.1

Gross margin per barrel of throughput

$   11.33

$     2.74

$   12.71

$    0.36

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$   20.13

$   10.14

$   13.46

$    8.60

Refining operating expense, per barrel of throughput (Note 11, 12)

$     7.27

$     5.60

$     7.38

$    6.29

Crude and feedstocks (% of total throughput) (Note 13):

Medium

38 %

31 %

39 %

35 %

Light

60 %

67 %

58 %

62 %

Other feedstocks and blends

2 %

2 %

3 %

3 %

Total throughput

100 %

100 %

100 %

100 %

Yield (% of total throughput):

Gasoline and gasoline blendstocks

42 %

51 %

47 %

53 %

Distillates and distillate blendstocks

42 %

37 %

42 %

38 %

Chemicals

3 %

4 %

3 %

3 %

Other

14 %

10 %

9 %

8 %

Total yield

101 %

102 %

101 %

102 %

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
EARNINGS RELEASE TABLES
SUPPLEMENTAL OPERATING INFORMATION
(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Supplemental Operating Information - Gulf Coast (Chalmette)

Production (bpd in thousands)

179.0

177.5

183.2

168.2

Crude oil and feedstocks throughput (bpd in thousands)

177.4

173.6

181.2

165.8

Total crude oil and feedstocks throughput (millions of barrels)

16.1

15.8

32.8

30.0

Gross margin per barrel of throughput

$   12.15

$    0.48

$     8.01

$   (0.86)

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$   20.06

$    7.35

$   15.64

$    6.39

Refining operating expense, per barrel of throughput (Note 11, 12)

$     6.59

$    5.57

$     6.10

$    5.85

Crude and feedstocks (% of total throughput) (Note 13):

Heavy

23 %

9 %

20 %

10 %

Medium

27 %

46 %

33 %

44 %

Light

36 %

25 %

30 %

28 %

Other feedstocks and blends

14 %

20 %

17 %

18 %

Total throughput

100 %

100 %

100 %

100 %

Yield (% of total throughput):

Gasoline and gasoline blendstocks

43 %

46 %

44 %

48 %

Distillates and distillate blendstocks

35 %

34 %

34 %

32 %

Chemicals

1 %

1 %

1 %

1 %

Other

22 %

21 %

22 %

20 %

Total yield

101 %

102 %

101 %

101 %

Supplemental Operating Information - West Coast (Torrance and Martinez)

Production (bpd in thousands)

274.3

205.9

240.3

191.2

Crude oil and feedstocks throughput (bpd in thousands)

269.9

203.5

240.5

188.3

Total crude oil and feedstocks throughput (millions of barrels)

24.5

18.5

43.5

34.1

Gross margin per barrel of throughput

$   15.89

$    (9.54)

$     3.23

$  (14.32)

Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10)

$   30.16

$     9.35

$   19.77

$     7.84

Refining operating expense, per barrel of throughput (Note 11, 12)

$   11.58

$   15.73

$   12.85

$   18.67

Crude and feedstocks (% of total throughput) (Note 13):

Heavy

61 %

66 %

61 %

66 %

Medium

13 %

12 %

16 %

17 %

Light

3 %

4 %

2 %

2 %

Other feedstocks and blends

23 %

18 %

21 %

15 %

Total throughput

100 %

100 %

100 %

100 %

Yield (% of total throughput):

Gasoline and gasoline blendstocks

51 %

45 %

48 %

51 %

Distillates and distillate blendstocks

30 %

30 %

27 %

30 %

Other

21 %

26 %

25 %

21 %

Total yield

102 %

101 %

100 %

102 %

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP
GROSS REFINING MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note 10)
(Unaudited, in millions, except per barrel amounts)

Three Months Ended June 30,

2026

2025

RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS

$

per barrel
of

throughput

$

per barrel
of

throughput

Calculation of consolidated gross margin:

Revenues

$  11,678.3

$    144.63

$   7,475.3

$     97.90

Less: Cost of sales

10,531.5

130.43

7,533.3

98.66

Consolidated gross margin

$   1,146.8

$     14.20

$     (58.0)

$     (0.76)

Reconciliation of consolidated gross margin to gross refining margin:

Consolidated gross margin

$   1,146.8

$     14.20

$     (58.0)

$     (0.76)

Add: Logistics operating expense

28.7

0.36

28.6

0.37

Add: Logistics depreciation expense

8.3

0.10

9.1

0.12

Less: Logistics gross margin

(91.6)

(1.13)

(95.9)

(1.26)

