PBF Energy Inc. reported significant declines in revenue and profitability for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For Q3 2024, revenues totaled $8,382.3 million, down 21.5% from $10,733.5 million in Q3 2023. For the nine months ended September 30, 2024, revenues were $25,764.0 million, a decrease of 11.6% from $29,186.1 million in the prior year. The decline in revenue was attributed to lower hydrocarbon commodity prices, which also impacted revenues per barrel, decreasing from $111.69 in Q3 2023 to $89.20 in Q3 2024.
Total costs and expenses for Q3 2024 were $8,768.6 million, down from $9,656.4 million in Q3 2023. However, the company reported a loss from operations of $(386.3) million for Q3 2024, compared to an income of $1,077.1 million in Q3 2023. For the nine-month period, PBF Energy recorded a loss from operations of $(315.8) million, a stark contrast to the income of $2,998.7 million reported in the same period of 2023. The net loss attributable to PBF Energy Inc. stockholders for Q3 2024 was $(285.9) million, compared to net income of $786.4 million in Q3 2023.
The gross refining margin for Q3 2024 was $429.6 million, significantly lower than the $1,923.1 million reported in Q3 2023. This decline was influenced by unfavorable supply and demand dynamics, leading to decreased refining margins. Operating expenses increased slightly to $649.7 million in Q3 2024 from $645.3 million in Q3 2023, primarily due to higher maintenance costs.
PBF Energy's total equity decreased to $6,019.6 million as of September 30, 2024, down from $6,631.3 million at the end of 2023. The company’s cash and cash equivalents at the end of Q3 2024 were $976.7 million, a decrease from $1,892.5 million at the same time in 2023. The company also reported net cash used in investing activities of $(805.0) million for the nine months ended September 30, 2024, compared to $(105.8) million in the same period of 2023.
Strategically, PBF Energy has continued its share repurchase program, purchasing 2,041,120 shares for $75.0 million in Q3 2024, and 6,554,269 shares for $300.1 million in the first nine months of 2024. The company also declared a dividend of $0.275 per share on Class A common stock, payable in November 2024.
About PBF Energy Inc.
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