PBF Declares Dividend, Advances Martinez Refinery Recovery


   
Kristina Davis
DTN Refined Fuels Market Reporter

   MIAMI, FL -- PBF Energy Inc. announced Thursday (10/30), it will pay a 
$0.275 per share quarterly dividend on November 26, 2025, to shareholders of 
record as of November 14, the company said in a press release, underscoring 
confidence in its financial position as it continues rebuilding efforts at its 
Martinez refinery.

   Following the February 1 fire at the facility, limited operations resumed in 
the second quarter, with throughput expected between 85,000 and 105,000 bpd 
until full operations restart by year-end 2025, according to the release. Most 
repair costs will be covered by insurance, aside from a $30 million deductible, 
the company said. So far, PBF has received $500 million in insurance 
reimbursements, and the claims process remains ongoing, PBF said.

   The company also announced it completed the sale of two non-core terminal 
assets in Philadelphia, PA, and Knoxville, TN, for $175.4 million. The assets 
included 38 storage tanks with about 1.9 million bbl of capacity, part of the 
company's plan to streamline operations, according to the release.

   Looking ahead, PBF reaffirmed its Reliability-Based Improvement (RBI) 
initiative aimed at generating over $230 million in annualized savings by 2025, 
growing to more than $350 million by 2026, the company said. PBF said it 
reported $482 million in cash and $2.4 billion in total debt at quarter-end, 
maintaining capital expenditure guidance of $750--$775 million, excluding 
Martinez restoration costs.

   The dividend announcement and steady progress at Martinez reflect PBF's 
continued focus on operational recovery, efficiency, and long-term shareholder 
value, according to the company.

    




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