PBF Energy Inc. (NYSE:PBF) reported first-quarter results on Thursday that topped analyst expectations, but shares dropped more than 7% as investors focused on ongoing operational issues at its Martinez refinery.
The independent refiner posted an adjusted loss per share of -$0.88, compared with analyst expectations for a smaller loss of -$0.35.
Revenue came in at $7.9 billion, exceeding the $7.39 billion consensus estimate and rising 12% from $7.07 billion in the same quarter of 2025.
On a GAAP basis, the company reported earnings of $1.65 per share, supported by special items including a $313.0 million inventory adjustment reversal and $106.5 million in insurance recoveries tied to the Martinez refinery fire.
Despite the earnings beat, the stock declined as the restart timeline for the Martinez facility extended beyond prior expectations.
The refinery’s Fluid Catalytic Cracking unit is now expected to resume production of finished products in early May, with full operating rates anticipated shortly after. The company also received a fourth insurance payment of $106.5 million, bringing total unallocated reimbursements to $1.0 billion.
“Following a year of extensive work and exhaustive efforts by all involved, our Martinez refinery is returning to full operations at a time when the markets are calling for products from all available sources,” said President and CEO Matt Lucey.
For the second quarter, PBF expects total throughput to range between 850,000 and 910,000 barrels per day.
The company added that its Refining Business Improvement initiative delivered more than $230 million in run-rate cost savings in 2025 and is expected to exceed $350 million by the end of 2026.
PBF also declared a quarterly dividend of $0.275 per share.