Tue, Feb 25, 8:38 PM (19 days ago)
The filing details PBF Holding’s 10‐K report for 2024, highlighting significant operational and financial changes. Revenues fell to about $33.1B from $38.3B in 2023, with a net loss of ~$896M versus ~$1.8B net income last year, driven mainly by lower refining margins, a $124.5M LIFO inventory decrement, and maintenance activity delays. Refining margins declined sharply across all regions due to unfavorable crack spreads and crude differentials. The company’s operations span six U.S. refineries with a combined capacity of ~1M bpd, relying on market-based crude purchases and facing risks from commodity volatility, compliance with EPA RFS obligations (noting RINs costs of ~$515M in 2024), and environmental regulations. Capital structure remains robust with ~$1.5B in debt, liquidity near $2.4B from cash and кредит facilities, and compliance with all current covenants.