Thu, May 1, 11:10 AM (12 days ago)
**Summary of PBF Energy Inc. (PBF) Q1 2025 Financial Performance** **Financial Health and Performance Metrics:** - **Revenue:** $7.07 billion, down 17.4% YoY due to lower hydrocarbon commodity prices and reduced throughput. - **Net Loss:** $405.9 million, compared to a net income of $107.5 million in Q1 2024. - **Earnings per Share (EPS):** $(3.53) diluted, compared to $0.86 in Q1 2024. - **Gross Margin:** $(420.2) million, a decrease of $638.4 million YoY. - **Operating Expenses:** $731.8 million, up 6.4% YoY, primarily due to Martinez refinery fire-related costs. - **Cash Flow from Operations:** $(661.4) million, a significant decrease from $15.8 million in Q1 2024. - **Capital Expenditures:** $218.3 million, primarily for maintenance and turnarounds. **Profit Margins:** - **Gross Margin:** -6.0% (negative), compared to 2.7% in Q1 2024. - **Operating Margin:** -7.2%, compared to 1.7% in Q1 2024. **Cash Flow:** - **Operating Cash Flow:** $(661.4) million, a significant outflow due to inventory purchases and tax payments. - **Investing Cash Flow:** $(217.5) million, primarily for capital expenditures and turnarounds. - **Financing Cash Flow:** $811.4 million, mainly from senior notes issuance and insurance premium financing. **Earnings Changes:** - **Special Items:** Included expenses related to the Martinez refinery fire and adjustments to SBR's inventory. - **Non-GAAP Measures:** Adjusted Fully-Converted Net Loss of $(3.53) per share, excluding special items. **Quarterly Performance Discussion:** - **Revenue Decline:** Attributed to lower hydrocarbon commodity prices and reduced throughput due to increased maintenance and unplanned downtime. - **Operating Expenses:** Increased due to higher maintenance expenses at the Martinez refinery and energy costs. - **Cash Flow:** Negatively impacted by inventory purchases, tax payments, and insurance premium financing. **Trends and Uncertainties:** - **Martinez Refinery Fire:** Impacted operations and financial results; insurance coverage expected to offset most costs. - **Market Conditions:** Unfavorable movements in crack spreads and crude oil differentials negatively impacted margins. - **Regulatory and Environmental Matters:** Ongoing investigations and potential penalties related to environmental incidents. **Future Operations Impact:** - **Capital Spending:** Expected to be $750.0 million to $775.0 million for 2025, excluding Martinez refinery repairs. - **Insurance Proceeds:** First installment of $280.0 million expected in Q2 2025; future payments dependent on actual expenditures. - **Dividends:** Declared a dividend of $0.275 per share, payable in May 2025. **Ticker:** PBF **Full Name:** PBF Energy Inc.