PBF Energy Inc. (PBF): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la transformation de l'énergie, PBF Energy Inc. apparaît comme une puissance stratégique, naviguant dans le paysage complexe du raffinage de pétrole avec une agilité remarquable. Cette entreprise innovante a méticuleusement conçu un modèle commercial qui non seulement répond aux demandes actuelles du marché mais se positionne également à la pointe des solutions énergétiques durables. En mélangeant de manière transparente le traitement traditionnel du pétrole avec les technologies renouvelables émergentes, PBF Energy démontre une approche sophistiquée pour répondre aux besoins en évolution des secteurs de transport, industriel et commercial à travers les États-Unis.

PBF Energy Inc. (PBF) - Modèle d'entreprise: partenariats clés

Raffineries stratégiques et fournisseurs de produits pétroliers

PBF Energy exploite six raffineries avec une capacité de traitement totale de 1 000 000 barils par jour dans des emplacements stratégiques aux États-Unis.

Emplacement de la raffinerie	Capacité de traitement (BPD)	Partenaire stratégique
Delaware City, Delaware	190,000	Marathon Petroleum Corporation
Toledo, Ohio	170,000	Phillips 66
Paulsboro, New Jersey	180,000	Valero Energy Partners

Partenaires du transport et de la logistique du pétrole brut

PBF Energy collabore avec plusieurs fournisseurs de logistique pour assurer un transport efficace du pétrole brut.

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

Réseaux de distribution de carburant majeurs

Le réseau de distribution de PBF Energy couvre 30 États avec des partenariats clés, notamment:

• Global Partners LP
• Sunoco Logistics
• Partenaires de Buckeye

Collaborateurs de technologies de carburant renouvelable

Le segment renouvelable PBF a des partenariats axés sur la production diesel renouvelable.

Partenaire technologique	Focus de la collaboration	Montant d'investissement
Honeywell uop	Technologie diesel renouvelable	45 millions de dollars
Technologies ENSyn	Traitement de l'huile de bio-haleine	22 millions de dollars

Conformité environnementale et consultants réglementaires

PBF Energy maintient des partenariats stratégiques pour la conformité environnementale:

• Gestion des ressources environnementales (ERM)
• Laboratoire national d'argonne
• ICF International

Investissement total de partenariat en 2023: 187 millions de dollars

PBF Energy Inc. (PBF) - Modèle d'entreprise: activités clés

Raffinage et traitement du pétrole

PBF Energy exploite 6 raffineries avec une capacité totale de traitement du pétrole brut de 1 002 000 barils par jour à partir de 2023. Les raffineries sont situées dans:

• Delaware City, Delaware
• Toledo, Ohio
• Paulsboro, New Jersey
• Chicago, Illinois
• Torrance, Californie
• Montréal, Canada

Procurement et trading du pétrole brut

Source de pétrole brut	Pourcentage de l'offre
Brut domestique	62%
Brut international	38%

Fabrication de produits à carburant

Répartition annuelle de la production:

• Essence: 41,5% de la production totale
• Diesel: 33,2% de la production totale
• Fourbour à jet: 12,3% de la production totale
• Autres produits pétroliers: 13%

Gestion de la logistique et des transports

PBF Energy possède et exploite 3 500 miles d'infrastructures de pipeline et a accès à 15 terminaux de stockage stratégiques à travers l'Amérique du Nord.

Recherche et développement en carburant renouvelable

Investissement dans la R&D en carburant renouvelable: 47,2 millions de dollars en 2022, en se concentrant sur:

• Production diesel renouvelable
• Développement de carburant d'aviation durable
• Innovation technologique des biocarburants

PBF Energy Inc. (PBF) - Modèle d'entreprise: Ressources clés

Installations avancées de raffinage de pétrole

PBF Energy exploite six raffineries à travers les États-Unis avec une capacité de transformation combinée totale de pétrole brut de 1 002 000 barils par jour en 2024.

