# EDGAR Filing Document

**Accession Number:** 0001534504
**File Stem:** 0001534504-25-000062
**Filing Date:** 2025-10
**Character Count:** 362696
**Document Hash:** db2c9d60d5de4ec8b5f905fad18d79bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001534504-25-000062.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001534504-25-000062

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PBF Energy Inc.
- **CENTRAL INDEX KEY:** 0001534504
- **STANDARD INDUSTRIAL CLASSIFICATION:** PETROLEUM REFINING [2911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35764
- **FILM NUMBER:** 251432110

**BUSINESS ADDRESS:**
- **STREET 1:** 1 SYLVAN WAY
- **CITY:** PARSIPPANY
- **STATE:** NJ
- **ZIP:** 07054
- **BUSINESS PHONE:** 973-455-7500

**MAIL ADDRESS:**
- **STREET 1:** 1 SYLVAN WAY
- **CITY:** PARSIPPANY
- **STATE:** NJ
- **ZIP:** 07054

?xml version='1.0' encoding='ASCII'? pbf-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 10-Q** 

(Mark one)

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended: September 30, 2025** 

**or** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**Commission File Number: 001-35764** 

**PBF ENERGY INC.** 

**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **Delaware** | **45-3763855** |
| **(State or other jurisdiction of incorporation or organization)** | **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |
| **One Sylvan Way, Second Floor** | **One Sylvan Way, Second Floor** | |
| **Parsippany** | **New Jersey** | **07054** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**(973) 455-7500** 

**(Registrant's telephone number, including area code)** 

Securities registered pursuant to Section 12(b) of the Act.

---

| | | | |
|:---|:---|:---|:---|
| Title of each class | Title of each class | Trading Symbol | Name of each exchange on which registered |
| Class A Common Stock | par value $.001 | PBF | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp;☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of October 24, 2025, PBF Energy Inc. had 115,847,488 shares of Class A common stock and 12 shares of Class B common stock outstanding.

------

 **PBF ENERGY INC.** 

**FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025**

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| **CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS** | **CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS** | **CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS** | <u>[3](#i2266d5b4367846f59ff83408ba0d4240_10)</u> |
| **<u>[PART I – FINANCIAL INFORMATION](#i2266d5b4367846f59ff83408ba0d4240_13)</u>** | **<u>[PART I – FINANCIAL INFORMATION](#i2266d5b4367846f59ff83408ba0d4240_13)</u>** | **<u>[PART I – FINANCIAL INFORMATION](#i2266d5b4367846f59ff83408ba0d4240_13)</u>** | |
| | ITEM 1. | <u>[Financial Statements (Unaudited)](#i2266d5b4367846f59ff83408ba0d4240_13)</u> | |
| | | <u>[Condensed Consolidated Balance Sheets as of](#i2266d5b4367846f59ff83408ba0d4240_19)[September](#i2266d5b4367846f59ff83408ba0d4240_19)[30, 2025 and December 31, 2024](#i2266d5b4367846f59ff83408ba0d4240_19)</u> | <u>[6](#i2266d5b4367846f59ff83408ba0d4240_19)</u> |
| | | <u>[Condensed Consolidated Statements of Operations for the three and](#i2266d5b4367846f59ff83408ba0d4240_22)[nine](#i2266d5b4367846f59ff83408ba0d4240_22)[months ended](#i2266d5b4367846f59ff83408ba0d4240_22)[September](#i2266d5b4367846f59ff83408ba0d4240_22)[30, 2025 and 2024](#i2266d5b4367846f59ff83408ba0d4240_22)</u> | <u>[7](#i2266d5b4367846f59ff83408ba0d4240_22)</u> |
| | | <u>[Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and](#i2266d5b4367846f59ff83408ba0d4240_25)[nine](#i2266d5b4367846f59ff83408ba0d4240_25)[months ended](#i2266d5b4367846f59ff83408ba0d4240_25)[September](#i2266d5b4367846f59ff83408ba0d4240_25)[30, 2025 and 2024](#i2266d5b4367846f59ff83408ba0d4240_25)</u> | <u>[8](#i2266d5b4367846f59ff83408ba0d4240_25)</u> |
| | | <u>[Condensed Consolidated Statements of Changes in Equity for the three and](#i2266d5b4367846f59ff83408ba0d4240_28)[nine](#i2266d5b4367846f59ff83408ba0d4240_28)[months ended](#i2266d5b4367846f59ff83408ba0d4240_28)[September](#i2266d5b4367846f59ff83408ba0d4240_28)[30, 2025 and 2024](#i2266d5b4367846f59ff83408ba0d4240_28)</u> | <u>[9](#i2266d5b4367846f59ff83408ba0d4240_28)</u> |
| | | <u>[Condensed Consolidated Statements of Cash Flows for the](#i2266d5b4367846f59ff83408ba0d4240_34)[nine](#i2266d5b4367846f59ff83408ba0d4240_34)[months ended](#i2266d5b4367846f59ff83408ba0d4240_34)[September](#i2266d5b4367846f59ff83408ba0d4240_34)[30, 2025 and 2024](#i2266d5b4367846f59ff83408ba0d4240_34)</u> | <u>[11](#i2266d5b4367846f59ff83408ba0d4240_34)</u> |
| | | <u>[Notes to Condensed Consolidated Financial Statements](#i2266d5b4367846f59ff83408ba0d4240_37)</u> | <u>[13](#i2266d5b4367846f59ff83408ba0d4240_37)</u> |
| | ITEM 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i2266d5b4367846f59ff83408ba0d4240_88)</u> | <u>[38](#i2266d5b4367846f59ff83408ba0d4240_88)</u> |
| | ITEM 3. | <u>[Quantitative and Qualitative Disclosures about Market Risk](#i2266d5b4367846f59ff83408ba0d4240_112)</u> | <u>[68](#i2266d5b4367846f59ff83408ba0d4240_112)</u> |
| | ITEM 4. | <u>[Controls and Procedures](#i2266d5b4367846f59ff83408ba0d4240_115)</u> | <u>[69](#i2266d5b4367846f59ff83408ba0d4240_115)</u> |
| **<u>[PART II – OTHER INFORMATION](#i2266d5b4367846f59ff83408ba0d4240_118)</u>** | **<u>[PART II – OTHER INFORMATION](#i2266d5b4367846f59ff83408ba0d4240_118)</u>** | **<u>[PART II – OTHER INFORMATION](#i2266d5b4367846f59ff83408ba0d4240_118)</u>** | |
| | ITEM 1. | <u>[Legal Proceedings](#i2266d5b4367846f59ff83408ba0d4240_121)</u> | <u>[70](#i2266d5b4367846f59ff83408ba0d4240_121)</u> |
| | ITEM 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i2266d5b4367846f59ff83408ba0d4240_127)</u> | <u>[76](#i2266d5b4367846f59ff83408ba0d4240_127)</u> |
| | ITEM 5. | <u>[Other Information](#i2266d5b4367846f59ff83408ba0d4240_130)</u> | <u>[77](#i2266d5b4367846f59ff83408ba0d4240_130)</u> |
| | ITEM 6. | <u>[Exhibits](#i2266d5b4367846f59ff83408ba0d4240_133)</u> | <u>[78](#i2266d5b4367846f59ff83408ba0d4240_133)</u> |
| **<u>[SIGNATURES](#i2266d5b4367846f59ff83408ba0d4240_136)</u>** | **<u>[SIGNATURES](#i2266d5b4367846f59ff83408ba0d4240_136)</u>** | **<u>[SIGNATURES](#i2266d5b4367846f59ff83408ba0d4240_136)</u>** | <u>[79](#i2266d5b4367846f59ff83408ba0d4240_136)</u> |

---

**EXPLANATORY NOTE**

This Quarterly Report on Form 10-Q is filed by PBF Energy Inc. ("PBF Energy") which is a holding company whose primary asset is an equity interest in PBF Energy Company LLC ("PBF LLC"). PBF Energy is the sole managing member of, and owner of an equity interest representing approximately 99.3% of the outstanding economic interests in PBF LLC as of September 30, 2025. PBF Energy operates and controls all of the business and affairs and consolidates the financial results of PBF LLC and its subsidiaries. PBF LLC is a holding company for the companies that directly and indirectly own and operate our business. PBF Holding Company LLC ("PBF Holding") is a wholly-owned subsidiary of PBF LLC and is the parent company for our refining operations. PBF Finance Corporation is a wholly-owned subsidiary of PBF Holding. PBF Logistics LP ("PBFX") is an indirect wholly-owned subsidiary of PBF Energy and PBF LLC that owns and operates logistics assets that support our refining operations. Collectively, PBF Energy and its consolidated subsidiaries, including PBF LLC, PBF Holding, and PBFX are referred to hereinafter as the "Company" unless the context otherwise requires.

------

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This Quarterly Report on Form 10-Q contains certain "forward-looking statements", as defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"), of expected future developments that involve risks and uncertainties. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "should," "seeks," "approximately," "intends," "plans," "estimates," "anticipates" or similar expressions that relate to our strategy, plans, or intentions. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results or to our strategies, objectives, intentions, resources, and expectations regarding future industry trends are forward-looking statements made under the safe harbor provisions of the PSLRA except to the extent such statements relate to the operations of a partnership or limited liability company. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results.

Important factors that could cause actual results to differ materially from our expectations, which we refer to as "cautionary statements," are disclosed under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Form 10-Q, the Annual Report on Form 10-K for the year ended December 31, 2024 of PBF Energy, which we refer to as our 2024 Annual Report on Form 10-K, and in our other filings with the United States. Securities and Exchange Commission ("SEC"). All forward-looking information in this Quarterly Report on Form 10-Q and subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements. Some of the factors that we believe could affect our results include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supply, demand, prices, and other market conditions for our products or crude oil, including volatility in commodity prices or constraints arising from federal, state, or local governmental actions or environmental and/or social activists that reduce crude oil production or availability in the regions in which we operate our pipelines and facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rate of inflation, including increases due to tariffs and other trade measures that may be proposed by the presidential administration, and its impact on supply and demand, pricing, and supply chain disruption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects related to, or resulting from, geopolitical conflict around the world, including Russia's military action in Ukraine, armed hostilities in the middle east and disruptions in international shipping, resulting from attacks by armed groups on cargo ships, including the imposition of additional sanctions and export controls, the potential expansion of such conflicts to other nations or regions, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk and uncertainties associated with the fire on February 1, 2025 at our Martinez refinery (the "Martinez Refinery Fire"), including our expectations with respect to the full restart of the Martinez refinery, our ability to procure necessary permits and equipment and materials required to rebuild the Martinez refinery, the timing of the restart of certain units damaged by the Martinez Refinery Fire, the throughput of the Martinez refinery during this period, estimated costs, the anticipated amount and timing of the remaining insurance recoveries related to the Martinez Refinery Fire, and the results and consequences of any governmental and regulatory investigations related to the Martinez Refinery Fire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount and the timing of cost savings and operational efficiencies to be achieved through our Refining Business Improvement ("RBI") initiative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effectiveness of our crude oil sourcing strategies, including our crude by rail strategy, and related commitments;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our obligation to buy Renewable Identification Numbers ("RINs") and market risks related to the volatility in the price of RINs required to comply with the Renewable Fuel Standard ("RFS") and greenhouse gas ("GHG") emission credits required to comply with various GHG emission programs, such as California Assembly Bill 32 ("AB 32");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to operate our businesses efficiently, manage capital expenditures and costs (including general and administrative expenses), and generate earnings and cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations with respect to our capital spending and turnaround projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of current and future laws, rulings, and governmental regulations, including restrictions on the exploration and/or production of crude oil in the state of California, the implementation of rules and regulations regarding transportation of crude oil by rail or in response to the potential impacts of climate change, decarbonization and future energy transition and public policy in opposition to recent refining industry profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse impacts related to legislation by the federal government lifting the restrictions on exporting United States crude oil or subjecting us to trade and sanctions laws, which change frequently as a result of foreign policy developments, and which may necessitate changes to our crude oil acquisition activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage our costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political pressure and influence of environmental groups and other stakeholders on decisions and policies related to the refining, processing and storage of crude oil and refined products, and the related adverse impacts from changes in our regulatory environment, such as the effects of compliance with AB 32 and/or California Assembly Bill X2-1 and Senate Bill X1-2, or from actions taken by environmental interest groups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk of cyber-attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our increased dependence on technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of competition in our markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possibility that we might reduce or not pay dividends in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability of our subsidiaries to freely make distributions to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to make acquisitions or investments, including in renewable diesel production, and to realize the benefits from such acquisitions or investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully manage the operations of our 50-50 equity method investment, St. Bernard Renewables LLC ("SBR"), which owns the biorefinery co-located with our Chalmette refinery in Louisiana (the "Renewable Diesel Facility"), together with our partner, Enilive US Inc., a subsidiary of Eni SpA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liabilities arising from recent acquisitions or investments, that are unforeseen or exceed our expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations and timing with respect to our acquisition and investment activity and whether such acquisitions and investments are accretive or dilutive to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse developments in our relationship with both our key employees and unionized employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our indebtedness, including the impact of potential downgrades to our corporate credit rating and/or unsecured notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in currency exchange rates, interest rates, and capital costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictive covenants in our indebtedness that may adversely affect our operational flexibility or ability to make distributions;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• counterparty credit and performance risk exposure related to our supply and inventory intermediation arrangements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments by PBF Energy to the current and former holders of PBF LLC Series A Units and PBF LLC Series B Units, or their permitted assignees, under PBF Energy's tax receivable agreement entered with the PBF LLC Series A and PBF LLC Series B unitholders (the "Tax Receivable Agreement") for certain tax benefits we may claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our assumptions regarding payments arising under PBF Energy's Tax Receivable Agreement and other arrangements relating to our organizational structure are subject to change due to various factors, including, among other factors, the timing of exchanges of PBF LLC Series A Units for shares of PBF Energy Class A common stock as contemplated by the Tax Receivable Agreement, the price of PBF Energy Class A common stock at the time of such exchanges, the extent to which such exchanges are taxable, and the amount and timing of our income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of disruptions to crude or feedstock supply to any of our refineries or our Renewable Diesel Facility, or with third-party logistics infrastructure or operations, including pipeline, marine and rail transportation.

We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this Quarterly Report on Form 10-Q may not in fact occur. Accordingly, investors should not place undue reliance on those statements.

Our forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except as required by applicable law, including the securities laws of the United States, we do not intend to update or revise any forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing.

------

**PART I – FINANCIAL INFORMATION** 

**Item 1. *Financial Statements***

**PBF ENERGY INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

*(unaudited, in millions, except share and per share data)*

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $482.0 | $536.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 1376.8 | 1165.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 2742.6 | 2595.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | 209.5 | 247.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 4810.9 | 4543.9 |
| Property, plant and equipment (net of accumulated depreciation of $2,340.4 and $2,165.6, respectively)  | 5194.4 | 5067.7 |
| Equity method investment in SBR | 823.3 | 866.8 |
| Lease right of use assets | 771.5 | 845.3 |
| Deferred charges and other assets, net | 1440.8 | 1379.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $13040.9 | $12703.2 |
| **LIABILITIES AND EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $822.1 | $735.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 2472.1 | 2533.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable pursuant to Tax Receivable Agreement |  | 125.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 28.7 | 43.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 173.9 | 187.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 3496.8 | 3626.1 |
| Long-term debt | 2394.3 | 1457.3 |
| Payable pursuant to Tax Receivable Agreement | 168.2 | 168.2 |
| Deferred tax liabilities | 752.0 | 836.0 |
| Long-term operating lease liabilities | 567.0 | 622.2 |
| Long-term financing lease liabilities | 26.8 | 35.4 |
| Other long-term liabilities | 271.1 | 279.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 7676.2 | 7024.6 |
| Commitments and contingencies (Note 6) |  |  |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;PBF Energy Inc. equity |  |  |
| Class A common stock, $0.001 par value, 1,000,000,000 shares authorized, 115,851,545 shares outstanding at September 30, 2025, 115,311,992 shares outstanding at December 31, 2024 | 0.1 | 0.1 |
| Class B common stock, $0.001 par value, 1,000,000 shares authorized, 12 shares outstanding at September 30, 2025 and December 31, 2024, respectively |  |  |
| Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares outstanding at September 30, 2025 and December 31, 2024 |  |  |
| Treasury stock, at cost, 31,821,043 shares outstanding at September 30, 2025 and 31,479,723 shares outstanding at December 31, 2024 | (1230.6) | (1222.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 3367.2 | 3338.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 3103.5 | 3436.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (6.5) | (8.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total PBF Energy Inc. equity | 5233.7 | 5544.2 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | 131.0 | 134.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 5364.7 | 5678.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $13040.9 | $12703.2 |

---

See notes to condensed consolidated financial statements.

------

 **PBF ENERGY INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** 

 *(unaudited, in millions, except share and per share data)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** | $7651.1 | $8382.3 | $22192.8 | $25764 |
| **Cost and expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of products and other | 6839.3 | 7862.3 | 20170.1 | 23422.6 |
| &nbsp;&nbsp;&nbsp;Operating expenses (excluding depreciation and amortization expense as reflected below) | 613.5 | 649.7 | 1977.0 | 1950.4 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 159.1 | 158.5 | 484.7 | 454.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 7611.9 | 8670.5 | 22631.8 | 25827.7 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 74.0 | 65.4 | 224.7 | 193.6 |
| &nbsp;&nbsp;&nbsp;Gain on insurance recoveries, net | (250.0) |  | (439.0) |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 3.6 | 3.3 | 10.8 | 9.8 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration, net |  |  |  | (3.3) |
| &nbsp;&nbsp;&nbsp;Equity loss in investee | 19.7 | 29.4 | 41.0 | 42.6 |
| &nbsp;&nbsp;&nbsp;Loss on formation of SBR equity method investment |  |  |  | 8.7 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sale of assets | (94.0) |  | (94.2) | 0.7 |
| **Total cost and expenses** | 7365.2 | 8768.6 | 22375.1 | 26079.8 |
| **Income (loss) from operations** | 285.9 | (386.3) | (182.3) | (315.8) |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;Interest expense (net of interest income of $8.6, $11.3, $17.2, and $43.4, respectively) | (50.3) | (21.4) | (141.0) | (49.2) |
| &nbsp;&nbsp;Other non-service components of net periodic benefit cost | 0.4 | 0.5 | 1.0 | 1.7 |
| **Income (loss) before income taxes** | 236.0 | (407.2) | (322.3) | (363.3) |
| **Income tax expense (benefit)** | 64.3 | (118.1) | (82.7) | (115.7) |
| **Net income (loss)** | 171.7 | (289.1) | (239.6) | (247.6) |
| &nbsp;&nbsp;&nbsp;Less: net income (loss) attributable to noncontrolling interest | 1.6 | (3.2) | (2.7) | (3.1) |
| **Net income (loss) attributable to PBF Energy Inc. stockholders** | $170.1 | $(285.9) | $(236.9) | $(244.5) |
| **Weighted-average shares of Class A common stock outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 115734251 | 115084174 | 113845472 | 116974505 |
| &nbsp;&nbsp;&nbsp;Diluted | 117958349 | 115946954 | 114708252 | 117837285 |
| **Net income (loss) available to Class A common stock per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $1.47 | $(2.48) | $(2.08) | $(2.09) |
| &nbsp;&nbsp;&nbsp;Diluted | $1.45 | $(2.49) | $(2.08) | $(2.09) |

---

See notes to condensed consolidated financial statements.

------

**PBF ENERGY INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

*(unaudited, in millions)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $171.7 | $(289.1) | $(239.6) | $(247.6) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on available for sale securities | 0.3 | 0.8 | 1.1 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on pension and other post-retirement benefits | 0.2 | 0.2 | 0.4 | 0.7 |
| &nbsp;&nbsp;&nbsp;Total other comprehensive income | 0.5 | 1.0 | 1.5 | 1.5 |
| **Comprehensive income (loss)** | 172.2 | (288.1) | (238.1) | (246.1) |
| &nbsp;&nbsp;&nbsp;Less: comprehensive income (loss) attributable to noncontrolling interest | 1.6 | (3.2) | (2.7) | (3.1) |
| **Comprehensive income (loss) attributable to PBF Energy Inc. stockholders** | $170.6 | $(284.9) | $(235.4) | $(243.0) |

---

See notes to condensed consolidated financial statements.

------

**PBF ENERGY INC.** 

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

*(unaudited, in millions, except share and per share data)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A<br>Common Stock** | **Class A<br>Common Stock** | **Class B<br>Common Stock** | **Class B<br>Common Stock** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive Income (Loss)** | **Treasury Stock** | **Treasury Stock** | **Noncontrolling<br>Interest** | **Total<br>Equity** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive Income (Loss)** | **Shares** | **Amount** | **Noncontrolling<br>Interest** | **Total<br>Equity** |
| **Balance, June 30, 2025** | 115761609 | $0.1 | 12 | $— | $3357.1 | $2965.2 | $(7.0) | 31741995 | $(1228.8) | $129.7 | $5216.3 |
| &nbsp;&nbsp;Comprehensive income |  |  |  |  |  | 170.1 | 0.5 |  |  | 1.6 | 172.2 |
| &nbsp;&nbsp;Distributions to PBF Energy Company LLC members |  |  |  |  |  |  |  |  |  | (0.3) | (0.3) |
| &nbsp;&nbsp;Dividends ($0.275 per common share) |  |  |  |  |  | (31.8) |  |  |  |  | (31.8) |
| &nbsp;&nbsp;Stock-based compensation expense |  |  |  |  | 6.6 |  |  |  |  |  | 6.6 |
| &nbsp;&nbsp;Transactions in connection with stock-based compensation plans | 168984 |  |  |  | 3.5 |  |  |  |  |  | 3.5 |
| &nbsp;&nbsp;Treasury stock purchases | (79048) |  |  |  |  |  |  | 79048 | (1.8) |  | (1.8) |
| **Balance, September 30, 2025** | 115851545 | $0.1 | 12 | $— | $3367.2 | $3103.5 | $(6.5) | 31821043 | $(1230.6) | $131.0 | $5364.7 |
| **Balance, June 30, 2024** | 117148630 | $0.1 | 12 | $— | $3318.2 | $4071.9 | $(11.8) | 28290610 | $(1113.3) | $141.3 | $6406.4 |
| &nbsp;&nbsp;Comprehensive income (loss) |  |  |  |  |  | (285.9) | 1.0 |  |  | (3.2) | (288.1) |
| &nbsp;&nbsp;Distributions to PBF Energy Company LLC members |  |  |  |  |  |  |  |  |  | (0.2) | (0.2) |
| &nbsp;&nbsp;Dividends ($0.25 per common share) |  |  |  |  |  | (28.9) |  |  |  |  | (28.9) |
| &nbsp;&nbsp;Stock-based compensation expense |  |  |  |  | 5.8 |  |  |  |  |  | 5.8 |
| &nbsp;&nbsp;Transactions in connection with stock-based compensation plans | 16392 |  |  |  | 0.4 |  |  |  |  |  | 0.4 |
| &nbsp;&nbsp;Treasury stock purchases | (2041564) |  |  |  |  |  |  | 2041564 | (75.8) |  | (75.8) |
| **Balance, September 30, 2024** | 115123458 | $0.1 | 12 | $— | $3324.4 | $3757.1 | $(10.8) | 30332174 | $(1189.1) | $137.9 | $6019.6 |

---

See notes to condensed consolidated financial statements.

