PBF Energy reported a loss for the fourth quarter of 2024 due to declining refining margins, marking the third consecutive quarterly loss for the company. The adjusted fully converted net loss for the quarter was $324.5 million, or a loss of $2.82 per share, in line with analyst expectations. PBF Energy's CEO attributed the loss to structurally tight global refining markets and continued capacity rationalization. While other major U.S. refiners also faced declining margins, Marathon Petroleum, Valero Energy, and Phillips 66 managed to beat analyst estimates for the fourth quarter.
PBF Energy NYSE PBF on Thursday reported a loss for the fourth quarter amid falling refining margins, booking widening losses for the third consecutive quarter. PBF Energy said that its adjusted fully converted net loss for the fourth quarter of 2024, excluding special items, was $324.5 million, or a loss of $2.82 per share. The loss was in line with the analyst consensus estimate of a loss of $2.81 per share.
Commenting on the Q4 and full-year 2024 performance, PBF Energy’s president and chief executive officer Matthew Lucey said, “Global refining markets remain structurally tight, and capacity rationalization and demand growth are expected to exceed new refinery additions.” All U.S. refiners had to operate in an environment of declining refining margins in 2024. The biggest refiners, Marathon Petroleum, Valero Energy, and Phillips 66, continued to lose profitability due to falling refining margins.
REFINING ENERGY PROFIT LOSS MARKET
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