financetom
Business
financetom
/
Business
/
Refiner PBF Energy posts bigger-than-expected Q2 loss as margins tumble
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Refiner PBF Energy posts bigger-than-expected Q2 loss as margins tumble
Aug 1, 2024 4:46 AM

Aug 1 (Reuters) - PBF Energy ( PBF ) reported a

bigger-than-expected quarterly loss on Thursday as the refiner

was impacted by a weak summer driving season, which dented fuel

demand and shrunk refining margins.

"Market conditions broke from typical seasonal patterns,

with product cracks higher early in the quarter and declining as

the quarter progressed," PBF Energy's ( PBF ) CEO Matt Lucey said.

The company's gross refining margin dropped more than 40% to

$8.12 per barrel in the second quarter.

Demand for distillate fuels, which include diesel and

heating oil, has been hit sharply this year under pressure from

sluggish manufacturing activity, milder-than-expected winter

weather and booming renewable fuel supply.

The U.S. 3-2-1 spread , a key measure of overall

refining margins in the country fell 19% in the second quarter.

PBF Energy's ( PBF ) crude oil and feedstock throughput also fell

1.5% to 921,300 barrels per day (bpd).

"We conducted extensive maintenance in our East,

Mid-continent and West Coast Regions during the first two months

of the quarter," Lucey said.

The company's Gulf Coast facility is expected to undergo

planned maintenance early in the fourth quarter.

PBF Energy ( PBF ) forecast third quarter throughput between 885,000

bpd and 945,000 bpd.

On an adjusted basis, the company lost 54 cents per share in

the second quarter, compared with estimates of a loss of 15

cents per share, according to LSEG data.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
TELUS International Reports Beta Release of Fuel iX Program
TELUS International Reports Beta Release of Fuel iX Program
Apr 2, 2024
07:58 AM EDT, 04/02/2024 (MT Newswires) -- TELUS International on Tuesday reported the launch of its Fuel iX, an enterprise-grade artificial intelligence engine for bringing generative AI to production. Fuel iX has been designed to help companies upgrade their generative AI pilots to production scale, deploy customized services faster, and effectively manage the technology, the company said. Fuel iX was...
Blackstone eyes $300 million IPO of India diamond certification firm, sources say
Blackstone eyes $300 million IPO of India diamond certification firm, sources say
Apr 2, 2024
SYDNEY/MUMBAI, April 2 (Reuters) - Blackstone is exploring raising $300 million via an India IPO of the International Gemological Institute (IGI), its gemstone certification firm for which it expects a $1.5 billion valuation, three people familiar with the matter said. Blackstone acquired IGI for $570 million in May 2023 from Chinese conglomerate Fosun and the business's founding Lorie family. IGI...
Top Premarket Decliners
Top Premarket Decliners
Apr 2, 2024
07:57 AM EDT, 04/02/2024 (MT Newswires) -- Acorda Therapeutics' ( ACOR ) shares slumped 76% Tuesday premarket after saying it signed a deal to sell substantially all its assets and that it initiated Chapter 11 bankruptcy proceedings. Verve Therapeutics ( VERV ) shares fell 34% after the company said it has decided to pause enrollment in its Heart-1 clinical trial...
Cimpress Insider Sold Shares Worth $511,286, According to a Recent SEC Filing
Cimpress Insider Sold Shares Worth $511,286, According to a Recent SEC Filing
Apr 2, 2024
07:57 AM EDT, 04/02/2024 (MT Newswires) -- Florian Baumgartner, EVP and CEO, Vista, on April 01, 2024, sold 5,683 shares in Cimpress ( CMPR ) for $511,286. Following the Form 4 filing with the SEC, Baumgartner has control over a total of 33,793 shares of the company, with 33,793 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1262976/000126297624000023/xslF345X03/wk-form4_1712010010.xml ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved