PBF Energy Inc. (PBF): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la transformación energética, PBF Energy Inc. emerge como una potencia estratégica, navegando por el complejo panorama de la refinación de petróleo con notable agilidad. Esta empresa innovadora ha creado meticulosamente un modelo de negocio que no solo aborda las demandas actuales del mercado, sino que también se posiciona a la vanguardia de las soluciones de energía sostenible. Al combinar sin problemas el procesamiento tradicional de petróleo con tecnologías renovables emergentes, PBF Energy demuestra un enfoque sofisticado para satisfacer las necesidades evolutivas de sectores de transporte, industrial y comercial en los Estados Unidos.

PBF Energy Inc. (PBF) - Modelo de negocio: asociaciones clave

Refinerías estratégicas y proveedores de productos petroleros

PBF Energy opera seis refinerías con una capacidad de procesamiento total de 1,000,000 de barriles por día en ubicaciones estratégicas en los Estados Unidos.

Ubicación de la refinería	Capacidad de procesamiento (BPD)	Socio estratégico
Ciudad de Delaware, Delaware	190,000	Marathon Petroleum Corporation
Toledo, Ohio	170,000	Phillips 66
Paulsboro, Nueva Jersey	180,000	Valero Energy Partners

Socios de transporte y logística de petróleo crudo

PBF Energy colabora con múltiples proveedores de logística para garantizar un transporte eficiente de petróleo crudo.

• Enterprise Products Partners LP
• Magellan Midstream Partners
• Plains All American Pipeline

Grandes redes de distribución de combustible

La red de distribución de PBF Energy cubre 30 estados con asociaciones clave que incluyen:

• Global Partners LP
• Logística de Sunoco
• Buckeye Partners

Colaboradores de tecnología de combustible renovable

El segmento Renewable PBF tiene asociaciones centradas en la producción diesel renovable.

Socio tecnológico	Enfoque de colaboración	Monto de la inversión
Honeywell uop	Tecnología diesel renovable	$ 45 millones
Ensyn Technologies	Procesamiento bio-aceite	$ 22 millones

Cumplimiento ambiental y consultores regulatorios

PBF Energy mantiene asociaciones estratégicas para el cumplimiento ambiental:

• Gestión de recursos ambientales (ERM)
• Laboratorio Nacional de Argonne
• ICF International

Inversión total de asociación en 2023: $ 187 millones

PBF Energy Inc. (PBF) - Modelo de negocio: actividades clave

Refinación y procesamiento de petróleo

PBF Energy opera 6 refinerías con una capacidad total de procesamiento de petróleo crudo de 1,002,000 barriles por día a partir de 2023. Las refinerías están ubicadas en:

• Ciudad de Delaware, Delaware
• Toledo, Ohio
• Paulsboro, Nueva Jersey
• Chicago, Illinois
• Torrance, California
• Montreal, Canadá

Adquisición y comercio de petróleo crudo

Fuente de petróleo crudo	Porcentaje de suministro
Crudo doméstico	62%
Crudo internacional	38%

Fabricación de productos de combustible

Desglose de producción anual:

• Gasolina: 41.5% de la producción total
• Diesel: 33.2% de la producción total
• Combustible para aviones: 12.3% de la producción total
• Otros productos de petróleo: 13%

Logística y gestión del transporte

PBF Energy posee y opera 3,500 millas de infraestructura de tuberías y tiene acceso a 15 terminales de almacenamiento estratégico en América del Norte.

Investigación y desarrollo de combustible renovable

Inversión en I + D de combustible renovable: $ 47.2 millones en 2022, centrándose en:

• Producción diesel renovable
• Desarrollo de combustible de aviación sostenible
• Innovación de la tecnología de biocombustibles

PBF Energy Inc. (PBF) - Modelo de negocio: recursos clave

Instalaciones avanzadas de refinación de petróleo

PBF Energy opera seis refinerías en los Estados Unidos con una capacidad de procesamiento de petróleo crudo total combinado de 1,002,000 barriles por día a partir de 2024.

