Does PBF (PBF) Still Have a Resilient Refining Portfolio After the Extended Martinez Outage?

• PBF Energy has revealed that rebuild work at its Martinez, California refinery following the February 2025 fire will now extend into February 2026, with planned operating rates targeted by early March 2026 after operating at reduced throughput for much of 2025.
• While the company expects insurance to cover most restoration expenses and offset business interruption losses, the prolonged Martinez disruption underlines how concentrated operational risks at a single complex can affect the resilience of its broader refining portfolio.
• We’ll now look at how the extended Martinez outage and ongoing insurance coverage shape PBF Energy’s existing investment narrative.

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PBF Energy Investment Narrative Recap

PBF Energy still appeals to shareholders who believe in the earnings power of complex US coastal refineries and disciplined capital returns, despite current unprofitability. The Martinez delay pushes out a key volume catalyst but, with insurance expected to absorb most restoration and interruption costs, it mainly extends operational uncertainty rather than reshaping the near term thesis. The biggest immediate risk remains further operational or regulatory setbacks at core sites that could deepen earnings volatility and strain cash generation.

Against this backdrop, PBF’s ongoing quarterly dividend of US$0.275 per share underscores management’s commitment to returning cash even through an uneven profit cycle. For investors, that sits alongside the Martinez rebuild timeline and the ramp up of renewable diesel volumes at SBR as key moving parts that could influence how quickly earnings recover once the refinery returns to targeted operating rates.

Yet behind the extended Martinez rebuild, there is a broader operational risk at key refineries that investors should be aware of…

Read the full narrative on PBF Energy (it's free!)

PBF Energy's narrative projects $33.5 billion revenue and $71.3 million earnings by 2028. This requires 3.4% yearly revenue growth and about a $1.05 billion earnings increase from -$982.3 million today.

Uncover how PBF Energy's forecasts yield a $30.58 fair value, a 7% upside to its current price.

Exploring Other Perspectives

Five members of the Simply Wall St Community currently see PBF’s fair value anywhere between about US$3.77 and over US$350 per share, highlighting very different expectations. When you contrast that spread with today’s focus on Martinez related operational risk, it underlines why checking several independent views on the company’s resilience and earnings potential can be useful.

Explore 5 other fair value estimates on PBF Energy - why the stock might be a potential multi-bagger!

Build Your Own PBF Energy Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your PBF Energy research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
• Our free PBF Energy research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate PBF Energy's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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