PBF Targets 92% Refinery Utilization in Q3, Slashes Capex by $50M+
PBF has more than doubled off its 52-week low of $21.24.
Summary
PBF Energy guided Q3 refinery runs up to 92% of its 1.04 million bpd capacity, signaling strong demand and operational recovery after a quarter of massive earnings. The company expects to complete Chalmette reformer repairs this quarter and has deferred planned overhauls at Chalmette and Toledo to 2027, freeing up cash. Capital spending for 2026 is now $825M-$875M, a $50M-$60M reduction from earlier estimates. This follows a Q2 where net income hit $915 million and debt was slashed by over $1 billion. The guidance suggests management sees sustained margin strength and is prioritizing throughput and balance sheet repair over maintenance downtime.
At the time of this announcement, PBF was trading at $72.98 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $8.6B. The 52-week trading range was $21.24 to $73.65. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.