Pbf Energy Inc Stock Price, News & Analysis

PBF Energy Inc. (NYSE: PBF) announced a $500 million share repurchase program, authorized by its board of directors. The buyback aims to enhance shareholder value through various methods such as open market transactions and block trades. The timing and execution of repurchases will depend on factors like price and market conditions, and the company is not obligated to repurchase any shares, which can be suspended at any time. PBF operates major oil refineries across North America and is committed to providing superior returns to investors.

PBF Energy Inc. (NYSE: PBF) has appointed Karen B. Davis as interim Chief Financial Officer, effective January 1, 2023. Davis, who previously held leadership roles in financial management at Western Refining, brings extensive experience and has served on PBF's Board since 2020. She will resign from the Board to focus on her new role. Chairman and CEO Tom Nimbley expressed confidence in her qualifications and industry experience, which is expected to facilitate a seamless transition. The company is one of North America's largest independent refiners, with operations across several states.

TortoiseEcofin announced that PBF Logistics LP (PBFX) will be removed from the Tortoise MLP Index and the Tortoise North American Pipeline Index due to its merger with PBF Energy Inc (PBF). This acquisition will take effect on December 1, 2022, when PBF will acquire all outstanding common units of PBFX. The removal from both indices will occur at market open, with a special rebalancing implemented for TMLP but not for TNAP. Such corporate actions trigger necessary index adjustments to maintain compliance with established thresholds.

PBF Energy has successfully acquired the remaining common units of PBF Logistics not already owned by them, completing a merger valued at a combination of 0.270 shares of PBF Energy Class A stock and $9.25 in cash per unit. About 67.8% of PBF Logistics unitholders approved the merger at a special meeting. Following the transaction, PBF Logistics will no longer be publicly traded, ceasing its listing on the NYSE. PBF Energy's CEO expressed gratitude to unitholders for their support, marking the merger as a significant milestone for the company.

PBF Energy Inc. (NYSE: PBF) announced the retirement of independent director Robert Lavinia, effective December 31, 2022. CEO Tom Nimbley acknowledged Lavinia's invaluable contributions to the management team during his tenure. PBF Energy operates multiple oil refineries across North America, focusing on safe, reliable, and environmentally responsible operations. The company aims to provide excellent employee conditions, positively impact local communities, and deliver superior returns to investors.

PBF Energy Inc. (NYSE: PBF) and PBF Logistics LP (NYSE: PBFX) announced the resignation of CFO C. Erik Young, effective December 20, 2022. Young, who has been with PBF for twelve years and CFO since 2014, played a key role in the company's financial organization during the COVID-19 pandemic. A search for his replacement will commence. CEO Tom Nimbley expressed gratitude for Young's contributions. PBF Energy operates several oil refineries across North America, while PBF Logistics is a fee-based partnership focusing on logistics assets.

PBF Energy reported a significant increase in third quarter 2022 income from operations of $1,400 million, up from $100.9 million in Q3 2021. The company reinstated a quarterly dividend of $0.20 per share, payable on November 29, 2022, to stockholders on record as of November 14, 2022. PBF's net debt to capitalization dropped dramatically to 1% from 59% in 2021, highlighting improved financial health. The company plans to invest $103 million in renewable fuels and anticipates stable market demand, positioning itself for future growth.

SquareOne Energy announced its partnership with CTCI Americas as the EPC lead for its used oil recycling facility in Paulsboro, NJ. The facility, set to be operational in early 2024, will leverage existing infrastructure from PBF Logistics and aims to address environmental concerns related to used oil disposal. CTCIA will finalize the engineering process, ensuring project execution excellence with fixed pricing and performance guarantees. SquareOne's facility will process various waste oils and produce clean on-road fuels, showcasing its innovative approach in the recycling industry.

PBF Energy Inc. (NYSE:PBF) will release its third quarter 2022 earnings on October 27, 2022. The company will hold a conference call at 8:30 a.m. ET the same day to discuss the results and other business matters. Interested parties can access the call via the company's website or by dialing (877) 869-3847. PBF Energy is a major independent refiner operating in various states including California and New Jersey, and also owns approximately 48% of PBF Logistics LP (NYSE:PBFX).