Crude oil and refined product price volatility
Refining profitability depends on the spread between feedstock costs and product prices.
- Scope
- Refining segment
- Materiality
- high
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.
1,1 %
−1,9 %
−0,5 %
−11,4 %
1.21
0.51
| % | |
|---|---|
| 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. |
PBF Energy sells refined products into wholesale fuel markets and supplies customers that consume transportation fuels...
- Wholesale refined product buyersprimary
Buy gasoline, diesel, jet fuel and other refined products for resale or end use.
- Internal refinery supply chainprimary
PBF refineries use PBFX terminals, pipelines and storage to move feedstocks and products.
- Third-party logistics customerssecondary
Use PBFX assets for receiving, storing, handling and transferring hydrocarbons.
- Commercial contract counterpartiessecondary
Enter long-term, fee-based agreements that provide stable logistics throughput.
PBF Energy’s refining system is concentrated in the United States, with six refineries in Delaware, New Jersey, Ohio,...
- •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
PBF Energy’s business model centers on operating a large, geographically diversified refining system while using...
01
Maximize refinery reliability and throughputmedium-term
Refining economics depend on high utilization and stable operations across the asset base.
02
Strengthen logistics integrationmedium-term
Fee-based terminals, pipelines and storage help secure feedstock supply and product distribution.
03
Manage commodity and supply-chain exposureshort-term
Refining margins are sensitive to crude prices, product demand and regional differentials.
PBF Energy is exposed to the cyclicality of refining margins, which move with crude oil prices, product demand,...
Weak demand for refined products
Lower economic activity can reduce fuel consumption and refinery utilization.
- Scope
- Gasoline, diesel and jet fuel markets
- Materiality
- high
Operational interruptions at refineries or logistics assets
Unplanned outages can reduce throughput and increase repair and replacement costs.
- Scope
- Six refineries and PBFX terminals/pipelines
- Materiality
- high
Regulatory and environmental compliance
Refining is heavily regulated for emissions, safety and renewable-fuels obligations.
- Scope
- GHG, climate, health and safety, RINs
- Materiality
- high
Structural and tax-related obligations
The PBF LLC structure, noncontrolling interests and Tax Receivable Agreement affect cash flows and governance.
- Scope
- Holding company and unit exchange structure
- Materiality
- medium
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
: 29.4.2026