PBF Energy Raises Dividend After Third-Quarter Profit

The Tip Desk · November 1, 2026 · 4 min read

The independent refiner posted $2,100.9 million of third-quarter income from operations, up from $285.9 million a year earlier, and lifted its quarterly dividend to $0.325 a share.

PBF Energy Inc. (PBF) reported third-quarter 2026 income from operations of $2,100.9 million, compared with $285.9 million in the third quarter of 2025, as the Martinez refinery ran at full rates after its May restart.

Excluding special items, income from operations was $2,111.9 million, versus a loss from operations of $27.1 million a year earlier. The sequential climb continued from $1,272.1 million in the second quarter and $299.6 million in the first quarter.

Net income attributable to PBF Energy Inc. was $1,529.3 million, or $12.54 a share, compared with $170.1 million, or $1.45 a share, a year earlier. Adjusted fully-converted net income excluding special items was $1,568.6 million, or $12.78 a share on a fully-exchanged, fully-diluted basis, versus an adjusted fully-converted net loss excluding special items of $60.3 million, or $(0.52) a share, in the year-ago quarter. Non-cash special items reduced net income by a net after-tax $28.9 million, or $0.24 a share, primarily a loss on extinguishment of debt tied to the redemption of 2030 7.875% Senior Notes and write-off of unamortized deferred financing costs, plus costs related to the Refinery Business Improvement initiative.

Revenue was $12,132.8 million. Consolidated gross margin was $25.54 a barrel of throughput, versus $0.49 a year earlier. Gross refining margin excluding special items was $34.56 a barrel, versus $9.00. Crude oil and feedstocks throughput averaged 923.8 thousand barrels a day, versus 871.0 thousand a year earlier. Refining operating expense was $7.80 a barrel, versus $7.35.

West Coast production at Torrance and Martinez averaged 300.8 thousand barrels a day, versus 236.9 thousand a year earlier, with West Coast gross refining margin excluding special items of $38.64 a barrel versus $7.96. East Coast production averaged 293.7 thousand barrels a day, versus 303.9 thousand, with East Coast gross refining margin excluding special items of $33.54 a barrel versus $8.14. Mid-Continent production at Toledo averaged 159.1 thousand barrels a day, versus 143.7 thousand, with a $36.86 a barrel margin excluding special items versus $11.03. Gulf Coast production at Chalmette averaged 182.9 thousand barrels a day, versus 191.7 thousand, with a $27.61 a barrel margin excluding special items versus $10.18.

President and Chief Executive Matt Lucey said refining fundamentals remained exceptionally strong and that the company continued to reduce net debt, including a further reduction of more than $1.2 billion in the third quarter. Ending cash was $2.5 billion and total debt $2.1 billion, producing $426 million of net cash and a net-debt reduction of 150% versus the second quarter. PBF issued $550 million of 0% Exchangeable Notes due 2032 and used the proceeds and cash on hand to fully redeem $500 million of 7.875% Senior Unsecured Notes due 2030. Subsequent to quarter-end it called and fully repaid the remaining $800 million 9.875% Senior Unsecured Notes due 2030, which the company said significantly reduced cost of capital and cash interest expense.

The company raised its quarterly dividend 18% to $0.325 a share from $0.275, payable November 24, 2026, to shareholders of record November 12. Insurers have paid $1.25 billion in unallocated proceeds on the Martinez fire claim to date; PBF expects to finalize the claim process before year-end 2026. The RBI program generated more than $230 million of run-rate cost improvements in 2025 and is expected to grow to more than $350 million by year-end 2026.

Full-year 2026 capital-expenditure guidance remains $825 million to $875 million, excluding Martinez rebuild capital, after the company moved planned fourth-quarter turnarounds at Chalmette and Toledo to 2027 and commenced turnarounds at both Martinez and Paulsboro in September and completed both in October. Fourth-quarter throughput is expected at 925,000 to 985,000 barrels a day systemwide. St. Bernard Renewables averaged about 19,156 barrels a day of renewable diesel in the third quarter; fourth-quarter production is expected at about 18,000 to 20,000 barrels a day.