PBF Energy Inc. refines and supplies petroleum products through its subsidiaries. It operates in two segments: Refining and Logistics. The company produces gasoline, ultra-low-sulfur diesel, heating oil, jet fuel, lubricants, petrochemicals, asphalt, diesel fuel, unbranded transportation fuels, petrochemical feedstocks, blending components, and other petroleum products. It sells products in the Northeast, Midwest, Gulf Coast, and West Coast of the United States, as well as other U.S. regions, Canada, Mexico, and internationally. It also provides rail, truck, and marine terminaling services, and pipeline transportation and storage services. Founded in 2008, PBF Energy is based in Parsippany, New Jersey.
PBF Energy Prices $500M 0% Exchangeable Notes Due 2032
PBF Energy said its subsidiary PBF Holding has priced $500 million of 0% exchangeable notes due 2032 in a private offering. Initial buyers have an option to purchase up to an additional $50 million of the notes. The notes will be senior, unsecured obligations of the issuers. They will not bear regular interest, and the principal amount of the notes will not accrete.
Valero Seen Benefiting as 5 Million Barrels of Global Refining Capacity Sit Offline
Valero Energy's refining profitability is being supported by tight global refined-product markets, with as much as 5 million barrels of global refining capacity offline due to Middle East disruptions and attacks on Russian refining infrastructure, according to the company's latest earnings call. Valero's coastal refinery network, concentrated on the Gulf Coast, can process a wide range of crude qualities and shift product yields between light products and distillates, letting it capitalize on elevated refined-product prices, with U.S. average diesel prices recently reaching a record high. Low global light-product inventories are expected to support refining fundamentals, as inventory normalization could extend well into 2027. Other refining players positioned to benefit include Par Pacific Holdings, which operates refining capacity of 219,000 barrels per day plus 13 million barrels of storage, and PBF Energy, which runs six refineries with a combined throughput capacity of 1 million barrels per day. Valero shares have jumped 157.7% over the past year versus a 122.5% gain for its industry composite, and the Zacks Consensus Estimate for Valero's 2026 earnings has been revised upward over the past seven days; Valero, Par Pacific and PBF each carry a Zacks Rank #1 (Strong Buy).
PBF Energy Posts Blowout Q2, Swings to $6.22 Per Share Profit
PBF Energy delivered adjusted second-quarter earnings of $6.22 per share, reversing a year-ago loss of $1.03 and beating the Zacks Consensus Estimate of $4.05 by 53.6%. Revenues surged 56.2% year over year to $11.68 billion, topping consensus by roughly 37%, and the independent refiner reduced net debt by more than $1.4 billion during the quarter, cutting net debt to capitalization to 15%. PBF lowered its 2026 capital spending guidance to $825–$875 million by shifting the Chalmette and Toledo turnarounds into 2027, and declared a quarterly dividend of $0.275 per share. Over the past 60 days, the consensus estimate for the current quarter has surged 80.95% to $6.84 per share, a change of more than 1,400% from the year-ago figure, earning the stock a Zacks Rank #1 (Strong Buy). PBF Energy operates six refineries across the East Coast, Mid-Continent, Gulf Coast and West Coast and holds a 50% interest in St. Bernard Renewables, a renewable diesel joint venture.
Trump Urges Refiners to Cut Gas Prices Amid Record Highs
U.S. President Donald Trump told oil producers and refiners that he wants lower gasoline prices, immediately, at a meeting at the White House this week. With gasoline prices averaging above $4 per gallon and drivers facing the most expensive Labor Day weekend on record, Trump urged executives from Chevron, Marathon Petroleum, Valero Energy, and PBF Energy to raise refining capacity. However, U.S. refiners are already running at near-full capacity, with utilization at 98% nationally and peaks above 100% in some regions, leaving little room to boost output. Analysts note that building new refineries is not an option due to multibillion-dollar costs and uncertain future demand, while smaller expansions would take years. The immediate constraint is global refining capacity, with an estimated 7 to 8 million barrels per day offline, and crude prices, which have surged since the U.S.-Iran conflict began.
U.S. diesel prices hit four-year high as Trump pressures refiners
U.S. diesel futures surged Tuesday to their highest levels since April 2022, with the diesel crack spread hitting a record above $106 per barrel, as the global fuel crunch persists. Retail diesel prices at $5.63 per gallon are near the highest since the Iran war began, and analysts warn they could soon breach the $5.80 record set in 2022. Front-month Nymex ULSD for October delivery soared 6% to $4.6773 per gallon, its fifth straight daily gain, while RBOB gasoline rose 1.9% to $3.1351 per gallon. The spike came as President Trump met with refining executives, including leaders from Marathon Petroleum, Valero Energy, Phillips 66, Chevron, PBF Energy, and Delek US, pressing them to boost domestic fuel production. Executives blamed federal biofuel blending requirements for raising pump prices. Crude oil futures also jumped more than $4 per barrel, settling at a five-week high, as renewed U.S.-Iran hostilities raised concerns about flows through the Strait of Hormuz.
