PBF Energy: No Longer Bleeding Cash After Improved Crack Spreads (Rating Upgrade)
Source: SeekingAlpha
2025-05-28 12:06:55 ET
Summary
- Low crack spreads and a major refinery fire have pressured PBF Energy’s financials and challenged its operating environment.
- Recent market improvements have enabled PBF to achieve breakeven or slightly positive free cash flow.
- Upcoming refinery closures in late 2025 and early 2026 are expected to improve industry conditions for PBF.
- I am upgrading PBF to HOLD, as returns beyond the dividend remain limited while the company focuses on balance sheet repair.
Thesis
Low crack spreads in the second half of 2024 and early 2025 have made a challenging operating environment for PBF Energy ( PBF ). This, in addition to a large fire at their Martinez refinery, has eroded the company's balance sheet....
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PBF Energy: No Longer Bleeding Cash After Improved Crack Spreads (Rating Upgrade)
Marathon Petroleum Corporation
NASDAQ: MPC
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