Delaware City refinery owner PBF Energy Inc. reported higher earnings in the fourth quarter and 2019.
The company reported fourth-quarter 2019 net income of $69.1 million. This compares to a net loss of $346.7 million for the fourth quarter of 2018.
Tom Nimbley, PBF Energy’s CEO, said, “We ended 2019 with strong results. By strategically advancing maintenance into the first half of 2019 we gave ourselves a clear runway for the second half of the year and into 2020.”
Nimbley continued, “Looking forward, our outlook remains positive. The turmoil we experienced in January should begin to subside as we move past the market disruptions and into seasonally higher demand. We have started to see impacts of the IMO marine fuel regulation change and we expect those to become more apparent as the market continues to adapt to the new realities of lower-sulfur product demand and shifting appetites for various qualities of feedstocks. Finally, PBF Energy successfully completed the acquisition of the Martinez refinery and we welcome our newest employees and assets to the PBF family.”
The Martinez refinery is in northern California. PBF has a southern California refinery in Torrance. The Martinez refinery makes PBF the most complex independent refiner in the nation.
The complexity allows PBF to refine a variety of types of crude oil and allows it to take advantage of discounted prices that can come with heavier crude. The Delaware City refinery is able to process both heavy and light grades of crude oil.
