PBF Energy reports surprise quarterly profit as refining margins recover
PBF Energy posted a surprise profit as refining margins rebounded from recent lows. The company also expects its Martinez refinery to restart in early March.
Insights:
PBF Energy Inc. reported a surprise adjusted profit of $0.49 per share for the fourth quarter on February 12, 2026, significantly outperforming LSEG-compiled estimates that had projected an adjusted loss of 10 cents per share. This financial turnaround for the United States 
US refiner was driven by a material recovery in refining margins and throughput during the period. The results come as the industry observes a sharp fourth-quarter recovery in the 3-2-1 crack spread benchmark from the multi-year lows recorded earlier in 2024.
US refiner was driven by a material recovery in refining margins and throughput during the period. The results come as the industry observes a sharp fourth-quarter recovery in the 3-2-1 crack spread benchmark from the multi-year lows recorded earlier in 2024.The margin recovery, which materially increased the gross refining margin and throughput for PBF Energy, was attributed to several factors including supply disruptions tied to the Russia 
RU-Ukraine 
UA war. Additionally, tighter global fuel supplies and seasonal demand contributed to the improved refining economics. These dynamics allowed the company, led by Matthew Lucey, to capitalize on a more favorable market environment compared to the start of the year. The company's operations, including its Martinez refinery, benefited from the improved throughput and stronger margins.
RU-Ukraine UA war. Additionally, tighter global fuel supplies and seasonal demand contributed to the improved refining economics. These dynamics allowed the company, led by Matthew Lucey, to capitalize on a more favorable market environment compared to the start of the year. The company's operations, including its Martinez refinery, benefited from the improved throughput and stronger margins.
