PBF Energy Inc's stock fell 5.01% during pre-market trading on Thursday, following the release of its first-quarter 2026 financial results.
The company reported that its adjusted net loss for the quarter widened to $102.4 million, missing analyst estimates of a $68.6 million loss. Adjusted earnings per share came in at $(0.88), also falling short of the $(0.71) consensus estimate. While revenue of $7.9 billion beat expectations, investors focused on the larger-than-expected adjusted loss.
A significant factor in the results was a sharp increase in Renewable Fuel Standard (RFS) compliance costs, which widened to $278 million from $120 million a year earlier, reflecting newly finalized EPA requirements and higher RIN prices. The company also provided an update on its Martinez refinery restart, noting the process took longer than anticipated due to safety and process checks, with full rates expected in early May. Additional news indicated potential supply chain concerns, with reports of significant volumes of crude and product trapped inside the Straits of Formuz.