Add: Refining operating expense

646.0

8.00

607.5

7.96

Add: Refining depreciation expense

151.2

1.87

148.8

1.95

Gross refining margin

$   1,889.4

$     23.40

$     640.1

$      8.38

Gross refining margin excluding special items

$   1,889.4

$     23.40

$     640.1

$      8.38

Six Months Ended June 30,

2026

2025

RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS

$

per barrel
of

throughput

$

per barrel
of

throughput

Calculation of consolidated gross margin:

Revenues

$  19,582.6

$    124.95

$  14,541.7

$    102.34

Less: Cost of sales

18,157.3

115.85

15,019.9

105.71

Consolidated gross margin

$   1,425.3

$      9.10

$    (478.2)

$     (3.37)

Reconciliation of consolidated gross margin to gross refining margin:

Consolidated gross margin

$   1,425.3

$      9.10

$    (478.2)

$     (3.37)

Add: Logistics operating expense

60.9

0.39

58.4

0.41

Add: Logistics depreciation expense

16.6

0.11

18.2

0.13

Less: Logistics gross margin

(181.6)

(1.17)

(187.8)

(1.32)

Add: Refining operating expense

1,307.2

8.34

1,313.8

9.25

Add: Refining depreciation expense

297.9

1.90

307.4

2.16

Gross refining margin

$   2,926.3

$     18.67

$   1,031.8

$      7.26

   Special Items (Note 4):

Add: LCM inventory adjustment

(313.0)

(2.00)

—

—

Gross refining margin excluding special items

$   2,613.3

$     16.67

$   1,031.8

$      7.26

See Footnotes to Earnings Release Tables

PBF ENERGY INC. AND SUBSIDIARIES

EARNINGS RELEASE TABLES

FOOTNOTES TO EARNINGS RELEASE TABLES

(1) Adjusted fully-converted information is presented in this table as management believes that these Non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful to investors to compare our results across the periods presented and facilitate an understanding of our operating results. We also use these measures to evaluate our operating performance. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The differences between adjusted fully-converted and GAAP results are explained in footnotes 2 through 6.

(2) Represents the elimination of the noncontrolling interest associated with the ownership by the members of PBF Energy Company LLC ("PBF LLC") other than PBF Energy Inc. ("PBF Energy"), as if such members had fully exchanged their PBF LLC Series A Units for shares of PBF Energy Class A common stock.

(3) Represents an adjustment to reflect PBF Energy's estimated annualized statutory corporate tax rate of approximately 26.0% for both the 2026 and 2025 periods, applied to net income (loss) attributable to noncontrolling interest for all periods presented. The adjustment assumes the full exchange of existing PBF LLC Series A Units as described in footnote 2.

(4) The Non-GAAP measures presented include adjusted fully-converted net income (loss) excluding special items, income (loss) from operations excluding special items, EBITDA excluding special items, and gross refining margin excluding special items. Special items for the periods presented relate to LCM inventory adjustment, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez refinery fire, gain on insurance recoveries, costs related to RBI initiative, and loss on extinguishment of debt, all as discussed further below. Additionally, the cumulative effects of all current and prior period special items on equity are shown in footnote 14.

Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful supplemental information to investors regarding the results and performance of our business and allow for useful period-over-period comparisons, such Non-GAAP measures should only be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.

Special Items:

LCM inventory adjustment - LCM is a GAAP requirement for inventory valuation that mandates inventory to be stated at the lower of cost or market. Our inventories are valued at the lower of cost or market with cost determined using the last-in, first-out ("LIFO") inventory valuation methodology, under which the most recently incurred costs are charged to cost of sales and inventories are valued at base layer acquisition costs. Market price is determined based on an assessment of the current estimated replacement cost and net realizable selling price of the inventory. When the market price of our inventory declines substantially, cost values of inventory may exceed market values. In such instances, we record an adjustment to write down the value of inventory to market value in accordance with GAAP. In subsequent periods, the value of inventory is reassessed and an LCM inventory adjustment is recorded to reflect the net change in the LCM inventory reserve between periods. The net impact of these LCM inventory adjustments is included in the Refining segment's income from operations, but excluded from the operating results presented, as applicable, to ensure comparability between periods.

PBF Energy LCM inventory adjustment - During the six months ended June 30, 2026, we reversed the $313.0 million LCM inventory reserve recorded at December 31, 2025. This reversal increased income from operations and net income by $313.0 million and $231.6 million, respectively, and resulted in no LCM inventory reserve at June 30, 2026. There were no such adjustments in any of the other periods presented.

