PBF Energy partially restarts Martinez (U.S.) refinery, posts smaller-than-expected quarterly loss
PBF Energy said on Thursday its Martinez, California (U.S.) refinery was partially operational and expected to run at a reduced capacity until repairs were completed, with a full restart of the remaining units planned by the end of 2025.
A fire had broken out at the 156,400-bpd Martinez refinery on February 1, which had impacted operations.
The refinery has begun producing limited quantities of gasoline, jet fuel and intermediates, the company said. PBF Energy expects total throughput during the period of limited operations to be in the range of 85,000 bpd–105,000 bpd.
The company also reported smaller-than-estimated loss for the second quarter, as margins recovered.
Top U.S. refiners were expected to post higher quarterly profits, rebounding from the losses in the previous quarter, as stronger diesel margins lifted earnings.
Larger rivals Valero Energy, Phillips 66 and HF Sinclair exceeded Wall Street estimates on the back of improved refining margins.
PBF Energy's consolidated gross refining margin, excluding special items, stood at $8.38 per barrel in the second quarter, compared with $8.12 per barrel a year ago.
The company's crude oil and feedstocks throughput fell to 839,100 bpd during the reported quarter from 921,300 bpd a year earlier. It expects total throughput to be between 865,000 bpd and 915,000 bpd for the current quarter.
PBF lost $1.03 per share on an adjusted basis in the second quarter, compared with estimates of a $1.10 loss per share, according to data compiled by LSEG data.
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