Ubicación de la refinería	Capacidad (barriles por día)
Ciudad de Delaware, Delaware	190,000
Toledo, Ohio	170,000
Paulsboro, Nueva Jersey	180,000
Torrance, California	156,000
Chicago, Illinois	166,000
Nueva Orleans, Louisiana	140,000

Infraestructura extensa de almacenamiento de petróleo crudo

PBF Energy mantiene Aproximadamente 17.4 millones de barriles de capacidad de almacenamiento a través de su red de refinería.

Experiencia técnica en producción de energía

• Fuerza laboral total: 2.300 empleados a partir de 2024
• Promedio de la tenencia del empleado en la industria del petróleo: 12.5 años
• Ingeniería y personal técnico: 35% de la fuerza laboral total

Fuerte capital financiero y capacidad de inversión

Métricas financieras para PBF Energy en 2024:

Métrica financiera	Cantidad
Activos totales	$ 7.8 mil millones
Equidad total	$ 2.3 mil millones
Gastos de capital anuales	$ 450 millones

Cartera diversa de activos de refinería

Las refinerías de PBF Energy están ubicadas estratégicamente en regiones con un importante acceso a la infraestructura de petróleo crudo y transporte.

• Proximidad a las principales tuberías de petróleo crudo
• Acceso a múltiples regiones de abastecimiento de petróleo crudo
• Conectividad a los principales mercados de productos petroleros

PBF Energy Inc. (PBF) - Modelo de negocio: propuestas de valor

Productos de petróleo refinados de alta calidad

PBF Energy procesó 1,021,000 barriles por día de petróleo crudo en 2023. La compañía opera seis refinerías con una capacidad total de procesamiento de petróleo crudo combinado de 1,002,000 barriles por día.

Ubicación de la refinería	Capacidad de procesamiento (barriles/día)
Ciudad de Delaware, DE	182,000
Toledo, oh	170,000
Paulsboro, NJ	180,000
Chicago, IL	170,000
Torrance, CA	156,000
Martínez, CA	144,000

Precios competitivos de combustible

En 2023, PBF Energy reportó ventas netas de $ 26.8 mil millones, lo que demuestra estrategias de precios competitivas en múltiples mercados de combustible.

Suministro de energía confiable para sectores de transporte e industrial

• Produce gasolina, diesel de azufre ultra bajo, aceite de calefacción, combustible para reacción y otros productos de petróleo
• Sirve al sector de transporte con Aproximadamente 1 millón de barriles por día de capacidad de producto refinado
• Suministra combustible a los principales clientes de transporte e industriales en los Estados Unidos

Creciente compromiso con las tecnologías de combustible renovable

La capacidad de producción de diesel renovable de PBF alcanzó los 60,000 barriles por día en 2023, lo que representa una inversión significativa en tecnologías de combustible sostenible.

Capacidades de refinación flexibles en múltiples mercados

La cartera de refinería diversificada de PBF Energy permite el procesamiento de múltiples tipos de petróleo crudo, con un Calificación de complejidad de Nelson con un promedio de 10.2, indicando capacidades avanzadas de refinación.

Tipo de producto	Volumen de producción anual
Gasolina	365 millones de barriles
Diesel	280 millones de barriles
Combustible para aviones	85 millones de barriles
Otros productos de petróleo	90 millones de barriles

PBF Energy Inc. (PBF) - Modelo de negocios: relaciones con los clientes

Contratos de combustible industrial y comercial a largo plazo

PBF Energy mantiene contratos estratégicos de suministro de combustible a largo plazo con los principales clientes industriales y comerciales. A partir de 2023, la cartera de contratos de la compañía incluye aproximadamente 120 acuerdos activos a largo plazo en varios sectores.

