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 an add-on offering of $250 million in senior secured notes due 2025, priced at 9.25% interest. The notes will be issued by its subsidiary PBF Holding Company LLC and are expected to close on December 21, 2020. Proceeds will be utilized for general corporate purposes. The offering will be made through private placements under Rule 144A and Regulation S, and the notes have not been registered under the Securities Act.
PBF Energy Inc. (NYSE:PBF) has announced an add-on offering of $250 million in 9.25% senior secured notes due 2025. This offering, subject to market conditions, aims to generate funds for general corporate purposes. PBF Holding, a subsidiary of PBF Energy, will co-issue these notes alongside PBF Finance Corporation. Previously, PBF had issued $1 billion in similar notes. The offering, designed for qualified institutional buyers, is not registered under the Securities Act and will follow a private placement process.
PBF Energy Inc. (NYSE:PBF) announced its participation in the Cowen 2020 Energy Conference on December 3, 2020. The management team will provide insights during the event, emphasizing their commitment to safety, environmental responsibility, and community engagement. Presentation materials will be accessible on PBF Energy's Investor Relations webpage. Additionally, PBF Energy holds approximately 48% of the limited partnership interest in PBF Logistics LP (NYSE:PBFX).
PBF Holding Company LLC has extended the deadline for its exchange offer of $1 billion in 6.00% Senior Notes due 2028. The new expiration date is set for November 24, 2020. As of November 9, 2020, approximately $716.9 million of the old notes had been tendered, representing 71.69% of the total. The terms of the exchange offer remain unchanged, and the announcement clarifies that this press release does not constitute an offer.
PBF Energy reported a substantial third quarter 2020 loss from operations of $342.7 million, compared to income of $151.9 million in Q3 2019. The net loss reached $397.8 million, or $(3.49) per share, primarily due to challenging market conditions stemming from the COVID-19 pandemic. The company announced the reconfiguration of its East Coast refineries to improve efficiency, expecting around $100 million in operating savings. As of September 30, liquidity was approximately $1.9 billion.
PBF Energy Inc. (NYSE: PBF) will announce its third quarter 2020 earnings on October 29, 2020, at 8:30 a.m. ET. The company will host a conference call and webcast to discuss the results and other business updates, accessible via their website or by phone.
The audio replay of the call will be available until November 12, 2020. PBF Energy operates refineries in multiple U.S. states and holds a significant interest in PBF Logistics LP (NYSE: PBFX).
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.