PBF Energy Sets Early-March Martinez Restart as Heavy Crude Margins Lift Q4

Overview

• Construction at Martinez is nearly complete with turnover to operations expected next week for a careful restart, and full operations targeted in early March to help supply a tight California fuel market and improve pipeline utilization.
• PBF reported Q4 adjusted EPS of $0.49 and adjusted EBITDA of $258 million, and recognized $394 million of insurance in the quarter, bringing 2025 recoveries to $894 million.
• Management says the refining system can process about 200 million barrels of heavy/sour crude annually, or 55–60% of capacity, capturing benefits from wider heavy and medium crude differentials.
• The Refinery Business Improvement program delivered a $230 million annualized run‑rate in 2025 and targets $350 million by year‑end 2026 after identifying more than 1,300 initiatives, including $35 million in procurement savings.
• Year‑end liquidity stood at $2.3 billion with net debt‑to‑capitalization at 28%, and the company emphasized continued deleveraging alongside a $0.275 quarterly dividend.