PBF Energy Inc (NYSE: PBF) is a petroleum refining company that processes crude oil into refined petroleum products including gasoline, ultra-low sulfur diesel (ULSD), jet fuel, and heating oil. It makes money on the spread between crude oil input costs and refined product selling prices, commonly measured by crack spreads such as the 2-1-1, 3-2-1, and 4-3-1 benchmarks depending on the refinery. PBF operates multiple refineries across the United States, including facilities at Delaware City, Paulsboro, Chalmette, Toledo, Torrance, and Martinez, as disclosed in its 10-K filed February 12, 2026. The business is capital-intensive and margin-driven, with profitability directly tied to crack spread dynamics rather than throughput volume alone. Refinery complexity, measured by the Nelson Complexity Index, determines each facility's ability to process lower-quality, lower-cost crude feedstocks, which is a key operational differentiator in the independent refining sector.

Revenue model

Transactional: revenue generated from selling refined petroleum products (gasoline, ULSD, jet fuel, heating oil) at market prices, with profitability determined by the margin between crude oil input costs and product realizations (crack spreads).

Products and services

Gasoline, ultra-low sulfur diesel (ULSD), jet fuel, heating oil, and other refined petroleum products processed at six named refineries: Delaware City, Paulsboro, Chalmette, Toledo, Torrance, and Martinez (as disclosed in 10-K filed 2026-02-12).

Customers and end markets

End markets include transportation fuels (gasoline, jet fuel, diesel) and heating fuel consumers. Specific customer names and concentration data are not supported by the filing excerpts provided.

Value-chain role

Midstream-to-downstream: crude oil refiner and refined product seller. Sits between crude oil producers/suppliers and fuel distributors, wholesalers, and end consumers.

Geographic exposure

United States: refinery locations include Delaware City (Delaware), Paulsboro (New Jersey), Chalmette (Louisiana), Toledo (Ohio), Torrance (California), and Martinez (California), per 10-K filed 2026-02-12.

Source: SEC 10-K, filed 2026-02-12

Industry: Petroleum Refining Peers: Archaea Energy Inc. CVR Energy Inc Delek US Holdings Inc HF Sinclair Corp Marathon Petroleum Corp Phillips 66 Renewable Energy Group, Inc. Sunoco LP Valero Energy Corp