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PBF Energy's (PBF) Q4 Earnings Miss on Lower Throughput

PBF Energy Inc. PBF reported a fourth-quarter 2023 loss of 41 cents per share, missing the Zacks Consensus Estimate of earnings of 8 cents. The bottom line also declined from the year-ago profit of $4.41 per share.

Total quarterly revenues declined to $9,139 million from $10,846 million in the prior-year quarter. However, the top line beat the Zacks Consensus Estimate of $8,563 million.

Weak quarterly earnings were primarily due to lower crude oil and feedstock throughput volumes. This was offset partially by lower costs and expenses.

Segmental Performance

PBF Energy’s operating income from the Refining segment was $26.6 million, declining from $914 million a year ago.

廣告

The company generated a profit of $54.9 million from the Logistics segment, reflecting an increase from the prior-year quarter’s $43.3 million and our estimate of $49.1 million.

Throughput Analysis

Volumes:

In the quarter under review, crude oil and feedstock throughput volumes were 878.2 thousand barrels per day (bpd), lower than the year-ago figure of 939 thousand bpd. The metric also missed our estimate of 927.3 bpd.

The East Coast, Mid-Continent, Gulf Coast and West Coast regions accounted for 37%, 16%, 20% and 27%, respectively, of the total oil and feedstock throughput volume.

Margins:

The company-wide gross refining margin per barrel of throughput, excluding special items, was $9.88, lower than the year-earlier figure of $19.78.

The gross refining margin per barrel of throughput was $11.29 for the East Coast, down from $25.02 in the year-ago quarter. The realized refining margin was $10.89 per barrel for the Gulf Coast, down from $14.22. The metric was $8.93 and $6.94 per barrel in the West Coast and Mid-Continent compared with respective margins of $17.38 and $19.53 a year ago.

Costs & Expenses

Total costs and expenses of PBF Energy in the reported quarter were $9,185.9 million, lower than $9,890.7 million in the year-ago period.

Cost of sales, which includes operating expenses, cost of products and others, and depreciation and amortization expenses, amounted to $9,054.7 million, lower than $9,877.2 million reported a year ago.

Capital Expenditure & Balance Sheet

In the fourth quarter, PBF Energy spent $227.9 million in capital on refining operations. The company spent $3.4 million on logistics businesses.

At the fourth-quarter end, it had cash and cash equivalents of $1,783.5 million. As of Dec 31, PBF Energy had a total debt of $1,245.9 million, resulting in a total debt-to-capitalization of 16%.

Outlook

For the first quarter, PBF, carrying a Zacks Rank #3 (Hold), anticipates throughput volumes of 830,000-890,000 barrels per day.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Important Energy Earnings

Three energy giants that reported their quarterly figures are Exxon Mobil Corporation XOM, BP plc BP and Chevron Corporation CVX.

ExxonMobilreported fourth-quarter 2023 earnings per share of $2.48 (excluding identified items), which beat the Zacks Consensus Estimate of $2.21. However, the bottom line declined from the year-ago level of $3.40.

Total quarterly revenues of $84.3 billion missed the Zacks Consensus Estimate of $91.8 billion and declined from the year-ago quarter’s figure of $95.4 billion.

Better-than-expected quarterly earnings primarily resulted from increased liquids production. The positives were partially offset by lower realizations of crude and natural gas prices. To view our detailed earnings blog: ExxonMobil (XOM) Q4 Earnings Beat Estimates, Revenues Fall Y/Y.

BP reported fourth-quarter 2023 adjusted earnings of $1.07 per American Depositary Share on a replacement-cost basis, excluding non-operating items. The bottom line missed the Zacks Consensus Estimate of $1.09 and declined from $1.59 reported a year ago.

Total quarterly revenues of $52,586 million lagged the Zacks Consensus Estimate of $59,530 million and declined from $70,356 million reported in the year-ago quarter.

Lower realizations of commodity prices led to weak quarterly results. To view our detailed earnings blog: BP Misses Q4 Earnings Estimates, Expects 2024 Production Hike.

Chevronreported adjusted fourth-quarter earnings per share of $3.45, topping the Zacks Consensus Estimate of $3.29. The outperformance could be attributed to higher-than-expected U.S. production in the company’s key upstream segment. The unit’s domestic output of 1,598 thousand oil-equivalent barrels per day (MBOE/d) set a new quarterly record and came in above the consensus mark of 1,462 MBOE/d.

However, the company’s bottom line fell from the year-ago adjusted profit of $4.09 due to weaker oil and natural gas realizations, plus a dip in U.S. refined product sales margins.

The company generated revenues of $47.2 billion. The sales figure missed the Zacks Consensus Estimate of $52.6 billion and decreased 16.5% year over year. To view our detailed earnings blog: Chevron (CVX) Q4 Earnings Beat on Record U.S. Production.

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BP p.l.c. (BP) : Free Stock Analysis Report

Chevron Corporation (CVX) : Free Stock Analysis Report

Exxon Mobil Corporation (XOM) : Free Stock Analysis Report

PBF Energy Inc. (PBF) : Free Stock Analysis Report

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