PBF Energy Inc. (PBF): Business Model Canvas [Dec-2025 Updated]

You're digging into the Business Model Canvas for PBF Energy Inc. because, frankly, understanding how a major refiner juggles operational recovery-like getting Martinez back online-with the energy transition is critical for any serious investor right now. Honestly, after seeing their TTM revenue hit approximately $29.54 billion as of September 30, 2025, and their focus on over $230 million in annualized cost savings via the RBI program, you need the full picture. We've mapped out the nine core components, showing how their six U.S. refineries and PBFX logistics assets deliver value through geographic diversity, while also highlighting near-term pressures like the $750 million to $775 million 2025 CapEx guidance. Check out the detailed breakdown below to see the precise mechanics of their strategy, from feedstock sourcing to renewable diesel ambitions.

PBF Energy Inc. (PBF) - Canvas Business Model: Key Partnerships

You're looking at the relationships PBF Energy Inc. relies on to keep the barrels flowing and the books balanced, especially after a tough year like 2025. These aren't just vendor lists; these are critical dependencies for feedstock, risk management, and distribution. Honestly, the partnerships around the renewable side and the insurance recovery post-Martinez fire really stand out in the latest figures.

Joint Venture with Eni for St. Bernard Renewables LLC (SBR) Biorefinery

The 50-50 joint venture with Eni Sustainable Mobility Spa for St. Bernard Renewables LLC (SBR) is a key strategic move, solidifying PBF Energy Inc.'s footprint in renewable fuels. This partnership, which closed back on June 28, 2023, leverages Eni's global expertise. Eni committed capital totaling approximately $835 million, with up to an additional $50 million contingent on performance milestones. The facility, co-located with the Chalmette Refinery in Louisiana, is designed with a capacity of about 320 million gallons per year (MMgy) of renewable diesel. For the third quarter of 2025, SBR produced roughly 15,400 barrels per day (bpd) of renewable diesel, and PBF Energy Inc. expects this to expand to an average of 16,000 to 18,000 bpd in the final quarter of the year.

Here's a quick look at the scale of this partnership's output:

Still, this investment carries risk; PBF Energy Inc. reported a $4.8 million loss related to its equity investment in SBR in the fourth quarter of 2024, showing the equity method accounting impact.

Crude Oil Suppliers and Traders for Feedstock Procurement

As a manufacturer, PBF Energy Inc.'s primary partnership is securing crude oil and feedstocks for its six refineries. The scale of this procurement is massive, underpinning the $7.65 billion in Sales Revenues reported for the quarter ending September 2025. The Cost of Sales for that same period hit $14.61 billion, showing the sheer volume of raw material expense. Historically, PBF Energy Inc.'s total daily throughput across all facilities was just over one million bbl/day, but the Martinez fire in Q1 2025 temporarily dropped total throughput to 730,400 bpd. The company is actively managing its supply chain, noting that narrow light-heavy differentials in Q3 2025 were pressuring capture rates, but they were starting to see incremental supply of heavy barrels enter the market.

The operational scale dictates the partnership volume:

• Historical total refinery throughput: Over 1 million bbl/day.
• Q1 2025 throughput (impacted by fire): 730,400 bpd.
• Q3 2025 Sales Revenues: $7.65 billion.
• Q3 2025 Cost of Sales: $14.61 billion.

PBF Energy Inc. relies on traders and suppliers to manage the complex logistics of sourcing crude, especially for East Coast refineries that historically source via tanker in the Atlantic market.

Insurance Carriers Providing Coverage for Major Incidents like the Martinez Fire

The partnership with insurance carriers became critically important following the February 1, 2025, fire at the Martinez refinery. This relationship provided a crucial financial buffer against operational disruption and repair costs. PBF Energy Inc. reported receiving a $250 million net insurance payment as the first installment of claims, which was net of a $30 million deductible. The repair costs for the facility were estimated at $30 million, which management indicated would be largely offset by insurance, excluding that deductible. The business interruption coverage was vital, kicking in on April 3, 2025, after a 60-day waiting period, to cover lost margins. The financial benefit of this partnership is clear in the Q3 2025 results, which included a net, after-tax benefit of $231.6 million primarily from these insurance recoveries.

