The following is a summary of the PBF Energy Inc. (PBF) Q1 2024 Earnings Call Transcript:
Financial Performance:
PBF Energy reported Q1 2024 adjusted net income of $0.85 per share and adjusted EBITDA of $301.5 million.
They registered an $800,000 loss related to their equity investment in St. Bernard Renewables.
A total of $155 million was returned to shareholders in the first quarter through dividends and share repurchases.
Since December 2022, PBF completed around $814 million in share buybacks, reducing total share count to about 119 million shares as of March 31, 2024.
The company ended the quarter with over $1.4 billion in cash and approximately $1.2 billion of debt.
Business Progress:
PBF had turnarounds at their Toledo and Delaware city refineries. Toledo was completed in mid-April while Delaware City is still in process. Another turnaround is planned for the fourth quarter at Chalmette.
The company benefitted from attractive Syncrude pricing, improving their capture rate despite the normalization of Syncrude differentials.
Demand for PBF's products was noted to be strong across all operating regions with inventories remaining tight.
The 2023 balance sheet transformation now allows the company to deliver shareholder returns across market cycles.
They expect the market setup to be favorable for the remainder of the year. Despite supply constraints on the West Coast, they aim to serve the state's fuel needs with two robust refineries.
Though there are currently no large growth projects pursued, the company alluded to potentially increasing the percentage of cash dedicated to shareholder returns, aiming for sustainability across all market conditions.
More details: PBF Energy IR
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