------

**PBF ENERGY INC.** 

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (continued)**

*(unaudited, in millions, except share and per share data)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A<br>Common Stock** | **Class A<br>Common Stock** | **Class B<br>Common Stock** | **Class B<br>Common Stock** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive Income (Loss)** | **Treasury Stock** | **Treasury Stock** | **Noncontrolling<br>Interest** | **Total<br>Equity** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive Income (Loss)** | **Shares** | **Amount** | **Noncontrolling<br>Interest** | **Total<br>Equity** |
| **Balance, December 31, 2024** | 115311992 | $0.1 | 12 | $— | $3338.7 | $3436.2 | $(8.0) | 31479723 | $(1222.8) | $134.4 | $5678.6 |
| &nbsp;&nbsp;Comprehensive income (loss) |  |  |  |  |  | (236.9) | 1.5 |  |  | (2.7) | (238.1) |
| &nbsp;&nbsp;Distributions to PBF Energy Company LLC members |  |  |  |  |  |  |  |  |  | (0.7) | (0.7) |
| &nbsp;&nbsp;Dividends ($0.825 per common share) |  |  |  |  |  | (95.8) |  |  |  |  | (95.8) |
| &nbsp;&nbsp;Stock-based compensation expense |  |  |  |  | 23.8 |  |  |  |  |  | 23.8 |
| &nbsp;&nbsp;Transactions in connection with stock-based compensation plans | 880873 |  |  |  | 4.7 |  |  |  |  |  | 4.7 |
| &nbsp;&nbsp;Treasury stock purchases | (341320) |  |  |  |  |  |  | 341320 | (7.8) |  | (7.8) |
| **Balance, September 30, 2025** | 115851545 | $0.1 | 12 | $— | $3367.2 | $3103.5 | $(6.5) | 31821043 | $(1230.6) | $131.0 | $5364.7 |
| **Balance, December 31, 2023** | 120440620 | $0.1 | 12 | $— | $3278.8 | $4089.9 | $(12.3) | 23419532 | $(868.2) | $143.0 | $6631.3 |
| &nbsp;&nbsp;Comprehensive income (loss) |  |  |  |  |  | (244.5) | 1.5 |  |  | (3.1) | (246.1) |
| &nbsp;&nbsp;Distributions to PBF Energy Company LLC members |  |  |  |  |  |  |  |  |  | (1.4) | (1.4) |
| &nbsp;&nbsp;Dividends ($0.75 per common share) |  |  |  |  |  | (88.3) |  |  |  |  | (88.3) |
| &nbsp;&nbsp;Stock-based compensation expense |  |  |  |  | 20.7 |  |  |  |  |  | 20.7 |
| &nbsp;&nbsp;Transactions in connection with stock-based compensation plans | 1595480 |  |  |  | 24.3 |  |  |  |  |  | 24.3 |
| &nbsp;&nbsp;Exchange of PBF Energy Company LLC Series A Units for PBF Energy Class A common stock |  |  |  |  | 0.6 |  |  |  |  | (0.6) |  |
| &nbsp;&nbsp;Treasury stock purchases | (6912642) |  |  |  |  |  |  | 6912642 | (320.9) |  | (320.9) |
| **Balance, September 30, 2024** | 115123458 | $0.1 | 12 | $— | $3324.4 | $3757.1 | $(10.8) | 30332174 | $(1189.1) | $137.9 | $6019.6 |

---

See notes to condensed consolidated financial statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PBF ENERGY INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

*(unaudited, in millions)*

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(239.6) | $(247.6) |
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 508.9 | 476.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 29.8 | 30.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (84.0) | (116.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash change in inventory repurchase obligations |  | 154.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration, net |  | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and other post-retirement benefit costs | 39.4 | 38.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on insurance recoveries, net | (439.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance proceeds | 118.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from equity method investment | 41.0 | 42.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on formation of SBR equity method investment |  | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of assets | (94.2) | 0.7 |
| &nbsp;&nbsp;&nbsp;**Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 38.1 | 116.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (147.4) | 422.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | 38.0 | (13.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 64.0 | 27.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (125.8) | (454.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (15.1) | (23.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment related to Tax Receivable Agreement | (125.4) | (44.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (51.3) | (41.4) |
| Net cash (used in) provided by operating activities | $(444.6) | $373.1 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures for property, plant, and equipment | (415.6) | (294.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures for deferred turnaround costs | (296.6) | (447.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures for other assets | (52.0) | (28.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets | 170.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investment - contribution |  | (35.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investment - return of capital | 2.5 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance proceeds | 132.0 |  |
| Net cash used in investing activities | $(459.4) | $(805.0) |

---

See notes to condensed consolidated financial statements.

------

**PBF ENERGY INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)**

*(unaudited, in millions)*

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend payments | $(94.0) | $(87.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to PBF Energy Company LLC members other than PBF Energy | (0.7) | (1.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from 2030 9.875% Senior Notes | 788.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from revolver borrowings | 3075.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of revolver borrowings | (2925.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on financing leases | (8.4) | (9.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from insurance premium financing | 99.4 | 17.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of insurance premium financing | (69.1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transactions in connection with stock-based compensation plans, net | (3.1) | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share repurchases of PBF Energy's Class A common stock |  | (300.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs and other, net | (12.7) | (0.1) |
| Net cash provided by (used in) financing activities | $849.9 | $(374.9) |
| &nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents | (54.1) | (806.8) |
| **Cash and cash equivalents, beginning of period** | 536.1 | 1783.5 |
| **Cash and cash equivalents, end of period** | $482.0 | $976.7 |
| **Supplemental cash flow disclosures** |  |  |
| Non-cash activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued and unpaid capital expenditures | $120.9 | $56.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets acquired or remeasured under operating and financing leases | 107.4 | 194.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution of assets to SBR equity method investment |  | (8.7) |
| Cash paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest (net of capitalized interest of $19.3 and $13.4 in 2025 and 2024, respectively) | $150.1 | $93.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 3.1 | 14.6 |

---

See notes to condensed consolidated financial statements.

------

PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**1. DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION**

**Description of the Business** 

PBF Energy Inc. ("PBF Energy") is the sole managing member of PBF Energy Company LLC ("PBF LLC"), with a controlling interest in PBF LLC and its subsidiaries. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries and records a noncontrolling interest in its Condensed Consolidated Financial Statements representing the economic interests of PBF LLC's members other than PBF Energy (refer to "Note 7 - Equity").

PBF Energy holds a 99.3% economic interest in PBF LLC as of September 30, 2025 through its ownership of PBF LLC Series C Units, which are held solely by PBF Energy. Holders of PBF LLC Series A Units, which are held by parties other than PBF Energy ("the members of PBF LLC other than PBF Energy"), hold the remaining 0.7% economic interest in PBF LLC. In addition, the amended and restated limited liability company agreement of PBF LLC provides that any PBF LLC Series A Units acquired by PBF Energy will automatically be reclassified as PBF LLC Series C Units in connection with such acquisition. PBF LLC, together with its consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. Additionally, PBF LLC, together with its subsidiaries, own an interest in an equity method investment in St. Bernard Renewables LLC ("SBR") that owns and operates a biorefinery co-located with the Chalmette refinery in Louisiana (the "Renewable Diesel Facility").

Collectively, PBF Energy and its consolidated subsidiaries, are referred to hereinafter as the "Company" unless the context otherwise requires.

**Basis of Presentation** 

The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim Condensed Consolidated Financial Statements should be read in conjunction with the PBF Energy financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year.

**Recently Adopted Accounting Pronouncements**

In November 2023, Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures." The amendments in this ASU improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company's adoption of this guidance in December 2024 resulted in additional disclosure requirements but did not have a significant impact on its Condensed Consolidated Financial Statements.

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures" which focuses on the rate reconciliation and income taxes paid. This ASU requires a public business entity to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For public business entities, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively or retrospectively. The Company's adoption of this guidance will result in additional disclosure requirements but is not anticipated to have a significant impact on its Consolidated Financial Statements.

**Recently Issued Accounting Pronouncements**

In November 2024, the FASB issued ASU 2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03") which introduces new disclosure requirements aimed at enhancing the transparency of expense information presented in the financial statements. Specifically, it mandates that public business entities disaggregate certain expense captions presented on the face of the Consolidated Statements of Operations into specified natural expense categories within the notes to the financial statements. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual periods, with early adoption permitted. An entity may apply the amendments in this ASU prospectively or retrospectively. We are currently evaluating the impact of adopting ASU 2024-03 on our consolidated financial statements. While we do not anticipate that the adoption of this ASU will have a material impact on our Consolidated Financial Statements, it will result in additional disclosure requirements in the notes to our financial statements. We will continue to monitor any further guidance or interpretations by the FASB related to this ASU and will provide updates in future filings.

**Sale of Terminal Assets** 

On September 30, 2025, through a subsidiary of PBF Logistics LP ("PBFX"), the Company closed on the sale of two of its non-core refined product terminal facilities located in Philadelphia, PA and Knoxville, TN for $175.4 million, excluding commissions and customary closing costs. The sale resulted in a gain of approximately $94.0 million in the three and nine months ended September 30, 2025, included within Gain on sale of assets in the Condensed Consolidated Statements of Operations.

**Martinez Refinery Fire**

On February 1, 2025, a fire occurred at the Company's Martinez refinery, which is owned and operated by Martinez Refinery Company LLC ("MRC"), while the refinery was in the preliminary stages of its previously announced turnaround (the "Martinez Refinery Fire"). As a result of the Martinez Refinery Fire, the refinery was fully shut down for the remainder of the quarter ended March 31, 2025. Investigations are being conducted by various regulatory agencies, including the California Department of Industrial Relations, the Division of Occupational Safety and Health ("CalOSHA"), the Bay Area Air District ("BAAD"), the Contra Costa County ("CCC"), the department of Justice ("DOJ"), the United States Attorney's Office ("USAO") and the Environmental Protection Agency ("EPA"). There are uncertainties around these inquiries and investigations and potential results and consequences, including whether any financial penalties will be assessed or changes to the operations of the Martinez refinery will result therefrom. At this time, the potential liabilities, including regulatory penalties, arising from the incident are unknown, and the full financial impact of this incident cannot reasonably be estimated.

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Company expects to restart the refinery in two stages. Certain units that were unaffected by the Martinez Refinery Fire, including the crude unit, were restarted in April 2025 and the refinery began producing limited quantities of gasoline, jet fuel, and intermediates at that time. Restart of the remaining units damaged by the Martinez Refinery Fire is planned to occur by year-end 2025. Restart of these units is dependent on factors impacting the Company's ability to effect necessary repairs, including those outside of the Company's control such as regulatory permitting and approvals and the availability of certain critical equipment and components.

The Company expects that the cost of repairs to the fire-damaged units and restoring the refinery to full operational status will largely be covered under its property insurance coverage, subject to the Company's deductible and retentions totaling $30.0 million. The Company's insurance policy also includes business interruption coverage, which contains a 60-day waiting period. This coverage commenced on April 3, 2025. While the Company expects its insurance coverage will significantly offset the financial impact of the Martinez Refinery Fire, other than for the business interruption waiting period, deductibles and retentions, the timing of insurance proceeds may impact the Company's results and its cash flow in a given quarter.

During the three months ended June 30, 2025, the Company received unallocated insurance proceeds totaling $250.0 million, net of deductibles and retentions. Although no cash was received during the three months ended September 30, 2025, the Company received notice that its insurers agreed to pay a second unallocated installment of insurance proceeds totaling $250.0 million. This amount has been included within Accounts receivable in the Condensed Consolidated Balance Sheets and has been substantially collected as of the date of this filing.

As a result, for the three and nine months ended September 30, 2025, the Company recognized a Gain on insurance recoveries of $250.0 million and $439.0 million, respectively, in the Condensed Consolidated Statements of Operations. The nine month total is net of the $61.0 million receivable previously recorded at March 31, 2025, related to the recovery of the write down of the net book value of the damaged refinery units and certain fire response costs.

Any insurance proceeds attributable to property damage in excess of the recognized property loss is considered a gain contingency and will not be recognized until it is realizable.

In addition, during the three and nine months ended September 30, 2025, the Company incurred $14.6 million and $123.1 million, respectively, in operating expenses directly related to the fire response, recovery, and cleanup efforts as well as certain costs associated with the restart of the refinery. Certain of these expenses may be recoverable through the Company's insurance claim process and will be recorded as a gain in the quarter in which insurance proceeds are probable of being received.

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**2. INVENTORIES**

Inventories consisted of the following:

---

| | | |
|:---|:---|:---|
| *(in millions)* | **September 30, 2025** | **December 31, 2024** |
| Refined products and blendstocks | $1312.7 | $1194.6 |
| Crude oil and feedstocks | 1252.8 | 1232.7 |
| Warehouse stock and other | 177.1 | 168.0 |
|  | 2742.6 | 2595.3 |
| Lower of cost or market adjustment |  |  |
| Total inventories | $2742.6 | $2595.3 |

---

As of September 30, 2025 and December 31, 2024 there was no lower of cost or market adjustment recorded as the replacement value of inventories exceeded the last-in, first-out ("LIFO") carrying value by approximately $142.7 million and $7.7 million, respectively.

An actual valuation of inventories valued under the LIFO method is made at the end of each year based on inventory levels and costs at that time. The Company recorded a pre-tax charge related to a LIFO layer decrement of $124.5 million in the Refining segment during the year ended December 31, 2024. The majority of the decrement recorded in 2024 was related to the Company's East Coast and Gulf Coast LIFO inventory layers.

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**3. ACCRUED EXPENSES**

Accrued expenses consisted of the following:

---

| | | |
|:---|:---|:---|
| *(in millions)* | **September 30, 2025** | **December 31, 2024** |
| Inventory-related accruals | $1244.7 | $1398.8 |
| Renewable energy credit and emissions obligations <sup>(a)</sup> | 613.5 | 465.9 |
| Excise and sales tax payable | 130.3 | 150.7 |
| Accrued transportation costs | 122.8 | 175.2 |
| Accrued refinery maintenance and support costs | 71.3 | 45.5 |
| Accrued capital expenditures | 65.5 | 52.7 |
| Accrued utilities | 57.2 | 71.5 |
| Accrued purchases - SBR | 24.9 | 47.8 |
| Accrued salaries and benefits | 19.8 | 23.9 |
| Accrued interest | 19.4 | 29.5 |
| Current finance lease liabilities | 11.4 | 11.2 |
| Environmental liabilities | 10.1 | 9.7 |
| Other | 81.2 | 51.1 |
| Total accrued expenses | $2472.1 | $2533.5 |

---

_____________________

(a) The Company is subject to obligations to purchase Renewable Identification Numbers ("RINs") required to comply with the Renewable Fuel Standard. The Company's overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by the EPA. To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 ("AB 32"), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain the Company's facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. From time to time, the Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of September 30, 2025, the Company had forward purchase commitments in excess of total accrued renewable energy and emissions obligations. The Company's RIN obligations will be settled in accordance with established regulatory deadlines. The Company's current AB 32 liability is part of an ongoing triennial period program which will be settled through 2027.

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**4. CREDIT FACILITIES AND DEBT**

Debt outstanding consisted of the following:

---

| | | |
|:---|:---|:---|
| *(in millions)* | **September 30, 2025** | **December 31, 2024** |
| 6.00% senior unsecured notes due 2028 ("2028 6.00% Senior Notes") | $801.6 | $801.6 |
| 9.875% senior unsecured notes due 2030 ("2030 9.875% Senior Notes") | 800.0 |  |
| 7.875% senior unsecured notes due 2030 ("2030 7.875% Senior Notes") | 500.0 | 500.0 |
| Revolving Credit Facility | 350.0 | 200.0 |
|  | 2451.6 | 1501.6 |
| Unamortized deferred financing costs | (44.5) | (41.6) |
| Unamortized discount | (12.8) | (2.7) |
| Long-term debt | $2394.3 | $1457.3 |

---

***2030 9.875% Senior Notes***

On March 17, 2025, PBF Holding Company LLC ("PBF Holding") entered into an indenture among PBF Holding and PBF Holding's wholly-owned subsidiary, PBF Finance Corporation (together with PBF Holding, the "Issuers"), the guarantors named therein (collectively the "Guarantors"), Wilmington Trust, National Association, as Trustee and Deutsche Bank Trust Company Americas, as Paying Agent, Registrar, Transfer Agent and Authenticating Agent, under which the Issuers issued $800.0 million in aggregate principal amount of 2030 9.875% Senior Notes at an issue price of 98.563%. The Issuers received net proceeds of approximately $776.0 million from the offering after deducting the initial purchasers' discount and offering expenses. The Company used the net proceeds, together with cash on hand, to repay outstanding borrowings under PBF Holding's asset-based revolving credit facility (the "Revolving Credit Facility") and for general corporate purposes.

The 2030 9.875% Senior Notes are guaranteed on a senior unsecured basis by certain of PBF Holding's subsidiaries. The 2030 9.875% Senior Notes and guarantees are senior unsecured obligations and rank equal in right of payment with all of the Issuers' and the Guarantors' existing and future senior indebtedness, including the Revolving Credit Facility, the Issuers' outstanding 2028 6.00% Senior Notes and outstanding 2030 7.875% Senior Notes. The 2030 9.875% Senior Notes and the guarantees rank senior in right of payment to the Issuers' and the Guarantors' existing and future indebtedness that is expressly subordinated in right of payment thereto. The 2030 9.875% Senior Notes and the guarantees are effectively subordinated to any of the Issuers' and the Guarantors' existing or future secured indebtedness (including the Revolving Credit Facility, as amended and restated from time to time) to the extent of the value of the collateral securing such indebtedness. The 2030 9.875% Senior Notes and the guarantees are structurally subordinated to any existing or future indebtedness and other obligations of the Issuers' subsidiaries that do not guarantee the 2030 9.875% Senior Notes.

In addition, the 2030 9.875% Senior Notes contain customary terms, events of default and covenants for an issuer of non-investment grade debt securities. These covenants include limitations on, among other things, the incurrence of additional indebtedness, equity issuances, payments, and engagement in certain transactions and investments. These covenants are subject to a number of important exceptions and qualifications. Many of these covenants will cease to apply or will be modified following a covenant termination event, including in the event the 2030 9.875% Senior Notes are rated investment grade.

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At any time prior to March 15, 2027, the Issuers may on any one or more occasions redeem up to 40% of the aggregate principal amount of the 2030 9.875% Senior Notes in an amount not greater than the net cash proceeds of certain equity offerings at a redemption price equal to 109.875% of the principal amount of the 2030 9.875% Senior Notes, plus any accrued and unpaid interest through the date of redemption; provided that at least 60% of the aggregate principal amount of the 2030 9.875% Senior Notes originally issued under the applicable indenture remains outstanding immediately after the occurrence of each such redemption. On or after March 15, 2027, the Issuers may redeem all or part of the 2030 9.875% Senior Notes, in each case at the redemption prices described in the indenture, together with any accrued and unpaid interest to the date of redemption. In addition, prior to March 15, 2027, the Issuers may redeem all or part of the 2030 9.875% Senior Notes at a "make-whole" redemption price described in the indenture, together with any accrued and unpaid interest to the date of redemption.

Upon a change of control that results in a ratings decline, the Issuers will be required to make an offer to purchase the 2030 9.875% Senior Notes at a purchase price of 101% of the principal amount of the 2030 9.875% Senior Notes on the date of purchase plus accrued interest. Prior to a covenant suspension event, in connection with certain asset dispositions, the Issuers may be required to use the net cash proceeds of the asset disposition (subject to a right to reinvest such net cash proceeds) to make an offer to purchase the 2030 9.875% Senior Notes at a purchase price equal to 100% of the principal amount of the 2030 9.875% Senior Notes, together with any accrued and unpaid interest to the date of purchase.

As of September 30, 2025, the Company is in compliance with all covenants, including financial covenants, in all its debt agreements.

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**5. RELATED PARTY TRANSACTIONS** 

***Summary of Transactions with SBR***

A summary of the Company's related party transactions with SBR is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>*(in millions)* | **2025** | **2024** | **2025** | **2024** |
| Transactions under commercial agreements: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | $10.8 | $12.6 | $41.1 | $25.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | (132.2) | (69.6) | (313.8) | (234.1) |
| Reimbursements under related party agreements: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating agreement | 30.2 | 66.7 | 104.6 | 133.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Omnibus agreement | 1.0 | 0.9 | 2.9 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common asset use and servitude agreement | 1.9 | 1.5 | 5.9 | 5.0 |
| Total lease expense under related party agreements |  | (2.4) | (8.1) | (4.1) |

---

Total sales, consisting of refined product sales, and purchases, primarily related to environmental credit and hydrocarbon purchases, under the commercial agreements with SBR are included within Revenues and Cost of products and other, respectively, on the Company's Condensed Consolidated Statements of Operations.

Additionally, the Condensed Consolidated Balance Sheets include $52.2 million and $24.9 million recorded within Accounts receivable and Accrued expenses, respectively, related to transactions with SBR as of September 30, 2025 ($18.7 million and $47.8 million, respectively, as of December 31, 2024).

**SBR Term Loan**

PBF Holding has agreed to provide a limited guaranty in connection with a $100.0 million term loan that SBR and its wholly owned subsidiary, SBR Marketing LLC ("SBR Marketing"), entered into in April 2025. Under the guaranty and subject to the terms and conditions set forth therein, PBF Holding is guaranteeing SBR and SBR Marketing's certain payment and performance obligations under the term loan, with the guaranty capped at 50% of such obligations, commensurate with the Company's 50% equity interest in SBR, and the Company currently believes that the likelihood of performance under this guaranty is remote.

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**6. COMMITMENTS AND CONTINGENCIES**

In the ordinary conduct of the Company's business, the Company is from time to time subject to lawsuits, investigations, and claims, including class action proceedings, mass tort actions, tort actions, environmental claims, and employee-related matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. For such ongoing matters for which the Company has not recorded a liability but losses are reasonably possible, the Company is unable to estimate a range of possible losses at this time due to various reasons that may include but are not limited to, matters being in an early stage and not fully developed through pleadings, discovery or court proceedings, number of potential claimants being unknown or uncertainty regarding a number of different factors underlying the potential claims. However, the ultimate resolution of one or more of these contingencies could result in an adverse outcome that may have a material effect on the Company's financial position, results of operations or cash flows.

**Environmental Matters** 

The Company's refineries, pipelines and related operations are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment (including in response to the potential impacts of climate change), waste management and the characteristics and the compositions of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the refineries, including remediation, operating costs, and capital costs to construct, maintain and upgrade equipment and facilities.

These laws and regulations raise potential exposure to future claims and lawsuits involving environmental and safety matters which could include soil and water contamination, air pollution, personal injury and property damage allegedly caused by substances which the Company manufactured, handled, used, released, or disposed of, transported, or that relate to pre-existing conditions for which the Company has assumed responsibility. The Company believes that its current operations are in compliance with existing environmental and safety requirements. However, there have been and will continue to be ongoing discussions about environmental and safety matters between the Company and federal and state authorities, including notices of violations ("NOVs"), citations, and other enforcement actions, some of which have resulted or may result in changes to operating procedures and in capital expenditures. While it is often difficult to quantify future environmental or safety related expenditures, the Company anticipates that continuing capital investments and changes in operating procedures will be required for the foreseeable future to comply with existing and new requirements, as well as evolving interpretations and more strict enforcement of existing laws and regulations.

In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities. The estimated costs related to these remediation obligations totaled $109.8 million as of September 30, 2025 ($110.6 million as of December 31, 2024) and related primarily to remediation obligations to address existing soil and groundwater contamination and the related monitoring and clean-up activities. Costs related to these obligations are reassessed periodically or when changes to the Company's remediation approach are identified. The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities.

The aggregate environmental liability reflected on the Company's Condensed Consolidated Balance Sheets was $152.3 million and $152.1 million at September 30, 2025 and December 31, 2024, respectively, of which $142.2 million and $142.4 million, respectively, were classified as Other long-term liabilities. These liabilities include remediation and monitoring costs expected to be incurred over an extended period of time. Estimated liabilities could increase in the future when the results of ongoing investigations become known, are considered probable and can be reasonably estimated.

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**Tax Receivable Agreement** 

PBF Energy entered into a tax receivable agreement with the PBF LLC Series A and PBF LLC Series B unitholders (the "Tax Receivable Agreement") that provides for the payment by PBF Energy to such persons of an amount equal to 85% of the amount of the benefits, if any, that PBF Energy is deemed to realize as a result of (i) increases in tax basis, as described below, and (ii) certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. For purposes of the Tax Receivable Agreement, the benefits deemed realized by PBF Energy will be computed by comparing the actual income tax liability of PBF Energy (calculated with certain assumptions) to the amount of such taxes that PBF Energy would have been required to pay had there been no increase to the tax basis of the assets of PBF LLC as a result of purchases or exchanges of PBF LLC Series A Units for shares of PBF Energy Class A common stock and had PBF Energy not entered into the Tax Receivable Agreement. The term of the Tax Receivable Agreement will continue until all such tax benefits have been utilized or expired unless: (i) PBF Energy exercises its right to terminate the Tax Receivable Agreement, (ii) PBF Energy breaches any of its material obligations under the Tax Receivable Agreement or (iii) certain changes of control occur, in which case all obligations under the Tax Receivable Agreement will generally be accelerated and due as calculated under certain assumptions.

The payment obligations under the Tax Receivable Agreement are obligations of PBF Energy and not of any of its subsidiaries. In general, PBF Energy expects to obtain funding for these annual payments from PBF LLC, primarily through tax distributions, which PBF LLC makes on a pro-rata basis to its owners. Such owners include PBF Energy, which holds a 99.3% interest in PBF LLC as of both September 30, 2025 and December 31, 2024. PBF LLC generally obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX.

