PBF Energy Inc.: directors' dealings · United States · SEC (Form 4)

About PBF Energy Inc.

PBF Energy Inc. (NYSE:PBF) is a United States-listed company traded on the NYSE and ranks among the largest independent petroleum refiners in North America. Its core business is the refining of crude oil and other feedstocks into petroleum products, along with the sale of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and related products. For European investors looking at the U.S. energy complex, PBF is best viewed as a cyclical downstream name: earnings are highly influenced by refining margins, crude differentials, product demand, turnaround activity, and broader macro conditions rather than by upstream exploration risk. Founded in 2008 with just eleven employees, PBF Energy has grown into a major merchant refiner with operations across the United States. The company is headquartered in Parsippany, New Jersey, United States. It owns and operates six domestic refineries and related assets located in Delaware City (Delaware), Paulsboro (New Jersey), Toledo (Ohio), Chalmette (Louisiana), Torrance (California), and Martinez (California). This geographic spread gives PBF exposure to several important U.S. fuel markets, including the Northeast, Midwest, Gulf Coast, and West Coast, while the company also markets products in Canada and Mexico and can ship to other international destinations. PBF reports through two business segments: Refining and Logistics. Refining is the main earnings engine and covers the conversion of crude oil and feedstocks into finished petroleum products. Logistics includes terminals, pipelines, and storage facilities that support refinery operations and product movement. This structure provides operational leverage and helps the company manage transportation, storage, and throughput optimization across its system. PBF also highlights the relatively high complexity of its refineries, which is important in a merchant refining model because it can improve feedstock flexibility and product slate optimization. From a competitive standpoint, PBF competes with other large independent refiners as well as integrated oil majors with downstream assets. Its investment case is therefore tied to refining-cycle economics, U.S. fuel demand, and asset reliability. A notable recent development is the company’s ongoing restart work at the Martinez refinery following the refinery fire, which PBF discussed in its first-quarter 2026 results release. In that same update, the company reported positive quarterly earnings and maintained a quarterly dividend of $0.275 per share. PBF also holds a 50% interest in St. Bernard Renewables, a joint venture focused on next-generation sustainable fuels, indicating a measured diversification step toward lower-carbon fuel opportunities while keeping refining as the central cash-generating business.