PBF Energy Inc. reported a first quarter 2017 net loss of $20 million. PBF owns a refinery in Delaware City.
This compares to a net loss of $23.3 million for the first quarter 2016.
Shares of the company, based in northern New Jersey, fell 5 percent in Thursday trading.
PBF Energy‘s financial results reflect the consolidation of PBF Logistics LP a master limited partnership. PBF energy has a minority stake in the logistics business.
Tom Nimbley, PBF Energy‘s CEO, said, “Operationally, we successfully executed PBF’s first turnaround at Chalmette during the first quarter. In April, we finished our turnaround at Delaware City and commenced the Torrance turnarounds, which are scheduled for completion by the end of June. We are making significant investments in our refining system which should result in improved operating performance and reliability and this was demonstrated by Chalmette’s first quarter results
The company announced that it will pay a quarterly dividend of 30 cents per share of Class A common stock on May 31, 2017, to holders of record as of May 16.
For 2017, PBF expects East Coast total production (Paulsboro and Delaware City) to average 325,000 to 345,000 barrels per day; Mid-Continent total production is expected to average 145,000 to 155,000 barrels per day; Gulf Coast production is expected to average 170,000 to 180,000 barrels per day and West Coast total production is expected to average 140,000 to 150,000 barrels per day.
