PBF Energy Provides Update on Martinez Refinery Operations and Issues 2026 Annual Guidance Information

Rhea-AI Summary

PBF Energy (NYSE: PBF) said rebuild activities at its 157,000 bpd Martinez, CA refinery following the Feb 1, 2025 fire are expected to progress into February, with planned operating rates targeted by the beginning of March 2026 (previously year-end 2025).

The refinery has operated at 85,000–105,000 bpd since early Q2 2025. PBF said commissioning and phased restart work has begun. The company expects restoration costs largely covered by insurance after a $30 million deductible/retentions, and insurers paid a third installment of $393.5 million, totaling $893.5 million in 2025.

2026 throughput guidance (bpd): East Coast 300k–320k, Mid-continent 135k–145k, Gulf Coast 170k–180k, West Coast 280k–300k, with planned turnarounds across regions.

Positive

• Targeted restart to planned rates by early March 2026
• Insurers paid $393.5M installment; $893.5M total insurance proceeds received in 2025
• West Coast 2026 throughput guidance of 280,000–300,000 bpd
• Company expects business interruption insurance to significantly offset downtime losses

Negative

• Restart delayed from year-end 2025 to March 2026
• Company retains $30M deductible and retentions for restoration costs
• Martinez operated at reduced rates of 85,000–105,000 bpd since Q2 2025, reducing output

Key Figures

Martinez capacity 157,000 barrels per day Nameplate capacity of Martinez, California refinery mentioned in update

Martinez interim throughput 85,000–105,000 barrels per day Range of operations since early Q2 2025 at Martinez

Deductible and retentions $30 million Company deductible and retentions on fire-related insurance coverage

Q4 insurance installment $393.5 million Third unallocated insurance proceeds payment received in Q4 2025

Total 2025 insurance $893.5 million Total unallocated insurance reimbursements received in 2025, net of deductibles

2026 East Coast throughput 300,000–320,000 barrels per day Full-year 2026 expected throughput range for East Coast refineries

2026 West Coast throughput 280,000–300,000 barrels per day Full-year 2026 expected throughput range for West Coast refineries

2026 Mid-continent throughput 135,000–145,000 barrels per day Full-year 2026 expected throughput range for Mid-continent refineries

Market Reality Check

$28.53 Last Close

Volume Volume 3,592,962 is about 35% above the 20-day average of 2,652,721, showing elevated interest ahead of Martinez restart and 2026 guidance. normal

Technical Price at 28.53 is trading above the 200-day MA of 25.52, indicating a pre-news uptrend.

Peers on Argus

PBF gained 4.15% with elevated volume, while key peers showed mixed, smaller moves (e.g., DKL up 5.38%, DINO up 1.85%, IEP down 0.93%). This points to a largely stock-specific reaction tied to the Martinez update and 2026 guidance rather than a broad sector rotation.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 18	Conference participation	Neutral	+1.3%	Management participation in Goldman Sachs energy-focused conference in early 2026.
Dec 18	Earnings timing update	Neutral	+1.3%	Announcement of date and call details for Q4 2025 earnings release.
Nov 06	Conference participation	Neutral	+4.3%	Planned attendance at TD Cowen and Mizuho energy conferences in late 2025.
Nov 05	Board change (peer)	Neutral	+0.0%	Terreno Realty board appointment mentioning PBF in director’s other roles.
Oct 30	Earnings and dividend	Positive	+1.4%	Q3 2025 profit, dividend declaration and sizable insurance reimbursements for Martinez.

Pattern Detected

Recent PBF headlines, mainly about conferences and quarterly results, have generally been followed by modest positive price reactions, suggesting the market has tended to respond constructively to informational updates.

Recent Company History

Over the last few months, PBF’s news flow featured conference participation, earnings communication, and insurance proceeds from the Martinez incident. On Oct 30, 2025, Q3 results included income from operations of $285.9M and net income of $170.1M, plus a $0.275 dividend and substantial insurance reimbursements. Subsequent December announcements about conference appearances and the upcoming Q4 earnings release also saw modest gains. Today’s operational update and 2026 throughput guidance build directly on that Martinez recovery narrative.

Market Pulse Summary

This announcement updates the Martinez refinery rebuild timeline and lays out full-year 2026 throughput ranges by region, while highlighting that most fire-related restoration costs are expected to be covered by insurance, net of a $30 million deductible and retentions. It also notes total unallocated insurance reimbursements of $893.5 million in 2025 and a robust turnaround schedule. Investors may watch actual restart progress, realized throughput relative to guidance, and any further insurance payments or maintenance-driven downtime.

Key Terms

throughput technical

"2026 annual throughput expectations are included in the table below"

Throughput is the amount of stuff, like products or data, that a system can handle or move through in a certain period of time. For example, a factory’s throughput is how many items it produces each hour, and it matters because higher throughput usually means things are running efficiently and meeting demand quickly.

AI-generated analysis. Not financial advice.

PARSIPPANY, N.J., Jan. 2, 2026 /PRNewswire/ -- PBF Energy Inc. (NYSE: PBF) announced today that rebuild activities at its 157,000 barrel per day Martinez, California refinery following the February 1, 2025 fire are now expected to progress into February. PBF expects to achieve planned operating rates by the beginning of March 2026. PBF previously projected a year-end 2025 restart.  Since early in the second quarter of 2025, the Martinez refinery has been operating in the 85,000 to 105,000 barrel per day range. Currently, the commissioning phase of utility systems and certain idled equipment has commenced, and a phased restart of the refinery will progress as work is completed, and the quality assurance and control process is completed.

