PBF Energy

PBF Energy earned about 1.5 billion dollars in the third quarter, up from about 170 million dollars a year earlier. Sales rose nearly 59 percent to 12.1 billion dollars, and the profit it makes on each barrel it refines jumped from roughly 9 dollars to nearly 35 dollars. Its Martinez refinery in California, hit by a fire, has been back at full operations since May.

The company ended September with 2.5 billion dollars in cash against 2.1 billion dollars of debt, so it holds more cash than it owes. It cut net debt by more than 1.2 billion dollars in three months, then paid off another 800 million dollars of high interest bonds. It also raised its quarterly dividend 18 percent to 32.5 cents a share.

Refining swings between boom and bust. A year ago, leaving out one time items, PBF Energy lost 27 million dollars running its plants, and this quarter it made 2.1 billion dollars. The last time refining profits spiked like this, the boom faded and investors who bought near the top lost 50 to 75 percent.

PBF Energy pushed planned maintenance at its Chalmette and Toledo refineries from late 2026 into 2027. That keeps them running now, but the work still has to be done, so those plants will go offline for a stretch next year, possibly just as fuel profits cool. It is also spending 825 to 875 million dollars on its plants this year.