Tipo de contrato	Número de contratos	Duración promedio del contrato
Contratos de combustible industrial	75	5-7 años
Contratos de combustible comercial	45	3-5 años

Equipos directos de ventas y marketing

PBF Energy opera una fuerza de ventas dedicada de 87 representantes de ventas profesionales a partir del cuarto trimestre de 2023, centrándose en la participación directa del cliente y la gestión de relaciones.

• Cobertura geográfica del equipo de ventas: 12 estados en todo Estados Unidos
• Costo promedio de adquisición de clientes: $ 24,500 por cliente comercial
• Generación de ingresos del equipo de ventas anual: $ 672 millones

Atención al cliente y asistencia técnica

La compañía mantiene una infraestructura integral de atención al cliente con 142 personal de soporte técnico dedicado.

Canal de soporte	Tiempo de respuesta promedio	Volumen de soporte anual
Soporte telefónico	12 minutos	48,600 interacciones
Soporte por correo electrónico	24 horas	36,400 interacciones

Plataformas digitales para adquisiciones de combustible

PBF Energy ha invertido $ 3.2 millones en plataformas de adquisición digital, lo que permite el pedido y el seguimiento de combustibles en tiempo real para los clientes.

• Base de usuarios de la plataforma digital: 1.247 clientes corporativos registrados
• Volumen de transacción en línea: 62% de la adquisición total de combustible
• Costo de mantenimiento anual de plataforma: $ 540,000

Soluciones de combustible personalizadas para necesidades específicas de la industria

PBF Energy proporciona formulaciones de combustible especializadas en múltiples segmentos de la industria, con 38 configuraciones únicas de productos de combustible.

Segmento de la industria	Productos de combustible personalizados	Ingresos anuales
Transporte	14 formulaciones especializadas	$ 412 millones
Fabricación	12 formulaciones especializadas	$ 287 millones
Agricultura	8 formulaciones especializadas	$ 156 millones
Construcción	4 formulaciones especializadas	$ 89 millones

PBF Energy Inc. (PBF) - Modelo de negocio: canales

Fuerza de ventas directa

PBF Energy mantiene un equipo de ventas directo dedicado de 87 profesionales a partir de 2023, centrándose en la adquisición de combustibles industriales y comerciales.

Plataformas de adquisición en línea

Plataforma	Volumen de transacción anual	Porcentaje de ventas digitales
Portal directo de PBF	$ 1.2 mil millones	17.3%
Mercado digital B2B	$ 845 millones	12.6%

Redes de distribución de combustible

PBF funciona 6 refinerías en todo Estados Unidos con capacidades de distribución:

• Refinería de la ciudad de Delaware (Delaware)
• Toledo Refinery (Ohio)
• Paulsboro Refinery (Nueva Jersey)
• Refinería de Chicago (Illinois)
• Torrance Refinery (California)
• Refinería de Martínez (California)

Oficinas de ventas regionales estratégicas

Región	Número de oficinas	Cobertura de ventas anual
Nordeste	3	$ 2.3 mil millones
Medio oeste	2	$ 1.7 mil millones
Costa oeste	2	$ 1.5 mil millones

Canales de comercialización de combustible industrial y comercial

PBF sirve 1.247 clientes comerciales e industriales en múltiples sectores en 2023.

• Sector de transporte: 42% de la base de clientes
• Sector de fabricación: 28% de la base de clientes
• Sector agrícola: 15% de la base de clientes
• Otros sectores: 15% de la base de clientes

PBF Energy Inc. (PBF) - Modelo de negocio: segmentos de clientes

Compañías de transporte

PBF Energy atiende a múltiples clientes del segmento de transporte con productos de petróleo refinados.

Tipo de cliente	Consumo anual de combustible	Cuota de mercado
Compañías de camiones	42.3 millones de galones	17.5%
Ferrocarriles	18.7 millones de galones	8.9%
Sector de la aviación	23.5 millones de galones	11.2%

Sectores de fabricación industrial

PBF proporciona productos de petróleo refinados a varios clientes de fabricación industrial.

