# PBF Energy Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/PBF Energy Inc.).

## Overview

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.

## Products & services

• Crude oil refining into gasoline, diesel, jet fuel and other products
• Terminal, pipeline and storage logistics services
• Receiving, handling and transferring crude oil and refined products
• Storage and movement of natural gas and intermediates
• Fee-based logistics services for third-party customers

- **Refining** (90%) — Conversion of crude oil and other feedstocks into transportation fuels and other petroleum products.
- **Logistics** (10%) — Fee-based terminal, pipeline, storage and transfer services for crude oil, products and intermediates.

- Crude oil refining into gasoline, diesel, jet fuel and other products
- Terminal, pipeline and storage logistics services
- Receiving, handling and transferring crude oil and refined products
- Storage and movement of natural gas and intermediates
- Fee-based logistics services for third-party customers

## 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.

- **Wholesale refined product buyers** (primary) — Buy gasoline, diesel, jet fuel and other refined products for resale or end use.
- **Internal refinery supply chain** (primary) — PBF refineries use PBFX terminals, pipelines and storage to move feedstocks and products.
- **Third-party logistics customers** (secondary) — Use PBFX assets for receiving, storing, handling and transferring hydrocarbons.
- **Commercial contract counterparties** (secondary) — Enter long-term, fee-based agreements that provide stable logistics throughput.

- Wholesale fuel buyers needing gasoline, diesel and jet fuel supply
- Commercial and industrial users of refined petroleum products
- Third-party logistics customers needing storage and transfer services
- Internal refinery operations that rely on PBFX assets
- Counterparties under long-term, fee-based logistics contracts

## 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.

- **United States** (100%) — Operations and refining assets are primarily U.S.-based.

- Six U.S. refineries in Delaware, New Jersey, Ohio, Louisiana and California
- Logistics assets span crude oil and product movement across the U.S. and Canada
- West Coast and Gulf Coast refineries expose the company to regional spreads
- Mid-Atlantic and Midwest assets support inland and coastal fuel distribution
- Canadian sourcing and logistics add cross-border supply chain exposure

## 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.

- **Maximize refinery reliability and throughput** (medium-term) — Refining economics depend on high utilization and stable operations across the asset base.
- **Strengthen logistics integration** (medium-term) — Fee-based terminals, pipelines and storage help secure feedstock supply and product distribution.
- **Manage commodity and supply-chain exposure** (short-term) — Refining margins are sensitive to crude prices, product demand and regional differentials.

- Run a geographically diversified U.S. refining network
- Use logistics assets to support refinery feedstock and product flows
- Maintain long-term, fee-based logistics relationships
- Improve refinery operating reliability and asset utilization
- Manage exposure to crude differentials, product spreads and supply chains

## 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 volatility** [high] — Refining profitability depends on the spread between feedstock costs and product prices.
- **Weak demand for refined products** [high] — Lower economic activity can reduce fuel consumption and refinery utilization.
- **Operational interruptions at refineries or logistics assets** [high] — Unplanned outages can reduce throughput and increase repair and replacement costs.
- **Regulatory and environmental compliance** [high] — Refining is heavily regulated for emissions, safety and renewable-fuels obligations.
- **Structural and tax-related obligations** [medium] — The PBF LLC structure, noncontrolling interests and Tax Receivable Agreement affect cash flows and governance.

- Refining margins can swing with crude and product price volatility
- Demand for refined products can weaken in economic downturns
- Refinery outages or logistics disruptions can materially affect operations
- Environmental, emissions and renewable-fuels rules can raise compliance costs
- Holding-company structure and tax obligations create structural complexity

## Accounting

PBF Energy’s reporting is shaped by consolidation of PBF LLC and the recognition of noncontrolling interests for other members and certain Chalmette subsidiaries. Investors should also watch the Tax Receivable Agreement liability, which depends on forecasts of future taxable income and can change with unit exchanges or updated assumptions.

- **Noncontrolling interest** — Affects net income attributable to stockholders and equity presentation
- **Tax Receivable Agreement liability** — Can create material balance-sheet and earnings volatility
- **Intercompany eliminations** — Important for understanding segment economics versus consolidated revenue
- **Long-lived asset impairment and depreciation** — Can materially affect operating results and asset values

- Consolidation of PBF LLC creates a large noncontrolling interest
- Tax distributions and TRA payments affect cash flow and liabilities
- Refining and logistics are separate segments with intercompany eliminations
- Fee-based logistics contracts can affect revenue timing and comparability
- Asset-heavy operations raise depreciation, impairment and maintenance estimates

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*Last updated: 2026-04-29T04:45:29.516799+00:00*