SBR LCM inventory adjustment - During the six months ended June 30, 2026, SBR reversed the $18.8 million LCM inventory reserve recorded at December 31, 2025. During the three and six months ended June 30, 2025, SBR recorded adjustments to value its inventory to the LCM which increased its income from operations by $15.9 million and $33.3 million, respectively. Our Equity loss in investee reflects our 50% share of these adjustments. Accordingly, for the six months ended June 30, 2026, the reversal increased our income from operations and net income by $9.4 million and $7.0 million, respectively. For the three and six months ended June 30, 2025, these LCM adjustments increased our income from operations by $8.0 million and $16.7 million, respectively ($5.9 million and $12.4 million, respectively, net of tax). There were no such adjustments during the three months ended June 30, 2026.

Martinez refinery fire expenses - During the three and six months ended June 30, 2026, we recorded operating expenses associated with the Martinez refinery fire that decreased income from operations by $22.7 million and $34.2 million, respectively ($16.8 million and $25.3 million, respectively, net of tax). During the three and six months ended June 30, 2025, we recorded operating expenses associated with the Martinez refinery fire that decreased income from operations by $30.4 million and $108.5 million, respectively ($22.5 million and $80.3 million, respectively, net of tax).

Gain on insurance recoveries, net - During the three and six months ended June 30, 2026, we recorded gains on insurance recoveries associated with the Martinez refinery fire that increased income from operations by $250.0 million and $356.5 million, respectively ($185.0 million and $263.8 million, respectively, net of tax). During both the three and six months ended June 30, 2025, we recorded a gain on insurance recoveries associated with the Martinez refinery fire that increased income from operations and net income by $189.0 million and $139.9 million, respectively.

Costs related to RBI initiative - During the second quarter of 2025, we launched our RBI initiative as part of our ongoing strategic efforts to extract incremental value across our business. As a result, for the three and six months ended June 30, 2026, we recorded expenses related to the execution of this initiative that decreased income from operations by $9.2 million and $18.6 million, respectively ($6.8 million and $13.8 million, respectively, net of tax). For both the three and six months ended June 30, 2025, we recorded expenses related to the execution of this initiative that decreased income from operations and net income by $13.6 million and $10.1 million, respectively. These charges are included within General and administrative expenses.

Loss on extinguishment of debt - During both the three and six months ended June 30, 2026, we recorded a pre-tax loss on extinguishment of debt related to the redemption of our 2028 6.00% Senior Notes, which decreased income before income taxes and net income by $2.2 million and $1.6 million, respectively. There were no such adjustments in any of the other periods presented.

Recomputed income tax on special items - The income tax impact on these special items is calculated using the tax rates shown in (3) above.

(5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of existing PBF LLC Series A Units as described in footnote 2.

(6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive) for the three and six months ended June 30, 2026 and 2025, respectively. Common stock equivalents exclude the effects of performance share units, options, and warrants to purchase 876,069 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the six months ended June 30, 2026 (compared with 7,023,756 and 6,834,426 shares for the three and six months ended June 30, 2025, respectively). For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive.

(7) Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA are supplemental measures of performance that are not required by, or presented in accordance with GAAP. Adjusted EBITDA is defined as EBITDA before adjustments for items such as stock-based compensation expense, our share of SBR interest, depreciation, and amortization expense, LCM inventory adjustment, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez refinery fire, gain on insurance recoveries, costs related to RBI initiative, loss on extinguishment of debt, and certain other non-cash items. We use these Non-GAAP financial measures as a supplement to our GAAP results in order to provide additional metrics on factors and trends affecting our business. EBITDA and Adjusted EBITDA are measures of operating performance that are not defined by GAAP and should not be considered substitutes for net income as determined in accordance with GAAP. In addition, because EBITDA and Adjusted EBITDA are not calculated in the same manner by all companies, they are not necessarily comparable to other similarly titled measures used by other companies. EBITDA and Adjusted EBITDA have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.

For the periods ending June 30, 2026, our share of SBR interest, depreciation, and amortization expense, recorded within Equity loss in investee in the Condensed Consolidated Statements of Operations, is treated as an adjustment to EBITDA. Prior-period amounts in the table above has been conformed to the 2026 presentation.

(8) We operate in two reportable segments: Refining and Logistics. Our operations that are not included in the Refining and Logistics segments are included in Corporate. As of June 30, 2026, the Refining segment includes the operations of our oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The Logistics segment includes the operations of PBF Logistics LP ("PBFX"), an indirect wholly-owned subsidiary of PBF Energy and PBF LLC, which owns or leases, operates, develops, and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX's assets primarily consist of rail and truck terminals and unloading racks, storage facilities and pipelines, a substantial portion of which were acquired from or contributed by PBF LLC and are located at, or nearby, our refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third party customers through fee-based commercial agreements.