Key financial data points related to the insurance partnership:

• Fire Date: February 1, 2025.
• First Insurance Payout Received: $250 million (net).
• Deductible/Retention: $30 million.
• Business Interruption Coverage Start Date: April 3, 2025.
• Estimated Repair Cost: $30 million.
• Q3 2025 Insurance Recovery Benefit: $231.6 million (after-tax).

If onboarding takes 14+ days, churn risk rises, and similarly, any delay in the final insurance settlement could strain liquidity.

Third-Party Pipeline and Logistics Operators for Product Transport

PBF Energy Inc. utilizes third-party logistics operators, primarily through its indirect wholly-owned subsidiary, PBF Logistics LP ("PBFX"), which owns or leases terminals, pipelines, and storage. PBFX provides fee-based commercial agreements for services like pipeline transportation to PBF Holding and third-party customers, though PBFX currently does not generate significant third-party revenue. For instance, the Paulsboro Refining Company LLC has a Precedent Agreement for Firm Transportation of Natural Gas with Paulsboro Natural Gas Pipeline Company LLC, which involves a new 24" pipeline with a certificated capacity of 60,000 dekatherms per day (Dth/d), subject to a set transportation rate over an initial 15-year term. Furthermore, PBF Energy Inc. recently divested some logistics assets, closing the sale of two non-core refined product terminals in Philadelphia, PA, and Knoxville, TN, for $175.4 million on September 30, 2025. These sold assets included 38 storage tanks with approximately 1.9 million barrels of storage capacity.

The logistics structure involves both internal and external arrangements:

• Divested Terminal Sale Price (Sept 2025): $175.4 million.
• Capacity of Sold Terminals: Approx. 1.9 million barrels.
• Paulsboro Pipeline Capacity: 60,000 Dth/d.
• Historical Chalmette Pipeline Link: Owns 80% of entities linking to Colonial Pipeline.

Finance: draft 13-week cash view by Friday.

PBF Energy Inc. (PBF) - Canvas Business Model: Key Activities

You're looking at the core engine of PBF Energy Inc. (PBF)-what it actually does day-to-day to generate revenue and manage its complex assets. This isn't just about making gasoline; it's about disciplined execution under pressure, especially following the major incident at Martinez.

Refining crude oil into transportation fuels and other products.

PBF Energy Inc. is one of the largest independent petroleum refiners in the United States, operating six domestic oil refineries. These facilities convert crude oil and other feedstocks into various products. Before the Martinez incident, the combined processing capacity, or throughput, across all six refineries was approximately 1,000,000 barrels per day (bpd). The complexity of the refining system is reflected in a weighted-average Nelson Complexity Index of 12.7. These operations supply unbranded transportation fuels, heating oil, petrochemical feedstocks, and lubricants across the Northeast, Midwest, Gulf Coast, and West Coast of the U.S., plus Canada and Mexico. By the third quarter of 2025, the company reported income from operations of $285.9 million, though excluding special items, the loss from operations was $27.1 million. For the trailing twelve months ending September 30, 2025, PBF Energy posted revenue of $29.5B.

Here's a snapshot of the operational scale, remembering that the Martinez capacity was partially offline for much of 2025:

Executing the Refining Business Improvement (RBI) program for cost savings.

A critical activity is driving efficiency through the Refining Business Improvement (RBI) program. This initiative is designed to extract incremental value by improving reliability and cutting costs across the business. Management has been aggressively pursuing this, revising targets upward. The goal is to implement greater than $230 million of annualized, run-rate sustainable savings by the end of 2025, with a further target of greater than $350 million by the end of 2026. This is an increase from an earlier goal of $200 million in annualized savings by the end of 2025. To date, over 500 cost-saving ideas have been generated. By the second quarter of 2025, the company reported that over $125 million of run-rate savings had already been implemented. These savings cover operating, capital, turnaround, and corporate expenses.

Managing complex logistics via PBFX assets and third-party networks.