As of September 30, 2025, PBF Energy recognized a liability of $168.2 million related to the Tax Receivable Agreement obligation. As of December 31, 2024, PBF Energy recognized a liability of $293.6 million, of which $125.4 million was recorded as a Current liability and was paid in January 2025 related to the 2023 tax year. These liabilities reflect the estimate of the undiscounted amounts that PBF Energy expects to pay under the agreement, net of the impact of any deferred tax asset valuation allowance recognized in accordance with FASB, Accounting Standards Codification ("ASC") 740, *Income Taxes*. As future taxable income is recognized, increases in PBF Energy's Tax Receivable Agreement liability may be necessary in conjunction with the revaluation of deferred tax assets. Refer to "Note 10 - Income Taxes" for more details.

**Legal Matters**

On November 24, 2022, the Martinez refinery experienced a catalyst release that is currently being investigated by the BAAD, the CCC, the DOJ, the USAO, the EPA, and the California Department of Fish and Game ("DFG"). To date, the BAAD has issued 35 NOVs, the CCC has issued two NOVs, and the DFG has made findings relating to the catalyst incident. On July 11, 2023 and October 6, 2023, the Martinez refinery experienced unintentional releases of petroleum coke dust and received inquiries or notices of investigation from the BAAD, the CalOSHA, the CCC, and the EPA. The BAAD also issued NOVs relating to the July 11, 2023 coke dust incident and NOVs relating to the October 6, 2023 coke dust incident. On December 15, 2023, the Martinez refinery experienced an unexpected flaring incident, and subsequently on December 18, 2023 a brush fire incident, and has received inquiries or notices of investigation from the BAAD, the CalOSHA, and the CCC. The BAAD additionally issued NOVs relating to the December 15, 2023 flaring incident and NOVs relating to the December 18, 2023 brush fire incident. The DFG, the CCC, and the BAAD have referred their findings and/or NOVs to the CCC District Attorney for the catalyst incident and various other incidents. On November 16, 2023, the CCC District Attorney and the BAAD announced a joint civil enforcement action against MRC that will include enforcement of the BAAD's, the CCC's, and the DFG's claims from the catalyst incident, as well as additional enforcement claims from various incidents. The Company is engaged in settlement discussions with the CCC District Attorney and the BAAD but no definitive penalties have been assessed to date by the various agencies. The Company presently believes the outcomes will not have a material impact on its financial position, results of operations, or cash flows.

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**7. EQUITY**

**Noncontrolling Interest in PBF LLC** 

PBF Energy is the sole managing member of, and has a controlling interest in, PBF LLC. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business and affairs of PBF LLC and its subsidiaries. PBF Energy's equity interest in PBF LLC was approximately 99.3% as of both September 30, 2025 and December 31, 2024.

PBF Energy consolidates the financial results of PBF LLC and its subsidiaries, and records a noncontrolling interest for the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the Condensed Consolidated Statements of Operations includes the portion of net income or loss attributable to the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the Condensed Consolidated Balance Sheets reflects the portion of net assets of PBF Energy attributable to the members of PBF LLC other than PBF Energy.

The noncontrolling interest ownership percentages in PBF LLC as of December 31, 2024 and September 30, 2025 are calculated as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Holders of PBF LLC Series A Units** | **Outstanding Shares of PBF Energy Class A Common Stock** | **Total** \* |
| December 31, 2024 | 862780 | 115311992 | 116174772 |
|  | 0.7% | 99.3% | 100.0% |
| September 30, 2025 | 862780 | 115851545 | 116714325 |
|  | 0.7% | 99.3% | 100.0% |

---

——————————

\*&nbsp;&nbsp;&nbsp;&nbsp;Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy's Class A common stock on a one-for-one basis.

**Noncontrolling Interest in PBF Holding**

In connection with the acquisition of the Chalmette refinery, PBF Holding records noncontrolling interest in two subsidiaries of Chalmette Refining, L.L.C. ("Chalmette Refining"). PBF Holding, through Chalmette Refining, owns an 80% ownership interest in both Collins Pipeline Company and T&M Terminal Company.

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**Changes in Equity and Noncontrolling Interest** 

The following tables summarize the changes in equity for the controlling and noncontrolling interest of PBF Energy for the nine months ended September 30, 2025 and 2024, respectively:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions)* | **PBF Energy Inc. Equity** | **Noncontrolling<br>Interest in PBF LLC** | **Noncontrolling<br>Interest in PBF Holding** | **Total Equity** |
| **Balance at January 1, 2025** | $5544.2 | $121.7 | $12.7 | $5678.6 |
| Comprehensive income (loss) | (235.4) | (2.7) |  | (238.1) |
| Dividends and distributions | (95.8) | (0.7) |  | (96.5) |
| Stock-based compensation expense | 23.8 |  |  | 23.8 |
| Transactions in connection with stock-based compensation plans | 4.7 |  |  | 4.7 |
| Treasury stock purchases | (7.8) |  |  | (7.8) |
| **Balance at September 30, 2025** | $5233.7 | $118.3 | $12.7 | $5364.7 |

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions)* | **PBF Energy Inc. Equity** | **Noncontrolling<br>Interest in PBF LLC** | **Noncontrolling<br>Interest in PBF Holding** | **Total Equity** |
| **Balance at January 1, 2024** | $6488.3 | $129.9 | $13.1 | $6631.3 |
| Comprehensive income (loss) | (243.0) | (3.0) | (0.1) | (246.1) |
| Dividends and distributions | (88.3) | (1.4) |  | (89.7) |
| Stock-based compensation expense | 20.7 |  |  | 20.7 |
| Transactions in connection with stock-based compensation plans | 24.3 |  |  | 24.3 |
| Exchanges of PBF Energy Company LLC Series A Units for PBF Energy Class A common stock | 0.6 | (0.6) |  |  |
| Treasury stock purchases | (320.9) |  |  | (320.9) |
| **Balance at September 30, 2024** | $5881.7 | $124.9 | $13.0 | $6019.6 |

---

------

PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**Treasury Stock**

The Company's Board of Directors has authorized the repurchase of PBF Energy's Class A common stock (as amended from time to time, the "Repurchase Program"). The Repurchase Program currently allows for repurchases of up to $1.75 billion and does not have an expiration date. During the three and nine months ended September 30, 2025, the Company did not purchase any shares of PBF Energy's Class A common stock under the Repurchase Program. During the three and nine months ended September 30, 2024, the Company purchased 2,041,120 and 6,554,269 shares of PBF Energy's Class A common stock under the Repurchase Program for $75.0 million and $300.1 million, respectively, inclusive of commissions paid, through open market transactions.

Treasury stock repurchases can be made from time to time through various methods, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions or otherwise, certain of which could be effected through Rule 10b5-1 plans. The timing and number of shares repurchased depends on a variety of factors, including price, capital availability, legal requirements, and economic and market conditions. The Company is not obligated to purchase any shares under the Repurchase Program, and repurchases could be suspended or discontinued at any time without prior notice.

The Company records PBF Energy Class A common stock surrendered to cover income tax withholdings for certain directors and employees and others pursuant to the vesting of certain awards under the Company's equity-based compensation plans as treasury shares.

**8. DIVIDENDS AND DISTRIBUTIONS** 

With respect to dividends and distributions paid during the nine months ended September 30, 2025, PBF LLC made aggregate non-tax distributions of $94.7 million, or $0.825 per unit to its members, of which $94.0 million was distributed pro-rata to PBF Energy and the balance was distributed to its other members. PBF Energy used this $94.0 million to pay quarterly cash dividends of $0.275 per share of Class A common stock on March 14, 2025, May 29, 2025, and August 28, 2025.

------

PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**9. REVENUES**

As described in "Note 13 - Segment Information", the Company's business consists of the Refining Segment and Logistics Segment. The following table provides information relating to the Company's revenues for each product or group of similar products or services by segment for the periods presented.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|<br>*(in millions)* | **2025** | **2024** |
| **Refining Segment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gasoline and distillates | $6713.4 | $7295.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Feedstocks and other | 379.8 | 393.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asphalt and blackoils | 327.3 | 379.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 136.0 | 199.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lubricants | 85.1 | 104.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Refining Revenue | 7641.6 | 8372.8 |
| **Logistics Segment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Logistics Revenue | 97.5 | 94.6 |
| Total revenue prior to eliminations | 7739.1 | 8467.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elimination of intercompany revenue | (88.0) | (85.1) |
| Total Revenues | $7651.1 | $8382.3 |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| *(in millions)* | **2025** | **2024** |
| **Refining Segment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gasoline and distillates | $19424.6 | $22337.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Feedstocks and other | 1117.4 | 1077.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asphalt and blackoils | 980.0 | 1520.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 393.9 | 519.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lubricants | 248.4 | 281.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Refining Revenue | 22164.3 | 25735.8 |
| **Logistics Segment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Logistics Revenue | 290.0 | 289.2 |
| Total revenue prior to eliminations | 22454.3 | 26025.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elimination of intercompany revenue | (261.5) | (261.0) |
| Total Revenues | $22192.8 | $25764.0 |

---

The majority of the Company's revenues are generated from the sale of refined products. These revenues are largely based on the current spot (market) prices of the products sold, which represent consideration specifically allocable to the products being sold on a given day, and the Company recognizes those revenues upon delivery and transfer of title to the products to the Company's customers. The time at which delivery and transfer of title occurs is the point when the Company's control of the products is transferred to the Company's customers and when its performance obligation to its customers is fulfilled. Delivery and transfer of title are specifically agreed to between the Company and customers within the contracts. The Company also has contracts which contain fixed pricing, tiered pricing, minimum volume features with makeup periods, or other factors that have not materially been affected by ASC 606, *Revenue from Contracts with Customers.* 

------

PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Company's Logistics segment revenues are generated by charging fees for crude oil and refined products terminaling, storage and pipeline services based on the greater of contractual minimum volume commitments, as applicable, or the delivery of actual volumes based on contractual rates applied to throughput or storage volumes. A majority of the Company's logistics revenues are generated by intercompany transactions and are eliminated in consolidation.

**Deferred Revenue**

The Company records deferred revenue when cash payments are received or are due in advance of performance, including amounts which are refundable. Deferred revenue was $28.7 million and $43.8 million as of September 30, 2025 and December 31, 2024, respectively. Fluctuations in the deferred revenue balance are primarily driven by the timing and extent of cash payments received or due in advance of satisfying the Company's performance obligations.

The Company's payment terms vary by type and location of customers and the products offered. The period between invoicing and when payment is due is not significant (i.e. generally within two months). For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer.

------

PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**10. INCOME TAXES**

PBF Energy is required to file federal and applicable state corporate income tax returns and recognizes income taxes on its pre-tax income (loss), which to-date has consisted primarily of its share of PBF LLC's pre-tax income (loss) (approximately 99.3% as of both September 30, 2025 and December 31, 2024). PBF LLC is organized as a limited liability company and PBFX is a partnership, both of which are treated as "flow-through" entities for federal income tax purposes and therefore are not subject to federal income taxes apart from the income tax attributable to the two subsidiaries acquired in connection with the acquisition of Chalmette Refining and PBF Holding's wholly-owned Canadian subsidiary, PBF Energy Limited, that are treated as C-Corporations for income tax purposes, with the tax provision calculated based on the effective tax rate for the periods presented.

**One Big Beautiful Bill Act**

On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the United States. The legislation includes certain provisions related to the full expensing of qualified United States research and experimental costs and other depreciable property. The legislation also includes changes to the determination of the amount of United States interest expense that is deductible for United States. tax purposes. The legislation did not have a material impact on the Company's income tax expense for the three and nine months ended September 30, 2025, and the Company does not expect it to materially change its effective income tax rate for 2025.

The income tax provision in the PBF Energy Condensed Consolidated Statements of Operations consists of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>*(in millions)* | **2025** | **2024** | **2025** | **2024** |
| Current income tax expense | $0.5 | $7.8 | $1.3 | $0.9 |
| Deferred income tax expense (benefit) | 63.8 | (125.9) | (84.0) | (116.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income tax expense (benefit) | $64.3 | $(118.1) | $(82.7) | $(115.7) |

---

The income tax provision is based on earnings before taxes attributable to PBF Energy and excludes earnings before taxes attributable to noncontrolling interest as such interests are generally not subject to income taxes except as noted above. PBF Energy's effective income tax rate for the three and nine months ended September 30, 2025 was 27.4% and 25.9%, respectively. PBF Energy's effective income tax rate for the three and nine months ended September 30, 2024 was 29.2% and 32.1%, respectively.

PBF Energy's effective income tax rate for the three and nine months ended September 30, 2025, including the impact of income (loss) attributable to noncontrolling interest of $1.6 million and $2.7 million, respectively, was 27.2% and 25.7%, respectively. PBF Energy's effective income tax rate for the three and nine months ended September 30, 2024, including the impact of income (loss) attributable to noncontrolling interest of $(3.2) million and $(3.1) million, respectively, was 29.0% and 31.8%, respectively.

For the three and nine months ended September 30, 2025, PBF Energy's effective tax rate did not materially differ from the United States statutory rate, inclusive of state income taxes. For the three months ended September 30, 2024, PBF Energy's effective tax rate did not materially differ from the United States statutory rate, inclusive of state income taxes. For the nine months ended September 30, 2024, PBF Energy's effective tax rate differed from the United States statutory rate, inclusive of state income taxes, as a result of equity-based compensation activity and permanent book/tax difference related to the use of blenders' tax credits.

The Company has determined there are no material uncertain tax positions as of September 30, 2025. The Company does not have any unrecognized tax benefits.

------

PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**11. FAIR VALUE MEASUREMENTS**

The tables below present information about the Company's financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of September 30, 2025 and December 31, 2024.

The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company may be required to post margin collateral or reclaim cash collateral from derivative counterparties based on contractual terms. At September 30, 2025 and December 31, 2024, the Company had the obligation to return cash collateral posted against its derivative obligations of $3.5 million and $15.1 million, respectively. Cash collateral related to derivative contracts is recorded net in the Condensed Consolidated Balance Sheets. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Total Gross Fair Value** | **Effect of Counter-party Netting** | **Net Carrying Value on Balance Sheet** |
|<br>*(in millions)* | **Level 1** | **Level 2** | **Level 3** | **Total Gross Fair Value** | **Effect of Counter-party Netting** | **Net Carrying Value on Balance Sheet** |
| Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds | $13.9 | $— | $— | $13.9 | n/a | $13.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | 33.4 | 1.2 |  | 34.6 | (30.5) | 4.1 |
| Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | 28.5 | 2.0 |  | 30.5 | (30.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewable energy credit and emissions obligations |  | 613.5 |  | 613.5 |  | 613.5 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Total Gross Fair Value** | **Effect of Counter-party Netting** | **Net Carrying Value on Balance Sheet** |
|<br>*(in millions)* | **Level 1** | **Level 2** | **Level 3** | **Total Gross Fair Value** | **Effect of Counter-party Netting** | **Net Carrying Value on Balance Sheet** |
| Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds | $21.0 | $— | $— | $21.0 | n/a | $21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | 16.0 |  |  | 16.0 | (14.0) | 2.0 |
| Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | 14.0 |  |  | 14.0 | (14.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewable energy credit and emissions obligations |  | 465.9 |  | 465.9 |  | 465.9 |

---

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The valuation methods used to measure financial instruments at fair value are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within Cash and cash equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Renewable energy credit and emissions obligations primarily represent the Company's liability for the purchase of (i) biofuel credits (primarily RINs in the United States) needed to satisfy its obligation to blend biofuels into the products the Company produces and (ii) emission credits under the AB 32 and similar programs (collectively, the cap-and-trade systems). To the degree the Company is unable to blend biofuels (such as ethanol and biodiesel) at percentages required under the biofuel programs, it must purchase biofuel credits to comply with these programs. Under the cap-and-trade systems, it must purchase emission credits to comply with these systems. The liability for environmental credits is in part based on the Company's deficit for such credits as of the balance sheet date, if any, after considering any credits acquired, and is equal to the product of the credits deficit and the market price of these credits as of the balance sheet date. To the extent that the Company has a better estimate of the cost at which it settles its obligation, such as agreements to purchase RINs or cap and trade credits at prices other than the current spot price, the Company considers those costs in valuing the remaining obligation. The environmental credit obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based on quoted prices from an independent pricing service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When applicable, commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward prices used to value these swaps are derived using broker quotes, prices from other third-party sources and other available market based data.

Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of September 30, 2025 and December 31, 2024, $19.9 million and $19.4 million, respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets.

There were no transfers between levels during the three and nine months ended September 30, 2025 or the three and nine months ended September 30, 2024.

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

***Fair value of debt***

The table below summarizes the carrying value and fair value of debt as of September 30, 2025 and December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>*(in millions)* | **Carrying** <br>**value** | **Fair<br> value** | **Carrying**<br> **value** | **Fair <br>value** |
| 2028 6.00% Senior Notes <sup>(a)</sup> | $801.6 | $796.8 | $801.6 | $765.9 |
| 2030 9.875% Senior Notes <sup>(a)</sup> | 800.0 | 839.0 |  |  |
| 2030 7.875% Senior Notes <sup>(a)</sup> | 500.0 | 494.0 | 500.0 | 490.0 |
| Revolving Credit Facility <sup>(b)</sup> | 350.0 | 350.0 | 200.0 | 200.0 |
|  | 2451.6 | 2479.8 | 1501.6 | 1455.9 |
| Less - Unamortized deferred financing costs | (44.5) | n/a | (41.6) | n/a |
| Unamortized discount | (12.8) | n/a | (2.7) | n/a |
| Long-term debt | $2394.3 | $2479.8 | $1457.3 | $1455.9 |

---

_________________________

(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.

(b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates.

------

PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**12. DERIVATIVES**

The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of September 30, 2025, there were 16,173,000 barrels of crude oil and 5,355,000 barrels of refined products (13,911,000 and 4,704,000, respectively, as of December 31, 2024), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts.

The Company also uses derivative instruments to mitigate the risk associated with the price of credits needed to comply with various governmental and regulatory environmental compliance programs. For such contracts that represent derivatives, the Company elects the normal purchase normal sale exception under ASC 815, *Derivatives and Hedging*, and therefore does not record them at fair value.

The following tables provide information regarding the fair values of derivative instruments as of September 30, 2025 and December 31, 2024, and the line items in the Condensed Consolidated Balance Sheets in which fair values are reflected.

---

| | | |
|:---|:---|:---|
| **Description** | **Balance Sheet Location** | **Fair Value<br>Asset/(Liability)** |
| | | *(in millions)* |
| **Derivatives not designated as hedging instruments:** |  |  |
| **September 30, 2025:** |  |  |
| Commodity contracts | Accounts receivable | $4.1 |
| **December 31, 2024:** |  |  |
| Commodity contracts | Accounts receivable | $2.0 |

---

The following table provides information regarding gains or losses recognized in income on derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected.

---

| | | |
|:---|:---|:---|
| **Description** | **Location of Gain or (Loss) Recognized in<br> Income on Derivatives** | **Gain or (Loss)<br>Recognized in<br>Income on Derivatives** |
| | | *(in millions)* |
| **Derivatives not designated as hedging instruments:** |  |  |
| **For the three months ended September 30, 2025:** |  |  |
| Commodity contracts | Cost of products and other | $(2.2) |
| **For the three months ended September 30, 2024:** |  |  |
| Commodity contracts | Cost of products and other | $9.8 |
| **For the nine months ended September 30, 2025:** |  |  |
| Commodity contracts | Cost of products and other | $5.1 |
| **For the nine months ended September 30, 2024:** |  |  |
| Commodity contracts | Cost of products and other | $12.3 |

---

There were no fair value hedges for the three and nine months ended September 30, 2025 or 2024.

------

PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**13. SEGMENT INFORMATION** 

The Company's operations are organized into two reportable segments, Refining and Logistics. Operations that are not included in the Refining or Logistics segments, including the Company's share of SBR's results, are included in Corporate. Intersegment transactions are eliminated in the Condensed Consolidated Financial Statements and are included in the Eliminations column below.

The Company's chief operating decision maker is the chief executive officer, who evaluates the performance of the reportable segments based primarily on income from operations. Income from operations includes those revenues and expenses that are directly attributable to management of the reporting segments.

*Refining* 

The Company's Refining segment includes the operations of its six refineries, including certain related logistics assets that are not owned by PBFX. The Company's refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The refineries produce unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. The Company purchases crude oil, other feedstocks and blending components from various third-party suppliers. The Company sells products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States, Canada, and Mexico, and is able to ship products to other international destinations.

*Logistics*

The Company's Logistics segment is comprised of PBFX, a partnership formed to own or lease, operate, develop, and acquire crude oil and refined products terminals, pipelines, storage facilities and similar logistics assets. PBFX's assets primarily consist of rail and truck terminals and unloading racks, tank farms and pipelines that were acquired from or contributed by PBF LLC and are located at, or nearby, the Company's refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third-party customers through fee-based commercial agreements. PBFX currently does not generate significant third-party revenues and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy perspective, the Company's chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX's individual operating segments.

The Company evaluates the performance of its segments based primarily on income from operations. Income from operations includes those revenues and expenses that are directly attributable to management of the respective segment. The Logistics segment's revenues include intersegment transactions with the Company's Refining segment at prices the Company believes are substantially equivalent to the prices that could have been negotiated with unaffiliated parties with respect to similar services.

Activities of the Company's business that are not included in the two operating segments are included in Corporate. Such activities consist primarily of corporate staff operations and other items that are not specific to the normal operations of the two operating segments. The Company does not allocate non-operating income and expense items, including income taxes, to the individual segments. The Refining segment's operating subsidiaries and PBFX are primarily pass-through entities with respect to income taxes.

Total assets of each segment consist of property, plant and equipment, inventories, cash and cash equivalents, accounts receivable and other assets directly associated with the segment's operations. Corporate assets consist primarily of the Company's equity method investment in SBR, non-operating property, plant and equipment and other assets not directly related to the Company's refinery and logistics operations.

Disclosures regarding the Company's reportable segments with reconciliations to consolidated totals for the three and nine months ended September 30, 2025 and September 30, 2024 are presented below.

------

PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|<br>*(in millions)* | **Refining** | **Logistics** | **Corporate** | **Eliminations** | **Consolidated Total** |
| **Revenues** | $7641.6 | $97.5 | $— | $(88.0) | $7651.1 |
| **Cost of products and other** | 6920.6 | 2.3 |  | (83.6) | 6839.3 |
| **Operating expenses (income)** | 589.2 | 28.7 |  | (4.4) | 613.5 |
| **Depreciation and amortization expense** | 149.5 | 9.6 | 3.6 |  | 162.7 |
| **Other segment (income) expenses, net** <sup>(1)</sup> | (250.0) | (92.3) | 92.0 |  | (250.3) |
| **Income (loss) from operations**  | 232.3 | 149.2 | (95.6) |  | 285.9 |
| **Interest (income) expense, net** | (6.8) | (0.4) | 57.5 |  | 50.3 |
| **Capital expenditures** <sup>(3)</sup> | 124.4 | 3.3 | 4.0 |  | 131.7 |
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| *(in millions)* | **Refining** | **Logistics** | **Corporate** | **Eliminations** | **Consolidated Total** |
| **Revenues** | $8372.8 | $94.6 | $— | $(85.1) | $8382.3 |
| **Cost of products and other** | 7942.9 |  |  | (80.6) | 7862.3 |
| **Operating expenses (income)** | 621.4 | 32.6 |  | (4.3) | 649.7 |
| **Depreciation and amortization expense** | 149.6 | 8.9 | 3.3 |  | 161.8 |
| **Other segment expenses, net** <sup>(1)</sup> | 0.1 | 1.6 | 93.1 |  | 94.8 |
| **Income (loss) from operations** | (341.2) | 51.3 | (96.4) |  | (386.3) |
| **Interest (income) expense, net** | (3.2) | (0.5) | 25.1 |  | 21.4 |
| **Capital expenditures** <sup>(3)</sup> | 150.9 | 0.9 | 1.0 |  | 152.8 |
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| *(in millions)* | **Refining** | **Logistics** | **Corporate** | **Eliminations** | **Consolidated Total** |
| **Revenues** | $22164.3 | $290 | $— | $(261.5) | $22192.8 |
| **Cost of products and other** | 20411.4 | 7.1 |  | (248.4) | 20170.1 |
| **Operating expenses (income)** | 1903.0 | 87.1 |  | (13.1) | 1977.0 |
| **Depreciation and amortization expense** | 456.9 | 27.8 | 10.8 |  | 495.5 |
| **Other segment (income) expenses, net** <sup>(1)</sup> | (439.0) | (88.9) | 260.4 |  | (267.5) |
| **Income (loss) from operations**  | (168.1) | 256.9 | (271.1) |  | (182.3) |
| **Interest (income) expense, net** | (16.1) | (1.2) | 158.3 |  | 141.0 |
| **Capital expenditures** <sup>(3)</sup> | 484.5 | 13.9 | 6.3 |  | 504.7 |
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| *(in millions)* | **Refining** | **Logistics** | **Corporate** | **Eliminations** | **Consolidated Total** |
| **Revenues** | $25735.8 | $289.2 | $— | $(261.0) | $25764 |
| **Cost of products and other** | 23666.7 | 3.8 |  | (247.9) | 23422.6 |
| **Operating expenses (income)** | 1858.0 | 105.4 |  | (13.0) | 1950.4 |
| **Depreciation and amortization expense** | 427.6 | 27.1 | 9.8 |  | 464.5 |
| **Other segment expenses, net** <sup>(1) (2)</sup>  | 0.9 | 5.3 | 236.1 |  | 242.3 |
| **Income (loss) from operations** <sup>(2)</sup> | (217.5) | 147.4 | (245.7) |  | (315.8) |
| **Interest (income) expense, net** | (10.0) | (1.5) | 60.7 |  | 49.2 |
| **Capital expenditures** <sup>(3)</sup> | 764.3 | 2.6 | 4.0 |  | 770.9 |

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balance at September 30, 2025** | **Balance at September 30, 2025** | **Balance at September 30, 2025** | **Balance at September 30, 2025** | **Balance at September 30, 2025** |
|<br>*(in millions)* | **Refining** | **Logistics** | **Corporate** | **Eliminations** | **Consolidated Total** |
| **Total assets** <sup>(4)</sup> | $11473.8 | $696.6 | $910.8 | $(40.3) | $13040.9 |
|  | **Balance at December 31, 2024** | **Balance at December 31, 2024** | **Balance at December 31, 2024** | **Balance at December 31, 2024** | **Balance at December 31, 2024** |
| *(in millions)* | **Refining** | **Logistics** | **Corporate** | **Eliminations** | **Consolidated Total** |
| **Total assets** <sup>(4)</sup> | $10945.5 | $781.9 | $1015.4 | $(39.6) | $12703.2 |

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__________________________________

(1) Other segment (income) expenses, net include General and administrative expenses (excluding depreciation and amortization expenses), Gain on insurance recoveries, net, Change in fair value of contingent consideration, net, Equity loss in investee, Loss on formation of SBR equity method investment, and (Gain) loss on sale of assets.

