Delaware City refinery owner PBF EnergyInc. reported second quarter 2019 income from operations of$9.5 million, compared to income from operations of$422.3 millionfor the second quarter of 2018.
Earnings were below analysts’ estimates as PBF saw a seesawing of crude oil prices. Shares of the company have been trading near a 52-week low.
Excluding special items, second-quarter 2019 income from operations was$191.5 millionas compared to income from operations of$264.3 millionfor the second quarter of 2018.
Special items included in the second quarter 2019 results, which decreased net income by a net, after-tax loss of$133.8 million consisted of an inventory adjustment.
Tom Nimbley,PBF Energy‘s CEO, said, “PBF delivered a solid financial quarter and we completed 100% of our planned major maintenance for the year. While we did have extended turnaround downtime on the East Coast during the quarter, our refineries are well-positioned to operate unimpeded for the remainder of the year.” Nimbley continued, “In addition to the work completed on our existing assets, in June we announced our pending acquisition of the Martinez refinery.We are looking forward to closing the transaction by year-end and welcoming the Martinez employees to the PBF family.”
PBF EnergyInc. has refineries and related facilities inCalifornia,Delaware,Louisiana,New Jersey, andOhio. It reached an agreement earlier this year to acquire a Shell refinery in northern California.