Matt Lucey, PBF's President and Chief Executive Officer commented, "We are committed to the safe restoration of full operations at our Martinez refinery. Tremendous effort has gone into getting us to this point, weeks away from completing the project. Our employees, rallied behind our facility and are working tirelessly to safely finalize the repairs." Mr. Lucey continued, "I would also like to acknowledge the support of our local community, Contra Costa County regulators and the Bay Area Air District, for their efforts in getting the Martinez refinery back to a position where we can more fully contribute to satisfying California's demand for our products."

As previously disclosed, the company expects the fire-related cost of restoring the refinery to full operational status will largely be covered by insurance, subject to the company's deductible and retentions totaling $30 million.  Further, beyond the initial 60-day waiting period, the company expects that its business interruption insurance will significantly offset the financial loss resulting from the downtime through the restart of the refinery. In the fourth quarter, PBF's insurers paid a third, unallocated, installment of insurance proceeds of $393.5 million, totaling $893.5 million of unallocated insurance reimbursements received in 2025, net of deductibles and retentions. The timing and amount of any agreed future payments will be dependent on the quantum of actual, covered expenditures and calculated losses.

PBF 2026 Annual Guidance Information
Timing and throughput ranges provided reflect current expectations and are subject to change based on market conditions, equipment availability and other factors. 2026 annual throughput expectations are included in the table below.

Expected throughput ranges (barrels per day)
	Full-year 2026
	Low	High
East Coast	300,000	320,000
Mid-continent	135,000	145,000
Gulf Coast	170,000	180,000
West Coast	280,000	300,000

In 2026, PBF is committed to conducting routine maintenance and multiple turnarounds across our refining system. Our current planned turnaround schedule for 2026 is as follows, subject to change:

• West Coast – Torrance CHD/HDT (Q1), Martinez Hydrocracker (Q2)
• Gulf Coast – Crude Unit/Coker (Q4)
• East Coast – Paulsboro Crude Unit (Q4)
• Mid-continent – FCC (Q4)

For further details and additional guidance information, please refer to the guidance presentation posted to the investor relations section of the Company's website - https://investors.pbfenergy.com

Guidance constitutes forward-looking information and is based on current PBF Energy operating plans, Company assumptions and configuration. The provided throughput guidance reflects PBF's current planned maintenance activities, including the restart activities at Martinez. All figures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as Company strategic decision-making and overall Company performance.

Forward-Looking Statements
Statements in this press release relating to future plans, results, performance, expectations, achievements, and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the company's expectations with respect to its plans, objectives, expectations, and intentions with respect to the full restart of the Martinez refinery, the timing of such restart, the throughput of the Martinez refinery and anticipated insurance recoveries related to the Martinez refinery fire, the amount and the timing of cost savings and operational efficiencies to be achieved through the company's RBI Initiative as well as the company's future earnings and operations overall, including those of our 50-50 equity method investment in SBR. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the company's control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the company's filings with the SEC, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to procure necessary permits, skilled labor, equipment and materials required to rebuild the Martinez refinery; the extent to which our financial losses related to the Martinez fire are covered by our insurance;  the results and consequences of any governmental and regulatory investigations related to the Martinez refinery fire; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable fuel production, and to realize the benefits from such acquisitions or investments; our ability to close divestitures and the timing thereof; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in inflation, including due to tariffs and other trade measurements that may be proposed by the presidential administration, interest rates and capital costs; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations and other events that could negatively impact the company. All forward-looking statements speak only as of the date hereof. The company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law.

About PBF Energy Inc.
PBF Energy Inc. (NYSE: PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.

PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.

Contacts:
Colin Murray (investors)
ir@pbfenergy.com
Tel: 973.455.7578               

Michael C. Karlovich (media)
mediarelations@pbfenergy.com
Tel: 973.455.8981

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SOURCE PBF Energy Inc.

FAQ

When does PBF expect the Martinez refinery to reach planned operating rates in 2026?

PBF expects to achieve planned operating rates at Martinez by the beginning of March 2026.

How much insurance has PBF received related to the Martinez fire as of 2025?

Insurers paid a third installment of $393.5M, totaling $893.5M of unallocated insurance reimbursements received in 2025.

What deductible or retention does PBF expect to cover for Martinez restoration costs?

PBF said restoration costs will be largely covered by insurance, subject to the company's deductible and retentions totaling $30M.

What are PBF's full-year 2026 throughput guidance ranges by region (bpd)?

Full-year 2026 guidance: East Coast 300k–320k, Mid-continent 135k–145k, Gulf Coast 170k–180k, West Coast 280k–300k.

Which major turnarounds does PBF plan in 2026 and when will Martinez hydrocracker be worked on?

Planned 2026 turnarounds include Torrance CHD/HDT (Q1), Martinez Hydrocracker in Q2, and multiple Q4 turnarounds across other regions.

How did Martinez operate after the Feb 1, 2025 fire prior to the restart plan?

Since early Q2 2025, Martinez operated in the 85,000–105,000 bpd range while repairs progressed.