(2) Income (loss) from operations and Other segment expenses, net within Corporate for the nine months ended September 30, 2024 included a $8.7 million reduction of the gain associated with the formation of the SBR equity method investment.

(3) For the three and nine months ended September 30, 2025, the Company's refining segment Capital expenditures exclude $127.6 million and $259.5 million, respectively, of costs associated with the rebuild of units damaged by the Martinez Refinery Fire. For the nine months ended September 30, 2024, the Company's refining segment included $5.6 million of Capital expenditures related to the Renewable Diesel Facility.

(4) As of September 30, 2025 and December 31, 2024, Corporate assets include the Company's Equity method investment in SBR of $823.3 million and $866.8 million, respectively.

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

**14. NET INCOME PER SHARE**

The Company grants certain equity-based compensation awards to employees and non-employee directors that are considered to be participating securities. Due to the presence of participating securities, the Company has calculated net income (loss) per share of PBF Energy Class A common stock using the two-class method.

The following table sets forth the computation of basic and diluted net income (loss) per share of PBF Energy Class A common stock attributable to PBF Energy for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>*(in millions, except share and per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| **Basic Earnings Per Share:** |  |  |  |  |
| Allocation of earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to PBF Energy Inc. stockholders | $170.1 | $(285.9) | $(236.9) | $(244.5) |
| &nbsp;&nbsp;&nbsp;Less: Income allocated to participating securities |  |  |  |  |
| Income (loss) available to PBF Energy Inc. stockholders - basic | $170.1 | $(285.9) | $(236.9) | $(244.5) |
| Denominator for basic net income (loss) per Class A common share - weighted average shares | 115734251 | 115084174 | 113845472 | 116974505 |
| Basic net income (loss) attributable to PBF Energy per Class A common share | $1.47 | $(2.48) | $(2.08) | $(2.09) |
| **Diluted Earnings Per Share:** |  |  |  |  |
| Numerator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income (loss) available to PBF Energy Inc. stockholders - basic | $170.1 | $(285.9) | $(236.9) | $(244.5) |
| &nbsp;&nbsp;&nbsp;Plus: Net income (loss) attributable to noncontrolling interest <sup>(1)</sup> | 1.6 | (3.1) | (2.7) | (3.0) |
| &nbsp;&nbsp;&nbsp;Less: Income tax (benefit) expense <sup>(1)</sup> | (0.4) | 0.7 | 0.7 | 0.7 |
| Numerator for diluted net income (loss) per PBF Energy Class A common share - net income (loss) attributable to PBF Energy Inc. stockholders <sup>(1)</sup> | $171.3 | $(288.3) | $(238.9) | $(246.8) |
| Denominator: <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denominator for basic net income (loss) per PBF Energy Class A common share-weighted average shares | 115734251 | 115084174 | 113845472 | 116974505 |
| &nbsp;&nbsp;&nbsp;Effect of dilutive securities: <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of PBF LLC Series A Units  | 862780 | 862780 | 862780 | 862780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock equivalents | 1361318 |  |  |  |
| Denominator for diluted net income (loss) per PBF Energy Class A common share-adjusted weighted average shares | 117958349 | 115946954 | 114708252 | 117837285 |
| Diluted net income (loss) attributable to PBF Energy Inc. stockholders per PBF Energy Class A common share | $1.45 | $(2.49) | $(2.08) | $(2.09) |

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___________________________________________

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PBF ENERGY INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(1)&nbsp;&nbsp;&nbsp;&nbsp;The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to PBF Energy Class A common stock. The net income (loss) attributable to PBF Energy used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income (loss), as well as the corresponding income tax (benefit) expense (based on a 26.0% estimated annualized statutory corporate tax rate for both the three and nine months ended September 30, 2025 and the three and nine months ended September 30, 2024), attributable to the converted units.

(2)<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive). Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 3,635,550 and 6,857,076 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the three and nine months ended September 30, 2025. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 4,693,222 and 4,630,480 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the three and nine months ended September 30, 2024. For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive.

**15. SUBSEQUENT EVENTS** 

***Dividend Declared***

On October 30, 2025, PBF Energy announced a dividend of $0.275 per share on outstanding PBF Energy Class A common stock. The dividend is payable on November 26, 2025 to PBF Energy Class A common stockholders of record at the close of business on November 14, 2025.

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**ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations***

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the audited financial statements of PBF Energy included in the Annual Report on Form 10-K for the year ended December 31, 2024 and the unaudited financial statements and related notes included in this report. The following discussion contains "forward-looking statements" that reflect our future plans, estimates, beliefs and expected performance. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors. We caution that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Please see "Cautionary Note Regarding Forward-Looking Statements."*

Unless the context indicates otherwise, the terms "we," "us," and "our" refer to PBF Energy and its consolidated subsidiaries, including PBF LLC, PBF Holding and its subsidiaries and PBFX and its subsidiaries, and our 50% interest in SBR.

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**Overview** 

We are one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. We sell our products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States, Canada and Mexico and are able to ship products to other international destinations. We own and operate six domestic oil refineries and related assets and own a 50% interest in the Renewable Diesel Facility through our SBR equity method investment. Our refineries have a combined processing capacity, known as throughput, of approximately 1,000,000 barrels per day ("bpd"), and a weighted-average Nelson Complexity Index of 12.8 based on current operating conditions. The complexity and throughput capacity of our refineries are subject to change dependent upon configuration changes we make to respond to market conditions, as well as a result of investments made to improve our facilities and maintain compliance with environmental and governmental regulations. We operate in two reportable business segments: Refining and Logistics. Our six oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and represent the Refining segment. PBFX operates certain logistical assets such as crude oil and refined products terminals, pipelines, and storage facilities, which represent the Logistics segment.

Our six refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. Each refinery is briefly described in the table below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Refinery** | **Region** | **Nelson Complexity Index** <sup>(1)</sup> | **Throughput Capacity (in bpd)** <sup>(1)</sup> | **PADD** | **Crude Processed** <sup>(2)</sup> | **Source** <sup>(2)</sup> |
| Delaware City | East Coast | 13.6 | 180000 | 1 | light sweet through heavy sour | water, rail |
| Paulsboro | East Coast | 9.1 <sup>(3)</sup> | 155000 <sup>(3)</sup> | 1 | light sweet through heavy sour | water |
| Toledo | Mid-Continent | 11.0 | 180000 | 2 | light sweet | pipeline, truck, rail |
| Chalmette | Gulf Coast | 13.0 | 185000 | 3 | light sweet through heavy sour | water, pipeline |
| Torrance | West Coast | 13.8 | 166000 | 5 | medium and heavy | pipeline, water, truck |
| Martinez | West Coast | 16.1 | 157000 | 5 | medium and heavy | pipeline and water |

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_____________________

(1) Reflects operating conditions at each refinery as of the date of this filing. Changes in complexity and throughput capacity reflect the result of current market conditions, in addition to investments made to improve our facilities and maintain compliance with environmental and governmental regulations. Configurations at each of our refineries are evaluated periodically and updated accordingly.

(2) Reflects the typical crude and feedstocks and related sources utilized under normal operating conditions and prevailing market environments.

(3) At full operating capacity and prevailing market environments, our Nelson Complexity Index and throughput capacity for the Paulsboro refinery would be 13.1 and 180,000, respectively. As a result of the reconfiguration of our East Coast refineries in 2020, and subsequent restart of several idled processing units at the Paulsboro refinery in 2022, our Nelson Complexity Index and throughput capacity were adjusted.

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As of September 30, 2025, PBF Energy owned 115,872,776 PBF LLC Series C Units and our current and former executive officers and directors and certain employees and others held 862,780 PBF LLC Series A Units (we refer to all of the holders of the PBF LLC Series A Units as "the members of PBF LLC other than PBF Energy"). As a result, the holders of our issued and outstanding shares of our PBF Energy Class A common stock have approximately 99.3% of the voting power in us, and the members of PBF LLC other than PBF Energy through their holdings of Class B common stock have approximately 0.7% of the voting power in us (99.3% and 0.7% as of December 31, 2024, respectively).

**Recent Developments** 

***Martinez Refinery Fire***

On February 1, 2025, the Martinez Refinery Fire occurred at our Martinez refinery, which is owned and operated by Martinez Refining Company LLC ("MRC"), while the refinery was in the preliminary stages of its previously announced turnaround. As a result of the Martinez Refinery Fire, the refinery was fully shut down for the remainder of the quarter ended March 31, 2025. Investigations are being conducted by various regulatory agencies, including the California Department of Industrial Relations, the Division of Occupational Safety and the Health ("CalOSHA"), the Bay Area Air District ("BAAD"), the Contra Costa County ("CCC"), the department of Justice ("DOJ"), the United States Attorney's Office ("USAO") and the Environmental Protection Agency ("EPA"). There are uncertainties around these inquiries and investigations and potential results and consequences, including whether any financial penalties will be assessed or changes to the operations of the Martinez refinery will result therefrom. At this time, the potential liabilities, including regulatory penalties, arising from the incident are unknown, and the full financial impact of this incident cannot reasonably be estimated.

We expect to restart the refinery in two stages. Certain units that were unaffected by the Martinez Refinery Fire, including the crude unit, were restarted in April 2025 and the refinery began producing limited quantities of gasoline, jet fuel, and intermediates at that time. Restart of the remaining units damaged by the Martinez Refinery Fire, which primarily includes the units scheduled for turnaround, is planned to occur by year-end 2025. Restart of these units is dependent on factors impacting our ability to effect necessary repairs, including those outside of our control such as regulatory permitting and approvals and the availability of certain critical equipment and components.

We expect that the cost of repairs to the fire-damaged units and restoring the refinery to full operational status will largely be covered under our property insurance coverage, subject to our deductible and retentions totaling $30.0 million. Our insurance policy also includes business interruption coverage, which contains a 60-day waiting period. This coverage commenced on April 3, 2025. While we expect our insurance coverage will significantly offset the financial impact of the Martinez Refinery Fire, other than for the business interruption waiting period, deductibles and retentions, the timing of insurance proceeds may impact our results and our cash flow in a given quarter.

Our current expectations with respect to the full restart of the Martinez refinery following the Martinez Refinery Fire, the timing of the restart of certain units damaged by the Martinez Refinery Fire, the throughput of the Martinez refinery during this period, and anticipated costs and insurance recoveries related to the Martinez Refinery Fire are based on information available to us as of the date of this filing, and are preliminary and subject to revision. In addition, neither the total amount nor timing of insurance recoveries is certain. During the three months ended June 30, 2025, we received unallocated insurance proceeds totaling $250.0 million, net of deductibles and retentions. Although no cash was received during the three months ended September 30, 2025, we received notice that our insurers agreed to pay a second unallocated installment of insurance proceeds totaling $250.0 million. This amount has been substantially collected as of the date of this filing.

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**Factors Affecting Comparability Between Periods** 

Our results have been affected by the following events, the understanding of which will aid in assessing the comparability of our period to period financial performance and financial condition.

***Sale of Terminal Assets***

On September 30, 2025, through a subsidiary of PBFX, we closed on the sale of two of our non-core refined product terminal facilities located in Philadelphia, PA and Knoxville, TN for $175.4 million, excluding commissions and customary closing costs. The sale resulted in a gain of approximately $94.0 million in the three and nine months ended September 30, 2025, included within Gain on sale of assets in the Condensed Consolidated Statements of Operations.

***Costs Related to RBI Initiative***

During 2025, we launched our RBI initiative as part of our ongoing strategic efforts to extract incremental value across our business. For the three and nine months ended September 30, 2025, we recorded $7.9 million and $21.5 million, respectively, in expenses related to this initiative. The nine month total includes $4.7 million in severance charges recognized during the second quarter of 2025. These charges are reflected in General and administrative expenses on the Condensed Consolidated Statements of Operations.

***Martinez Refinery Fire***

During the three months ended June 30, 2025, we received unallocated insurance proceeds totaling $250.0 million, net of deductibles and retentions. Although no cash was received during the three months ended September 30, 2025, we received notice that our insurers agreed to pay a second unallocated installment of insurance proceeds totaling $250.0 million and included such amount within Account receivables in the Condensed Consolidated Balance Sheets.

As a result, for the three and nine months ended September 30, 2025, we recognized a Gain on insurance recoveries of $250.0 million and $439.0 million, respectively, in the Condensed Consolidated Statements of Operations. The nine month total is net of the $61.0 million receivable previously recorded at March 31, 2025, related to the recovery of the write down of the net book value of the damaged refinery units and certain fire response costs.

In addition, during the three and nine months ended September 30, 2025, we recorded operating expenses associated with the Martinez Refinery Fire of approximately $14.6 million and $123.1 million, respectively.

***Debt and Credit Facilities***

*Senior Notes*

On March 17, 2025, we issued $800.0 million in aggregate principal amount of 9.875% senior unsecured notes due 2030 (the "2030 9.875% Senior Notes"). The net proceeds from this offering were approximately $776.0 million after deducting the initial purchasers' discount and offering expenses. We used the net proceeds, to repay outstanding borrowings under PBF Holding's asset-based revolving credit facility (the "Revolving Credit Facility") and for general corporate purposes.

*PBF Holding Revolving Credit Facility* 

The Revolving Credit Facility matures in August 2028 and has a maximum commitment of $3.5 billion, as stated in the amended and restated asset-based revolving credit agreement (the "Revolving Credit Agreement"). There were $350.00 million and $200.00 million outstanding borrowings under the Revolving Credit Facility as of September 30, 2025 and December 31, 2024, respectively.

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***Transactions with SBR***

We and our subsidiaries have various agreements with SBR, primarily related to the sale and purchase of environmental credits and hydrocarbon products. Refer to "Note 5 - Related Party Transactions" of our Notes to Condensed Consolidated Financial Statements for transactions with SBR.

***Share Repurchase Program***

The Company's Board of Directors has authorized the repurchase of PBF Energy's Class A common stock (as amended from time to time, the "Repurchase Program"). The Repurchase Program currently allows for repurchases of up to $1.75 billion and does not have an expiration date. During the three and nine months ended September 30, 2025, we did not purchase any shares of PBF Energy's Class A common stock under the Repurchase Program. During the three and nine months ended September 30, 2024, the Company purchased 2,041,120 and 6,554,269 shares of PBF Energy's Class A common stock under the Repurchase Program for $75.0 million and $300.1 million, respectively, inclusive of commissions paid, through open market transactions. Refer to "Note 7 - Equity" of our Notes to Consolidated Financial Statements, for additional information.

***Tax Receivable Agreement***

As of September 30, 2025 and December 31, 2024, PBF Energy recognized a liability for the Tax Receivable Agreement of $168.2 million and $293.6 million, respectively, reflecting the estimate of the undiscounted amounts that we expected to pay under the agreement. As of December 31, 2024, $125.4 million of the Tax Receivable Agreement obligation was recorded as a current liability and represented the amount paid in January 2025 related to the 2023 tax year. As future taxable income is recognized, increases in our Tax Receivable Agreement liability may be necessary in conjunction with the revaluation of deferred tax assets.

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 **Results of Operations**

The tables below reflect our consolidated financial and operating highlights for the three and nine months ended September 30, 2025 and 2024 (amounts in millions, except per share data). We operate in two reportable business segments: Refining and Logistics. Our oil refineries, excluding the assets operated by PBFX, are all engaged in the refining of crude oil and other feedstocks into petroleum products, and represent the Refining segment. PBFX is an indirect wholly-owned subsidiary of PBF Energy that operates certain logistics assets such as crude oil and refined products terminals, pipelines, and storage facilities. PBFX's operations represent the Logistics segment. We do not separately discuss our results by individual segments as our Logistics segment did not have any significant third-party revenues and a significant portion of its operating results are eliminated in consolidation.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** | $7651.1 | $8382.3 | $22192.8 | $25764 |
| **Cost and expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of products and other | 6839.3 | 7862.3 | 20170.1 | 23422.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses (excluding depreciation and amortization expense as reflected below) | 613.5 | 649.7 | 1977.0 | 1950.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 159.1 | 158.5 | 484.7 | 454.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 7611.9 | 8670.5 | 22631.8 | 25827.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 74.0 | 65.4 | 224.7 | 193.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on insurance recoveries, net | (250.0) |  | (439.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 3.6 | 3.3 | 10.8 | 9.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration, net |  |  |  | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity loss in investee | 19.7 | 29.4 | 41.0 | 42.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on formation of SBR equity method investment |  |  |  | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of assets | (94.0) |  | (94.2) | 0.7 |
| **Total cost and expenses** | 7365.2 | 8768.6 | 22375.1 | 26079.8 |
| **Income (loss) from operations** | 285.9 | (386.3) | (182.3) | (315.8) |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (net of interest income of $8.6, $11.3, $17.2, and $43.4, respectively) | (50.3) | (21.4) | (141.0) | (49.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-service components of net periodic benefit cost | 0.4 | 0.5 | 1.0 | 1.7 |
| **Income (loss) before income taxes** | 236.0 | (407.2) | (322.3) | (363.3) |
| **Income tax expense (benefit)** | 64.3 | (118.1) | (82.7) | (115.7) |
| **Net income (loss)** | 171.7 | (289.1) | (239.6) | (247.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: net income (loss) attributable to noncontrolling interest | 1.6 | (3.2) | (2.7) | (3.1) |
| **Net income (loss) attributable to PBF Energy Inc. stockholders** | $170.1 | $(285.9) | $(236.9) | $(244.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated gross margin | $39.2 | $(288.2) | $(439.0) | $(63.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross refining margin <sup>(1)</sup> | $721.1 | $429.6 | $1752.9 | $2069 |
| **Net income (loss) available to Class A common stock per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.47 | $(2.48) | $(2.08) | $(2.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.45 | $(2.49) | $(2.08) | $(2.09) |

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_________________________________

(1) See Non-GAAP Financial Measures.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Operating Highlights** | **2025** | **2024** | **2025** | **2024** |
| **Key Operating Information** |  |  |  |  |
| Production (bpd in thousands) | 876.2 | 945.4 | 818.8 | 927.2 |
| Crude oil and feedstocks throughput (bpd in thousands) | 871.0 | 935.6 | 814.0 | 918.2 |
| Total crude oil and feedstocks throughput (millions of barrels) | 80.1 | 86.1 | 222.2 | 251.6 |
| Consolidated gross margin per barrel of throughput | $0.49 | $(3.35) | $(1.98) | $(0.25) |
| Gross refining margin, excluding special items, per barrel of throughput <sup>(1)</sup> | $9.00 | $6.79 | $7.89 | $8.84 |
| Refining operating expense, per barrel of throughput | $7.35 | $7.22 | $8.56 | $7.39 |
| **Crude and feedstocks (% of total throughput)** <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Heavy | 25% | 31% | 26% | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medium | 37% | 38% | 36% | 39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Light | 20% | 17% | 23% | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other feedstocks and blends | 18% | 14% | 15% | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total throughput | 100% | 100% | 100% | 100% |
| **Yield (% of total throughput)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gasoline and gasoline blendstocks | 43% | 49% | 45% | 47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Distillates and distillate blendstocks | 34% | 33% | 35% | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lubes | 1% | 1% | 1% | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 2% | 1% | 1% | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 21% | 17% | 19% | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total yield | 101% | 101% | 101% | 101% |

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_________________________________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;See Non-GAAP Financial Measures.

(2)&nbsp;&nbsp;&nbsp;&nbsp;We define heavy crude oil as crude oil with American Petroleum Institute ("API") gravity of less than 24 degrees. We define medium crude oil as crude oil with an API gravity between 24 and 35 degrees. We define light crude oil as crude oil with an API gravity higher than 35 degrees.

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The table below summarizes certain market indicators relating to our operating results as reported by Platts, a division of The McGraw-Hill Companies. Effective RIN basket price is recalculated based on information as reported by Argus.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>*(dollars per barrel, except as noted)* | **2025** | **2024** | **2025** | **2024** |
| Dated Brent crude oil | $69.17 | $79.99 | $70.80 | $82.71 |
| West Texas Intermediate (WTI) crude oil | $65.07 | $75.28 | $66.74 | $77.71 |
| Light Louisiana Sweet (LLS) crude oil | $67.17 | $77.38 | $69.18 | $80.26 |
| Alaska North Slope (ANS) crude oil | $70.07 | $78.95 | $71.54 | $82.24 |
| Crack Spreads |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dated Brent (NYH) 2-1-1 | $25.82 | $16.22 | $21.72 | $19.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;WTI (Chicago) 4-3-1 | $22.01 | $17.47 | $19.03 | $18.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;LLS (Gulf Coast) 2-1-1 | $24.41 | $16.02 | $20.70 | $19.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;ANS (West Coast-LA) 4-3-1 | $29.34 | $19.27 | $27.14 | $25.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;ANS (West Coast-SF) 3-2-1 | $30.59 | $22.94 | $30.76 | $26.92 |
| Crude Oil Differentials |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dated Brent (foreign) less WTI | $4.11 | $4.71 | $4.06 | $5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dated Brent less Maya (heavy, sour) | $8.15 | $13.09 | $9.27 | $12.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dated Brent less WTS (sour) | $4.22 | $4.81 | $4.04 | $4.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dated Brent less ASCI (sour) | $4.46 | $5.99 | $3.67 | $5.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;WTI less WCS (heavy, sour) | $12.54 | $15.31 | $12.07 | $15.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;WTI less Bakken (light, sweet) | $0.96 | $0.88 | $1.11 | $1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;WTI less Syncrude (light, sweet) | $0.72 | $(0.32) | $0.78 | $0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;WTI less LLS (light, sweet) | $(2.11) | $(2.10) | $(2.44) | $(2.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;WTI less ANS (light, sweet) | $(5.01) | $(3.67) | $(4.80) | $(4.53) |
| Effective RIN basket price | $6.38 | $3.89 | $5.77 | $3.65 |
| Natural gas (dollars per MMBTU) | $3.07 | $2.23 | $3.48 | $2.22 |

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***Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024***

*Overview—* PBF Energy net income was $171.7 million for the three months ended September 30, 2025 compared to net loss of $289.1 million for the three months ended September 30, 2024. Net income attributable to PBF Energy stockholders was $170.1 million, or $1.45 per diluted share, for the three months ended September 30, 2025, ($1.45 per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net income, or $(0.52) per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net loss excluding special items, as described below in Non-GAAP Financial Measures) compared to net loss attributable to PBF Energy stockholders of $285.9 million, or $(2.49) per diluted share, for the three months ended September 30, 2024 ($(2.50) per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net loss, or $(1.50) per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net loss excluding special items, as described below in Non-GAAP Financial Measures). The net income (loss) attributable to PBF Energy stockholders represents PBF Energy's equity interest in PBF LLC's pre-tax income (loss), less applicable income tax expense (benefit). PBF Energy's weighted-average equity interest in PBF LLC was 99.3% for both the three months ended September 30, 2025 and September 30, 2024.

