Q3 2024 PBF Energy Inc Earnings Call Transcript
Key Points
- PBF Energy Inc (PBF) reported strong operational performance with no planned maintenance or material unplanned downtime during the third quarter.
- The company has identified opportunities for $200 million in run rate cash savings by the end of 2025 through a business improvement initiative.
- PBF Energy Inc (PBF) returned $104 million in cash to shareholders in the third quarter, including $75 million in share repurchases.
- The Board of Directors approved a 10% increase in the regular quarterly dividend to $0.275 per share, reflecting confidence in the company's operations and outlook.
- The company maintains a strong financial position with approximately $977 million in cash and $1.3 billion in debt, providing flexibility to weather challenging markets.
- PBF Energy Inc (PBF) reported an adjusted net loss of $1.50 per share and an adjusted EBITDA loss of $60.1 million for the third quarter.
- The company faced a challenging market environment with weaker margins and poor crude differentials impacting refinery margins.
- PBF's equity investment in St. Bernard Renewables resulted in a $29 million loss, with lower-than-expected production of renewable diesel.
- The company's environmental liability increased from $429 million to $474 million, slightly above guidance due to extended payment terms for cap and trade payables.
- Market conditions remain cyclical, with ongoing regulatory and political challenges in California impacting operations.
Operator: Good day, everyone and welcome to the PBF Energy Third Quarter 2024 Earnings Conference Call and Webcast. At this time, all participants have been placed on a listen-only mode and the floor will be open for questions following management's prepared remarks. (Operator Instructions) Please note this conference is being recorded.
It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.
Thank you, Brittany. Good morning. Happy Halloween 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 todayâs earnings release and our 10-Q filing, including supplemental information, are available on our website.
Before getting started, Iâd like to direct your attention to the Safe Harbor statement contained in todayâs press release. Statements that express the companyâs or managementâs expectations or predictions of the
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