PBF Energy, a prominent independent refining entity in North America, unveiled its results for the third quarter of 2023, which reflected a blend of hurdles and triumphs. The firm disclosed an operational income of $1,077.1 million for the third quarter, marking a decline from the $1,400.0 million recorded for the same period in 2022. Nevertheless, when special items are excluded, the operational income for the third quarter of 2023 stood at $1,145.6 million.
In the third quarter of 2023, the company reported a net income of $794.1 million. The net income that can be attributed to PBF Energy Inc. was $786.4 million, or $6.11 per share. This represents a decline when compared to the third quarter of 2022, during which the net income was $1,084.2 million, and the net income attributable to PBF Energy Inc. was $1,056.4 million, or $8.40 per share.
The net income for the third quarter of 2023 was reduced by a net, after-tax charge of $65.0 million, or $0.50 per share, due to non-cash special items included in the results. When excluding these special items, the adjusted fully-converted net income for the same period was $857.0 million, or $6.61 per share.
In a commendable step, the firm has raised its quarterly dividend by 25%, bringing it to $0.25 per share. The company also managed to cut down its debt by an estimated $170 million. St. Bernard Renewables, a collaborative venture aimed at producing sustainable fuels of the future, has shown profitability in its inaugural full quarter of operations.
The firm has bought back around 14.3 million of its own shares, investing roughly $590 million in the process. Matt Lucey, PBF Energy’s President and CEO, shared insights on the company’s financial health, its ventures in the renewable fuels industry, and its future strategies. He emphasized the company’s adaptability in all market scenarios and its dedication to creating enduring value for its shareholders.