Q1 2024 PBF Energy Inc Earnings Call Transcript
Key Points
- PBF Energy Inc (PBF) reported a strong adjusted net income of $0.85 per share and adjusted EBITDA of $301.5 million for the first quarter.
- The company successfully completed significant turnarounds at Toledo and Delaware City refineries, positioning them for improved operations.
- PBF Energy Inc (PBF) demonstrated a robust commitment to shareholder returns, repurchasing approximately $125 million of shares and maintaining a quarterly dividend of $0.25 per share.
- The company ended the quarter in a net cash position, highlighting a strong balance sheet and financial health.
- PBF Energy Inc (PBF) sees a constructive global refining market outlook, with tight balances between capacity and demand, benefiting coastal US refiners like PBF.
- The company experienced a $800,000 loss related to its equity investment in St. Bernard renewables.
- Turnaround activities during the quarter led to a working capital headwind of approximately $278 million, impacting cash flow.
- Higher input prices in the West Coast refining system negatively impacted capture rates during the quarter.
- The company faces ongoing challenges with crude oil supply and pricing volatility, which can affect operational costs and profitability.
- Despite strong financial performance, the renewable diesel segment (SBR) faces market pressures with reduced rents and lower LCFS credits, impacting profitability.
Good day, everyone, and welcome to the PBF Energy first quarter 2024 earnings conference call and webcast time. (Operator instructions) This conference is being recorded and it is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.
Thank you, Abby. Good morning and welcome to today's call. With me today are Matt Lucey, our President and CEO; Karen Davis, our CFO, and several other members of our management team. Copies of today's earnings release and our 10-Q filing, including supplemental information, are available on our website.
Before getting started, I'd like to direct your attention to the Safe Harbor statement contained in today's press statements in our press release and those made on this call that express the Company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the Safe Harbor provisions under federal securities laws.
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