• Fabricación de productos químicos
• Procesamiento petroquímico
• Fabricación de equipos pesados

Segmento industrial	Volumen anual del producto	Contribución de ingresos
Fabricación de productos químicos	35,6 millones de barriles	22.4%
Procesamiento petroquímico	27.9 millones de barriles	18.3%

Operadores de flota comercial

PBF suministra combustible a diversas operaciones de flota comercial.

Tipo de flota	Requisito de combustible anual	Cobertura geográfica
Servicios de entrega	16.5 millones de galones	Noreste/medio oeste
Transporte público	12.3 millones de galones	Multirregional

Negocios agrícolas

PBF apoya los requisitos de combustible del sector agrícola.

• Equipo de granja diesel
• Transporte agrícola
• Sistemas de riego

Segmento agrícola	Consumo anual de combustible	Penetración del mercado
Equipo agrícola	8.7 millones de galones	6.2%
Transporte agrícola	6.4 millones de galones	4.5%

Distribuidores de combustibles regionales y nacionales

PBF Energy suministra combustible a las redes de distribución en múltiples regiones.

Tipo de distribuidor	Volumen de distribución anual	Alcance geográfico
Distribuidores regionales	67.2 millones de barriles	Noreste/medio oeste
Distribuidores nacionales	52.9 millones de barriles	Multi-estatal

PBF Energy Inc. (PBF) - Modelo de negocio: Estructura de costos

Gastos de adquisición de petróleo crudo

En el año fiscal 2023, los gastos de adquisición de petróleo crudo de PBF Energy totalizaron $ 10.2 mil millones, lo que representa aproximadamente el 70-75% de los costos operativos totales.

Categoría de adquisición de petróleo crudo	Costo anual (2023)
Compras de petróleo crudo doméstico	$ 6.5 mil millones
Compras internacionales de petróleo crudo	$ 3.7 mil millones

Costos operativos de refinería

Los costos operativos de la refinería de PBF Energy para 2023 fueron de aproximadamente $ 1.8 mil millones.

• Gastos de mantenimiento: $ 450 millones
• Costos laborales: $ 620 millones
• Gastos de servicios públicos: $ 280 millones
• Depreciación del equipo: $ 450 millones

Transporte y logística

Los gastos de transporte y logística para PBF Energy en 2023 ascendieron a $ 780 millones.

Modo de transporte	Costo anual
Transporte de tuberías	$ 340 millones
Transporte ferroviario	$ 280 millones
Transporte marino	$ 160 millones

Inversiones de cumplimiento ambiental

PBF Energy invirtió $ 220 millones en medidas de cumplimiento ambiental durante 2023.

• Tecnologías de reducción de emisiones: $ 95 millones
• Sistemas de gestión de residuos: $ 65 millones
• Actualizaciones de cumplimiento regulatorio: $ 60 millones

Gastos de investigación y desarrollo

El gasto de investigación y desarrollo para PBF Energy en 2023 fue de $ 45 millones.

Área de enfoque de I + D	Inversión
Mejoras de eficiencia del proceso	$ 22 millones
Tecnologías alternativas de combustible	$ 15 millones
Transformación digital	$ 8 millones

PBF Energy Inc. (PBF) - Modelo de negocio: flujos de ingresos

Venta de productos de petróleo refinado

PBF Energy generó $ 26.7 mil millones en ingresos totales para el año fiscal 2022. Las ventas de productos de petróleo refinado constituyen el flujo de ingresos primario, con categorías clave de productos que incluyen:

Categoría de productos	Contribución de ingresos
Gasolina	$ 8.3 mil millones
Diesel	$ 7.9 mil millones
Combustible para aviones	$ 3.2 mil millones
Aceite de calefacción	$ 2.5 mil millones

Comercio y marketing de combustible

El segmento de comercio y marketing de combustible de PBF Energy generó aproximadamente $ 4.5 mil millones en ingresos durante 2022, con actividades comerciales en múltiples mercados geográficos.

