Pbf Energy Inc Stock Price, News & Analysis

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).

PBF Energy Inc. (NYSE: PBF) announced its participation in the Barclays Energy-Power Conference on September 7, 2022, and the Wells Fargo Leveraged Finance Conference on September 8, 2022. PBF is one of North America's largest independent refiners, with operations in California, Delaware, Louisiana, New Jersey, and Ohio. The company aims to operate its facilities in a safe and environmentally responsible manner while delivering superior returns to investors. Additionally, PBF Energy owns about 48% of PBF Logistics LP (NYSE: PBFX).

PBF Energy reported a strong second quarter 2022, achieving an income from operations of $1,706.6 million, a significant increase from $147.5 million in Q2 2021. Net income reached $1,235.8 million, or $9.65 per share, compared to $69.9 million in the previous year. The company reduced its consolidated debt by over $2.6 billion, improving its net debt to capitalization ratio to 24%. PBF Energy also announced an agreement to acquire the remaining public stake in PBF Logistics. The outlook remains positive with expected strong demand and throughput for the second half of 2022.