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Our results for the three months ended September 30, 2025 were positively impacted by special items consisting of a gain on insurance recoveries of $250.0 million, or $185.0 million net of tax, and a gain on sale of terminal assets of $94.0 million, or $69.6 million net of tax, partially offset by expenses associated with the Martinez Refinery Fire of approximately $14.6 million, or $10.8 million net of tax, our share of the adjustment to the SBR lower of cost or market ("SBR LCM") inventory reserve of $8.5 million, or $6.3 million net of tax, and costs related to the RBI initiative of approximately $7.9 million, or $5.8 million net of tax. Our results for the three months ended September 30, 2024 were negatively impacted by special items consisting of a non-cash, pre-tax lower of cost or market ("LCM") inventory adjustment of approximately $154.5 million, or $114.3 million net of tax and our share of the adjustment to the SBR LCM inventory reserve of $0.3 million, or $0.2 million net of tax.

Excluding the impact of special items, we experienced an overall increase in our refining margins compared to the three months ended September 30, 2024. This increase was driven by favorable movements in crack spreads, as well as higher throughput volumes and barrels sold at our East Coast and Chalmette refineries. However, this increase was partially offset by a lower gross margin at our Martinez refinery, resulting from reduced plant capacity due to the Martinez Refinery Fire.

*Revenues—* Revenues totaled $7.7 billion for the three months ended September 30, 2025 compared to $8.4 billion for the three months ended September 30, 2024, a decrease of approximately $0.7 billion, or 8.3%. Revenues per barrel were $81.39 and $89.20 for the three months ended September 30, 2025 and 2024, respectively, a decrease of 8.8% directly related to lower hydrocarbon commodity prices. For the three months ended September 30, 2025, the total throughput rates at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 307,800 bpd, 141,500 bpd, 187,700 bpd, and 234,000 bpd, respectively. For the three months ended September 30, 2024, the total throughput rates at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 307,200 bpd, 160,000 bpd, 164,600 bpd and 303,800 bpd, respectively. For the three months ended September 30, 2025, the total barrels sold at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 356,500 bpd, 156,200 bpd, 171,700 bpd, and 337,400 bpd, respectively. For the three months ended September 30, 2024, the total barrels sold at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 342,200 bpd, 163,000 bpd, 160,100 bpd and 356,200 bpd, respectively.

Overall average throughput rates at our refineries were lower in the three months ended September 30, 2025 primarily due to planned maintenance activity at our Torrance refinery and the fire-related downtime at our Martinez refinery when compared to the same period in 2024. We plan to continue operating our refineries based on demand and current market conditions. Total refined product barrels sold were higher than throughput rates, reflecting sales from inventory as well as sales and purchases of refined products outside our refineries.

*Consolidated gross margin—* Consolidated gross margin totaled $39.2 million for the three months ended September 30, 2025 compared to $(288.2) million for the three months ended September 30, 2024, an increase of approximately $327.4 million. Gross refining margin totaled $721.1 million, or $9.00 per barrel of throughput for the three months ended September 30, 2025 compared to $429.6 million, or $5.00 per barrel of throughput for the three months ended September 30, 2024, an increase of approximately $291.5 million. Gross refining margin excluding special items totaled $584.1 million, or $6.79 per barrel of throughput for the three months ended September 30, 2024.

Consolidated gross margin and gross refining margin for the three months ended September 30, 2024 were negatively impacted by a non-cash LCM adjustment of approximately $154.5 million resulting from the decrease in crude oil and refined product prices from the second quarter of 2024 to the end of the third quarter of 2024. During the three months ended September 30, 2025 our consolidated gross margin and gross refining margin were not impacted by special items. Consolidated gross margin and gross refining margin increased primarily due to favorable movements in crack spreads, as well as higher throughput volumes and barrels sold at our East Coast and Chalmette refineries, partially offset by lower volumes and a lower gross margin at our Martinez refinery, resulting from reduced plant capacity due to the Martinez Refinery Fire.

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Additionally, our results continue to be impacted by significant costs to comply with the RFS. Total RFS compliance costs were $169.0 million for the three months ended September 30, 2025 compared to $128.8 million for the three months ended September 30, 2024.

Average industry margins were favorable during the three months ended September 30, 2025 compared to the same period in 2024, primarily due to overall increased refining margins as a result of favorable supply and demand dynamics that impacted crack spreads.

Favorable movements in benchmark crude differentials typically result in lower crude costs and positively impact our earnings while reductions in these benchmark crude differentials typically result in higher crude costs and negatively impact our earnings.

On the East Coast, the Dated Brent (NYH) 2-1-1 industry crack spread was approximately $25.82 per barrel, or 59.2% higher, in the three months ended September 30, 2025, as compared to $16.22 per barrel in the same period in 2024. Our margins were negatively impacted from our refinery specific slate on the East Coast by a weakened Dated Brent/Maya differential, which decreased by $4.94 per barrel, slightly offset by a wider WTI/Bakken differential, which increased by $0.08 per barrel, in comparison to the same period in 2024. The WTI/WCS differential decreased to $12.54 per barrel in the three months ended September 30, 2025 compared to $15.31 in the same period in 2024, which unfavorably impacted our cost of heavy Canadian crude.

Across the Mid-Continent, the WTI (Chicago) 4-3-1 industry crack spread was $22.01 per barrel, or 26.0% higher, in the three months ended September 30, 2025 as compared to $17.47 per barrel in the same period in 2024. Our margins were positively impacted from our refinery specific slate in the Mid-Continent by improved WTI/Syncrude and WTI/Bakken differentials, which increased by $1.04 and $0.08 per barrel, respectively, in comparison to the same period in 2024.

On the Gulf Coast, the LLS (Gulf Coast) 2-1-1 industry crack spread was $24.41 per barrel, or 52.4% higher, in the three months ended September 30, 2025 as compared to $16.02 per barrel in the same period in 2024. Margins on the Gulf Coast were negatively impacted from our refinery specific slate by a weakened WTI/LLS differential, which averaged a premium of $2.11 per barrel for the three months ended September 30, 2025 as compared to a premium of $2.10 per barrel in the same period of 2024.

On the West Coast the ANS (West Coast - LA) 4-3-1 industry crack spread was $29.34 per barrel, or 52.3% higher, in the three months ended September 30, 2025 as compared to $19.27 per barrel in the same period in 2024. Additionally, the ANS (West Coast - SF) 3-2-1 industry crack spread was $30.59 per barrel, or 33.3% higher, in the three months ended September 30, 2025 as compared to $22.94 per barrel in the same period in 2024. Our margins on the West Coast were negatively impacted from our refinery specific slate by weakened WTI/ANS differential, which averaged a premium of $5.01 per barrel for the three months ended September 30, 2025 as compared to a premium of $3.67 per barrel in the same period of 2024.

*Operating expenses*— Operating expenses totaled $613.5 million for the three months ended September 30, 2025 compared to $649.7 million for the three months ended September 30, 2024, a decrease of $36.2 million, or 5.6%. Of the total $613.5 million of operating expenses for the three months ended September 30, 2025, $589.2 million, or $7.35 per barrel of throughput, related to expenses incurred by the Refining segment, while the remaining $24.3 million related to expenses incurred by the Logistics segment ($621.4 million, or $7.22 per barrel, and $28.3 million of operating expenses for the three months ended September 30, 2024 related to the Refining and Logistics segments, respectively). The decrease in operating expenses in comparison to the same period in 2024 was mainly attributable to lower outside services, including legal expenses, as well as lower catalysts and chemicals due to the Martinez refinery downtime and RBI cost savings.

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*General and administrative expenses*— General and administrative expenses totaled $74.0 million for the three months ended September 30, 2025 compared to $65.4 million for the three months ended September 30, 2024, an increase of approximately $8.6 million or 13.1%. The increase in general and administrative expenses for the three months ended September 30, 2025 in comparison to the three months ended September 30, 2024 was primarily a result of higher employee related expenses and higher outside service costs incurred in connection with the RBI initiative. Our general and administrative expenses are comprised of personnel, facilities, and other infrastructure costs necessary to support our refineries and related logistics assets.

*Gain on insurance recoveries, net*— There was a gain on insurance recoveries of $250.0 million, associated with the Martinez Refinery Fire for the three months ended September 30, 2025. There were no such gains for the three months ended September 30, 2024.

*Equity loss in investee*— There was a loss of $19.7 million and $29.4 million for the three months ended September 30, 2025 and September 30, 2024, respectively, related to our equity share of our investment in SBR.

*Gain on sale of assets*— There was a gain of $94.0 million for the three months ended September 30, 2025 primarily related to the sale of terminal assets. There were no such gains for the three months ended September 30, 2024.

*Depreciation and amortization expense*— Depreciation and amortization expense totaled $162.7 million for the three months ended September 30, 2025 (including $159.1 million recorded within Cost of sales) compared to $161.8 million for the three months ended September 30, 2024 (including $158.5 million recorded within Cost of sales), an increase of $0.9 million. The increase was a result of a general increase in our fixed asset base due to capital projects and turnarounds completed since the third quarter of 2024.

*Interest expense, net—* Interest expense, net totaled $50.3 million for the three months ended September 30, 2025 compared to $21.4 million for the three months ended September 30, 2024, an increase of approximately $28.9 million. The net increase is mainly attributable to higher interest cost associated with the issuance of the 2030 9.875% Senior Notes in March 2025 and higher outstanding borrowings on our Revolving Credit Facility. Additionally, there was a $2.7 million decrease in interest income earned during the three months ended September 30, 2025 driven by lower interest rates and cash deposits in comparison to the same period in the prior year. For the three months ended September 30, 2025, interest expense includes interest on long-term debt, letter of credit fees associated with the purchase of certain crude oils, and the amortization of deferred financing costs.

*Income tax expense (benefit)—* PBF LLC is organized as a limited liability company and PBFX is a partnership, both of which are treated as "flow-through" entities for federal income tax purposes and therefore are not subject to income tax. However, two subsidiaries of Chalmette Refining L.L.C. ("Chalmette Refining") and our Canadian subsidiary, PBF Energy Limited ("PBF Ltd.") are treated as C-Corporations for income tax purposes and may incur income taxes with respect to their earnings, as applicable. The members of PBF LLC are required to include their proportionate share of PBF LLC's taxable income or loss on their respective tax returns. PBF LLC generally makes distributions to its members, per the terms of PBF LLC's amended and restated limited liability company agreement, related to such taxes, on a pro-rata basis. PBF Energy recognizes an income tax expense or benefit in our Condensed Consolidated Financial Statements based on PBF Energy's allocable share of PBF LLC's pre-tax income or loss, which was approximately 99.3%, on a weighted-average basis for both the three months ended September 30, 2025 and September 30, 2024. PBF Energy's Condensed Consolidated Financial Statements do not reflect any benefit or provision for income taxes on the pre-tax income or loss attributable to the noncontrolling interest in PBF LLC or PBFX (although, as described above, PBF LLC must make tax distributions to all its members on a pro-rata basis). PBF Energy's effective tax rate, excluding the impact of noncontrolling interest, for the three months ended September 30, 2025 and September 30, 2024 was 27.4% and 29.2%, respectively. For the three months ended September 30, 2025, PBF Energy's effective tax rate was relatively consistent with the United States statutory rate.

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*Noncontrolling interest—* PBF Energy is the sole managing member of, and has a controlling interest in, PBF LLC. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business and affairs of PBF LLC and its subsidiaries. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries. With respect to the consolidation of PBF LLC, we record a noncontrolling interest for the economic interest in PBF LLC held by members other than PBF Energy, and with respect to the consolidation of PBF Holding, we record a 20% noncontrolling interest for the ownership interests in two subsidiaries of Chalmette Refining held by a third party. The total noncontrolling interest on the Condensed Consolidated Statements of Operations represents the portion of the Company's earnings or loss attributable to the economic interests held by members of PBF LLC other than PBF Energy and by the third-party stockholders of certain of Chalmette Refining's subsidiaries. The total noncontrolling interest on the Condensed Consolidated Balance Sheets represents the portion of the Company's net assets attributable to the economic interests held by the members of PBF LLC other than PBF Energy and by the third-party stockholders of the two Chalmette Refining subsidiaries. PBF Energy's weighted-average equity noncontrolling interest ownership percentage in PBF LLC for both the three months ended September 30, 2025 and September 30, 2024 was approximately 0.7%. The carrying amount of the noncontrolling interest on our Condensed Consolidated Balance Sheets attributable to the noncontrolling interest is not equal to the noncontrolling interest ownership percentage due to the effect of income taxes and related agreements that pertain solely to PBF Energy.

***Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024***

Overview— PBF Energy net loss was $239.6 million for the nine months ended September 30, 2025 compared to net loss of $247.6 million for the nine months ended September 30, 2024. Net loss attributable to PBF Energy stockholders was $236.9 million, or $(2.08) per diluted share, for the nine months ended September 30, 2025 ($(2.08) per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net loss, or $(4.64) per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net loss excluding special items, as described below in Non-GAAP Financial Measures), compared to net loss attributable to PBF Energy stockholders of $244.5 million, or $(2.09) per diluted share, for the nine months ended September 30, 2024 ($(2.11) per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net loss, or $(1.12) per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net loss excluding special items, as described below in Non-GAAP Financial Measures). The net income (loss) attributable to PBF Energy stockholders represents PBF Energy's equity interest in PBF LLC's pre-tax income (loss), less applicable income tax benefit. PBF Energy's weighted-average equity interest in PBF LLC was 99.3% for both the nine months ended September 30, 2025 and September 30, 2024.

Our results for the nine months ended September 30, 2025 were positively impacted by special items consisting of a gain on insurance recoveries of $439.0 million, or $324.9 million net of tax, gain on sale of terminal assets of $94.0 million, or $69.6 million net of tax, and our share of the adjustment to the SBR LCM inventory reserve of $8.2 million, or $6.1 million net of tax, partially offset by expenses associated with the Martinez Refinery Fire of approximately $123.1 million, or $91.1 million net of tax and costs related to the RBI initiative of approximately $21.5 million, or $15.9 million net of tax. Our results for the nine months ended September 30, 2024 were negatively impacted by special items consisting of a non-cash, pre-tax LCM inventory adjustment of approximately $154.5 million, or $114.3 million net of tax, and a decrease to our gain on the formation of the SBR equity method investment of $8.7 million, or $6.4 million net of tax, partially offset by our share of the change to the SBR LCM inventory reserve of $4.2 million, or $3.1 million net of tax, and a change in fair value of the earn-out obligation associated with the acquisition of the Martinez refinery and logistics assets (the "Martinez Contingent Consideration") of $3.3 million, or $2.4 million net of tax.

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Excluding the impact of special items, our results for the nine months ended September 30, 2025, reflect an overall decrease in refining margins compared to the same period in 2024. This decrease was primarily driven by unfavorable movements in crude oil differentials, as well as lower throughput volumes and barrels sold at the majority of our refineries. In addition, the Martinez Refinery Fire resulted in the temporary shutdown of refinery operations. These decreasing metrics combined with the Martinez Refinery Fire negatively impacted our revenues, gross margin, and operating income in comparison to the same period in 2024.

*Revenues—* Revenues totaled $22.2 billion for the nine months ended September 30, 2025 compared to $25.8 billion for the nine months ended September 30, 2024, a decrease of approximately $3.6 billion, or 14.0%. Revenues per barrel were $83.45 and $93.20 for the nine months ended September 30, 2025 and 2024, respectively, a decrease of 10.5% directly related to lower hydrocarbon commodity prices. For the nine months ended September 30, 2025, the total throughput rates at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 290,100 bpd, 147,000 bpd, 173,200 bpd, and 203,700 bpd, respectively. For the nine months ended September 30, 2024, the total throughput rates at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 313,200 bpd, 137,400 bpd, 166,900 bpd and 300,700 bpd, respectively. For the nine months ended September 30, 2025, total barrels sold at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 335,400 bpd, 155,300 bpd, 165,200 bpd, and 318,200 bpd, respectively. For the nine months ended September 30, 2024, total barrels sold at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 354,000 bpd, 145,500 bpd, 160,500 bpd and 348,900 bpd, respectively.

Overall average throughput rates at our refineries were lower in the nine months ended September 30, 2025 primarily due to increased maintenance activity and unplanned downtime at our West Coast refineries when compared to the same period in 2024. We plan to continue operating our refineries based on demand and current market conditions. Total refined product barrels sold were higher than throughput rates, reflecting sales from inventory as well as sales and purchases of refined products outside our refineries.

*Consolidated gross margin—* Consolidated gross margin totaled $(439.0) million for the nine months ended September 30, 2025, compared to $(63.7) million for the nine months ended September 30, 2024, a decrease of approximately $375.3 million. Gross refining margin totaled $1,752.9 million, or $7.89 per barrel of throughput for the nine months ended September 30, 2025 compared to $2,069.0 million, or $8.23 per barrel of throughput for the nine months ended September 30, 2024, a decrease of approximately $316.1 million. Gross refining margin excluding special items totaled $2,223.5 million, or $8.84 per barrel of throughput for the nine months ended September 30, 2024.

Consolidated gross margin and gross refining margin for the nine months ended September 30, 2024 were negatively impacted by a non-cash LCM adjustment of approximately $154.5 million resulting from the decrease in crude oil and refined product prices from the year ended 2023 to the end of the third quarter of 2024. During the nine months ended September 30, 2025 our consolidated gross margin and gross refining margin were not impacted by special items. Consolidated gross margin and gross refining margin decreased due to unfavorable movements in crude oil differentials and lower barrels sold at the majority of our refineries, as well as the temporary shutdown of the Martinez refinery operations due to the Martinez Refinery Fire.

Additionally, our results continue to be impacted by significant costs to comply with the RFS. Total RFS compliance costs were $454.0 million for the nine months ended September 30, 2025 compared to $374.5 million for the nine months ended September 30, 2024.

Average industry margins were marginally favorable during the nine months ended September 30, 2025 compared to the same period in 2024, primarily due to constructive supply and demand dynamics. However, unfavorable light-heavy crude differentials negatively pressured margins.

Favorable movements in benchmark crude differentials typically result in lower crude costs and positively impact our earnings while reductions in these benchmark crude differentials typically result in higher crude costs and negatively impact our earnings.

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On the East Coast, the Dated Brent (NYH) 2-1-1 industry crack spread was approximately $21.72 per barrel, or 11.0% higher, in the nine months ended September 30, 2025, as compared to $19.56 per barrel in the same period in 2024. Our margins were negatively impacted from our refinery specific slate on the East Coast by weakened Dated Brent/Maya and WTI/Bakken differentials which decreased by $3.33 and $0.36 per barrel, respectively, in comparison to the same period in 2024. The WTI/WCS differential decreased to $12.07 per barrel in the nine months ended September 30, 2025 compared to $15.46 in the same period in 2024, which unfavorably impacted our cost of heavy Canadian crude.

Across the Mid-Continent, the WTI (Chicago) 4-3-1 industry crack spread was $19.03 per barrel, or 5.5% higher, in the nine months ended September 30, 2025 as compared to $18.04 per barrel in the same period in 2024. Our margins were negatively impacted from our refinery specific slate in the Mid-Continent by a weakened WTI/Bakken differential, which decreased by $0.36 per barrel, slightly offset by a strengthened WTI/Syncrude differential, which increased by $0.13 per barrel, in comparison to the same period in 2024.

On the Gulf Coast, the LLS (Gulf Coast) 2-1-1 industry crack spread was $20.70 per barrel, or 5.6% higher, in the nine months ended September 30, 2025 as compared to $19.60 per barrel in the same period in 2024. Margins on the Gulf Coast were positively impacted from our refinery specific slate by a strengthened WTI/LLS differential, which averaged a premium of $2.44 per barrel for the nine months ended September 30, 2025 as compared to a premium of $2.55 per barrel in the same period of 2024.

On the West Coast, the ANS (West Coast) 4-3-1 industry crack spread was $27.14 per barrel, or 7.7% higher, in the nine months ended September 30, 2025 as compared to $25.19 per barrel in the same period in 2024. Additionally, the ANS (West Coast) 3-2-1 industry crack spread was $30.76 per barrel, or 14.3% higher, in the nine months ended September 30, 2025 as compared to $26.92 per barrel in the same period in 2024. Our margins on the West Coast were negatively impacted from our refinery specific slate by a weakened WTI/ANS differential, which averaged a premium of $4.80 per barrel for the nine months ended September 30, 2025 as compared to a premium of $4.53 per barrel in the same period of 2024.

*Operating expenses*— Operating expenses totaled $1,977.0 million for the nine months ended September 30, 2025 compared to $1,950.4 million for the nine months ended September 30, 2024, an increase of approximately $26.6 million, or 1.4%. Of the total $1,977.0 million in operating expenses, $1,903.0 million or $8.56 per barrel of throughput, related to expenses incurred by the Refining segment, while the remaining $74.0 million related to expenses incurred by the Logistics segment ($1,858.0 million or $7.39 per barrel of throughput, and $92.4 million of operating expenses for the nine months ended September 30, 2024 related to the Refining and Logistics segments, respectively). The increase in operating expenses in comparison to the same period in 2024 was mainly attributable to higher maintenance expenses at our Martinez refinery due to the Martinez Refinery Fire, partially offset by lower outside services, including lower legal expenses, as well as lower catalysts and chemicals due to the Martinez refinery downtime and RBI cost savings.

*General and administrative expenses*— General and administrative expenses totaled $224.7 million for the nine months ended September 30, 2025 compared to $193.6 million for the nine months ended September 30, 2024, an increase of approximately $31.1 million or 16.1%. The increase in general and administrative expenses in comparison to the same period in 2024 was primarily due to higher employee related expenses and higher outside service costs incurred in connection with the RBI initiative. General and administrative expenses are comprised of personnel, facilities, and other infrastructure costs necessary to support our refineries and related logistics assets.

*Gain on insurance recoveries, net*— There was a gain on insurance recoveries of $439.0 million, associated with the Martinez Refinery Fire for the nine months ended September 30, 2025. There were no such gains for the nine months ended September 30, 2024.

*Loss on formation of SBR equity method investment—* There was a loss of $8.7 million for the nine months ended September 30, 2024, associated with a reduction of our gain on formation of the SBR equity method investment. There was no such loss for the nine months ended September 30, 2025.

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*Equity loss in investee*— There was a loss of $41.0 million and $42.6 million for the nine months ended September 30, 2025 and September 30, 2024, respectively, related to our equity share of our investment in SBR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Gain) loss on sale of assets*— There was a gain of $94.2 million for the nine months ended September 30, 2025 primarily related to the sale of terminal assets. There was a loss of $0.7 million for the nine months ended September 30, 2024 primarily related to the sale of non-operating refinery assets.

*Depreciation and amortization expense*— Depreciation and amortization expense totaled $495.5 million for the nine months ended September 30, 2025 (including $484.7 million recorded within Cost of sales) compared to $464.5 million for the nine months ended September 30, 2024 (including $454.7 million recorded within Cost of sales), an increase of approximately $31.0 million. The increase was a result of a general increase in our fixed asset base due to capital projects and turnarounds completed since the third quarter of 2024.

*Change in fair value of contingent consideration, net*— Change in fair value of contingent consideration represented a gain of $3.3 million for the nine months ended September 30, 2024. This gain was related to changes in the estimated fair value of the Martinez Contingent Consideration. Our final earn-out payment of $18.8 million was paid in full during the second quarter of 2024.

*Interest expense, net—* Interest expense, net totaled $141.0 million for the nine months ended September 30, 2025 compared to $49.2 million for the nine months ended September 30, 2024, an increase of approximately $91.8 million. The net increase is mainly attributable to higher interest cost associated with the issuance of the 2030 9.875% Senior Notes in March 2025 and higher outstanding borrowings on our Revolving Credit Facility. Additionally, there was a $26.2 million decrease in interest income earned during the nine months ended September 30, 2025 driven by lower interest rates and cash deposits in comparison to the same period in the prior year. For the nine months ended September 30, 2025, interest expense includes interest on long-term debt, letter of credit fees associated with the purchase of certain crude oils and the amortization of deferred financing costs.

