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PBF Energy Inc. reports news on its independent petroleum refining business, including refinery operations, financial results, throughput guidance, dividend declarations and investor conference participation. The company operates oil refineries and related facilities through subsidiaries in California, Delaware, Louisiana, New Jersey and Ohio, and supplies transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products.
Recurring updates also address operational reliability, turnaround activity, the Martinez refinery, market conditions affecting refining margins and PBF Energy's 50% interest in the St. Bernard Renewables joint venture focused on next generation sustainable fuels.
PBF Energy Inc. (NYSE: PBF) announced the retirement of Edward Kosnik as a director, effective September 30, 2020. Kosnik has served on PBF's Board of Directors for a long time, contributing significantly as Lead Director and Chairman of the Audit Committee. CEO Thomas Nimbley expressed gratitude for Kosnik's leadership and contributions. The release also includes forward-looking statements regarding risks that could impact future performance, including those related to the COVID-19 pandemic and acquisitions.
PBF Energy reported Q2 2020 income from operations of $620.8 million, a significant increase from $9.5 million in Q2 2019. However, excluding special items, the loss from operations was $433.7 million compared to a profit of $191.5 million year-over-year. The net income reached $413.0 million, or $3.23 per share, versus a net loss of $21.6 million in 2019. Special items, including a $777.2 million after-tax benefit, heavily influenced results. The company aims to reduce operating expenses by $250 million in 2020 and forecasts refinery throughput of 700,000 to 800,000 barrels per day.