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Refiner PBF Energy posts bigger-than-expected Q3 loss as margins collapse

PBF Energy posted a. biggerthanexpected thirdquarter loss on Thursday as the U.S. refiner took a struck from weak fuel need which diminished refining. margins.

Worldwide, refiners have seen a drop in profitability due to. soft customer and commercial demand, especially in China.

Bigger rivals Phillips 66 and Valero Energy. posted drops in quarterly profits, dented by weak margins, but. still managed to beat analysts' quotes.

The business said its gross refining margin, omitting. unique products, per barrel of throughput stood at $6.79 in the. quarter, a 69.4% drop from in 2015.

U.S. refiners are seeing their margins and revenues normalize. from recent record highs, following Russia's invasion of Ukraine. in 2022.

PBF's financial outcomes for the quarter reflect the wider. macro headwinds produced by weaker-than-expected worldwide. need and higher-than-anticipated refinery usage, PBF. Energy's CEO Matt Lucey said in a declaration.

The business included it was conducting its last major. turnaround at the Chalmette refinery in Louisiana and expects. the work to be ended up in November.

The business stated its noted quarter's crude oil and. feedstocks throughput stood at 935,600 barrels of oil daily. ( bpd), compared with the previous year's 939,700 bpd.

For the present quarter, it anticipates total throughput to be. in between 840,000 bpd and 900,000 bpd.

PBF likewise revealed a 10% boost in quarterly dividend to. $ 0.275 per share.

On an adjusted basis, the Parsippany, New Jersey-based. business lost $1.50 per share in the 3rd quarter, compared with. price quotes of a loss of $1.41 per share, according to information. assembled by LSEG.

(source: Reuters)