PBF Energy Inc. PBF reported second-quarter 2024 adjusted loss of 54 cents per share, wider than the Zacks Consensus Estimate of a loss of 25 cents. The bottom line also declined from the year-ago quarter’s reported earnings of $2.29.

Total quarterly revenues declined to $8.74 billion from $9.16 billion in the prior-year quarter. However, the top line beat the Zacks Consensus Estimate of $8.72 billion.

The weak quarterly earnings were primarily due to lower throughput volumes, a fall in refining margins, and higher total costs and expenses. The company also conducted extensive maintenance activity in the East, Mid-continent and West Coast regions, which affected earnings.

PBF Energy Inc. Price, Consensus and EPS Surprise

PBF Energy Inc. price-consensus-eps-surprise-chart | PBF Energy Inc. Quote

Segmental Performance

PBF Energy reported an operating loss of $46.9 million in the Refining segment against an operating income of $455.6 million reported a year ago. The figure also lagged our operating income estimate of $498 million.

The company generated a profit of $51 million from the Logistics segment, indicating a marginal decline from the prior-year quarter’s reported level of $51.9 million. Our estimate for the same was pinned at $50.6 million.

Throughput Analysis

Volumes

In the quarter under review, crude oil and feedstock throughput volumes totaled 921.3 thousand barrels per day (bpd), lower than the year-ago figure of 935.8 thousand bpd. The figure surpassed our estimate of 911.8 bpd.

The East Coast, Mid-Continent, Gulf Coast and West Coast regions accounted for 35%, 15%, 18% and 32%, respectively, of the total oil and feedstock throughput volume.

Margins

The company-wide gross refining margin per barrel of throughput, excluding special items, was $8.12, lower than the year-earlier figure of $13.62.

The gross refining margin per barrel of throughput was $2.52 for the East Coast, down from $8.09 in the year-ago quarter. The realized refining margin was $8.66 per barrel for the Gulf Coast, down from $12.54 a year ago. The metric was $9.50 and $13.21 per barrel in the Mid-Continent and West Coast, respectively, compared with the corresponding figures of $14.30 and $19.41 a year ago.

Costs & Expenses

Total costs and expenses in the reported quarter were $8.8 billion, up from $7.8 billion in the year-ago period.

Cost of sales, including operating expenses, cost of products and others, and depreciation and amortization expenses, amounted to $8.73 billion, higher than $8.65 billion reported a year ago.

Capital Expenditure & Balance Sheet

PBF Energy spent $330.3 million in capital on refining operations. It also spent $0.6 million on logistics businesses.