PBFX currently does not generate significant third party revenue and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy perspective, our chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX's individual operating segments.

(9) Our market indicators table summarizes certain market indicators relating to our operating results as reported by Platts, a division of The McGraw-Hill Companies.

(10) Gross refining margin and gross refining margin per barrel of throughput are Non-GAAP measures because they exclude refining operating expenses, depreciation and amortization and gross margin of the Logistics segment. Gross refining margin per barrel is gross refining margin, divided by total crude and feedstocks throughput. We believe they are important measures of operating performance and provide useful information to investors because gross refining margin per barrel is a helpful metric comparison to the industry refining margin benchmarks shown in the Market Indicators Tables, as such benchmarks do not include a charge for refinery operating expenses and depreciation. Other companies in our industry may not calculate gross refining margin and gross refining margin per barrel in the same manner. Gross refining margin and gross refining margin per barrel of throughput have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.

(11) Represents refining operating expenses, including corporate-owned logistics assets, excluding depreciation and amortization, divided by total crude oil and feedstocks throughput.

(12) Refining operating expenses per barrel at the regional level exclude the impact of nonpermanent loss adjusted excess  insurance premium costs.

(13) We define heavy crude oil as crude oil with American Petroleum Institute ("API") gravity less than 24 degrees. We define medium crude oil as crude oil with API gravity between 24 and 35 degrees. We define light crude oil as crude oil with API gravity higher than 35 degrees.

(14) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. This ratio is a measurement that management believes is useful to investors in analyzing our leverage. Net debt and the net debt to capitalization ratio are Non-GAAP measures and should not be considered an alternative to any other measure of financial performance or liquidity presented in accordance with GAAP. Net debt is calculated by subtracting cash and cash equivalents from total debt. We believe these measurements are also useful to investors since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire or pay down our debt. Additionally, we have also presented the total debt to capitalization and net debt to capitalization ratios excluding the cumulative effects of special items on equity.

June 30,

December 31,

2026

2025

(in millions)

Total debt

$       1,749.1

$       2,148.3

Total equity

6,545.4

5,449.9

Total capitalization

$       8,294.5

$       7,598.2

Total debt

$       1,749.1

$       2,148.3

Total equity excluding special items

4,777.2

4,143.5

Total capitalization excluding special items

$       6,526.3

$       6,291.8

Total equity

$       6,545.4

$       5,449.9

Special Items (Note 4)

Add: LCM inventory adjustment

(313.0)

—

Add: LCM inventory adjustment - SBR

(9.4)

—

Add: Martinez refinery fire expenses

34.2

—

Add: Gain on insurance recoveries, net

(356.5)

—

Add: Costs related to RBI initiative

18.6

—

Add: Loss on extinguishment of debt

2.2

—

Add: Cumulative historical equity adjustments (a)

(1,753.3)

(1,753.3)

Less: Recomputed income tax on special items

609.0

446.9

Net impact of special items

(1,768.2)

(1,306.4)

Total equity excluding special items

$       4,777.2

$       4,143.5

Total debt

$       1,749.1

$       2,148.3

Less: Cash and cash equivalents

894.1

527.9

Net debt

$          855.0

$       1,620.4

Total debt to capitalization ratio

21 %

28 %

Total debt to capitalization ratio, excluding special items

27 %

34 %

Net debt to capitalization ratio

12 %

23 %

Net debt to capitalization ratio, excluding special items

15 %

28 %

(a) All prior year special items are reflected on an aggregate basis within "Cumulative historical equity adjustments" before recomputed income tax effect. Refer to the Company's 2025 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's Discussion and Analysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative historical equity adjustments prior to 2026.

SOURCE PBF Energy Inc.

Key Takeaways Delek expects its optimization plan to generate about $220M in annual cash flow improvements.PBF generated more than $230M in annualized savings through its RBI initiative during 2025.DK offers diversified cash flows, while PBF's recovery could unlock significant earnings improvement. Independent refiners continue to benefit from a favorable industry backdrop, supported by healthy crack spreads, resilient fuel demand, constrained global refining capacity and ongoing geopolitical tensions in the Middle East, which have contributed to uncertainty in energy markets. Companies that can efficiently operate their refining assets while maintaining financial discipline are well positioned to capitalize on these favorable market conditions.

