PBF Energy backs FY25 capital expenditures view $750M-$775M

The company said, “PBF remains committed to the safety and reliability of our operations. We strive to maintain the quality of our balance sheet and preserve the ability of our operations to continue supporting our long-term strategic goal of increasing the value of our company. We continue to examine and advance opportunities within our portfolio to generate potential incremental value for shareholders. At quarter-end, we had approximately $482 million of cash and approximately $2.4 billion of total debt. The RBI initiative is an integral part of our ongoing strategic process to extract incremental value across our business through improved reliability and efficiency. As part of this initiative, we expect to generate greater than $230 million of annualized, run-rate sustainable operating, capital and turnaround and corporate expense savings by year-end 2025, and greater than $350 million by year-end 2026, and are currently on track to meet or exceed these targets. Since inception of the initiative, our teams have generated hundreds of ideas focused on driving improved reliability and efficiency across our business. These ideas are being progressed and developed into actionable, quantifiable, and measurable plans. We are focused on several main areas, including projects and turnarounds, strategic procurement opportunities, the six-refinery system, and the corporate and refining organizational structures. In line with previous guidance, we expect full-year capital expenditures in the $750 to $775 million range. This amount excludes the costs to restore the Martinez Refinery.”