Key Highlights

  • 108.3% is the six-month gain for PBF Energy (NYSE:PBF), with shares at USD 83.83 on October 7, 2026 and a 3-month gain of 60.3%, according to published market data.
  • 7.4 times Earnings and a Market Capitalisation of USD 9.94 billion frame the valuation, per published market data, after second quarter 2026 adjusted Net Income of USD 753.1 million, or USD 6.22 per share.
  • 887,300 barrels per day of total throughput in the second quarter followed the Martinez refinery's return to full operations in May 2026, according to the company release of July 30, 2026.
  • USD 1.749 billion of total Debt against USD 894.1 million of cash, after a USD 1 billion gross debt paydown in the second quarter, leaves PBF Energy with a lighter balance sheet.

Second Quarter Results and Dividend

PBF Energy reported second quarter 2026 results on July 30, 2026. Net income was USD 906.4 million, or USD 7.54 per diluted share, and adjusted net income excluding special items was USD 753.1 million, or USD 6.22 per share. All figures are as reported in the company release. Revenue was USD 11.7 billion. Total throughput averaged 887,300 barrels per day, including 309,100 on the East Coast and 177,400 on the Gulf Coast. The company said Martinez returned to full operations in May 2026 and that it received a fifth insurance installment of USD 250 million. The board declared a quarterly Dividend of USD 0.275 per share, payable August 28, 2026 to holders of record on August 14, 2026.

Margins, Operating Leverage and Debt

Refiners earn the crack spread, the gap between Crude Oil prices and the value of the fuels made from it. Because plant costs are largely fixed, a wider spread on higher throughput can lift profit sharply, which is why refiner earnings swing so widely. PBF has also been repairing its balance sheet. The company said net debt fell by over USD 1.4 billion in the first half of 2026, including USD 1 billion of gross debt repaid in the second quarter. Lower debt means less interest expense and more of any Margin windfall reaching shareholders. Published market data shows a price to sales ratio of 0.3 and a price to book ratio of 1.6.

Risks, Peers and What to Watch

A 108.3% six-month gain means expectations for PBF Energy (NYSE:PBF) already reflect strong margins, and crack spreads can narrow quickly. Martinez has been a source of outage risk, and the company still carries rebuild costs outside its 2026 Capital Expenditure guidance of USD 825 million to USD 875 million. Third quarter guidance calls for total throughput of 900,000 to 960,000 barrels per day. Peers HF Sinclair and Marathon Petroleum have also posted strong quarters, so the move is sector-wide rather than company-specific. Simple arithmetic on two published numbers puts total debt at about 2 times cash. Watch the third quarter report (date not confirmed in the materials reviewed) and any new unplanned outage notices.

Where Things Stand

PBF Energy (NYSE:PBF) has surged because refining margins widened, the Martinez refinery returned to full operations and debt fell sharply, which together lifted second quarter earnings. Published market data shows the stock at USD 83.83 after gains of 60.3% over three months and 108.3% over six months. The valuation of 7.4 times earnings reflects the cyclical nature of refining profits. Margin direction, outages and the pace of further debt reduction remain the main variables for the next report.