Q2 2024 PBF Energy Inc Earnings Call Transcript
Key Points
- PBF Energy Inc (PBF) maintained a strong cash position despite disappointing earnings.
- The company completed the majority of its planned maintenance for the year, with only one turnaround expected in the fall.
- PBF Energy Inc (PBF) demonstrated commitment to shareholder returns with approximately $100 million in share repurchases in the second quarter.
- The Board of Directors approved a quarterly dividend of $0.25 per share.
- The company ended the quarter with approximately $1.4 billion in cash and $1.3 billion of debt, maintaining a strong balance sheet.
- Earnings for the quarter were disappointing, with an adjusted net loss of $0.54 per share and adjusted EBITDA of $94.8 million.
- Extended turnaround activities led to a decrease in high-value product yield and inventory builds, impacting realized margins.
- The company faced a $10 million loss related to its equity investment in St. Bernard Renewables.
- The effective tax rate increased to approximately 28%, impacting earnings per share by $0.02.
- The refining market faced headwinds, including tightening crude differentials and weaker co-product markets.
Good day, everyone, and welcome to the PBF Energy second-quarter 2024 earnings conference call and webcast. (Operator Instructions) Please note that 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, Savannah. 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 release. 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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