Emplacement de la raffinerie	Capacité (barils par jour)
Delaware City, Delaware	190,000
Toledo, Ohio	170,000
Paulsboro, New Jersey	180,000
Torrance, Californie	156,000
Chicago, Illinois	166,000
Nouvelle-Orléans, Louisiane	140,000

Infrastructure de stockage de pétrole brut

L'énergie PBF maintient Environ 17,4 millions de barils de capacité de stockage à travers son réseau de raffinerie.

Expertise technique en production d'énergie

• Total de main-d'œuvre: 2 300 employés en 2024
• Tenture moyenne des employés dans l'industrie du pétrole: 12,5 ans
• Ingénierie et personnel technique: 35% de la main-d'œuvre totale

Capital financier et capacité d'investissement solides

Mesures financières de l'énergie du PBF en 2024:

Métrique financière	Montant
Actif total	7,8 milliards de dollars
Total des capitaux propres	2,3 milliards de dollars
Dépenses en capital annuelles	450 millions de dollars

Portefeuille diversifié d'actifs de raffinerie

Les raffineries de PBF Energy sont stratégiquement situées dans des régions avec un accès important du pétrole brut et des infrastructures de transport.

• Proximité avec les majeures oléagnes du pétrole brut
• Accès à plusieurs régions d'approvisionnement en pétrole brut
• Connectivité aux principaux marchés de produits pétroliers

PBF Energy Inc. (PBF) - Modèle d'entreprise: propositions de valeur

Produits de pétrole raffiné de haute qualité

PBF Energy a traité 1 021 000 barils par jour de pétrole brut en 2023. La société exploite six raffineries avec une capacité de transformation combinée totale de pétrole brut de 1 002 000 barils par jour.

Emplacement de la raffinerie	Capacité de traitement (barils / jour)
Delaware City, DE	182,000
Toledo, oh	170,000
Paulsboro, NJ	180,000
Chicago, IL	170,000
Torrance, CA	156,000
Martinez, CA	144,000

Prix ​​de carburant compétitif

En 2023, PBF Energy a déclaré des ventes nettes de 26,8 milliards de dollars, démontrant des stratégies de tarification compétitives sur plusieurs marchés de carburant.

Approvisionnement énergétique fiable pour les secteurs de transport et industriels

• Produit de l'essence, du diesel ultra-faible en soufre, de l'huile de chauffage, du carburant à jet et d'autres produits de pétrole
• Sert le secteur des transports avec Environ 1 million de barils par jour de capacité de produit raffinée
• Fournit du carburant aux principaux clients du transport et des clients industriels à travers les États-Unis

Engagement croissant envers les technologies de carburant renouvelable

La capacité de production diesel renouvelable PBF a atteint 60 000 barils par jour en 2023, ce qui représente un investissement important dans les technologies de carburant durables.

Capacités de raffinage flexibles sur plusieurs marchés

Le portefeuille de raffinerie diversifié de PBF Energy permet le traitement de plusieurs types de pétrole brut, avec un Nelson Complexity Rating en moyenne 10,2, indiquant des capacités de raffinage avancées.

Type de produit	Volume de production annuel
Essence	365 millions de barils
Diesel	280 millions de barils
Carburant à jet	85 millions de barils
Autres produits pétroliers	90 millions de barils

PBF Energy Inc. (PBF) - Modèle d'entreprise: relations avec les clients

Contrats de carburant industriel et commercial à long terme

PBF Energy maintient des contrats stratégiques d'approvisionnement en carburant à long terme avec des clients industriels et commerciaux majeurs. En 2023, le portefeuille de contrats de la société comprend environ 120 accords actifs à long terme dans divers secteurs.

Type de contrat	Nombre de contrats	Durée du contrat moyen
Contrats de carburant industriel	75	5-7 ans
Contrats de carburant commercial	45	3-5 ans

Équipes de vente directe et marketing

PBF Energy exploite une force de vente dédiée de 87 représentants commerciaux professionnels au T2 2023, en se concentrant sur l'engagement direct des clients et la gestion des relations.

• Équipe de vente Couverture géographique: 12 États à travers les États-Unis
• Coût moyen d'acquisition du client: 24 500 $ par client commercial
• Génération de revenus de l'équipe de vente annuelle: 672 millions de dollars

Support client et assistance technique

La société maintient une infrastructure complète de support client avec 142 personnel de support technique dédié.

