US refiner PBF Energy posts unexpected profit as margins improve

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February 12, 2026 7:34 AM EST

A nighttime view of the Torrance Refinery, an oil refinery operated by PBF Energy, in Torrance, California, U.S., March 10, 2022. Picture taken with a drone. REUTERS/Bing Guan/File Photo

By Katha Kalia and Nicole ‌Jao

NEW YORK, Feb ​12 (Reuters) - ​Refiner PBF Energy reported a surprise profit on Thursday as lower crude oil prices lifted refining margins.

PBF earned 49 ‌cents per share on an adjusted basis in the ⁠fourth quarter, compared with analysts' estimates of a loss of 10 cents per share, ‌according to data compiled by ‌LSEG.

U.S. refiners saw a sharp recovery in the fourth quarter, with refining margins rebounding from multi-year lows set in 2024. This ​turnaround was driven by tighter global fuel supplies and a seasonal uptick in demand, which bolstered profits.

The recovery follows a 2024 slump, ⁠when margins retreated from post-pandemic highs as supply disruptions linked to Russia's 2022 invasion of ​Ukraine eased.

"Oil markets remain dynamic, and many recent headwinds are now converting to tailwinds for refiners, particularly for ​PBF," said CEO Matthew Lucey. "Global refining capacity ‌remains structurally constrained, with expected demand growth and rationalization outpacing new capacity additions."

The refiner's shares were down 1.4% ⁠around midday.

PBF Energy's gross refining margin more than doubled to $11.16 per barrel in the fourth quarter.

The company's crude oil and feedstocks throughput rose to 888,900 ⁠barrels of oil per day in the quarter, from 862,000 bpd a year ​earlier.

Larger rivals Valero Energy , Marathon Petroleum and Phillips 66 also reported upbeat results, citing higher margins.

PBF said repairs to its California-based Martinez refinery remained on track, and is ‌expected to be completed by Monday, following a large fire last year. The company expects the refinery's catalytic ‌cracking unit to start in the first week of March.

Martinez's restart could ⁠provide a strong earnings boost ‌in the next quarter, ​UBS analysts said.

(Reporting by Nicole Jao in New York and Katha Kalia in Bengaluru; Editing by Tasim Zahid, ‌Rod Nickel)


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