PBF Energy Inc's stock plummeted 5.3% in the pre-market trading session on Thursday after the company reported a fire incident at its Martinez refinery in California, disrupting operations.
According to PBF Energy executives during a conference call, the fire broke out on February 1 near the cat feed hydrotreater unit, which prepares feedstock for the gasoline-producing fluidic catalytic cracker. The company has been unable to assess the full extent of damage as investigators have blocked off the area.
Due to the fire and planned maintenance at other refineries, PBF Energy expects to operate its seven refineries at only up to 76% of their combined production capacity of 1 million barrels per day in the first quarter of 2025. The company also reported a third consecutive quarterly loss of $289.3 million for Q4 2024 as refining margins declined amid weaker economic activity and new refinery capacity additions.
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