PBF delays Martinez restart to March 2026; issues 2026 throughput guidance

PBF Energy Inc.

Martinez refinery restart delayed to early March 2026; previously expected year-end 2025.
Current operations at 85,000-105,000 bpd vs 157,000 bpd capacity; fire-related costs largely insured.
$893.5M in insurance proceeds received in 2025 (net of $30M deductibles); Q4 installment $393.5M.
2026 throughput guidance: West Coast 280k-300k bpd; East Coast 300k-320k; Gulf Coast 170k-180k; Mid-continent 135k-145k.
Planned 2026 turnarounds: West Coast (Q1, Q2), Gulf Coast (Q4), East Coast (Q4), Mid-continent (Q4).

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