*Income tax benefit—* PBF LLC is organized as a limited liability company and PBFX is a partnership, both of which are treated as "flow-through" entities for federal income tax purposes and therefore are not subject to income tax. However, two subsidiaries of Chalmette Refining and our Canadian subsidiary, PBF Ltd., are treated as C-Corporations for income tax purposes and may incur income taxes with respect to their earnings, as applicable. The members of PBF LLC are required to include their proportionate share of PBF LLC's taxable income or loss on their respective tax returns. PBF LLC generally makes distributions to its members, per the terms of PBF LLC's amended and restated limited liability company agreement, related to such taxes, on a pro-rata basis. PBF Energy recognizes an income tax expense or benefit in our Condensed Consolidated Financial Statements based on PBF Energy's allocable share of PBF LLC's pre-tax income or loss, which was approximately 99.3% on a weighted-average basis for both the nine months ended September 30, 2025 and September 30, 2024. PBF Energy's Condensed Consolidated Financial Statements do not reflect any benefit or provision for income taxes on the pre-tax income or loss attributable to the noncontrolling interest in PBF LLC (although, as described above, PBF LLC must make tax distributions to all its members on a pro-rata basis). PBF Energy's effective tax rate, excluding the impact of noncontrolling interest, for the nine months ended September 30, 2025 and September 30, 2024 was 25.9% and 32.1%, respectively. For the nine months ended September 30, 2025, PBF Energy's effective tax rate was relatively consistent with the United States statutory rate.

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*Noncontrolling interest—* PBF Energy is the sole managing member of, and has a controlling interest in, PBF LLC. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business and affairs of PBF LLC and its subsidiaries. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries. With respect to the consolidation of PBF LLC, we record a noncontrolling interest for the economic interest in PBF LLC held by members other than PBF Energy, and with respect to the consolidation of PBF Holding, we record a 20% noncontrolling interest for the ownership interests in two subsidiaries of Chalmette Refining held by a third party. The total noncontrolling interest on the Condensed Consolidated Statements of Operations represents the portion of the Company's earnings or loss attributable to the economic interests held by members of PBF LLC other than PBF Energy and by the third-party stockholders of certain of Chalmette Refining's subsidiaries. The total noncontrolling interest on the Condensed Consolidated Balance Sheets represents the portion of the Company's net assets attributable to the economic interests held by the members of PBF LLC other than PBF Energy and by the third-party stockholders of the two Chalmette Refining subsidiaries. PBF Energy's weighted-average equity noncontrolling interest ownership percentage in PBF LLC for both the nine months ended September 30, 2025 and September 30, 2024 was approximately 0.7%. The carrying amount of the noncontrolling interest on our Condensed Consolidated Balance Sheets attributable to the noncontrolling interest is not equal to the noncontrolling interest ownership percentage due to the effect of income taxes and related agreements that pertain solely to PBF Energy.

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**Non-GAAP Financial Measures** 

Management uses certain financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP ("Non-GAAP"). These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and our calculations thereof may not be comparable to similarly entitled measures reported by other companies.

***Special Items***

The Non-GAAP measures presented include Adjusted Fully-Converted Net Income (Loss) excluding special items, gross refining margin excluding special items, EBITDA excluding special items, and net debt to capitalization ratio excluding special items. Special items for the periods presented relate to LCM inventory adjustments, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez Refinery Fire, gain on insurance recoveries, costs related to RBI initiative, gain on sale of our terminal assets, net changes in fair value of contingent consideration, and loss on the formation of the SBR equity method investment. See "Notes to Non-GAAP Financial Measures" below for more details on all special items disclosed. Although we believe that Non-GAAP financial measures, excluding the impact of special items, provide useful supplemental information to investors regarding the results and performance of our business and allow for helpful period-over-period comparisons, such Non-GAAP measures should only be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.

***Adjusted Fully-Converted Net Income (Loss) and Adjusted Fully-Converted Net Income (Loss) Excluding Special Items***

PBF Energy utilizes results presented on an Adjusted Fully-Converted basis that reflect an assumed exchange of all PBF LLC Series A Units for shares of PBF Energy Class A common stock. In addition, we present results on an Adjusted Fully-Converted basis excluding special items as described above. We believe that these Adjusted Fully-Converted measures, when presented in conjunction with comparable GAAP measures, are useful to investors to compare PBF Energy results across different periods and to facilitate an understanding of our operating results.

Neither Adjusted Fully-Converted Net Income (Loss) nor Adjusted Fully-Converted Net Income (Loss) excluding special items should be considered an alternative to net income (loss) presented in accordance with GAAP. Adjusted Fully-Converted Net Income (Loss) and Adjusted Fully-Converted Net Income (Loss) excluding special items presented by other companies may not be comparable to our presentation, since each company may define these terms differently. The differences between Adjusted Fully-Converted and GAAP results are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;*Assumed exchange of all PBF LLC Series A Units for shares of PBF Energy Class A common stock.* As a result of the assumed exchange of all PBF LLC Series A Units, the noncontrolling interest related to these units is converted to controlling interest. Management believes that it is useful to provide the per-share effect associated with the assumed exchange of all PBF LLC Series A Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;*Income Taxes.* Prior to PBF Energy's initial public offering ("IPO"), PBF Energy was organized as a limited liability company treated as a "flow-through" entity for income tax purposes, and even after PBF Energy's IPO, not all of its earnings are subject to corporate-level income taxes. Adjustments have been made to the Adjusted Fully-Converted tax provisions and earnings to assume that PBF Energy had adopted its post-IPO corporate tax structure for all periods presented and is taxed as a C-corporation in the United States at the prevailing corporate rates. These assumptions are consistent with the assumption in clause 1 above that all PBF LLC Series A Units are exchanged for shares of PBF Energy Class A common stock, as the assumed exchange would change the amount of PBF Energy's earnings that are subject to corporate income tax.

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The following table reconciles PBF Energy's Adjusted Fully-Converted results with its results presented in accordance with GAAP for the three and nine months ended September 30, 2025 and 2024 (in millions, except share and per share amounts):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss) attributable to PBF Energy Inc. stockholders** | $170.1 | $(285.9) | $(236.9) | $(244.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Income allocated to participating securities |  |  |  |  |
| **Income (loss) available to PBF Energy Inc. stockholders - basic** | 170.1 | (285.9) | (236.9) | (244.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Net income (loss) attributable to noncontrolling interest <sup>(1)</sup> | 1.6 | (3.1) | (2.7) | (3.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Income tax (expense) benefit <sup>(2)</sup> | (0.4) | 0.7 | 0.7 | 0.7 |
| **Adjusted fully-converted net income (loss)** | $171.3 | $(288.3) | $(238.9) | $(246.8) |
| &nbsp;&nbsp;Special Items: <sup>(3)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Non-cash LCM inventory adjustment |  | 154.5 |  | 154.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: LCM inventory adjustment - SBR | 8.5 | 0.3 | (8.2) | (4.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Martinez refinery fire expenses | 14.6 |  | 123.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Gain on insurance recoveries, net | (250.0) |  | (439.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Costs related to RBI initiative | 7.9 |  | 21.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Gain on sale of terminal assets | (94.0) |  | (94.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Change in fair value of contingent consideration, net |  |  |  | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Loss on formation of SBR equity method investment |  |  |  | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Recomputed income tax on special items | 81.4 | (40.3) | 103.1 | (40.5) |
| **Adjusted fully-converted net income (loss) excluding special items** | $(60.3) | $(173.8) | $(532.4) | $(131.6) |
| **Weighted-average shares outstanding of PBF Energy Inc.** | 115734251 | 115084174 | 113845472 | 116974505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of PBF LLC Series A Units <sup>(4)</sup> | 862780 | 862780 | 862780 | 862780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock equivalents <sup>(5)</sup> | 1361318 |  |  |  |
| **Fully-converted shares outstanding-diluted** | 117958349 | 115946954 | 114708252 | 117837285 |
| **Diluted net income (loss) per share** | $1.45 | $(2.49) | $(2.08) | $(2.09) |
| **Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding** <sup>(5)</sup> | $1.45 | $(2.50) | $(2.08) | $(2.11) |
| **Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding** <sup>(3) (5)</sup> | $(0.52) | $(1.50) | $(4.64) | $(1.12) |

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See Notes to Non-GAAP Financial Measures.

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***Gross Refining Margin and Gross Refining Margin Excluding Special Items***

Gross refining margin is defined as consolidated gross margin excluding refining depreciation, refining operating expenses, and gross margin of the Logistics segment. We believe both gross refining margin and gross refining margin excluding special items are important measures of operating performance and provide useful information to investors because they are helpful metric comparisons to the industry refining margin benchmarks, as the refining margin benchmarks do not include a charge for refining operating expenses and depreciation. In order to assess our operating performance, we compare our gross refining margin (revenues less cost of products and other) to industry refining margin benchmarks and crude oil prices as defined in the table below.

Neither gross refining margin nor gross refining margin excluding special items should be considered an alternative to consolidated gross margin, income from operations, net cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Gross refining margin and gross refining margin excluding special items presented by other companies may not be comparable to our presentation, since each company may define these terms differently.

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The following table presents our GAAP calculation of gross margin and a reconciliation of gross refining margin, and gross refining margin excluding special items, to the most directly comparable GAAP financial measure, consolidated gross margin, on a historical basis, as applicable, for each of the periods indicated (in millions, except per barrel amounts):

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| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** |
| | **per barrel of throughput** | **per barrel of throughput** |
| **Calculation of consolidated gross margin:** |  |  |
| Revenues | $95.49 | $97.38 |
| &nbsp;&nbsp;&nbsp;Less: Cost of sales | 95.00 | 100.73 |
| **Consolidated gross margin** | $0.49 | $(3.35) |
| **Reconciliation of consolidated gross margin to gross refining margin and gross refining margin excluding special items:** |  |  |
| **Consolidated gross margin** | $0.49 | $(3.35) |
| &nbsp;&nbsp;&nbsp;Add: Logistics operating expense | 0.36 | 0.39 |
| &nbsp;&nbsp;&nbsp;Add: Logistics depreciation expense | 0.12 | 0.10 |
| &nbsp;&nbsp;&nbsp;Less: Logistics gross margin | (1.19) | (1.10) |
| &nbsp;&nbsp;&nbsp;Add: Refining operating expense | 7.35 | 7.22 |
| &nbsp;&nbsp;&nbsp;Add: Refining depreciation expense | 1.87 | 1.74 |
| **Gross refining margin** | $9.00 | $5.00 |
| &nbsp;&nbsp;Special items: <sup>(3)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Add: Non-cash LCM inventory adjustment |  | 1.79 |
| **Gross refining margin excluding special items** | $9.00 | $6.79 |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
|  | **per barrel of throughput** | **per barrel of throughput** |
| **Calculation of consolidated gross margin:** |  |  |
| Revenues | $99.87 | $102.41 |
| &nbsp;&nbsp;&nbsp;Less: Cost of sales | 101.85 | 102.66 |
| **Consolidated gross margin** | $(1.98) | $(0.25) |
| **Reconciliation of consolidated gross margin to gross refining margin and gross refining margin excluding special items:** |  |  |
| **Consolidated gross margin** | $(1.98) | $(0.25) |
| &nbsp;&nbsp;&nbsp;Add: Logistics operating expense | 0.39 | 0.41 |
| &nbsp;&nbsp;&nbsp;Add: Logistics depreciation expense | 0.13 | 0.11 |
| &nbsp;&nbsp;&nbsp;Less: Logistics gross margin | (1.27) | (1.13) |
| &nbsp;&nbsp;&nbsp;Add: Refining operating expense | 8.56 | 7.39 |
| &nbsp;&nbsp;&nbsp;Add: Refining depreciation expense | 2.06 | 1.70 |
| **Gross refining margin** | $7.89 | $8.23 |
| &nbsp;&nbsp;Special items: <sup>(3)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Add: Non-cash LCM inventory adjustment |  | 0.61 |
| **Gross refining margin excluding special items** | $7.89 | $8.84 |

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See Notes to Non-GAAP Financial Measures.

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***EBITDA, EBITDA Excluding Special Items and Adjusted EBITDA***

Our management uses earnings before interest, income taxes, depreciation and amortization ("EBITDA"), EBITDA excluding special items and Adjusted EBITDA as measures of operating performance to assist in comparing performance from period to period on a consistent basis and to readily view operating trends, as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations, and in communications with our Board of Directors, creditors, analysts and investors concerning our financial performance. Our outstanding indebtedness for borrowed money and other contractual obligations also include similar measures as a basis for certain covenants under those agreements which may differ from the Adjusted EBITDA definition described below.

EBITDA, EBITDA excluding special items and Adjusted EBITDA are not presentations made in accordance with GAAP and our computation of EBITDA, EBITDA excluding special items and Adjusted EBITDA may vary from others in our industry. In addition, Adjusted EBITDA contains some, but not all, adjustments that are taken into account in the calculation of the components of various covenants in the agreements governing our senior notes and other credit facilities. EBITDA, EBITDA excluding special items and Adjusted EBITDA should not be considered as alternatives to income from operations or net income as measures of operating performance. In addition, EBITDA, EBITDA excluding special items and Adjusted EBITDA are not presented as, and should not be considered, an alternative to cash flows from operations as a measure of liquidity. Adjusted EBITDA is defined as EBITDA before adjustments for items such as stock-based compensation expense, LCM inventory adjustment, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez Refinery Fire, gain on insurance recoveries, costs related to RBI initiative, gain on sale of our terminal assets, net change in the fair value of contingent consideration, loss on the formation of the SBR equity method investment, and certain other non-cash items. Other companies, including other companies in our industry, may calculate EBITDA, EBITDA excluding special items and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures. EBITDA, EBITDA excluding special items and Adjusted EBITDA also have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include that EBITDA, EBITDA excluding special items and Adjusted EBITDA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not reflect depreciation expense or our cash expenditures, or future requirements, for capital expenditures or contractual commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not reflect changes in, or cash requirements for, our working capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not reflect our interest expense, or the cash requirements necessary to service interest or principal payments, on our debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not reflect realized and unrealized gains and losses from certain hedging activities, which may have a substantial impact on our cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not reflect certain other non-cash income and expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exclude income taxes that may represent a reduction in available cash.

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The following tables reconcile net income (loss) as reflected in PBF Energy's results of operations to EBITDA, EBITDA excluding special items and Adjusted EBITDA for the periods presented (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $171.7 | $(289.1) | $(239.6) | $(247.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Depreciation and amortization expense | 162.7 | 161.8 | 495.5 | 464.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Interest expense, net | 50.3 | 21.4 | 141.0 | 49.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Income tax expense (benefit) | 64.3 | (118.1) | (82.7) | (115.7) |
| **EBITDA** | $449.0 | $(224.0) | $314.2 | $150.4 |
| &nbsp;&nbsp;Special Items <sup>(3)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Non-cash LCM inventory adjustment |  | 154.5 |  | 154.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: LCM inventory adjustment - SBR | 8.5 | 0.3 | (8.2) | (4.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Martinez refinery fire expenses | 14.6 |  | 123.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Gain on insurance recoveries, net | (250.0) |  | (439.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Costs related to RBI initiative | 7.9 |  | 21.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Gain on sale of terminal assets | (94.0) |  | (94.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Change in fair value of contingent consideration, net |  |  |  | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Loss on formation of SBR equity method investment |  |  |  | 8.7 |
| **EBITDA excluding special items** | $136.0 | $(69.2) | $(82.4) | $306.1 |
| **Reconciliation of EBITDA to Adjusted EBITDA:** |  |  |  |  |
| **EBITDA** | $449.0 | $(224.0) | $314.2 | $150.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Stock-based compensation | 8.4 | 9.1 | 29.8 | 30.1 |
| &nbsp;&nbsp;Special Items: <sup>(3)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Non-cash LCM inventory adjustment |  | 154.5 |  | 154.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: LCM inventory adjustment - SBR | 8.5 | 0.3 | (8.2) | (4.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Martinez refinery fire expenses | 14.6 |  | 123.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Gain on insurance recoveries, net | (250.0) |  | (439.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Costs related to RBI initiative | 7.9 |  | 21.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Gain on sale of terminal assets | (94.0) |  | (94.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Change in fair value of contingent consideration, net |  |  |  | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Loss on formation of SBR equity method investment |  |  |  | 8.7 |
| **Adjusted EBITDA** | $144.4 | $(60.1) | $(52.6) | $336.2 |

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See Notes to Non-GAAP Financial Measures.

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***Net Debt to Capitalization Ratio and Net Debt to Capitalization Ratio Excluding Special Items***

The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. This ratio is a measurement that management believes is useful to investors in analyzing our leverage. Net debt and the net debt to capitalization ratio are Non-GAAP measures. Net debt is calculated by subtracting cash and cash equivalents from total debt. Total capitalization is calculated by adding total debt and total equity. We believe these measurements are also useful to investors since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire or pay down our debt. Additionally, we have also presented the total debt to capitalization and net debt to capitalization ratios excluding the cumulative effects of special items on equity.

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Balance Sheet Data:** | | |
| Cash and cash equivalents | $482.0 | $536.1 |
| Inventories | 2742.6 | 2595.3 |
| Total assets | 13040.9 | 12703.2 |
| Total debt | 2394.3 | 1457.3 |
| Net debt | 1912.3 | 921.2 |
| Total equity | 5364.7 | 5678.6 |
| Total equity excluding special items <sup>(6)</sup> | 4079.4 | 4686.8 |
| Total capitalization | $7759.0 | $7135.9 |
| Total debt to capitalization ratio | 31% | 20% |
| Total debt to capitalization ratio, excluding special items <sup>(6)</sup> | 37% | 24% |
| Net debt to capitalization ratio | 26% | 14% |
| Net debt to capitalization ratio, excluding special items <sup>(6)</sup> | 32% | 16% |

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——————————

See Notes to Non-GAAP Financial Measures.

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***Notes to Non-GAAP Financial Measures***

The following notes are applicable to the Non-GAAP Financial Measures above:

(1)<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents the elimination of the noncontrolling interest associated with the ownership by the members of PBF LLC other than PBF Energy, as if such members had fully exchanged their PBF LLC Series A Units for shares of PBF Energy Class A common stock.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Represents an adjustment to reflect PBF Energy's estimated annualized statutory corporate tax rate of approximately 26.0% for both the 2025 and 2024 periods, applied to net income (loss) attributable to noncontrolling interest for all periods presented. The adjustment assumes the full exchange of existing PBF LLC Series A Units as described in (1) above.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Special items:*&nbsp;&nbsp;&nbsp;&nbsp;*

*LCM inventory adjustment -* LCM is a GAAP requirement related to inventory valuation that mandates inventory to be stated at the lower of cost or market. Our inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out ("LIFO") inventory valuation methodology, in which the most recently incurred costs are charged to cost of sales and inventories are valued at base layer acquisition costs. Market price is determined based on an assessment of the current estimated replacement cost and net realizable selling price of the inventory. In periods where the market price of our inventory declines substantially, cost values of inventory may exceed market values. In such instances, we record an adjustment to write down the value of inventory to market value in accordance with GAAP. In subsequent periods, the value of inventory is reassessed and an LCM inventory adjustment is recorded to reflect the net change in the LCM inventory reserve between the prior period and the current period. The net impact of these LCM inventory adjustments is included in the Refining segment's income from operations, but are excluded from the operating results presented, as applicable, in order to make such information comparable between periods.

*PBF Energy LCM inventory adjustment* - During both the three and nine months ended September 30, 2024, we recorded an adjustment to value our inventories to the LCM which decreased income from operations and net income by $154.5 million and $114.3 million, respectively, reflecting an increase in the LCM inventory reserve. There were no such adjustments in any of the other periods presented.

*SBR LCM inventory adjustment* - During the three and nine months ended September 30, 2025, SBR recorded adjustments to value its inventory to the LCM which decreased its income from operations by $17.0 million and increased its income from operations by $16.3 million, respectively. During the three and nine months ended September 30, 2024, SBR recorded adjustments to value its inventory to the LCM which decreased its income from operations by $0.6 million and increased its income from operations by $8.5 million, respectively. Our Equity loss in investee includes our 50% share of these adjustments. For the three and nine months ended September 30, 2025, these LCM adjustments decreased our income from operations by $8.5 million and increased our income from operations by $8.2 million, respectively ($6.3 million and $6.1 million, respectively, net of tax). For the three and nine months ended September 30, 2024, these LCM adjustments decreased our income from operations by $0.3 million and increased our income from operations by $4.2 million, respectively ($0.2 million and $3.1 million, respectively, net of tax).

*Martinez refinery fire expenses* - During the three and nine months ended September 30, 2025, we recorded operating expenses associated with the Martinez Refinery Fire that decreased income from operations by $14.6 million and $123.1 million, respectively ($10.8 million and $91.1 million, respectively, net of tax). There were no such costs in any of the other periods presented.

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*Gain on insurance recoveries, net* - During the three and nine months ended September 30, 2025, we recorded gains on insurance recoveries associated with the Martinez Refinery Fire that increased income from operations by $250.0 million and $439.0 million, respectively ($185.0 million and $324.9 million, respectively, net of tax). There were no such gains in any of the other periods presented.

*Costs related to RBI initiative* - During 2025, we launched our RBI initiative as part of our ongoing strategic efforts to extract incremental value across our business. As a result, for the three and nine months ended September 30, 2025, we recorded expenses related to this initiative that decreased income from operations by $7.9 million and $21.5 million, respectively ($5.8 million and $15.9 million, respectively, net of tax). These charges are included within General and administrative expenses. There were no such charges in any of the other periods presented.

*Gain on sale of terminal assets* - During both the three and nine months ended September 30, 2025, we recorded a gain on the sale of our terminal assets, through a subsidiary of PBFX, which increased income from operations and net income by $94.0 million and $69.6 million, respectively. There were no such gains during any of the other periods presented.

*Change in fair value of contingent consideration, net -* The Martinez Contingent Consideration final earn-out payment of $18.8 million was paid in full during the second quarter of 2024. During the nine months ended September 30, 2024, we recorded a net change in fair value of the Martinez Contingent Consideration which increased income from operations by $3.3 million, or $2.4 million, net of tax.

*Loss on formation of SBR equity method investment -* During the nine months ended September 30, 2024, we recorded a reduction of our gain associated with the formation of the SBR equity method investment, which decreased income from operations and net income by $8.7 million and $6.4 million, respectively. There was no such loss during the nine months ended September 30, 2025.

*Recomputed income tax on special items* - The income tax impact on these special items is calculated using the tax rates shown in (2) above.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of existing PBF LLC Series A Units as described in (1) above.

(5)&nbsp;&nbsp;&nbsp;&nbsp;Represents weighted-average diluted shares outstanding assuming the conversion of all common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive) for the three and nine months ended September 30, 2025 and 2024, respectively. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 3,635,550 and 6,857,076 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the three and nine months ended September 30, 2025. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 4,693,222 and 4,630,480 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the three and nine months ended September 30, 2024. For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive.

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(6)&nbsp;&nbsp;&nbsp;&nbsp;Total Equity excluding special items is calculated in the table below:

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| | | |
|:---|:---|:---|
| *(in millions)* | **September 30, 2025** | **December 31, 2024** |
| Total equity | $5364.7 | $5678.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Items (Note 3) |  |  |
| &nbsp;&nbsp;&nbsp;Add: LCM inventory adjustment - SBR | (8.2) |  |
| &nbsp;&nbsp;&nbsp;Add: Martinez refinery fire expenses | 123.1 |  |
| &nbsp;&nbsp;&nbsp;Add: Gain on insurance recoveries, net | (439.0) |  |
| &nbsp;&nbsp;&nbsp;Add: Costs related to RBI initiative | 21.5 |  |
| &nbsp;&nbsp;&nbsp;Add: Gain on sale of terminal assets | (94.0) |  |
| &nbsp;&nbsp;&nbsp;Add: Cumulative historical equity adjustments <sup>(a)</sup> | (1328.1) | (1328.1) |
| &nbsp;&nbsp;&nbsp;Less: Recomputed income tax on special items | 439.4 | 336.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net impact of special items | (1285.3) | (991.8) |
| Total equity excluding special items | $4079.4 | $4686.8 |

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(a) All prior year special items are reflected on an aggregate basis within "Cumulative historical equity adjustments". Refer to the Company's 2024 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's Discussion and Analysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative historical equity adjustments prior to 2025.

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**Liquidity and Capital Resources** 

***Overview***

Our primary sources of liquidity are our cash flows from operations, cash and cash equivalents and borrowing availability under our credit facility, as described below. We believe that our cash flows from operations and available capital resources will be sufficient to meet our and our subsidiaries' capital expenditures, working capital needs, dividend payments, debt service requirements, share repurchases under our share repurchase program, as well as PBF Energy's obligations under the Tax Receivable Agreement, for the next twelve months. However, our ability to generate sufficient cash flow from operations depends, in part, on petroleum oil market pricing and general economic, political, and other factors beyond our control. As of September 30, 2025, we are in compliance with all covenants, including financial covenants, in all our debt agreements.

