Delaware City refinery owner PBF Energy Inc. reported second-quarter 2018 income from operations of $422.3 million, compared to loss from operations of $111 million for the second quarter of 2017.
The company’s stock price was trading at $48.50 on Friday, close to its 52-week high.
Excluding special items, second quarter 2018 income from operations was $264.3 million as compared to income from operations of $40 million for the second quarter of 2017.
Special items in the second quarter 2018 results, which increased operating income, include a net, non-cash, after-tax gain of $116.3 million from an inventory adjustment.
The company reported second quarter 2018 net income of $287.7 million and net income attributable to PBR Energy of $272.2 million. This compares to net loss of $104.2 million, and net loss attributable to PBR Energy of $109.7 million.
Results reflect the consolidation of PBF Logistics LP a master limited partnership. PBF indirectly owns the general partner and approximately 43.9 percent of the limited partner interests.
Tom Nimbley, PBF CEO, said, “Our strong results for the second quarter reflect the earnings power of our five-refinery system. The investments and improvements we have made, especially at Torrance, are beginning to show in our operations and we have additional opportunities system-wide to further enhance our earnings potential.” Nimbley continued, “Looking forward, our assets are well-positioned to benefit from favorable market conditions through safe, reliable and environmentally responsible operations.”
The Torrance, CA refinery gives PBF a presence on the West Coast as well as access to the state’s oilfields and fuel for Los Angeles International Airport.
PBF got its start by acquiring the closed Valero refinery in Delaware City during the depths of the recession of 2009-2010 with the help of a financial package from the State of Delaware. The New Jersey company went on to add four other refineries.