Canal de support	Temps de réponse moyen	Volume de soutien annuel
Support téléphonique	12 minutes	48 600 interactions
Assistance par e-mail	24 heures	36 400 interactions

Plates-formes numériques pour l'approvisionnement en carburant

PBF Energy a investi 3,2 millions de dollars dans les plates-formes d'approvisionnement numérique, permettant la commande et le suivi du carburant en temps réel pour les clients.

• Base d'utilisateurs de plate-forme numérique: 1 247 clients des entreprises enregistrées
• Volume de transaction en ligne: 62% de l'approvisionnement total de carburant
• Coût de maintenance annuelle de plateforme: 540 000 $

Solutions de carburant personnalisées pour les besoins spécifiques de l'industrie

PBF Energy fournit des formulations de carburant spécialisées sur plusieurs segments de l'industrie, avec 38 configurations de produits de carburant uniques.

Segment de l'industrie	Produits à carburant personnalisés	Revenus annuels
Transport	14 formulations spécialisées	412 millions de dollars
Fabrication	12 formulations spécialisées	287 millions de dollars
Agriculture	8 formulations spécialisées	156 millions de dollars
Construction	4 formulations spécialisées	89 millions de dollars

PBF Energy Inc. (PBF) - Modèle d'entreprise: canaux

Force de vente directe

PBF Energy maintient une équipe de vente directe dédiée de 87 professionnels à partir de 2023, en se concentrant sur l'approvisionnement industriel et commercial de carburant.

Plateformes d'approvisionnement en ligne

Plate-forme	Volume de transaction annuel	Pourcentage de ventes numériques
Portail direct PBF	1,2 milliard de dollars	17.3%
Market numérique B2B	845 millions de dollars	12.6%

Réseaux de distribution de carburant

PBF fonctionne 6 raffineries aux États-Unis avec des capacités de distribution:

• Delaware City Refinery (Delaware)
• Rafinerie de Tolède (Ohio)
• Paulsboro Refinery (New Jersey)
• Chicago Refinery (Illinois)
• Raffinerie de Torrance (Californie)
• REFINERIE DE MARTINEZ (Californie)

Bureaux de vente régionaux stratégiques

Région	Nombre de bureaux	Couverture des ventes annuelle
Nord-est	3	2,3 milliards de dollars
Midwest	2	1,7 milliard de dollars
Côte ouest	2	1,5 milliard de dollars

Canaux de commercialisation du carburant industriel et commercial

PBF sert 1 247 clients commerciaux et industriels sur plusieurs secteurs en 2023.

• Secteur des transports: 42% de la clientèle
• Secteur de la fabrication: 28% de la clientèle
• Secteur de l'agriculture: 15% de la clientèle
• Autres secteurs: 15% de la clientèle

PBF Energy Inc. (PBF) - Modèle d'entreprise: segments de clientèle

Sociétés de transport

PBF Energy dessert plusieurs clients du segment de transport avec des produits de pétrole raffinés.

Type de client	Consommation de carburant annuelle	Part de marché
Entreprise de camionnage	42,3 millions de gallons	17.5%
Chemins de fer	18,7 millions de gallons	8.9%
Secteur de l'aviation	23,5 millions de gallons	11.2%

Secteurs de la fabrication industrielle

PBF fournit des produits de pétrole raffinés à divers clients de fabrication industrielle.

• Fabrication de produits chimiques
• Traitement pétrochimique
• Fabrication d'équipement lourd

Segment industriel	Volume annuel de produits	Contribution des revenus
Fabrication de produits chimiques	35,6 millions de barils	22.4%
Traitement pétrochimique	27,9 millions de barils	18.3%

Opérateurs de flotte commerciale

PBF fournit du carburant à diverses opérations de flotte commerciale.

Type de flotte	Exigence de carburant annuelle	Couverture géographique
Services de livraison	16,5 millions de gallons	Nord-Est / Midwest
Transports en commun	12,3 millions de gallons	Multi-régional

Entreprises agricoles

Le PBF prend en charge les exigences de carburant du secteur agricole.

