PBF Energy Q3 Loss Narrower Than Expected, Revenues Decline Y/Y

PBF Energy Inc. PBF reported a third-quarter 2025 adjusted loss of 52 cents per share, narrower than the Zacks Consensus Estimate of a loss of 69 cents. The bottom line also improved from the year-ago quarter’s loss of $1.50 per share.

Total quarterly revenues declined to $7.7 billion from $8.4 billion in the prior-year quarter. However, the top line beat the Zacks Consensus Estimate of $7.5 billion.

Better-than-expected quarterly results were driven by reduced costs and expenses. The positives were partially offset by lower throughput volumes.

PBF Energy Inc. Price, Consensus and EPS Surprise

PBF Energy Inc. price-consensus-eps-surprise-chart | PBF Energy Inc. Quote

PBF’s Segmental Performance

During the quarter, PBF Energy reported an operating income of $232.3 million in the Refining segment against an operating loss of $341.2 million a year ago. The figure lagged our estimate of an operating income of $257.6 million.

The company generated a profit of $149.2 million from the Logistics segment, reflecting growth from the prior-year quarter’s reported figure of $51.3 million. The figure also surpassed our estimate of $53.2 million.

Throughput Analysis of Q3

Volumes

In the quarter under review, crude oil and feedstock throughput volumes totaled 871 thousand barrels per day (bpd), lower than the year-ago figure of 935.6 thousand bpd. The figure was below our estimate of 887.5 thousand bpd.

The East Coast, Mid-Continent, Gulf Coast and West Coast regions accounted for 35.4%, 16.2%, 21.5% and 26.9%, respectively, of the total oil and feedstock throughput volume.

Margins

The company-wide gross refining margin per barrel of throughput, excluding special items, was $9.00, higher than the year-earlier figure of $6.79. The figure also beat our estimate of $6.57.

The gross refining margin per barrel of throughput was $8.14 for the East Coast, up from $4.31 in the year-ago quarter. The realized refining margin was $10.18 per barrel for the Gulf Coast, up from $6.84 a year ago. The metric was $11.03 and $7.96 per barrel in the Mid-Continent and West Coast, respectively, compared with $9.83 and $7.65 a year ago.

Costs & Expenses

Total costs and expenses in the reported quarter were $7.4 billion, down from $8.8 billion in the year-ago period. Our estimate for the same was pinned at $7.1 billion.

Cost of sales, including operating expenses, cost of products and others, and depreciation and amortization expenses, amounted to $7.6 billion, lower than $8.7 billion a year ago.

Capital Expenditure & Balance Sheet

PBF Energy spent $124.4 million in capital on refining operations and $3.3 million on logistics businesses.

At the end of the third quarter, it had cash and cash equivalents of $482 million. As of Sept. 30, PBF had a total debt of $2.4 billion, resulting in a total debt-to-capitalization of 31%.

PBF Energy’s Q4 Outlook

For the fourth quarter of 2025, PBF Energy anticipates throughput volumes on the East Coast to be between 320,000 bpd and 340,000 bpd. In the Mid-continent region, the figure is estimated to be between 140,000 bpd and 150,000 bpd. The Gulf Coast is anticipated to report throughput of 170,000-180,000 bpd, while the West Coast is expected to deliver between 230,000 bpd and 240,000 bpd.

PBF currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Important Earnings at a Glance

While we have discussed PBF’s third-quarter results in detail, let us take a look at three other key reports in this space.

Canadian Natural Resources Limited CNQ reported third-quarter 2025 adjusted earnings per share of 62 cents, which beat the Zacks Consensus Estimate of 54 cents. However, the bottom line decreased from 71 cents in the year-ago quarter. The underperformance can be attributed to lower realized oil and natural gas liquid prices and rising expenses.

Total revenues of $6.9 billion increased from $6.5 billion in the prior-year period, fueled by increased production volumes. Additionally, the figure beat the Zacks Consensus Estimate of $6.7 billion.

As of Sept. 30, 2025, CNQ had cash and cash equivalents worth C$113 million and long-term debt of approximately C$16.4 billion, with a debt to capitalization of about 28.9%.

Permian Resources Corporation PR reported a third-quarter 2025 adjusted net income per share of 37 cents, which beat the Zacks Consensus Estimate of 30 cents. Additionally, the bottom line increased from the year-ago quarter’s reported figure of 35 cents. This outperformance was driven by a rise in production volumes and an increased natural gas realized price.

Meanwhile, Permian Resources’ oil and gas sales of $1.3 billion increased 8.7% from the year-ago quarter but missed the Zacks Consensus Estimate by $16 million.

As of Sept. 30, PR had $111.8 million in cash and cash equivalents. The company had a long-term debt of $3.5 billion, reflecting a debt-to-capitalization of 26.1%.

The Calgary-based integrated oil and gas company, Imperial Oil Limited IMO, reported third-quarter 2025 adjusted earnings per share of $1.57, which beat the Zacks Consensus Estimate of $1.44. However, the bottom line decreased from the year-ago quarter’s $1.71. This decrease was due to lower upstream price realizations, partly offset by higher production volumes.

Revenues of $8.8 billion missed the Zacks Consensus Estimate of $11.1 billion. The top line also decreased from the year-ago quarter’s level of $9.7 billion due to weak performance in both the Upstream and Downstream segments.

As of Sept. 30, Imperial Oil had cash and cash equivalents of C$1.9 billion. Total debt of the company amounted to C$4 billion, with a debt-to-capitalization of 14.4%.

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