PBF Energy Inc. Q3 2026 Earnings Recap

PBF’s shares rose 3.1% after earnings. The quarter featured a $1.2 billion reduction in net debt and management’s view that tight product supply supports refining margins, while fourth-quarter throughput guidance is 925,000–985,000 barrels per day.

Key Takeaways

• Third-quarter throughput averaged approximately 924,000 barrels per day, in line with company guidance.
• Net debt fell by more than $1.2 billion during the quarter and by more than $2 billion year to date.
• Management cited a New York Harbor 2-1-1 crack spread averaging nearly $65 per barrel in the quarter, versus about $26 a year earlier.
• Fourth-quarter throughput is expected to range from 925,000 to 985,000 barrels per day; Martinez and Paul turnarounds were completed in October, within budget and industry benchmark targets.
• The refining business improvement program generated more than $230 million in run-rate cost improvements included in 2026 plans; PBF expects that figure to exceed $350 million by year-end 2026.