• Équipement agricole diesel
• Transport agricole
• Systèmes d'irrigation

Segment agricole	Consommation de carburant annuelle	Pénétration du marché
Équipement agricole	8,7 millions de gallons	6.2%
Transport agricole	6,4 millions de gallons	4.5%

Distributeurs de carburant régionaux et nationaux

PBF Energy fournit du carburant aux réseaux de distribution dans plusieurs régions.

Type de distributeur	Volume de distribution annuel	Portée géographique
Distributeurs régionaux	67,2 millions de barils	Nord-Est / Midwest
Distributeurs nationaux	52,9 millions de barils	Multi-États

PBF Energy Inc. (PBF) - Modèle d'entreprise: Structure des coûts

Frais d'achat de pétrole brut

Au cours de l'exercice 2023, les dépenses d'approvisionnement en pétrole brut de PBF Energy ont totalisé 10,2 milliards de dollars, ce qui représente environ 70 à 75% des coûts d'exploitation totaux.

Catégorie d'approvisionnement en pétrole brut	Coût annuel (2023)
Achats de pétrole brut domestiques	6,5 milliards de dollars
Achats internationaux de pétrole brut	3,7 milliards de dollars

Coûts opérationnels de la raffinerie

Les coûts opérationnels de la raffinerie de PBF Energy pour 2023 étaient d'environ 1,8 milliard de dollars.

• Frais de maintenance: 450 millions de dollars
• Coûts de main-d'œuvre: 620 millions de dollars
• Dépenses des services publics: 280 millions de dollars
• Démontation de l'équipement: 450 millions de dollars

Transport et logistique

Les dépenses de transport et de logistique pour l'énergie du PBF en 2023 s'élevaient à 780 millions de dollars.

Mode de transport	Coût annuel
Transport de pipeline	340 millions de dollars
Transport ferroviaire	280 millions de dollars
Transport marin	160 millions de dollars

Investissements de la conformité environnementale

PBF Energy a investi 220 millions de dollars dans les mesures de conformité environnementale au cours de 2023.

• Technologies de réduction des émissions: 95 millions de dollars
• Systèmes de gestion des déchets: 65 millions de dollars
• Mises à niveau de la conformité réglementaire: 60 millions de dollars

Dépenses de recherche et développement

Les dépenses de recherche et de développement pour l'énergie du PBF en 2023 étaient de 45 millions de dollars.

Zone de focus R&D	Investissement
Améliorations de l'efficacité du processus	22 millions de dollars
Technologies de carburant alternatifs	15 millions de dollars
Transformation numérique	8 millions de dollars

PBF Energy Inc. (PBF) - Modèle d'entreprise: Strots de revenus

Ventes de produits de pétrole raffinés

L'énergie PBF a généré 26,7 milliards de dollars de revenus totaux pour l'exercice 2022.

Catégorie de produits	Contribution des revenus
Essence	8,3 milliards de dollars
Diesel	7,9 milliards de dollars
Carburant à jet	3,2 milliards de dollars
Chauffage	2,5 milliards de dollars

Trading et marketing de carburant

Le segment de trading et de marketing de carburant de PBF Energy a généré environ 4,5 milliards de dollars de revenus en 2022, avec des activités commerciales sur plusieurs marchés géographiques.

Revenus de produits en carburant renouvelable

Les revenus en carburant renouvelable ont atteint 1,2 milliard de dollars en 2022, avec des segments clés, notamment:

• Production diesel renouvelable
• Carburant d'aviation durable
• Crédits de biodiesel

Contrats d'approvisionnement à long terme

Les accords d'offre à long terme ont contribué environ 3,8 milliards de dollars aux sources de revenus de PBF en 2022, avec des contrats couvrant:

• Aviation commerciale
• Sociétés de transport
• Réseaux de distribution régionaux

Ventes de sous-produits du pétrole

Les ventes de sous-produits du pétrole ont généré 1,1 milliard de dollars de revenus, notamment:

Sous-produit	Revenu
Coke de pétrole	450 millions de dollars
Soufre	250 millions de dollars
Autres produits spécialisés	400 millions de dollars

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.