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PBF Energy partially restarts Martinez refinery, posts smaller-than-expected quarterly loss

PBF Energy announced on Thursday that its Martinez refinery is partially operational. The remaining units will run at reduced capacity while repairs are completed. A full restart of all the remaining units is planned for the end of 2025.

A fire had broken out at the 156,400-barrel-per-day (bpd) Martinez refinery on February 1, which had impacted operations.

The company announced that the refinery had begun to produce limited quantities of jet fuel, gasoline and intermediates. PBF Energy anticipates that the total throughput will be between 85,000 and 105,000 bpd during the limited period of operations.

The company also reported smaller-than-estimated loss for the second quarter, as margins recovered.

The top U.S. refining companies were expected to report higher profits in the third quarter of this year, rebounding from losses the previous quarter as diesel margins increased earnings.

Valero Energy and Phillips 66, two of the largest rivals in the US, exceeded Wall Street expectations on account of higher refining margins.

PBF Energy’s consolidated gross refinery margin, excluding items of special interest, was $8.38 per barrel in the second quarter. This compares to $8.12 per barrel a year earlier.

The company's crude and feedstocks output fell from 921 300 bpd to 839 100 bpd in the quarter reported, compared with 921 300 bpd one year ago.

The current quarter is expected to have a total throughput between 865,000 and 915,000 BPD.

PBF lost $1.03 on an adjusted basis per share in the second quarter. This compares to estimates of a loss of $1.10 per share. (Reporting by Arunima Kumar in Bengaluru; Editing by Shreya Biswas)

(source: Reuters)