The Logistics segment, primarily through its indirect wholly-owned subsidiary PBF Logistics LP (PBFX), manages the movement and storage of crude oil and refined products. PBFX assets include terminals, pipelines, and storage facilities, many located at or near PBF Energy Inc.'s refineries. This activity ensures the refined products get to market efficiently. To enhance liquidity and focus on core refining, PBF Energy executed a strategic divestiture. On September 30, 2025, the company closed the sale of two non-core refined product terminal facilities in Philadelphia, PA, and Knoxville, TN, for $175.4 million in cash. The divested assets included 38 storage tanks with approximately 1.9 million barrels of storage capacity, along with associated truck racks.

Restoring full operations at the Martinez refinery by year-end 2025.

Following the fire on February 1, 2025, a major key activity became the safe and responsible repair and restoration of the 157,000 bpd Martinez refinery in California. The restart was staged: Stage one brought the crude unit and certain units back online early in the second quarter of 2025, with throughput limited to the range of 85,000 to 105,000 bpd, producing limited gasoline, jet fuel, and intermediates. The company confirmed that the restart of the remaining units is planned to occur by year-end 2025. The cost of repairs is expected to be largely covered by insurance, subject to deductibles and retentions totaling $30 million. Furthermore, business interruption insurance is expected to offset financial loss starting from April 3, 2025, until operations are fully restored.

You can see the phased approach in the throughput targets:

• Crude unit restart: Early Q2 2025.
• Stage One Throughput Range: 85,000 to 105,000 bpd.
• Full Restart Target: By Q4 2025 or year-end 2025.
• Insurance Deductible Exposure: $30 million.

PBF Energy Inc. (PBF) - Canvas Business Model: Key Resources

You're looking at the core assets PBF Energy Inc. (PBF) relies on to run its business as of late 2025. These are the physical and financial foundations supporting their refining and logistics operations.

PBF Energy Inc. (PBF) owns and operates six domestic oil refineries, which have a combined processing capacity, or throughput, of approximately 1,000,000 barrels per day (bpd). The weighted-average Nelson Complexity Index across these facilities is 12.7 based on current operating conditions.

The strategic locations of these refineries allow PBF Energy Inc. (PBF) to serve key markets across the United States, including the Northeast, Midwest, Gulf Coast, and West Coast.

The six refinery locations are:

• Delaware City, Delaware
• Paulsboro, New Jersey
• Toledo, Ohio
• Chalmette, Louisiana
• Torrance, California
• Martinez, California

The company maintains significant financial resources to support operations and strategic initiatives. As of the end of the third quarter of 2025, PBF Energy Inc. (PBF) reported $482.0 million in cash and cash equivalents. At that same quarter-end, total debt stood at approximately $2.4 billion.

PBF Energy Inc. (PBF) has made specific investments in renewable fuels through its joint venture, St. Bernard Renewables (SBR), which is co-located at the Chalmette refinery in Louisiana. The SBR biorefinery facility has a nameplate capacity of 320 MMgy (million gallons per year). For the third quarter of 2025, SBR averaged approximately 15,400 barrels per day (bpd) of renewable diesel production. PBF Energy Inc. (PBF) expects this renewable diesel production to increase, targeting an average of 16,000 to 18,000 bpd for the fourth quarter of 2025.

The logistics arm, PBFX, is a key resource, operating assets like pipelines, terminals, and storage facilities. This network supports the distribution of refined products. As part of portfolio management, PBF Energy Inc. (PBF) closed the sale of two non-core refined product terminal facilities through a PBFX subsidiary on September 30, 2025, for $175.4 million. The divested assets included 38 storage tanks with roughly 1.9 million barrels of storage capacity.

Here is a summary of key operational and financial metrics for these resources:

The refinery system includes high-conversion facilities; for instance, the Martinez refinery has a Nelson Complexity Index of 16.1. The Paulsboro refinery has a complexity rating of 8.8, and the Toledo refinery has a rating of 11.0.

PBF Energy Inc. (PBF) is also targeting significant operational savings, expecting to generate greater than $230 million of annualized, run-rate sustainable operating, capital, and corporate expense savings by the end of 2025.

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:

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:

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:

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

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:

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:

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:

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.