Ingresos de productos de combustible renovable

Los ingresos por combustible renovable alcanzaron los $ 1.2 mil millones en 2022, con segmentos clave que incluyen:

• Producción diesel renovable
• Combustible de aviación sostenible
• Créditos de biodiesel

Contratos de suministro a largo plazo

Los acuerdos de suministro a largo plazo contribuyeron con aproximadamente $ 3.8 mil millones a las fuentes de ingresos de PBF en 2022, con contratos que abarcan:

• Aviación comercial
• Compañías de transporte
• Redes de distribución regionales

Ventas de subproductos petroleros

Las ventas de subproductos petroleros generaron $ 1.1 mil millones en ingresos, que incluyen:

Subproducto	Ganancia
Coca -Cola de petróleo	$ 450 millones
Azufre	$ 250 millones
Otros productos especializados	$ 400 millones

PBF Energy Inc. (PBF) - Canvas Business Model: Value Propositions

You're looking at the core value PBF Energy Inc. delivers across its operations as of late 2025. It's all about reliable supply from diverse locations and a growing focus on lower-carbon alternatives.

Geographic supply diversity is a major selling point, ensuring broad market access across the United States. PBF Energy Inc. sells products throughout the Northeast, Midwest, Gulf Coast, and West Coast, plus into Canada and Mexico, using an extensive distribution network of pipelines, barges, tankers, truck, and rail.

The company's expected throughput for the fourth quarter of 2025 demonstrates this geographic spread:

Region	Expected Throughput Range (Barrels Per Day)
East Coast	320,000 to 340,000
Mid-continent	140,000 to 150,000
Gulf Coast	170,000 to 180,000
West Coast	230,000 to 240,000
Total Expected	860,000 to 910,000

PBF Energy Inc. is a leading supplier of high-demand, unbranded transportation fuels, heating oil, petrochemical feedstocks, and lubricants. For example, the Torrance refinery alone produces approximately 1.8 billion gallons of gasoline per year, which is about ten percent of the gasoline demand in California. Even with the Martinez refinery operating in a limited configuration following the February 2025 fire, it produced limited quantities of gasoline and jet fuel for California markets.

The company is actively increasing output of lower-carbon fuels through its 50-50 partnership in St. Bernard Renewables (SBR).

• The SBR facility has a capacity of 320 MMgy.
• Third quarter 2025 renewable diesel production averaged 15,400 barrels per day.
• Fourth quarter 2025 renewable diesel production is expected to average between 16,000 to 18,000 barrels per day.

This focus on renewable diesel is supported by the facility's location, which offers great optionality regarding feedstock type. Furthermore, the Torrance Refinery processes both heavy and medium crude oil. The ability to process different crude types, like the heavy and medium crude at Torrance, provides operational resilience against specific crude market constraints.

PBF Energy Inc. (PBF) - Canvas Business Model: Customer Relationships

You're looking at how PBF Energy Inc. manages its connections with the entities buying its refined products and those providing its capital. It's a mix of direct sales relationships and broad market engagement, especially given the operational recovery underway in late 2025.

Dedicated account management for large commercial and industrial buyers.

PBF Energy Inc. serves a broad customer base through its refining segment, which involves supplying essential products like gasoline, jet fuel, and intermediates. While specific dedicated account manager counts aren't public, the scale of throughput implies significant, established relationships with large commercial and industrial off-takers across its East Coast, Mid-Continent, Gulf Coast, and West Coast operations. The company's focus on reliability, especially post-Martinez Refinery Fire, directly impacts these key customer relationships.

The operational data for the three months ended March 31, 2025, shows the volume underpinning these relationships:

Region	Average Barrels Sold Per Day (bpd) - Q1 2025
East Coast	300,300
Mid-Continent	143,000
Gulf Coast	154,000
West Coast	291,600

Furthermore, the Q2 2025 throughput guidance indicated expectations for the West Coast to deliver between 215,000 bpd and 235,000 bpd, even with the Martinez refinery running in a limited configuration of 85,000 to 105,000 bpd until the full restart planned by year-end 2025.