***Cash Flow Analysis***

*Cash Flows from Operating Activities* 

Net cash used in operating activities was $444.6 million for the nine months ended September 30, 2025 compared to net cash provided by operating activities of $373.1 million for the nine months ended September 30, 2024. Our operating cash flows for the nine months ended September 30, 2025 included our net loss of $239.6 million. This amount reflects a gain on insurance recoveries of $439.0 million, which was net of the $61.0 million receivable that was recorded at March 31, 2025. Of the $250.0 million in insurance proceeds received during the second quarter in 2025, $118.0 million relates to operating activities. In addition, operating cash flows include net changes in operating assets and liabilities reflecting uses of cash of $324.9 million, primarily driven by the timing of inventory purchases, payments of accrued expenses, and payments made under the Tax Receivable Agreement, a gain on sale of assets of $94.2 million, and deferred income taxes of $84.0 million, partially offset by depreciation and amortization of $508.9 million, loss from equity method investment of $41.0 million, pension and other post-retirement benefits costs of $39.4 million, and stock-based compensation of $29.8 million. Our operating cash flows for the nine months ended September 30, 2024 included depreciation and amortization of $476.1 million, a net non-cash charge of $154.5 million relating to an LCM inventory adjustment, loss from equity method investment of $42.6 million, pension and other post-retirement benefits costs of $38.9 million, stock-based compensation of $30.1 million, a loss on formation of the SBR equity method investment of $8.7 million, and a loss on sale of assets of $0.7 million, partially offset by our net loss of $247.6 million, deferred income taxes of $116.6 million, and net change in fair value of the Martinez Contingent Consideration of $3.3 million. In addition, net changes in operating assets and liabilities reflected uses of cash of $11.0 million primarily driven by the timing of payments for accrued expenses.

*Cash Flows from Investing Activities* 

Net cash used in investing activities was $459.4 million for the nine months ended September 30, 2025 compared to net cash used in investing activities of $805.0 million for the nine months ended September 30, 2024. The net cash used in investing activities for the nine months ended September 30, 2025 was comprised of cash outflows for capital expenditures totaling $415.6 million, expenditures for refinery turnarounds of $296.6 million, and expenditures for other assets of $52.0 million, partially offset by proceeds from the sale of assets of $170.3 million, insurance proceeds of $132.0 million, and a return of capital from our equity method investee of $2.5 million. The net cash used in investing activities for the nine months ended September 30, 2024 was comprised of cash outflows of expenditures for refinery turnarounds of $447.7 million, capital expenditures totaling $294.9 million, contributions to our equity method investee of $35.0 million, and expenditures for other assets of $28.3 million, partially offset by a return of capital from our equity method investee of $0.9 million.

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*Cash Flows from Financing Activities* 

Net cash provided by financing activities was $849.9 million for the nine months ended September 30, 2025 compared to net cash used in financing activities of $374.9 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, net cash provided by financing activities consisted of cash proceeds of $788.5 million from the issuance of the 2030 9.875% Senior Notes, net proceeds from draws on our Revolving Credit Facility of $150.0 million, and proceeds from insurance premium financing of $99.4 million, partially offset by dividends and distributions of $94.7 million, payments of insurance premium financing of $69.1 million, deferred financing costs and other of $12.7 million, payments on finance leases of $8.4 million, and transactions made in connection with stock-based compensation plans of $3.1 million. For the nine months ended September 30, 2024, net cash used in financing activities consisted of share repurchases of PBF Energy's Class A Common stock of $300.1 million, dividends and distributions of $89.0 million, payments on finance leases of $9.1 million, and deferred financing costs and other of $0.1 million, partially offset by proceeds from insurance premium financing of $17.7 million, and transactions made in connection with stock-based compensation plans of $5.7 million.

***Debt and Credit Facility***

***2030 9.875% Senior Notes Issuance***

On March 17, 2025, we issued $800.0 million in aggregate principal amount of the 2030 9.875% Senior Notes. The net proceeds from this offering were approximately $776.0 million after deducting the initial purchasers' discount and offering expenses. We used the net proceeds, together with cash on hand, to repay outstanding borrowings under the Revolving Credit Facility and for general corporate purposes.

***Liquidity***

As of September 30, 2025, our operational liquidity was approximately $2.1 billion (approximately $2.4 billion as of December 31, 2024), which consists of over $400.0 million of cash, and approximately $1.7 billion of borrowing availability under our Revolving Credit Facility, which includes our cash on hand.

As of September 30, 2025, outstanding letters of credit totaled approximately $221.4 million.

We may incur additional indebtedness in the future, including secured indebtedness, subject to the satisfaction of any debt incurrence and, if applicable, lien incurrence limitation covenants in our existing financing agreements. Although we were in compliance with incurrence covenants during the nine months ended September 30, 2025, there are no assurances in the future that we will be able to meet these incurrence covenants at the time we are required to do so. Failure to meet the incurrence covenants could impose certain incremental restrictions on, among other matters, our ability to incur new debt (including secured debt) and also may limit the extent to which we may pay future dividends, make acquisitions or investments, repurchase our outstanding debt or stock or incur new liens.

***Share Repurchases***

Our Repurchase Program currently allows for repurchases up to $1.75 billion and does not have an expiration date. To date, we have purchased approximately 24,113,897 shares of PBF Energy's Class A common stock under the Repurchase Program for $1,018.0 million, inclusive of commissions paid, through open market transactions. We may make additional share repurchases in the future, but we are not obligated to purchase any shares under the Repurchase Program, and repurchases could be suspended or discontinued at any time without prior notice.

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***Working Capital***

Our working capital at September 30, 2025 was $1,314.1 million, consisting of $4,810.9 million in total current assets and $3,496.8 million in total current liabilities. Our working capital at December 31, 2024 was $917.8 million, consisting of $4,543.9 million in total current assets and $3,626.1 million in total current liabilities.

***Capital Spending***

Capital spending for the nine months ended September 30, 2025 totaled $504.7 million, net of $259.5 million in costs related to the rebuild of units damaged in the Martinez Refinery Fire. The majority of this spending was driven by annual maintenance and turnaround activities across most of our refineries. As of September 30, 2025, $132.0 million of the fire-related rebuild costs had been reimbursed through insurance proceeds. Capital spending also included costs associated with safety related enhancements and facility improvements at our refineries and logistics assets. Excluding costs associated with the rebuild of units damaged by the Martinez Refinery Fire, we currently expect to spend an aggregate of approximately $750.0 million to $775.0 million during full-year 2025 for facility improvements and refinery maintenance and turnarounds, as well as expenditures to meet environmental, regulatory and safety requirements.

***Martinez Refinery Fire***

We expect that the cost of repairs to the fire-damaged units and restoring the refinery to full operational status will largely be covered under our property insurance coverage, subject to our deductible and retentions totaling $30.0 million. Our insurance policy also includes business interruption coverage, which contains a 60-day waiting period. This coverage commenced on April 3, 2025. While we expect our insurance coverage will significantly offset the financial impact of the Martinez Refinery Fire, other than for the business interruption waiting period, deductibles and retentions, the timing of insurance proceeds may impact our results and our cash flow in a given quarter.

During the three months ended June 30, 2025, we received unallocated insurance proceeds totaling $250.0 million, net of deductibles and retentions. Although no cash was received during the three months ended September 30, 2025, we received notice that our insurers had agreed to pay a second unallocated installment of insurance proceeds totaling $250.0 million. This amount has been substantially collected as of the date of this filing. We expect to be able to negotiate future interim payments on a quarterly basis. The timing and amount of any agreed future interim payments will be dependent on the quantum of actual, covered expenditures and calculated losses.

***Sale of Terminal Assets***

On September 30, 2025, through a subsidiary of PBFX, we closed on the sale of two of our non-core refined product terminal facilities located in Philadelphia, PA and Knoxville, TN for $175.4 million, excluding commissions and customary closing costs. The combined assets include 38 storage tanks with approximately 1.9 million barrels of storage capacity, and associated truck racks. The sale resulted in a gain of approximately $94.0 million in the three and nine months ended September 30, 2025, included within Gain on sale of assets in the Condensed Consolidated Statements of Operations.

***Crude and Feedstock Supply Agreements***

We currently purchase all of our crude and feedstock needs from various suppliers, primarily through short-term and spot market agreements.

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***Tax Receivable Agreement Obligation***

PBF Energy has recognized, as of September 30, 2025 and December 31, 2024, a liability for the Tax Receivable Agreement of $168.2 million and $293.6 million, respectively, reflecting the estimated undiscounted amounts that PBF Energy expects to pay under the agreement, net of any deferred tax asset valuation allowance recognized in accordance with Accounting Standards Codification ("ASC") 740, *Income Taxes*. As of December 31, 2024, $125.4 million of the Tax Receivable Agreement obligation was recorded as a current liability and represented the amount paid in January 2025 related to the 2023 tax year. As future taxable income is recorded, increases in PBF Energy's Tax Receivable Agreement liability may be necessary in conjunction with the revaluation of deferred tax assets. If PBF Energy does not have taxable income, PBF Energy generally is not required (absent a change of control or circumstances requiring an early termination payment) to make payments under the Tax Receivable Agreement for that taxable year because no benefit will have been actually realized. However, any tax benefits that do not result in realized benefits in a given tax year will likely generate tax attributes that may be utilized to generate benefits in previous or future tax years. The utilization of such tax attributes will result in payments under the Tax Receivable Agreement.

These payment obligations, if any, are obligations of PBF Energy and not of PBF LLC or any of its subsidiaries. However, because PBF Energy is a holding company with no operations of its own, PBF Energy's ability to make payments under the Tax Receivable Agreement is dependent upon a number of factors, including its subsidiaries' ability to make distributions for the benefit of PBF LLC's members, including PBF Energy, its ability, if necessary, to finance its obligations under the Tax Receivable Agreement and existing indebtedness which may limit PBF Energy's subsidiaries' ability to make distributions.

The foregoing are merely estimates - the actual payments could differ materially. It is possible that future transactions or events could increase or decrease the actual tax benefits realized and the corresponding Tax Receivable Agreement payments.

***Dividends and Distributions***

*PBF Energy*

On October 30, 2025, PBF Energy announced a dividend of $0.275 per share on outstanding PBF Energy Class A common stock. The dividend is payable on November 26, 2025 to PBF Energy Class A common stockholders of record at the close of business on November 14, 2025. PBF LLC intends to make pro-rata distributions of approximately $32.1 million, or $0.275 per unit to its members, including PBF Energy, which in turn intends to use this distribution to fund the dividend payments to the shareholders of PBF Energy.

PBF Energy currently intends to continue to pay quarterly cash dividends on its Class A common stock. However, the declaration, amount and payment of any future dividends on shares of PBF Energy Class A common stock will be at the sole discretion of PBF Energy's Board of Directors, and we are not obligated under any applicable laws, our governing documents or any contractual agreements with our existing owners or otherwise to declare or pay any dividends or other distributions (other than the obligations of PBF LLC to make tax distributions to its members).

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 **Item 3. *Quantitative and Qualitative Disclosures About Market Risk***

We are exposed to market risks, including changes in commodity prices and interest rates. Our primary commodity price risk is associated with the difference between the prices we sell our refined products and the prices we pay for crude oil and other feedstocks. We may use derivative instruments to manage the risks from changes in the prices of crude oil and refined products, natural gas, interest rates, or to capture market opportunities.

***Commodity Price Risk***

Our earnings, cash flow and liquidity are significantly affected by a variety of factors beyond our control, including the supply of, and demand for, crude oil, other feedstocks, refined products, and natural gas. The supply of and demand for these commodities depend on, among other factors, changes in domestic and foreign economies, weather conditions, domestic and foreign political affairs, planned and unplanned downtime in refineries, pipelines and production facilities, production levels, the availability of imports, the marketing of competitive and alternative fuels, and the extent of government regulation. As a result, the prices of these commodities can be volatile. Our revenues fluctuate significantly with movements in industry refined product prices, our cost of sales fluctuates significantly with movements in crude oil and feedstock prices and our operating expenses fluctuate with movements in the price of natural gas. We manage our exposure to these commodity price risks through our supply and offtake agreements as well as through the use of various commodity derivative instruments.

We may use non-trading derivative instruments to manage exposure to commodity price risks associated with the purchase or sale of crude oil and feedstocks, finished products and natural gas outside of our supply and offtake agreements. The derivative instruments we use include physical commodity contracts and exchange-traded and over-the-counter financial instruments. We mark-to-market our commodity derivative instruments and recognize the changes in their fair value in our statements of operations.

At September 30, 2025 and December 31, 2024, we had gross open commodity derivative contracts representing 21.5 million barrels and 18.6 million barrels, respectively, with an unrealized net gain of $4.1 million and net gain of $2.0 million, respectively. The open commodity derivative contracts as of September 30, 2025 expire at various times during 2025 and 2026.

We carry inventories of crude oil, intermediates, and refined products ("hydrocarbon inventories") on our Condensed Consolidated Balance Sheets, the values of which are subject to fluctuations in market prices. Our hydrocarbon inventories totaled approximately 32.2 million barrels and 30.2 million barrels at September 30, 2025 and December 31, 2024, respectively. The average cost of our hydrocarbon inventories was approximately $79.61 and $80.46 per barrel on a LIFO basis at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025 and December 31, 2024, the replacement value of inventory exceeded the LIFO carrying value. If market prices of our inventory decline to a level below our average cost, we may be required to write down the carrying value of our hydrocarbon inventories to market.

Our predominant variable operating cost is energy, which is comprised primarily of natural gas and electricity. We are therefore sensitive to movements in natural gas prices. Assuming normal operating conditions, we expect our annual consumption to range from 70 million to 90 million MMBTUs of natural gas amongst our six refineries. Accordingly, a $1.00 per MMBTU change in natural gas prices would increase or decrease our natural gas costs by approximately $70.0 million to $90.0 million.

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***Compliance Program Price Risk***

We are exposed to market risks related to our obligations to buy, and the volatility in the price of, credits needed to comply with various governmental and regulatory compliance programs, which include RINs, required to comply with the RFS. Our overall RINs obligation is based on a percentage of our domestic shipments of on-road fuels as established by the EPA. To the degree we are unable to blend the required amount of biofuels to satisfy our RINs obligation, we must purchase RINs on the open market. To mitigate the impact of the market risk relating to our obligations on our results of operations and cash flows, we may elect to purchase RINs or other environmental credits as part of our liability management strategy. We also have the ability to purchase RINs directly from SBR.

In addition, we are exposed to risks associated with complying with federal and state legislative and regulatory measures to address GHG and other emissions. Requirements to reduce emissions could result in increased costs to operate and maintain our facilities as well as implement and manage new emission controls and programs put in place. Compliance with such emission standards may require the purchase of emission credits or similar instruments.

Certain of these compliance contracts or instruments qualify as derivative instruments. For certain of these contracts, we elect the normal purchase normal sale exception under ASC 815, *Derivatives and Hedging,* for such instruments, and therefore do not record these contracts at their fair value.

***Interest Rate Risk***

The maximum commitment under our Revolving Credit Facility is $3.5 billion. Borrowings under the Revolving Credit Facility bear interest either at the Alternative Base Rate plus the Applicable Margin or at the Term SOFR plus the Applicable Margin, all as defined in the Revolving Credit Agreement. At September 30, 2025, we had $350.0 million outstanding balance in variable interest debt. If this facility were fully drawn, a 1.0% change in the interest rate would increase or decrease our interest expense by approximately $25.2 million annually.

***Credit Risk***

We are subject to risk of losses resulting from nonpayment or nonperformance by our counterparties. We continue to closely monitor the creditworthiness of customers to whom we grant credit and establish credit limits in accordance with our credit policy.

**Item 4. *Controls and Procedures*** 

**Evaluation of Disclosure Controls and Procedures**

We conducted evaluations, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 as amended (the "Exchange Act")) as of September 30, 2025. Based upon these evaluations, as required by Exchange Act Rule 13a-15(b), the principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective as of September 30, 2025.

**Changes in Internal Control Over Financial Reporting** 

There has been no change in our internal controls over financial reporting during the quarter ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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**PART II - OTHER INFORMATION** 

**Item 1. *Legal Proceedings***

In connection with the acquisition of the Torrance refinery and related logistics assets, we assumed certain pre-existing environmental liabilities related to certain environmental remediation obligations to address existing soil and groundwater contamination and monitoring activities, which reflect the estimated cost of the remediation obligations. In addition, in connection with the acquisition of the Torrance refinery and related logistics assets, we purchased a ten-year, $100.0 million environmental insurance policy to insure against unknown environmental liabilities.

We currently have multiple outstanding notices of violation ("NOVs") issued by regulatory authorities for various alleged regulation and permit violations at our refineries. It is not possible to predict the outcome of any of these NOVs or the amount of the penalties that will be assessed in connection with any NOV. If any one or more of them were decided against us, we believe that there would be no material effect on our financial position, results of operations, or liquidity. SEC regulations require us to disclose certain information about proceedings arising under federal, state, or local provisions regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment, if a governmental authority is a party to such proceeding and such proceeding involves potential monetary sanctions, exclusive of interest and costs, that exceeds a specified threshold. We use a threshold of $1 million for such determination because we believe that such threshold is reasonably designed to result in disclosure of any such proceeding that is material to the business or financial condition.

On November 24, 2022, the Martinez refinery experienced a catalyst release that is currently being investigated by the BAAD, the CCC, the DOJ, the USAO, and the EPA, and the California Department of Fish and Game ("DFG"). To date, the BAAD has issued thirty-five (35) NOVs, the CCC has issued two (2) NOVs, and the DFG has made findings relating to the catalyst incident. On July 11, 2023 and October 6, 2023, the Martinez refinery experienced unintentional releases of petroleum coke dust and received inquiries or notices of investigation from the BAAD, the CalOSHA, the CCC, and the EPA. The BAAD also issued NOVs relating to the July 11, 2023 coke dust incident and NOVs relating to the October 6, 2023 coke dust incident. On December 15, 2023, the Martinez refinery experienced an unexpected flaring incident, and subsequently on December 18, 2023 a brush fire incident, and has received inquiries or notices of investigation from the BAAD, the CalOSHA, and the CCC. The BAAD additionally issued NOVs relating to the December 15, 2023 flaring incident and NOVs relating to the December 18, 2023 brush fire incident. The DFG, the CCC, and the BAAD have referred their findings and/or NOVs to the CCC District Attorney for the catalyst incident and various other incidents. On November 16, 2023, the CCC District Attorney and the BAAD announced a joint civil enforcement action against MRC that will include enforcement of the BAAD's, the CCC's, and the DFG's claims from the catalyst incident, as well as additional enforcement claims from various incidents. For the catalyst, coke dust, flaring, brush fire, and other incidents, no definitive penalties have been assessed to date by the various agencies but there have been settlement communications with the CCC District Attorney and the BAAD. We presently believe the outcomes will not have a material impact on our financial position, results of operations, or cash flows.

In connection with the Martinez Refinery Fire, investigations are being conducted by various regulatory agencies, including the CalOSHA, the BAAD, the CCC, the DOJ, the USAO, and the EPA. There are uncertainties around these inquiries and investigations and potential results and consequences, including whether any financial penalties will be assessed or changes to the operations of the Martinez refinery will result therefrom. On May 1, 2025, following a review of the Martinez refinery's causal report for flaring associated with the Martinez Refinery Fire as part of its ongoing investigation of the event, the BAAD issued eighteen (18) NOVs for various regulatory standards and/or permit conditions due to the Martinez Refinery Fire. To date, the BAAD has issued a total of twenty-two (22) NOVs relating to the Martinez Refinery Fire. At this time, the potential liabilities, including regulatory penalties, arising from the incident are unknown, and the full financial impact of this incident cannot reasonably be estimated.

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On February 17, 2017, in *Arnold Goldstein, et al. v. Exxon Mobil Corporation, et al.*, we and PBF LLC, and our subsidiaries, PBF Energy Western Region LLC ("PBF Western Region") and Torrance Refining Company LLC and the manager of our Torrance refinery along with Exxon Mobil Corporation ("ExxonMobil") were named as defendants in a class action and representative action complaint. The complaint was filed in the Superior Court of the State of California, County of Los Angeles and alleges negligence, strict liability, ultra-hazardous activity, a continuing private nuisance, a permanent private nuisance, a continuing public nuisance, a permanent public nuisance and trespass resulting from the February 18, 2015 electrostatic precipitator ("ESP") explosion at the Torrance refinery which was then owned and operated by ExxonMobil. The operation of the Torrance refinery by the PBF entities subsequent to our acquisition in July 2016 is also referenced in the complaint. To the extent that plaintiffs' claims relate to the ESP explosion, ExxonMobil retained responsibility for any liabilities that would arise from the lawsuit pursuant to the agreement relating to the acquisition of the Torrance refinery. On July 2, 2018, the Court granted leave to plaintiffs to file a Second Amended Complaint alleging groundwater contamination. With the filing of the Second Amended Complaint, plaintiffs added an additional plaintiff, Hany Youssef. On October 15, 2019, the judge granted certification to two limited classes of property owners with Youssef as the sole class representative and named plaintiff, rejecting two other proposed subclasses based on negligence and on strict liability for ultrahazardous activities. The certified subclasses relate to trespass claims for ground contamination and nuisance for air emissions. On May 5, 2021, the Court granted plaintiffs leave to amend their complaint for the third time to substitute Navarro for Youssef. On July 5, 2022, the Court issued a final order ruling that plaintiffs' Motion to Substitute Navarro as Class Representative was denied and decertifying both of plaintiffs' proposed Air and Ground Subclasses. The order provided that the case will proceed with Navarro as the sole plaintiff. On September 22, 2022, the Ninth Circuit Court of Appeals affirmed. On February 27, 2023, the Court issued an order granting our motion for judgment on the pleadings and dismissed plaintiff's trespass claim with prejudice and granted plaintiff leave to amend his nuisance claims in conformity with the order if he can do so consistent with Rule 11 of the Federal Rules of Civil Procedures. On March 27, 2023, plaintiff filed a Fourth Amended Complaint relating to the remaining nuisance claims. On May 23, 2023, the Court denied our motion to dismiss on the pleadings for plaintiff's failure to establish standing to bring the nuisance claims. After completing further discovery, on August 28, 2023, we filed a Motion for Summary Judgment. On October 18, 2023, the Court issued an order granting our motion, adjudged that plaintiff take nothing, and that the action be dismissed with prejudice. The order also allows us to recover the costs of suit pursuant to a bill of costs. On October 30, 2023, plaintiff filed a notice of appeal to the Ninth Circuit regarding the Court's order granting summary judgment. The Court granted plaintiff extensions of approximately 90 days to file his opening brief, which was filed on May 27, 2024. After being granted a similar 90-day extension, we filed our answering brief on September 25, 2024. Plaintiff filed his reply brief on January 21, 2025. The Ninth Circuit held oral argument on plaintiff's appeal for March 24, 2025, and took the parties briefs and arguments under submission. On April 14, 2025, the Ninth Circuit issued its ruling and reversed the Court's dismissal on the pleadings of plaintiff's individual trespass claim and vacated its decertification of the Ground Subclass for reconsideration. The Ninth Circuit, however, affirmed the Court's grant of summary judgment as to plaintiff's individual nuisance claims, and as a result, it did not reach Navarro's appeal of the decertification of the Air Subclass because Navarro's nuisance claim is dismissed. We filed a petition for reconsideration of the Ninth Circuit's ruling on May 5, 2025 and plaintiff filed his opposition to our petition on June 26, 2025. On August 5, 2025, the Ninth Circuit issued an order denying our petition for reconsideration and issued an amended memorandum disposition consistent with its April 14, 2025 ruling. On August 12, 2025, the Ninth Circuit remanded the case with its ruling back to the District Court. The parties are currently waiting for the District Court to issue an order or hold a hearing regarding the next phase in the litigation. We presently believe the outcome of this litigation will not have a material impact on our financial position, results of operations, or cash flows.

