PBF Energy's (PBF) weak Q4 earnings are primarily due to lower crude oil and feedstock throughput volumes. This was offset partially by lower costs and expenses.
The Biden administration has awarded Strategic Petroleum Reserve (SPR) contracts for 2.95 million barrels of oil worth about $229.5 million to four companies, the U.S. Energy Department said on Thursday. The U.S.-produced crude oil is being purchased for an average price of $77.81 per barrel, lower than the average of about $95 per barrel that SPR crude was sold for in 2022, the Energy Department said in a statement.
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