Transactional relationships for spot market sales of refined products.

A portion of PBF Energy Inc.'s output is managed through transactional sales, which is typical for the refining industry when not covered by long-term contracts or when selling surplus product. The company reported Sales Revenues of $7.65B for the fiscal quarter ending in September of 2025, reflecting these sales activities across the market. The Logistics segment, which provides terminaling services to PBF Holding and third-party customers, also supports the distribution side of these transactional sales.

Investor relations focused on communicating operational recovery and cost savings.

Investor communication is heavily centered on recovery milestones and financial discipline. PBF Energy Inc. actively communicates progress through quarterly results, such as the Q3 2025 report showing income from operations of $285.9 million (or a loss from operations excluding special items of $27.1 million). The relationship is managed by providing concrete figures on recovery efforts and efficiency gains:

• Received a second unallocated insurance installment of $250 million related to the Martinez Refinery Fire in Q3 2025.
• Closed the sale of two non-core refined product terminal facilities for $175.4 million in Q3 2025.
• Projected annualized run-rate savings from the Refining Business Improvement (RBI) initiative greater than $230 million by year-end 2025.
• The quarterly dividend remained at $0.275 per share as of the Q3 2025 declaration.

Maintaining regulatory compliance to ensure operational license.

Operational continuity, which is the foundation of all customer relationships, depends on maintaining regulatory compliance across its refineries in Delaware City, Paulsboro, Toledo, Chalmette, Torrance, and Martinez. The CEO noted spending time educating regulatory agencies on market dynamics, which is a key part of managing this relationship. The company's commitment to safety and reliability is paramount to retaining the necessary licenses to operate its assets.

The financial commitment to maintaining operations and compliance is reflected in capital spending and balance sheet health:

• Revised total capital budget for 2025 is $750 million to $775 million, excluding Martinez rebuild costs covered by insurance.
• At the end of Q3 2025, cash stood at approximately $482 million, with total debt at approximately $2.4 billion.

PBF Energy Inc. (PBF) - Canvas Business Model: Channels

PBF Energy Inc. moves its refined products across the Northeast, Midwest, Gulf Coast, and West Coast of the United States, also serving Canada and Mexico, with the capability to ship to international destinations. PBF Energy Inc. supplies unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products. The company relies on an extensive network of dealers and wholesalers for product distribution; PBF Energy Inc. explicitly does not have company owned, operated, or branded outlets. For the fiscal quarter ending in September of 2025, PBF Energy Inc. reported Sales Revenues of $7.65B USD.

The Logistics segment, primarily PBFX, is integral, operating assets like terminals, pipelines, and storage facilities to support the refineries. PBFX generally operates under fee-based commercial agreements with PBF Holding, often including minimum volume commitments. PBFX currently does not generate significant revenue from third-party customers.

Key logistics asset information and recent activity include:

Asset Detail	Metric/Value	Date/Context
Total Refinery Throughput Capacity	Approximately 1,000,000 barrels per day (bpd)	Under normal operating conditions
Martinez Refinery Throughput (Limited Ops)	Expected range of 85,000 to 105,000 barrels per day	Post-February 1, 2025 fire, during limited operations
Total Throughput Guidance (Q3 2025)	Raised to 865-915 kbpd	Q2 2025 Update
Sale of Two Refined Product Terminal Facilities	$175.4 million total sale price	Closed September 30, 2025
Storage Capacity Sold	Approximately 1.9 million barrels across 38 storage tanks	Assets sold by PBFX subsidiary

PBF Energy Inc. utilizes its owned and operated pipelines, specifically the Delaware Pipeline Company LLC (DPC), to move products. DPC connects the Delaware City Refinery to the Sunoco Pipeline LP Twin Oaks Pump Station.

• DPC Pipeline Length: 23.4 miles
• DPC Pipeline Diameter: 16 inches
• DPC Carries: Various grades of gasoline and distillates fuels

The movement of crude oil and finished products relies heavily on third-party infrastructure access, which PBF Energy Inc. links to its refineries using various transport methods.