Two notable players in the sub-industry are Delek US Holdings, Inc. (DK - Free Report) and PBF Energy Inc. (PBF - Free Report) . While both operate diversified refining systems across the United States, their investment stories are quite different. Delek is building on operational improvements and the steady growth of its logistics business to drive more consistent earnings. PBF, meanwhile, is focused on completing the turnaround of its Martinez refinery while lowering costs through company-wide efficiency initiatives. With both companies benefiting from improving refining fundamentals, which stock deserves investors' attention today?

Delek Builds on Operational StrengthDelek entered 2026 with improving operational momentum despite reporting a GAAP net loss in the first quarter. The company generated adjusted EBITDA of $211.7 million, a sharp improvement from $33.6 million in the year-ago quarter, while adjusted earnings per share came in at 8 cents in the first quarter. Higher benchmark crack spreads, which climbed nearly 64% year over year, played a major role in supporting the company's profitability.

The refining segment remained Delek's primary earnings driver, generating adjusted EBITDA of $155.3 million following the successful completion of the planned turnaround at its Big Spring refinery. In addition, Delek Logistics continued to provide stable cash flows by delivering adjusted EBITDA of $132.4 million, supported by stronger wholesale margins and higher third-party volumes.

Another positive for Delek is its Enterprise Optimization Plan. Management expects the initiative to generate nearly $220 million in annual cash flow improvements, which should further strengthen profitability over time. Combined with its diversified business model, these initiatives provide Delek with greater earnings visibility and reduce its dependence on refining margins alone.

PBF Offers a Compelling Turnaround OpportunityUnlike Delek, whose investment case is centered on operational consistency, PBF's investment thesis depends largely on the successful recovery of its refining operations.

The company reported first-quarter net income attributable to shareholders of $198.3 million, benefiting from insurance recoveries and improving operations following the Martinez refinery outage. Although adjusted earnings remained under pressure due to temporary operational challenges, management expects Martinez to return to planned operating rates shortly, restoring one of the company's most valuable assets.

PBF is also making steady progress through its Refining Business Improvement ("RBI") initiative. The program generated more than $230 million in annualized savings during 2025 and management expects cumulative annualized savings to exceed $350 million by the end of 2026. Along with nearly $1 billion in insurance recoveries related to the Martinez incident, these cost-saving initiatives could significantly improve earnings as refinery utilization normalizes.

While PBF's recovery story carries greater execution risk than Delek's, it also provides meaningful upside potential if management successfully delivers on the turnaround strategy.

DK vs. PBF: Performance, Valuation and Growth OutlookBoth companies have benefited from improving industry conditions, but investors have rewarded Delek more aggressively. Over the past six months, DK’s shares have rallied 92.5%, outperforming PBF's impressive 75.8% gain. The stronger share-price performance reflects investors' confidence in Delek's consistent execution, operational improvements and diversified earnings base.

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Market has also become increasingly optimistic about both refiners.

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Over the past 60 days, the Zacks Consensus Estimate for 2026 earnings has increased 40.35% for DK and 33.01% for PBF. The upward estimate revisions suggest analysts expect refining fundamentals to remain supportive while company-specific initiatives continue to improve earnings.

Valuation, however, paints a different picture.

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Delek currently trades at a forward 12-month P/E multiple of 14.73X, while PBF trades at just 7.89X. Although Delek commands a premium valuation due to its stronger operational execution and more diversified earnings streams, PBF's discounted multiple could offer attractive upside if the Martinez refinery continues operating smoothly and the RBI program delivers its targeted savings.

Which Stock Should Investors Choose?Both Delek and PBF currently carry a Zacks Rank #3 (Hold), meaning neither stock has a ranking advantage. Instead, investors should evaluate the companies based on their risk tolerance and investment objectives. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Delek appears better suited for investors seeking a more balanced investment. The company benefits from improving refinery operations, stable cash flows from its logistics business and ongoing optimization initiatives that are expected to enhance long-term profitability. These strengths provide greater earnings visibility and justify its premium valuation. PBF, on the other hand, is the more aggressive investment choice.

The successful restart of the Martinez refinery, expanding cost savings under the RBI initiative and substantial insurance recoveries could drive a meaningful earnings rebound over the next several quarters. However, the investment thesis remains more dependent on flawless execution.

Overall, Delek stands out as the stronger all-around investment due to its operational momentum, diversified earnings profile and stronger financial visibility. PBF remains an attractive turnaround story and investors willing to accept higher execution risk may be rewarded if management successfully delivers on its recovery plans. For conservative investors, however, Delek's consistent execution and more predictable growth profile make it the better choice today