PBF Energy Inc.
PBF Energy Inc. is a U.S.-based holding company whose main business is petroleum refining through its controlling interest in PBF LLC. Its operating footprint includes six refineries in the United States and a logistics business that owns and operates terminals, pipelines, storage facilities, and related assets supporting crude oil and refined products movement.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueConversion of crude oil and other feedstocks into transportation fuels and other petroleum products.
Fee-based terminal, pipeline, storage and transfer services for crude oil, products and intermediates.
Customers
PBF Energy sells refined products into wholesale fuel markets and supplies customers that consume transportation fuels and related petroleum products. Its logistics segment also serves PBF Energy’s own refineries and third-party customers that need storage, handling and transport services for crude oil, refined products, natural gas and intermediates.
Buy gasoline, diesel, jet fuel and other refined products for resale or end use.
PBF refineries use PBFX terminals, pipelines and storage to move feedstocks and products.
Use PBFX assets for receiving, storing, handling and transferring hydrocarbons.
Enter long-term, fee-based agreements that provide stable logistics throughput.
Strategy
PBF Energy’s business model centers on operating a large, geographically diversified refining system while using logistics assets to support feedstock supply and product distribution. Its strategic position depends on refinery reliability, access to advantaged crude and feedstocks, and fee-based logistics relationships that support throughput and asset utilization.
Refining economics depend on high utilization and stable operations across the asset base.
Fee-based terminals, pipelines and storage help secure feedstock supply and product distribution.
Refining margins are sensitive to crude prices, product demand and regional differentials.
Geography
PBF Energy’s refining system is concentrated in the United States, with six refineries in Delaware, New Jersey, Ohio, Louisiana and California. Its logistics assets move crude oil and refined products across the United States and Canada, making the business highly tied to North American supply chains and regional refining economics.
Risks
PBF Energy is exposed to the cyclicality of refining margins, which move with crude oil prices, product demand, feedstock differentials and utility costs. The company also faces operational, regulatory and supply-chain risks tied to running large refinery and logistics assets, plus structural risks from its holding-company and partnership structure.
- Crude oil and refined product price volatilityImpact: HighLikelihood: Medium
Refining profitability depends on the spread between feedstock costs and product prices.
Exposure: Refining segment
- Weak demand for refined productsImpact: HighLikelihood: Medium
Lower economic activity can reduce fuel consumption and refinery utilization.
Exposure - Operational interruptions at refineries or logistics assetsImpact: HighLikelihood: Medium
Unplanned outages can reduce throughput and increase repair and replacement costs.
Exposure: Six refineries and PBFX terminals/pipelines
- Regulatory and environmental complianceImpact: HighLikelihood: Medium
Refining is heavily regulated for emissions, safety and renewable-fuels obligations.
Exposure - Structural and tax-related obligationsImpact: MediumLikelihood: Medium
The PBF LLC structure, noncontrolling interests and Tax Receivable Agreement affect cash flows and governance.
Exposure: Holding company and unit exchange structure
Accounting
Judgemental itemsPBF Energy consolidates PBF LLC but does not own all economic interests, so earnings are split between controlling and noncontrolling holders.
Impact: Affects net income attributable to stockholders and equity presentation
The liability is based on expected future tax savings and can change with unit exchanges and revised taxable income forecasts.
Impact: Can create material balance-sheet and earnings volatility
A substantial portion of PBFX revenue is from related-party agreements that are eliminated in consolidation.
Impact: Important for understanding segment economics versus consolidated revenue
Refineries and logistics assets are capital intensive and subject to impairment if market conditions weaken.
Impact: Can materially affect operating results and asset values
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Last updated: 24/09/2026