PBF Energy posts $200M net income as Martinez refinery nears full production

PBF Energy (NYSE:PBF) reported a net income of $200.2 million for the first quarter of 2026, with income from operations reaching $299.6 million.

On a per-share basis, net income attributable to the company was $1.65.

However, excluding special items and non-cash accounting adjustments, the company reported an adjusted fully-converted loss of $102.4 million, or $(0.88) per share, reflecting a period of significant planned maintenance and transitional operations.

A substantial portion of the quarter's financial liquidity was bolstered by the receipt of a fourth unallocated insurance installment totaling $106.5 million.

This latest payment brings the total insurance proceeds received by the company to date to $1 billion.

PBF ended the quarter with a cash position of approximately $542 million against a net debt of roughly $2.3 billion.

Operational focus remained centered on the Martinez refinery, where management confirmed that the restart process is progressing according to schedule.

The facility is expected to reach its full planned production rates in early May.

This operational milestone is reflected in the company's throughput guidance for the second quarter, which is projected to fall between 850,000 and 910,000 barrels per day (bpd).

In a sign of commitment to shareholder returns despite the adjusted loss, PBF Energy declared a quarterly dividend of $0.275 per share.

The dividend is scheduled to be paid on May 29, 2026, to stockholders of record.