Welcome to our dedicated page for Pbf Energy news (Ticker: PBF), a resource for investors and traders seeking the latest updates and insights on Pbf Energy stock.
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) has announced that its management will participate in two upcoming industry conferences: the Morgan Stanley Global Energy & Power Conference on March 1, 2023, and the BofA Securities Virtual Refining Conference on March 2, 2023. Presentation materials will be accessible on the company's Investor Relations website. PBF Energy is one of the largest independent refiners in North America, operating refineries in multiple states including California, Delaware, Louisiana, New Jersey, and Ohio, and is committed to safety, reliability, and environmental responsibility.
PBF Energy reported a robust fourth quarter in 2022, with an income from operations of $955.6 million, up from $291.1 million in Q4 2021. The company achieved a net income of $656.1 million or $4.86 per share. PBF ended the year with a consolidated cash balance of $2.2 billion and reduced its debt by over $2.3 billion. The company will pay a quarterly dividend of $0.20 per share on March 16, 2023. Additionally, PBF announced a partnership with Eni Sustainable Mobility for the St. Bernard Renewables Project, aimed at producing renewable diesel in Louisiana.
Eni Sustainable Mobility and PBF Energy Inc. (NYSE: PBF) have formed a 50-50 joint venture named St. Bernard Renewables LLC (SBR) for a biorefinery co-located with PBF's Chalmette Refinery in Louisiana. Eni will invest $835 million, with potential additional funding of $50 million based on project milestones. The biorefinery aims to process 1.1 million tonnes of raw materials annually, producing 306 million gallons of HVO Diesel per year. This partnership combines Eni's biorefining expertise with PBF's operational capabilities and aims to meet the rising demand for sustainable transportation fuels.
PBF Energy Inc. (NYSE:PBF) will announce its fourth quarter 2022 earnings results on February 16, 2023, at 8:30 a.m. ET. A conference call will follow, discussing these results and other business matters. Investors can access this call via PBF Energy's website or by dialing designated numbers. As a prominent independent refiner in North America, PBF operates facilities across multiple states, aiming to provide superior returns to its shareholders while ensuring safety and environmental responsibility.
PBF Energy Inc. (NYSE: PBF) announced that its subsidiary, PBF Logistics LP, has issued a notice to fully redeem $525 million of its 6.875% Senior Notes due 2023. The redemption will occur on February 3, 2023, at 100% of the principal amount plus accrued interest. Deutsche Bank Trust Company Americas will act as the trustee and paying agent for this redemption. The announcement includes forward-looking statements that involve risks and uncertainties but does not constitute a solicitation or offer to sell any securities.
PBF Energy Inc. (NYSE: PBF) has appointed Lawrence M. Ziemba as an independent director, effective January 1, 2023. Ziemba, who has served on the board of PBF's logistics subsidiary since December 2019, brings extensive industry experience, having previously held significant roles at Phillips 66 and ConocoPhillips. His appointment is expected to enhance the board's understanding of operations. Chairman Thomas J. Nimbley expressed confidence in Ziemba's contributions to the company moving forward.
PBF Energy Inc. (NYSE: PBF) announced its participation in two upcoming industry conferences: the Sankey Research Virtual Refining Conference on January 3, 2023 and the Goldman Sachs Global Energy and Clean Technology Conference on January 5-6, 2023. The company is recognized as one of the largest independent refiners in North America, operating refineries in states including California, Delaware, and Ohio. PBF Energy aims to operate safely and responsibly while delivering returns to investors and benefiting the communities it serves.
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.