• Transport Modes Used: Marine vessels, pipelines, trucks, and rail
• Products Transported: Crude oil and refined products

While PBF Energy Inc. sells products into various markets, specific financial breakdowns for spot market sales versus term contract sales are not explicitly detailed in the segment reporting for Channels. The company sells products including:

• Gasoline and gasoline blendstocks
• Heating oil
• Ultra-low sulfur diesel fuel
• Kerosene and aviation jet fuel
• Lubricants, heavy fuel oils, liquefied petroleum gas, asphalt, sulfur, and petcoke

Finance: draft 13-week cash view by Friday.

PBF Energy Inc. (PBF) - Canvas Business Model: Customer Segments

You're looking at the core buyers for PBF Energy Inc. (PBF) as of late 2025. Honestly, the customer base for a major independent refiner like PBF Energy is broad, spanning the entire energy distribution chain, from bulk commodity sales to specialized end-users. PBF Energy Inc. is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States.

The company's operations, split between the Refining and Logistics segments, serve distinct groups, which is key to understanding their revenue streams. For context, PBF Energy reported revenue of $7.65B for the fiscal quarter ending September 30, 2025, with trailing twelve-month revenue reaching $29.54B.

The primary customer segments PBF Energy Inc. targets include:

• Wholesalers and distributors of unbranded transportation fuels.
• Airlines and trucking companies (jet fuel and diesel end-users).
• Industrial and commercial users requiring heating oil and petrochemical feedstocks.
• Government and military entities.

The scale of PBF Energy's output dictates the size of these customer relationships. For instance, even during a period of operational adjustments, such as the limited operations restoration at the Martinez Refinery in April 2025, throughput was expected in the range of 85,000 to 105,000 barrels per day, all destined for these market segments.

Here is a breakdown mapping the required segments to the nature of PBF Energy's product sales:

Customer Segment	Primary Product Focus	Financial Context (Q3 2025)
Wholesalers and distributors	Unbranded Transportation Fuels (Gasoline, Diesel)	Net Income Attributable: $170.1 million
Airlines and trucking companies	Jet Fuel and Diesel	Total Debt: $2.4 billion
Industrial and commercial users	Heating Oil and Petrochemical Feedstocks	Cash and Equivalent: Approximately $482 million
Government and military entities	Various Refined Products	Declared Quarterly Dividend: $0.275 per share

The Logistics segment supports these sales by providing the necessary infrastructure, such as terminals, pipelines, and storage facilities, which is critical for delivering products to these geographically diverse customer groups. Furthermore, PBF Energy is expanding into renewable products, which introduces a new type of customer or feedstock supplier, as seen with St. Bernard Renewables LLC (SBR) averaging approximately 15,400 barrels per day of renewable diesel production in the third quarter of 2025.

The reliance on these segments is why the company's operational status is so closely watched. For example, the Q3 2025 results showed income from operations of $285.9 million, a substantial recovery that directly reflects the ability to supply these customer bases effectively.

You should track the throughput guidance, as it directly correlates to the volume available for these segments. The company reaffirmed up to $775 million in planned capital spending for full-year 2025, which supports the infrastructure needed to serve these customers reliably.

Finance: draft 13-week cash view by Friday.

PBF Energy Inc. (PBF) - Canvas Business Model: Cost Structure

You're looking at the major outflows for PBF Energy Inc., and honestly, the biggest lever you'll see moving the needle day-to-day is the cost of getting the raw material in the door.

Crude oil and feedstock procurement stands as the single largest variable cost component for PBF Energy Inc. operations. This cost directly fluctuates with global commodity prices and refinery utilization rates.

Moving past the raw material, you have the ongoing operational costs. For the full-year 2025, PBF Energy Inc. projects its refining operating expenses to fall within the $2,400 million to $2,600 million range. This estimate is based on an assumed average HHUB natural gas price of $3.15/MMBTU for 2025.

