Here are 1-3 brief analogies for PBF Energy (PBF):

• PBF Energy is like Alcoa (AA) for oil, a major industrial processor that takes a raw commodity (crude oil) and transforms it into essential refined products like gasoline, diesel, and jet fuel.
• PBF Energy is essentially ExxonMobil's (XOM) refining business, spun out as a standalone company, focused solely on processing crude oil into a wide range of petroleum products.
• PBF Energy is like the manufacturing and wholesale arm of an oil major like Chevron (CVX), specializing in transforming crude oil into fuels and lubricants for various industries, without the upstream drilling or retail gas stations.

• Gasoline: Primary transportation fuel used in spark-ignition internal combustion engines.
• Diesel Fuel: Fuel mainly used in diesel engines for transportation, industrial, and power generation.
• Jet Fuel: Kerosene-type fuel specifically designed for powering turbine aircraft.
• Heating Oil: Fuel oil primarily used in furnaces and boilers for heating residential and commercial buildings.
• Asphalt: A sticky, black, viscous petroleum product predominantly used for road paving and roofing.

PBF Energy (symbol: PBF) primarily sells its refined petroleum products to other companies rather than directly to individuals.

According to PBF Energy's financial disclosures, no single customer accounted for 10% or more of its consolidated revenues during recent fiscal years. Therefore, specific names of major customer companies are not publicly disclosed.

However, PBF Energy serves a broad range of wholesale customers within the energy and transportation sectors. These customers can be broadly categorized as:

• Wholesale Marketers and Distributors: These companies purchase refined products (such as gasoline, diesel, and jet fuel) in bulk from PBF Energy and then distribute and sell them under their own brands or to smaller end-users, including gas stations, commercial fleets, and industrial customers.
• Other Refiners: PBF Energy engages in product exchanges and sales with other refiners to optimize supply chains, balance regional demand, and manage inventory levels across their respective refinery systems.
• Large Industrial and Commercial End-Users: This category includes large-scale consumers of petroleum products such as airlines (for jet fuel), shipping companies, large trucking fleets, agricultural businesses, and industrial plants that require significant volumes of fuel oil, feedstocks, or other specialized products for their operations.

null

Matthew C. Lucey, President and Chief Executive Officer

Mr. Lucey assumed the role of President and Chief Executive Officer of PBF Energy in July 2023, having previously served as President since 2015. He held positions as Executive Vice President, Senior Vice President, and Chief Financial Officer from April 2010 to April 2014, and joined PBF as Vice President, Finance in April 2008. Before his tenure at PBF, Mr. Lucey was a Managing Director of M.E. Zukerman & Co., a New York-based private equity firm specializing in the energy sector, from 2001 to 2008, indicating a pattern of managing companies backed by private equity firms. He also spent six years in the banking industry prior to M.E. Zukerman & Co..

Joseph Marino, Senior Vice President and Chief Financial Officer

Mr. Marino was appointed Chief Financial Officer of PBF Energy, effective October 1, 2025. He joined the company in 2011 and served as Treasurer from 2020 to 2025. During his time at PBF, he held various finance and accounting roles, including Director of Financial Reporting during the company's initial public offering and Assistant Controller from 2015 to 2020. Prior to joining PBF, Mr. Marino was employed at Ernst & Young LLP, where he represented large public and private corporations in the oil and gas industry.

Thomas J. Nimbley, Executive Chairman

Mr. Nimbley has served as Executive Chairman of PBF Energy from July 2023, with his term concluding in June 2025. He previously served as the Chief Executive Officer from June 2010 to June 2023, leading the private predecessor company and then the public company after its IPO in 2012. Mr. Nimbley founded PBF Energy in 2008. Before PBF, he was a Principal for Nimbley Consultants LLC from 2005 to 2010, where he provided consulting services and assisted on the acquisition of two refineries. He also held senior leadership positions, including Senior Vice President and Head of Refining for Phillips Petroleum Company and ConocoPhillips. His career began at Exxon in 1973, where he spent twenty years, and he also worked for Tosco Corporation.

Trecia Canty, Senior Vice President, General Counsel

Ms. Canty serves as Senior Vice President, General Counsel, and Secretary for PBF Energy. She joined PBF in 2012, initially as Vice President, Senior Deputy General Counsel. Her responsibilities include overseeing the Legal Department and Contracts Administration. Ms. Canty began her legal career at Cleary Gottlieb in Manhattan after earning her law degree from Columbia University.

Jim Fedena, Senior Vice President, Logistics, Renewable Fuels, and Strategic Assets

Mr. Fedena joined PBF Energy in June 2010. He has held various roles within the company, including Senior Vice President and Head of Logistics for PBF Logistics, a master limited partnership. With over 30 years of experience in the oil industry, specializing in refining, pipelines, and terminal operations, Mr. Fedena has a comprehensive background in the sector. Prior to joining PBF, he served as a managing partner for PJF Associates, where he provided consulting services for private equity firms on refining acquisitions in North America and Europe, demonstrating a pattern of involvement with private equity-backed companies.

The accelerated adoption of electric vehicles (EVs) represents a clear emerging threat to PBF Energy's core business model. As EV market penetration increases globally, the demand for gasoline, a primary product of petroleum refining, is expected to decline significantly over the coming decades. This trend, driven by technological advancements, evolving consumer preferences, and government policies favoring decarbonization, directly challenges the long-term viability and profitability of traditional fossil fuel refining operations.