Trump weighs shielding farmers from expanded biofuel waivers
The Trump administration is discussing plans to shield the U.S. Farm Belt from an expected expansion of biofuel waivers, a move under consideration to cut gasoline prices for motorists, Reuters reported. The plan would increase biofuel quotas for 2027 by about 500 million gallons to offset damage from exemptions for smaller refineries, which are expected to roughly double from 990 million renewable fuel credits to as many as 1.8 billion. During Trump's first term, broad refinery exemptions drew fierce opposition from Midwest farmers and ethanol producers, and the issue has resurfaced as the administration seeks to lower fuel costs ahead of the November midterm elections. A coalition of farm and biofuel groups urged Trump to reject any waiver expansion, warning of severe and immediate consequences that could collapse biofuel markets and reduce demand for corn and soybean oil. Trump is expected to meet with refiners and fuel retailers in the coming week to highlight efforts to lower gasoline prices.
U.S. RIN prices plunge after EPA delays biofuel compliance deadline
U.S. ethanol blending credit prices plunged Monday to their lowest levels in more than four months after the Environmental Protection Agency extended a September 1 compliance deadline for refiners and ruled on long-pending small refinery exemption requests by the end of August. Conventional ethanol RINs traded as low as $1.75, down $0.34 from Friday and their lowest level since April 15, according to data from Argus Media, after the credits had traded as high as $2.50 on July 7. RIN prices lost substantial value again during Monday's session in response to the EPA's impending small refinery exemption decisions, after falling 5% on Friday. Market participants expect the EPA's rulings to free up a significant number of credits, with refining and ethanol industry analysts estimating that the exemptions could free up 1.2 billion to 1.8 billion RINs that small refiners could use to meet their 2025 compliance obligations, after the EPA had previously indicated it could reallocate 990 million RINs associated with exemptions. Extending the compliance deadline is seen as signaling some form of RIN relief for refiners' 2026 and 2027 obligations as well, University of Illinois agricultural economist Scott Irwin told Reuters.
Par Pacific Sees Tight Inventories Supporting Refining Outlook
Par Pacific Holdings reported strong second-quarter results and expects tight global product inventories to support refining fundamentals in the third quarter. Management said the company's combined refining index totaled $31.34 per barrel in July, indicating a strong refining environment at the start of the third quarter. The company cited lower product exports from the Persian Gulf and Russia, conservative refinery operations by Asian refiners, and limited growth in Chinese refined-product exports as supportive factors. Par Pacific operates an integrated downstream network with 219,000 barrels per day of refining capacity across Hawaii, Montana, Washington and Wyoming. Its shares have surged 103.8% over the past six months, and the stock currently carries a Zacks Rank #1 (Strong Buy).
US oil imports from Saudi Arabia hit zero in July for first time in 40 years
US imports of Saudi Arabian oil fell to zero in July, marking the first full month without such shipments since 1985, according to preliminary government data. The halt stems from disruptions caused by the US-Iran conflict, which largely shut down Persian Gulf crude flows, and US Department of Energy data confirmed the complete stoppage. This is a sharp drop from earlier this year when US refiners were purchasing more than 800,000 barrels of Saudi oil daily. Phillips 66 reduced its Middle Eastern crude share to less than 1%, while other major buyers like Chevron and PBF Energy have historically relied on Saudi oil. Venezuela has benefited, with US imports of its crude rising to around 600,000 barrels in July from roughly 100,000 at the start of the year, though Saudi shipments are forecast to rebound to about 300,000 barrels a day this month.
PBF Energy Earns Zacks Rank #1 on Strong Estimate Revisions
PBF Energy has earned a Zacks Rank #1 (Strong Buy) following significant upward revisions to its earnings estimates. The current-quarter consensus estimate has risen 42.74% over the last 30 days to $5.01 per share, while the full-year estimate has climbed 27.92% to $10.94 per share. Two analysts raised their current-quarter estimates and three raised their full-year estimates, outweighing one negative revision in each period. The stock has already gained 51.2% over the past four weeks, and the improving earnings outlook suggests further upside may remain.