The company's planned investments for the year are also clearly defined. Full-year 2025 Capital Expenditures guidance, which notably excludes the costs associated with restoring the Martinez Refinery, is set between $750 million to $775 million.

On the financing side, PBF Energy Inc. expects its interest expense for the full-year 2025 to land in the $165 million to $185 million range.

A key part of managing the overall cost base is the internal efficiency drive. PBF Energy Inc. is targeting greater than $230 million in annualized, run-rate sustainable cost savings by year-end 2025, driven by the Refining Business Improvement (RBI) initiative.

Here's a quick look at the key financial guidance points for the 2025 fiscal year:

Cost/Expense Category	2025 Guidance/Target	Notes
Refining Operating Expenses	$2,400 million - $2,600 million	Assumes $3.15/MMBTU natural gas price
Capital Expenditures (Excl. Martinez)	$750 million to $775 million	Full-year guidance
Interest Expense	$165 million to $185 million	Full-year expectation
Annualized RBI Cost Savings Target	Greater than $230 million	By year-end 2025

Also, you should keep an eye on the Selling, General & Administrative (SG&A) expenses, which have a projected range for 2025. Here are some other relevant figures from the latest reporting period:

• SG&A Expenses (FY 2025 Guidance): $240 - $375 million
• Cash on Hand (End of Q3 2025): Approximately $482 million
• Total Debt (End of Q3 2025): Approximately $2.4 billion
• Terminal Asset Sale Proceeds (Completed in 2025): $175.4 million

The RBI initiative is structured to deliver these savings across operating, capital, turnaround, and corporate expenses. That's a lot of moving parts to track, so keeping the guidance numbers front and center helps defintely.

PBF Energy Inc. (PBF) - Canvas Business Model: Revenue Streams

The revenue streams for PBF Energy Inc. (PBF) are heavily concentrated in the sale of refined products, supplemented by specific, non-recurring, or segment-specific income sources as of late 2025.

Sale of refined petroleum products (primary stream) remains the core driver of top-line performance. This reflects the output from PBF Energy's operating refineries, which are focused on maximizing throughput following the Martinez incident recovery. The Trailing Twelve Months (TTM) revenue as of September 30, 2025, stood at approximately $29.54 billion.

To give you a clearer picture of recent sales activity, here's a look at the quarterly and nine-month sales figures:

Metric	Q3 2025 Amount	Q3 2024 Amount	Nine Months Ended Sep 30, 2025 Amount	Nine Months Ended Sep 30, 2024 Amount
Sales (Revenue)	$7,651.1 million	$8,382.3 million	$22,192.8 million	$25,764 million

The Logistics segment, operating through PBF Logistics LP (PBFX), contributes revenue from fee-based commercial agreements. This includes providing various rail, truck, and marine terminaling services, pipeline transportation, and storage services. However, you should note that PBFX currently does not generate significant third-party revenue, and intersegment related-party revenues are eliminated in consolidation when looking at PBF Energy's consolidated results.

A significant, non-operational revenue component in 2025 came from insurance recoveries related to the February 1, 2025, fire at the Martinez refinery. By the third quarter of 2025, total unallocated net insurance reimbursements reached $500 million. This figure is composed of prior and recent installments:

• First unallocated installment received in Q2: $280 million (net to PBF after deductibles and retentions).
• Second unallocated installment agreed to in Q3: $250 million.

Furthermore, PBF Energy realized cash flow from portfolio optimization through asset divestitures. On September 30, 2025, the company closed the sale of two non-core refined product terminal facilities located in Philadelphia, PA, and Knoxville, TN. This transaction generated proceeds of $175.4 million in cash. These assets included 38 storage tanks with approximately 1.9 million barrels of storage capacity.

The confidence signaled by management, partly supported by these non-operational cash inflows, is also reflected in capital returns, such as the declaration of a quarterly dividend of $0.275 per share.

Finance: draft 13-week cash view by Friday.