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PBF Energy Inc. Class A (PBF-2.18%) has submitted its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing reports a net loss of $540.2 million for the year, compared to a net income of $2,162.0 million in the previous year. The loss is attributed to decreased refining margins and increased maintenance activities.
Total revenues for the year were $33.1 billion, down from $38.3 billion in 2023. The decrease in revenues was driven by lower hydrocarbon commodity prices and slightly lower throughput rates.
Operating expenses were reported at $2,606.2 million, a decrease from $2,694.9 million in 2023. The decrease was mainly due to lower maintenance and energy costs.
The company recorded a LIFO inventory decrement of $124.5 million, impacting its consolidated gross margin, which was $(372.2) million for the year.
PBF Energy's total debt as of December 31, 2024, was $1,457.3 million, with a net debt position of $921.2 million after accounting for cash and cash equivalents.
Capital expenditures for the year were $1,008.3 million, primarily for maintenance and turnaround costs at the company's refineries.
The company also reported a decrease in its Tax Receivable Agreement liability, which had no change for the year, compared to a $2.0 million decrease in 2023.
PBF Energy's operational liquidity was approximately $2.4 billion as of December 31, 2024, consisting of cash and borrowing availability under its credit facility.
The report highlights that PBF Energy expects to spend between $850.0 million to $900.0 million in 2025 on facility improvements, maintenance, and regulatory compliance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PBF Energy Inc. Class A annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.