Eye on Q2 earnings: Thai refiners grow in line with US peers on soaring refining margins, but hidden costs lurk
Second-quarter 2025 earnings for US refiners stood out on surging refining margins. Valero Energy posted a net profit of 3.7 billion US dollars, a more than fivefold increase. HF Sinclair reported net profit of 892 million US dollars, up nearly four times, while PBF Energy swung to a net profit of 915 million US dollars from a net loss a year earlier. Phillips 66 and Marathon Petroleum are also expected to report strong results. For Thai refiners, although they too benefit from refining margins, each company's performance will differ, depending on refinery configuration, crude oil quality, production efficiency, price risk management, and inventory gains or losses in each period. In addition, refiners must shoulder rising hidden costs, such as crude oil premiums, freight rates, and higher insurance premiums driven by Middle East risk, which could add as much as 3 to 6 baht per litre. They also face risks from oil inventory losses, higher financing costs from increased working capital, pressure from government and social measures, and the need to invest in the clean energy transition under Net Zero targets and ESG standards. Key listed Thai companies with core oil refining operations include Thai Oil Public Company Limited, or TOP, Bangchak Corporation Public Company Limited, or BCP, Star Petroleum Refining Public Company Limited, or SPRC, and IRPC Public Company Limited, or IRPC, while PTT Global Chemical Public Company Limited, or PTTGC, has a refining business as part of its integrated structure.
PBF Energy beats second-quarter estimates on stronger margins and throughput
PBF Energy reported second-quarter 2026 earnings and revenue well above consensus expectations, driven by stronger refining margins and higher throughput volumes. The stock has surged 50.46% over the past month and delivered a very large five-year total shareholder return. The most followed narrative values the company at $49.62 per share, suggesting the stock is 45.7% overvalued relative to its last close of $72.28. However, PBF trades at a price-to-earnings ratio of 6.3 times, compared with a peer average of 13.2 times and an estimated fair ratio of 9.7 times, indicating potential upside if business risks ease. Key risks include reliability questions at the Martinez refinery and exposure to changing fuel demand.
Zacks Highlights Delek US, PBF Energy, and Valero Energy as Top Refining Stocks
Zacks Equity Research identifies Delek US Holdings, PBF Energy, and Valero Energy as well-positioned to benefit from tight fuel supplies and steady transportation demand. The Zacks Oil and Gas - Refining & Marketing industry ranks in the top 8% of 247 Zacks industries, with aggregate 2026 earnings estimates up 102.8% over the past year. The industry has gained 60.9% in the past year, outperforming the broader sector's 26.9% rise and the S&P 500's 18.7% gain, and trades at an EV/EBITDA of 6.25X versus the S&P 500's 18.24X. Delek US Holdings carries a Zacks Rank #1 (Strong Buy) with a 2026 earnings growth estimate of 25.9% and shares up 174.3% in a year. PBF Energy, also a Zacks Rank #1, has an expected three-to-five-year EPS growth rate of 56% and shares up 147.6% in a year. Valero Energy, a Zacks Rank #2 (Buy) with a market capitalization of more than $90 billion, has a 2026 EPS growth estimate of 243.6% and shares up 114.4% in a year.
U.S. refiner margins hit record highs as fuel shortage fears mount
U.S. refiner margins shattered records this week as low stockpiles and supply disruptions from escalating U.S.-Iran attacks threaten fuel shortfalls. The 3-2-1 crack spread, a key profitability benchmark, settled at a record $69.66 per barrel on Nymex Thursday. Diesel has been the main driver, with disruptions to Middle Eastern exports and a temporary Russian export ban tightening an already-strained market, while gasoline supplies are also a growing concern as refiners shift yields toward diesel and jet fuel. U.S. diesel inventories are down nearly 11 million barrels and gasoline inventories down more than 42 million barrels from pre-war levels, and both are well below their five-year seasonal averages. National average retail gasoline prices reached $3.99 per gallon on Saturday, up nearly $0.84 from a year ago, and analysts warn that depleted inventories and damaged Middle East refineries will keep prices elevated, benefiting refiners whose shares have surged this year.
PBF Energy Shares Surge 10.5% as Geopolitical Tensions Widen Crack Spreads
Shares of petroleum refiner PBF Energy rose 10.5% in the week to Friday morning, driven by widening crack spreads amid escalating conflict in the Strait of Hormuz. The 3-2-1 crack spread, a key profitability metric for refiners, climbed by double digits over the last week to close to $69, up from nearly $43 at the start of June and just $20 at the beginning of 2026. The increase followed the collapse of a memorandum of understanding with Iran, which has restricted commercial traffic through the Strait of Hormuz, a chokepoint for about a fifth of global crude oil flows and a major source of refined products. PBF benefits because it can secure domestic crude and profit from the wider spreads, and the longer the disruption persists, the more the company stands to gain.
Seeking Alpha Quant ranks top and bottom energy stocks ahead of Q2 earnings
Seeking Alpha's quantitative model has identified the highest- and lowest-rated large-cap energy stocks ahead of the second-quarter earnings season. The five highest-rated stocks, all with Strong Buy ratings, are National Energy Services Reunited with a quant score of 4.96, PBF Energy at 4.94, Par Pacific at 4.92, Neste Oyj at 4.90, and Frontline at 4.87. The five lowest-rated stocks are Energy Fuels with a Strong Sell rating and a score of 1.21, Centrus Energy at 1.27, Comstock Resources at 1.42, Peabody Energy at 1.69, and Technip Energies at 1.91. The analysis indicates top-rated names are driven by growth, momentum, and earnings revisions, while low-rated names show sharp deterioration in revisions and momentum, particularly in construction-linked and clean-energy segments. The energy sector is expected to post the strongest earnings growth of all eleven S&P 500 sectors in Q2 2026, with year-over-year earnings rising 122.9%, according to FactSet, as WTI crude averaged $92.55 per barrel, about 45% higher than a year earlier.
Strong Fuel Demand and Elevated Crack Spreads Support Valero's Outlook
Valero Energy is well-positioned to benefit from elevated refining margins and strong fuel demand, supported by constrained global refining capacity and tightening product flows. The 3-2-1 crack spread, a key indicator of refining profitability, has risen significantly since the start of the Middle East conflict and remains elevated. Management highlighted a sharp increase in export demand, especially for jet fuel and distillates, which has contributed to declining U.S. product inventories. Valero's strategically located Gulf Coast refining system and extensive logistics network position it to capture increased export volumes while capitalizing on resilient domestic demand. Low product inventories in key markets are expected to support refining fundamentals and keep margins steady.
PBF Energy's 5-Year 299.3% Return Sparks Debate on Whether Stock Has Run Too Far
PBF Energy has returned roughly 299.3% over five years, raising the question of whether the stock has risen too far after a refining recovery. The company currently trades at a price-to-earnings ratio of 12.8 times, close to its peer average of 12.6 times and the broader Oil and Gas industry average of 13.0 times. A tailored fair P/E of 17.1 times, which factors in the company's growth profile, margins, size and risks, suggests the stock may be undervalued on earnings multiples. However, a mixed value score of 4 out of 6 checks and substantial insider selling in recent months signal a more balanced picture. The debate centers on whether the market is underestimating the durability of refining earnings or correctly discounting structural risks around decarbonization and long-term demand for gasoline and diesel.
PBF Energy Earnings Estimates Surge, Signaling Upside
PBF Energy has seen a significant improvement in its earnings outlook, with analysts raising estimates for the current quarter and full year. The Zacks Consensus Estimate for the current quarter has increased 15.85% over the last 30 days to $3.39 per share, while the full-year estimate has risen 14.72% to $7.69 per share. The stock currently carries a Zacks Rank #2 (Buy), reflecting the positive estimate revisions. PBF Energy shares have gained 11% over the past four weeks.
Trump administration asks Congress to allow year-round E15 gasoline sales
The Trump administration formally asked Congress on Wednesday to pass legislation allowing year-round sales of gasoline blended with 15% ethanol, marking the first formal push by the White House to enact the policy. The request came in a supplemental bill released by the Office of Management and Budget, which called the measure an urgent and needed fix that codifies the permanent, year-round sale of E15. Supporters argue the higher-ethanol blend offers motorists a cheaper alternative to conventional gasoline, while U.S. refiners warn it could raise costs and complicate fuel distribution. Legislation allowing year-round E15 sales narrowly passed the House last month but faces long odds in the Senate, where major bills typically need 60 votes. The national average for regular gasoline stood at $3.93 per gallon as of Wednesday morning.
Valero Energy shares surge 78% as tight refining capacity supports margins
Valero Energy shares have jumped 78.1% over the past year, outpacing the 40.1% gain of its industry peers, as constrained global refining capacity and low product inventories support steady margins. The company's highly complex Gulf Coast refining network benefits from growing product exports to high-demand markets, positioning it to sustain profitability amid energy market volatility. Valero trades at a trailing 12-month enterprise value to EBITDA of 7.38 times, above the broader industry average of 5.42 times. The Zacks Consensus Estimate for Valero's 2026 earnings has seen no revisions over the past seven days. Valero, along with Par Pacific Holdings and PBF Energy, each carry a Zacks Rank of 3, or Hold.
USA