PBF Energy (PBF) primarily operates in petroleum refining and logistics, producing and selling a range of petroleum products. Their main products include transportation fuels such as gasoline, ultra-low-sulfur diesel (ULSD), jet fuel, and heating oil, as well as other petroleum products like lubricants, petrochemical feedstocks, and asphalt.

Addressable Market Sizes for PBF Energy's Main Products:

• Petroleum Refining Market (U.S.): The U.S. petroleum refining market size was valued at approximately USD 793.3 billion in 2024 and is projected to reach USD 1,168.3 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period of 2025–2032. Another estimate places the U.S. Petroleum Refining industry revenue at an estimated USD 798.3 billion in 2025.

• Gasoline (U.S.): The market size for Gasoline & Petroleum Wholesaling in the U.S. was USD 664.1 billion in 2024 and is expected to be USD 664.7 billion in 2025. The U.S. gasoline market size is forecasted to decrease by 258 million liters, with a CAGR of -4.18% between 2022 and 2027. Globally, the gasoline as a fuel market size is estimated at USD 1.87 trillion in 2025, and is expected to reach USD 1.97 trillion by 2030, at a CAGR of 1.06%.

• Diesel Fuel (U.S.): The U.S. Diesel Fuel market size is estimated to reach USD 60 billion by 2031, growing at a CAGR of 2.5% during the forecast period 2025-2031. The global diesel fuel market size was estimated at USD 241.41 billion in 2024 and is projected to reach USD 306.02 billion by 2030, growing at a CAGR of 4.1% from 2025 to 2030.

• Jet Fuel (Global & U.S. Demand): The global jet fuel market size was valued at USD 286.94 billion in 2024 and is projected to grow to USD 408.05 billion by 2032, with a CAGR of 4.5% during the forecast period 2025-2032. North America is the largest regional jet fuel market, with U.S. jet fuel demand estimated to be around 22 million barrels per day in 2024.

• Lubricants (U.S.): The U.S. lubricants market size was valued at USD 41.71 billion in 2024 and is anticipated to grow at a CAGR of 2.4% from 2025 to 2033.

• Asphalt (U.S.): The U.S. asphalt market size was USD 32.6 million in 2024, and is expected to reach USD 52.9 million by 2032, growing at a CAGR of 6.3% during the forecast period 2025–2032. Another source projects the U.S. asphalt market to reach USD 70.72 million by 2027.

• Full Restart and Enhanced Operations at Martinez Refinery: The full restart of the Martinez refinery, following a fire, is a significant operational driver for PBF Energy. The company anticipates the refinery to be fully operational by year-end 2025, which will restore and enhance its production capacity. Upgrades at this refinery are also aimed at opening new revenue streams.
• Expansion of Renewable Diesel Production: PBF Energy is actively expanding its renewable diesel production through its St. Bernard Renewables (SBR) joint venture. The company aims to ramp up renewable diesel output to between 16,000 and 18,000 barrels per day, capitalizing on policy incentives and growing demand for low-carbon fuels.
• Refining Business Improvement (RBI) Initiative: The company's RBI initiative, while focused on cost savings, is also designed to "extract incremental value across our business through improved reliability and efficiency." These operational improvements are projected to generate over $350 million in annualized run-rate savings by year-end 2026, which can indirectly boost revenue by improving margins and potentially enabling increased throughput.
• Favorable Global Refining Market Conditions: PBF Energy anticipates a constructive refining environment characterized by structurally tight global refining markets, with capacity rationalization and demand growth expected to exceed new refinery additions. This tightening supply backdrop, coupled with strong global demand for products like diesel and widening light-heavy crude spreads, is expected to support strong utilization, pricing power, and higher revenues for efficient U.S. refiners.

Share Repurchases

• PBF Energy authorized a $500 million share repurchase program in December 2022.
• In February 2024, the board increased the existing share repurchase authorization by $750 million, resulting in over $1 billion in total outstanding authorization.
• The company repurchased approximately $156.4 million in 2022, $532.5 million in 2023, and $329.1 million in 2024.

Outbound Investments

• PBF Energy completed the acquisition of the Martinez refinery and related logistics assets from Shell on February 1, 2020, for $960.0 million plus working capital.
• In December 2022, PBF Energy completed the acquisition of PBF Logistics L.P., merging all common units not already owned by PBF Energy.
• PBF is a 50% partner in the St. Bernard Renewables (SBR) joint venture, focused on producing sustainable aviation fuel and renewable diesel, with its first facility slated for completion by 2026.

Capital Expenditures

• PBF Energy anticipates full-year capital expenditures for 2025 to be between $750 million and $775 million, excluding costs for restoring the Martinez Refinery.
• The capital expenditures are primarily focused on projects and turnarounds, strategic procurement, and optimizing its six-refinery system to improve reliability and efficiency.
• Historical capital expenditures include $1,011 million in 2022, $1,174 million in 2023, and $1,008 million in 2024. Year-to-date rebuild capital expenses at the Martinez Refinery reached approximately $260 million by the end of Q3 2025, which are expected to be covered by insurance.