PBF Energy Inc.

Oil & Gas Refining & Marketing • Energy • Parsippany, NJ, United States • PBF (NYQ)

973 455 7500 One Sylvan Way, Parsippany, NJ 07054, United States

Quarter: Q1 2026 Reported: January 5, 2026 Sentiment: Neutral

PBF Energy Inc., through its subsidiaries, engages in refining and supplying petroleum products. The company operates through two segments, Refining and Logistics. It produces gasoline, ultra-low-sulfur diesel, heating oil, diesel fuel, jet fuel, lubricants, petrochemicals, and asphalt, as well as unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products. The company sells its products in Northeast, Midwest, Gulf Coast, and West Coast of the United States, as well as in other regions of the United States, Canada, Mexico, and internationally. It is also involved in the provision of various rail, truck, and marine terminaling services, as well as pipeline transportation and storage services. The company was founded in 2008 and is based in Parsippany, New Jersey.

Analysis Summary

PBF Energy Inc. issued a press release and investor presentation on January 2, 2026, announcing its financial guidance for fiscal year 2026 and providing an update on the Martinez refinery operations. This filing does not contain Q1 2026 earnings results, but rather forward-looking guidance and operational insights.

**Detailed Financial Performance Breakdown:** The provided 8-K filing does not contain specific Q1 2026 financial results (revenue, net income, EPS). It only states that financial guidance for fiscal year 2026 was announced via a press release and investor presentation. Therefore, no detailed performance breakdown for Q1 2026 can be provided from this document.

**Strategic Initiatives and Business Segment Analysis:** A primary focus is the ongoing recovery and full restart of the Martinez refinery following a fire on February 1, 2025. The company is actively managing expectations regarding the timing of the restart, anticipated throughput, associated costs, and the extent and timing of insurance recoveries. PBF is also committed to its expansion into the renewable fuels space, specifically mentioning renewable diesel production, and highlighted its joint venture relating to St. Bernard Renewables LLC (SBR). These initiatives represent a strategic diversification effort.

**Management Commentary and Forward Guidance:** Management issued comprehensive financial guidance for fiscal year 2026, indicating a clear outlook for the upcoming year. While specific figures are not detailed in this 8-K, the announcement itself signals management's confidence in providing a forward roadmap. The company reiterated its commitment to operating safely, reliably, and sustainably. The document also included standard forward-looking statements disclaimers, emphasizing inherent risks and uncertainties.

**Competitive Positioning and Market Trends:** The filing does not explicitly discuss competitive positioning or specific market trends beyond general economic factors. However, the move into renewable fuels suggests an adaptation to evolving energy markets and environmental regulations, potentially enhancing long-term positioning.

**Risk Factors and Concerns Raised:** Significant risks were highlighted, including those associated with the Martinez refinery fire (e.g., ability to restart, timing, throughput, costs, insurance coverage, governmental investigations). Other concerns include the possibility that renewable fuels expansion may not occur on expected timeframes or yield anticipated benefits, risks related to the St. Bernard Renewables LLC joint venture, volatility in Renewable Identification Numbers (RINs) prices, potential reductions or cessation of future dividends, and broader impacts from global oil markets, inflation, interest rates, and capital costs.

**Analyst Q&A Highlights:** This 8-K filing is a regulatory disclosure and does not include an analyst Q&A section.

Key Highlights

• PBF Energy Inc. announced its financial guidance for fiscal year 2026.
• An update was provided on the Martinez refinery operations, including expectations for its full restart following a February 2025 fire.
• The company is actively pursuing expansion into renewable fuels, specifically renewable diesel production.
• Details were shared regarding the St. Bernard Renewables LLC (SBR) joint venture.
• Significant risks were outlined concerning the Martinez refinery fire's impact on restart timing, costs, and insurance recoveries.
• The company highlighted market risks including RINs price volatility, global oil market conditions, inflation, and interest rates.

Financial Metrics

eps

Not reported for Q1 2026 in this filing

YoY: N/A - Q1 2026 results not reported

revenue

Not reported for Q1 2026 in this filing N/A

YoY: N/A - Q1 2026 results not reported

guidance

net income

Not reported for Q1 2026 in this filing N/A

YoY: N/A - Q1 2026 results not reported

Stock Performance (90 Days)

Data through Jan 9, 2026

Layoff Events

Earnings Calls

Positive Signals

• Issuance of comprehensive financial guidance for fiscal year 2026 demonstrates forward planning.
• Ongoing updates and transparency regarding Martinez refinery operations.
• Strategic commitment to diversifying into renewable fuels production.
• Formation of the St. Bernard Renewables LLC (SBR) joint venture for strategic growth.

Risks & Concerns

— Uncertainty and potential delays in the full restart and throughput of the Martinez refinery.
— Financial risks associated with the Martinez fire, including anticipated costs and the extent/timing of insurance recoveries.
— Risk that expansion into renewable fuels may not occur on expected timeframes or realize anticipated benefits.
— Price volatility and market risks related to Renewable Identification Numbers (RINs).
— Impact of global oil markets, inflation, interest rates, and capital costs on company performance.