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On August 16, 2023, in *Joseph Piscitelli and Lara Zanzucchi v. Martinez Refining Company LLC*, our subsidiary MRC was named as a defendant in a class action and representative action complaint which contains allegations of public and private nuisance, trespass, and negligence arising from MRC's operations. MRC filed its answer to the complaint on October 31, 2023. The initial Court hearing to discuss discovery issues was held on January 2, 2024. At the hearing, the Court raised the issue of mediation and directed the parties to meet and confer and agree to stipulate to a mediation deadline. On January 9, 2024, the parties filed a stipulation agreeing to consider private mediation by September 20, 2024. On January 17, 2024, the Court issued a scheduling order setting the class certification hearing for April 10, 2025. On April 4, 2024, the Court granted plaintiffs' motion for leave to file a First Amendment Complaint (the "Piscitelli FAC") to add plaintiff Malan and dismiss plaintiff Zanzucchi, which plaintiffs filed on April 10, 2024. On the same day, the Court granted plaintiffs' motion. MRC filed its answer to the Piscitelli FAC on April 23, 2024. On June 17, 2024, the Court granted plaintiffs' motion to dismiss plaintiff Piscitelli. On December 20, 2024, plaintiffs' filed their motion for class certification. MRC's opposition to the motion was filed on February 14, 2025. On February 21, 2025, the Piscitelli, Cruz, and Frye judges issued an order for the parties to meet and confer and file a list of common core issues. On March 7, 2025, the Piscitelli plaintiffs' filed their reply to MRC's opposition to the class certification motion. On March 19, 2025, the Piscitelli, Cruz, and Frye plaintiffs and MRC filed their list of common core issues. On April 10, 2025, the hearing on the Piscitelli plaintiffs' motion for class certification was held. The Court took the parties' arguments and briefs under submission. On April 15, 2025, the Court related the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases under it for coordination of common core issues in the cases. On July 16, 2025, the Court granted MRC's motion to relate the Canning case to the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases for coordination of common core issues in the cases. On September 30, 2025, the Court issued an order denying Piscitelli plaintiffs' motion for class certification. Plaintiffs did not appeal the order to the Ninth Circuit. On October 28, 2025, the Court held a case management conference regarding all the related cases and instructed the parties to meet and confer, further refine the common core issues, and report back to the Court at the next case management conference on December 16, 2025. We presently believe the outcome will not have a material impact on our financial position, results of operations, or cash flows.

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On December 15, 2023, in *Alena Cruz and Shannon Payne vs. PBF Energy Inc., et. al*, we and our subsidiaries PBF Western Region and MRC were named as defendants in a class action and representative action complaint filed by Alena Cruz and Shannon Payne, and on behalf of all others similarly situated. The complaint contains allegations of Clean Air Act ("CAA") violations, claims for medical and environmental monitoring, liability for ultrahazardous activities, negligence, and public and private nuisance from MRC's operations. The proposed class is all individuals who reside and/or work in the City of Martinez, including the surrounding communities of Alhambra Valley and Franklin Canyon, as well as El Sobrante, Hercules, Benicia, and Richmond, who have allegedly been exposed to elevated levels of spent catalyst discharged from MRC's operations during the period November 24, 2022 to the present. On December 21, 2023, plaintiffs granted an extension until February 5, 2024 for MRC to respond to the initial complaint. On February 5, 2024, MRC filed a motion to dismiss on the pleadings. In response, on February 16, 2024, plaintiffs filed a First Amendment Complaint (the "Cruz FAC"). On February 29, 2024, MRC filed a motion to dismiss the Cruz FAC on the pleadings. Plaintiffs' opposition was filed on March 14, 2024. MRC filed its reply to plaintiffs' opposition on March 21, 2024. At the motion hearing on April 4, 2024, the Court granted MRC's request to dismiss all wrongly named PBF entities and plaintiffs' CAA and Medical Monitoring causes of action. The Court ordered the Cruz and Piscitelli plaintiffs to meet and confer on a joint discovery schedule and report back to the Court by the end of April 2024. On May 17, 2024, MRC filed its answer to the Cruz FAC. On June 5, 2024, the Court stayed the case, pending the outcome of the class property damage claim in the Piscitelli case. On January 23, 2025, the Court issued an order setting a joint status conference for February 5, 2025 before the Piscitelli, Cruz, and Frye Judges. On February 21, 2025, the Piscitelli, Cruz, and Frye judges issued an order for the parties to meet and confer and file a list of common issues. On March 19, 2025, the parties filed their list of common issues. On April 15, 2025, the Piscitelli Court related the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases under it for coordination of common core issues in the cases. On July 16, 2025, the Piscitelli Court granted MRC's motion to relate the Canning case to the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases for coordination of common core issues in the cases. On October 28, 2025, the Piscitelli Court held a case management conference regarding all of the related cases and instructed the parties to meet and confer, further refine the common core issues, and report back to the Court at the next case management conference on December 16, 2025. We presently believe the outcome will not have a material impact on our financial position, results of operations, or cash flows.

On July 31, 2024, in *Jennifer Frye, et al. v. Martinez Refining Company LLC*, MRC was named as a defendant in a complaint filed by 18 individuals which contains allegations of negligence, public and private nuisance, premise liability, trespass, and strict liability ultrahazardous activities. On October 7, 2024, MRC filed a motion to dismiss the complaint. Plaintiffs' opposition brief to MRC's motion to dismiss was filed on November 11, 2024, and MRC filed its reply brief on November 22, 2024. The motion hearing scheduled for December 10, 2024 was vacated by the Court. On December 17, 2024, the Court issued its ruling partially dismissing some of plaintiffs' claims. On January 3, 2025, Plaintiffs filed a First Amended Complaint (the "Frye FAC"). On January 17, 2025, MRC filed its answer to the Frye FAC. On January 23, 2025, the Court issued an order setting a joint status conference for February 5, 2025 before the Piscitelli, Cruz, and Frye Judges. On February 21, 2025, the Piscitelli, Cruz, and Frye judges issued an order for the parties to meet and confer and file a list of common issues. On March 19, 2025, the parties filed their list of common issues. On April 15, 2025, the Piscitelli Court related the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases under it for coordination of common core issues in the cases. On July 16, 2025, the Piscitelli Court granted MRC's motion to relate the Canning case to the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases for coordination of common core issues in the cases. On October 28, 2025, the Piscitelli Court held a case management conference regarding all of the related cases and instructed the parties to meet and confer, further refine the common core issues, and report back to the Court at the next case management conference on December 16, 2025. We presently believe the outcome will not have a material impact on our financial position, results of operations, or cash flows.

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On November 25, 2024, in *Alice Saliba, et al. v. Martinez Refining Company LLC,* MRC was named as a defendant in a complaint filed by 285 individuals which contains allegations of negligence, public and private nuisance, premise liability, trespass, and strict liability ultrahazardous activities. The plaintiffs are represented by the same law firm representing the Frye, Silvestri, and Manning plaintiffs. MRC received an extension to file its answer to the complaint, which was filed on March 14, 2025. On April 4, 2025, the plaintiffs filed a motion to strike the affirmative defenses in MRC's answer. On April 15, 2025, the Piscitelli Court related the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases under it for coordination of common core issues in the cases. On April 30, 2025, MRC filed its opposition to plaintiffs' motion to strike and on May 9, 2025, plaintiffs filed their reply. On July 16, 2025, the Piscitelli Court granted MRC's motion to relate the Canning case to the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases for coordination of common core issues in the cases. On October 28, 2025, the Piscitelli Court held a case management conference regarding all of the related cases and instructed the parties to meet and confer, further refine the common core issues, and report back to the Court at the next case management conference on December 16, 2025. We presently believe the outcome will not have a material impact on our financial position, results of operations, or cash flows.

On November 25, 2024, in *Elizabeth Silvestri, et al. v. Martinez Refining Company LLC,* MRC was named as a defendant in a complaint filed by 195 individuals which contains allegations of negligence, public and private nuisance, premise liability, trespass, and strict liability ultrahazardous activities. The plaintiffs are represented by the same law firm representing the Frye, Saliba, and Manning plaintiffs. MRC received an extension to file its answer to the complaint, which was filed on March 14, 2025. On April 4, 2025, the plaintiffs filed a motion to strike the affirmative defenses in MRC's answer. On April 15, 2025, the Piscitelli Court related the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases under it for coordination of common core issues in the cases. On April 30, 2025, MRC filed its opposition to plaintiffs' motion to strike and on May 9, 2025, plaintiffs filed their reply. On July 16, 2025, the Piscitelli Court granted MRC's motion to relate the Canning case to the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases for coordination of common core issues in the cases. On October 28, 2025, the Piscitelli Court held a case management conference regarding all of the related cases and instructed the parties to meet and confer, further refine the common core issues, and report back to the Court at the next case management conference on December 16, 2025. We presently believe the outcome will not have a material impact on our financial position, results of operations, or cash flows.

On November 26, 2024, in *Robert Manning, et al. v. Martinez Refining Company LLC,* MRC was named as a defendant in a complaint filed by 204 individuals which contains allegations of negligence, public and private nuisance, premise liability, trespass, and strict liability ultrahazardous activities. The plaintiffs are represented by the same law firm representing the Frye, Saliba, and Silvestri plaintiffs. MRC received an extension to file its answer to the complaint, which was filed on March 14, 2025. On April 4, 2025, the plaintiffs filed a motion to strike the affirmative defenses in MRC's answer. On April 15, 2025, the Piscitelli Court related the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases under it for coordination of common core issues in the cases. On April 30, 2025, MRC filed its opposition to plaintiffs' motion to strike and on May 9, 2025, plaintiffs filed their reply. On July 16, 2025, the Piscitelli Court granted MRC's motion to relate the Canning case to the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases for coordination of common core issues in the cases. On October 28, 2025, the Piscitelli Court held a case management conference regarding all of the related cases and instructed the parties to meet and confer, further refine the common core issues, and report back to the Court at the next case management conference on December 16, 2025. We presently believe the outcome will not have a material impact on our financial position, results of operations, or cash flows.

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On April 29, 2025, in *Canning v. Martinez Refining Company, LLC,* MRC was served with a complaint by two individuals naming it as defendant which contains allegations of general negligence. On May 29, 2025, because the complaint alleged similar claims and damages as the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases (discussed above), MRC filed a motion to remove the complaint from Contra Costa County Superior Court to the federal district court for Northern California. On June 17, 2025, MRC filed a motion to relate this case with the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases. On June 30, 2025, MRC filed a motion to dismiss the case. On July 16, 2025, the Piscitelli Court granted MRC's motion to relate this case to the Piscitelli, Cruz, Frye, Saliba, Silvestri, and Manning cases for coordination of common core issues in the cases. On October 28, 2025, the Piscitelli Court held a case management conference regarding all of the related cases and instructed the parties to meet and confer, further refine the common core issues, and report back to the Court at the next case management conference on December 16, 2025. The Piscitelli Court also ordered the Canning plaintiffs to file their opposition to MRC's motion to dismiss by November 4, 2025. We presently believe the outcome will not have a material impact on our financial position, results of operations, or cash flows.

On December 21, 2023, the EPA Region 5 issued a Finding of Violation ("FOV") alleging violations of the CAA, 42 U.S.C. §§ 7411, 7412, and regulations promulgated under those sections, of the National Emission Standard for Benzene Waste Operations at 40 C.F.R. Part 61, Subpart FF, of the New Source Performance Standards for Volatile Organic Compounds from Petroleum Wastewater Systems at 40 C.F.R. Part 60, Subpart QQQ, and of our CAA Title V operating permit for the Wastewater Treatment Unit at our Toledo refinery. This FOV followed an EPA compliance inspection at the Toledo refinery conducted in September 2023. We have recently been engaged in discussions with the EPA to resolve these matters, but we cannot currently estimate the timing of the resolution or the amount of any potential civil penalties. We presently believe the outcome will not have a material impact on our financial position, results of operations, or cash flows.

The federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), also known as "Superfund," imposes liability, without regard to fault or the legality of the original conduct, on certain classes of persons who are considered to be responsible for the release of a "hazardous substance" into the environment. These persons include the current or former owner or operator of the disposal site or sites where the release occurred and companies that disposed of or arranged for the disposal of the hazardous substances. Under CERCLA, such persons may be subject to joint and several liability for investigation and the costs of cleaning up the hazardous substances that have been released into the environment, for damages to natural resources and for the costs of certain health studies. As discussed more fully above, certain of our sites are subject to these laws and we may be held liable for investigation and remediation costs or claims for natural resource damages. It is not uncommon for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by hazardous substances or other pollutants released into the environment. Analogous state laws impose similar responsibilities and liabilities on responsible parties. In our current normal operations, we have generated waste, some of which falls within the statutory definition of a "hazardous substance" and some of which may have been disposed of at sites that may require cleanup under Superfund.

As the ultimate outcomes of the pending matters discussed above are uncertain, we cannot currently estimate the final amount or timing of their resolution, but any such amount is not expected to have a material impact on our financial position, results of operations, or cash flows, individually or in the aggregate.

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**Item 2. *Unregistered Sales of Equity Securities and Use of Proceeds***

**Exchange of PBF LLC Series A Units to PBF Energy Class A Common Stock** 

In the three months ended September 30, 2025, there were no exchanges of PBF LLC Series A Units for shares of PBF Energy Class A common stock in transactions exempt from registration under Section 4(a)(2) of the Securities Act.

**Share Repurchase Program**

Our Board of Directors has authorized the repurchase of PBF Energy's Class A common stock. The Repurchase Program currently allows for repurchases of up to $1.75 billion and has no expiration date. These repurchases may be made from time to time through various methods, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions or otherwise, certain of which have been effected through Rule 10b5-1 plans. The timing and number of shares repurchased depended on a variety of factors, including price, capital availability, legal requirements, and economic and market conditions. We were not obligated to purchase any shares under the Repurchase Program, and repurchases could be suspended or discontinued at any time without prior notice.

During the three and nine months ended September 30, 2025, we did not purchase any shares of PBF Energy's Class A common stock under the Repurchase Program. Approximately $732.0 million of shares remain available for purchase under the plan.

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**Item 5. *Other Information***

**Securities Trading Plans of Directors and Executive Officers**

During the three months ended September 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of PBF Energy securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement".

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**Item 6. *Exhibits***

The exhibits listed in the accompanying Exhibit Index are filed or incorporated by reference as part of this report and such Exhibit Index is incorporated herein by reference.

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| <u>[10.1\*\*](https://www.sec.gov/Archives/edgar/data/1534504/000153450425000052/employmentagreement-joemar.htm)</u> | Employment Agreement dated as of August 18, 2025 between Joseph Marino and PBF Investments LLC (incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.'s Current Report on Form 8-K dated August 20, 2025 (File No. 001-35764)). |
| <u>[10.2\*](a1022025formofexecutiveres.htm)</u> | Form of Restricted Stock Agreement for Executives under the PBF Energy Inc. 2025 Equity Incentive Plan. |
| <u>[10.3\*](a1032025formofemployeerest.htm)</u> | Form of Restricted Stock Agreement for Employee under the PBF Energy Inc. 2025 Equity Incentive Plan. |
| <u>[10.4\*](a1042025directorrestricted.htm)</u> | Form of Restricted Stock Agreement for Non-Employee Directors under the PBF Energy Inc. 2025 Equity Incentive Plan. |
| <u>[31.1\*](q325exhibit311-energy.htm)</u> | Certification of Matthew C. Lucey, Chief Executive Officer of PBF Energy Inc. pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| <u>[31.2\*](q325exhibit312-energy.htm)</u> | Certification of Joseph Marino, Chief Financial Officer of PBF Energy Inc. pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| <u>[32.1](q325exhibit321-energy.htm)</u>\* (1) | Certification of Matthew C. Lucey, Chief Executive Officer of PBF Energy Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| <u>[32.2](q325exhibit322-energy.htm)</u>\* (1) | Certification of Joseph Marino, Chief Financial Officer of PBF Energy Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 101.INS | Inline XBRL Instance Document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

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———————

\* Filed herewith.

\*\* Indicates management compensatory plan or arrangement.

(1) This exhibit should not be deemed to be "filed" for purposes of Section 18 of the Exchange Act.

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**Signatures** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | PBF Energy Inc. | PBF Energy Inc. |
| Date: | October 30, 2025 | By: | /s/ Joseph Marino |
|  |  |  | Joseph Marino<br>Senior Vice President, Chief Financial Officer<br>(Duly Authorized Officer and Principal Financial Officer) |

---

## Exhibit 10.2

PBF ENERGY INC.

2025 EQUITY INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT FOR EXECUTIVES

THIS AGREEMENT (the "<u>Agreement</u>") is made effective as of the date set forth on the signature page hereto (the "<u>Date of Grant</u>"), between PBF Energy Inc. (the "<u>Company</u>") and the individual named on the signature page hereto (the "<u>Grantee</u>").

<u>R</u> <u>E</u> <u>C</u> <u>I</u> <u>T</u> <u>A</u> <u>L</u> <u>S</u>:

WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are hereby incorporated by reference and made a part of this Agreement; and

WHEREAS, the Committee (as defined in the Plan) has determined that it would be in the best interests of the Company and its stockholders to grant the Restricted Shares (as defined below) provided for herein to the Grantee pursuant to the Plan and the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Definitions</u>. Whenever the following terms are used in this Agreement, they shall have the meanings set forth below. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Company Group</u>: The Company and its subsidiaries and Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Disability</u>: Disabled or Disability with respect to a Grantee, means the definition of Disabled or Disability used in such Grantee's employment agreement or agreement to provide services, or if no such agreement exists, or such term is not defined therein, "disabled" or "disability" means that such Grantee becomes physically or mentally incapacitated and is therefore unable for a period of six consecutive months or for an aggregate of nine months in any twenty-four consecutive month period to perform such Grantee's duties as an employee of or service provider to the Company Group. The determination of a disability will be made by the Company, provided that, in the event that an Award under this Agreement should become subject to Section 409A, "Disabled" and "Disability" shall have the meaning set forth in Section 409A and Treasury Regulation Section 1.409A-3(i)(4) thereunder, unless determined otherwise in the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Good Reason</u>: Good Reason means, without the Grantee's consent: (i) with respect to the Grantee, a material breach by any member of the Company Group of any of its material covenants or obligations under this Agreement, the Plan or any service agreement of any member of the Company Group; or (ii) the failure of the Company Group to pay or cause to be paid the Grantee's fees or other compensation when due; provided, that prior to the Grantee's separation from service for Good Reason under clauses (i) and (ii) above, the Grantee must give written notice to the Company Group member to which he renders services of any such event that constitutes Good Reason within twenty (20) days of the

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occurrence of such event and such event must remain uncorrected for thirty (30) days following receipt of such written notice; and provided further that any termination due to Good Reason must occur no later than sixty (60) days after the occurrence of the event giving rise to Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Plan</u>: The PBF Energy Inc. 2025 Equity Incentive Plan, as amended or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Restricted Share</u>: A Share with respect to which the terms, conditions and restrictions are set forth in Section 3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Retirement</u>: The Grantee's resignation from employment with the Company Group, so long as Grantee has attained age 55 1/2 and has been employed for at least three consecutive years with the Company Group at the time of resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Grant of the Restricted Shares; Section 83(b) Election</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company hereby grants to the Grantee, on the terms and conditions hereinafter set forth herein and in the Plan, the number of Shares set forth on the signature page hereto, subject to adjustment as set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Grantee hereby acknowledges that he or she has been informed that, with respect to the grant of the Restricted Shares, an election (the "<u>Election</u>") may be filed by the Grantee with the Internal Revenue Service, within 30 days of the Grant Date, electing pursuant to Section 83(b) of the Code to be taxed currently on the fair market value of the Shares on the Grant Date. The Company believes this may result in recognition of U.S. federal taxable income to the Grantee on the Grant Date, equal to the fair market value of the Shares on such date. Absent such an Election, taxable income will be measured and recognized by the Grantee at the time or times at which Shares become vested. State, local and other tax considerations may also apply. The Grantee shall seek the advice of his or her own tax advisors in connection this Award and the advisability of filing the Election. The Grantee understands that any taxes paid as a result of the filing of the Election might not be recovered if the unvested portion of such Shares are forfeited to the Company. The Grantee acknowledges that it is the Grantee's sole responsibility and not the Company's to timely file the Election, even if the Grantee requests the Company or its representative to make this filing on the Grantee's behalf. The Grantee agrees to notify the Company within 10 days of filing any such Election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Vesting; Terms and Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. Subject to the Grantee's continued service or employment with the Company Group through the applicable vesting date, the restrictions with respect to the Restricted Shares shall lapse and the Shares shall become nonforfeitable at the times set forth on the signature page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Termination of Service</u>. If the Grantee's service or employment with the Company Group terminates for any reason prior to the vesting in accordance with Section 3(a), unless otherwise provided for in Section 3(c), the Restricted Shares, to the extent not then vested and exercisable, shall be immediately forfeited by the Grantee without consideration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Accelerated Vesting Under Certain Circumstances</u>. Notwithstanding the foregoing, the Award shall vest as to 100% of the Shares subject to the Award (but only to the extent the Award has not otherwise previously been forfeited), and the Shares shall become nonforfeitable, in the event of (i) a Change in Control or (ii) the termination of the Grantee's service as an employee (A) without Cause, (B) due to death or Disability, (C) upon Retirement, and (D) by the Grantee for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Ownership of Shares</u>. Subject to the restrictions set forth in the Plan and this Agreement, the Grantee shall possess from Date of Grant all incidents of ownership of the Restricted Shares granted hereunder, including, without limitation, the right to vote such Restricted Shares; provided, however, that such Restricted Shares shall not be entitled to receive dividends on a current basis until such Restricted Shares have vested. With respect to Restricted Shares that have not vested, as of the first day of each quarter, during the applicable restricted period, the Company shall credit to Grantee an amount equal to the value of all dividends and other distributions (whether in cash or other property) paid by the Company during the prior quarter on the equivalent number of shares of Common Stock. Any dividend equivalents or other distributions credited shall be distributed in cash to the Grantee only if, when and to the extent such Restricted Shares vest. The value of dividends and other distributions payable with respect to Restricted Shares that do not vest shall be forfeited. Any dividends received by Grantee shall be treated, to the extent required by applicable law, as additional compensation for tax purposes if paid on Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>No Right to Continued Employment or Service</u>. Neither the Plan nor this Agreement shall be construed as giving the Grantee the right to be retained in the employ of, or in any consulting relationship to, any member of the Company Group. Further, any member of the Company Group may at any time dismiss the Grantee or discontinue any employment or consulting relationship, free from any liability or any claim under the Plan or this Agreement, except as otherwise expressly provided herein. Any determinations as to whether the Grantee continues to be employed shall be at the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Certificate; Book Entry Form; Legend</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company shall issue the Restricted Shares either (i) in certificate form or (ii) in book entry form, registered in the name of the Grantee, with legends or notations, as applicable referring to the terms, conditions and restrictions applicable to the Award. To the extent applicable, all certificates (or book entries) representing the Shares shall be subject to the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates (or notations made next to the book entries) to make appropriate reference to such restrictions. The Grantee further agrees that any certificate issued for Restricted Shares prior to the lapse of any outstanding restrictions relating thereto shall be inscribed with the following legend:

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This certificate and the shares of stock represented hereby are subject to the terms and conditions, including forfeiture provisions and restrictions against transfer, contained in the PBF Energy Inc. 2025 Equity Incentive Plan, as amended from time to time, and an agreement entered into between the registered owner and the Company, copies of which are on file at the principal offices of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to Section 5(d), upon the lapse of restrictions relating to any Restricted Shares, the Company shall, as applicable, either remove the notations on any such Restricted Shares issued in book-entry form or deliver to the Grantee or the Grantee's personal representative a stock certificate representing a number of Shares, free of the restrictive legend described in Section 5(a) above, equal to the number of Shares with respect to which such restrictions have lapsed. If certificates representing such Shares shall have theretofore been delivered to the Grantee, such certificates shall be returned to the Company, complete with any necessary signatures or instruments of transfer prior to the issuance by the Company of such unlegended Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any Restricted Shares forfeited pursuant to this Agreement shall be transferred to, and reacquired by, the Company without payment of any consideration by the Company, and neither the Grantee nor any of the Grantee's permitted transferees, successors, heirs, assigns or personal representatives shall thereafter have any further rights or interests in such Shares. If certificates for any such Shares containing restrictive legends shall have theretofore been delivered to the Grantee (or his/her permitted transferees, successors, heirs, assigns or personal representatives), such certificates shall be returned to the Company, complete with any necessary signatures or instruments of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding anything to the contrary herein, the Grantee shall hold, until the earlier of (i) the first anniversary of the vesting or settlement date or (ii) the Grantee's death, Disability, Retirement or other separation from service, 50% (rounded to the nearest whole share) of the Net Profit Shares in connection with such vesting or settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Transferability</u>. The portion of the Restricted Shares that are subject to the holding requirement under Section 5(d) or that have not vested shall not be transferable or assignable by the Grantee other than by will or by the laws of descent and distribution; <u>provided</u>, that, subject to the approval by the Committee, in its discretion, the Restricted Shares may be transferred for no consideration to, or for the benefit of, an "immediate family member" (to be defined by the Committee) or to a bona fide trust for the exclusive benefit of such immediate family member, or a partnership or limited liability company in which immediate family members are the only partners or members. Any sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of this Section 6 shall be void and shall not be recognized by the Company. All of the terms and conditions of the Plan and this Agreement shall be binding upon any permitted successors and assigns or Permitted Transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Taxes; Withholding</u>. The Grantee may be required to pay to the Company Group and the Company Group shall have the right and is authorized to withhold any applicable withholding or other taxes in respect of the Award or any payment or transfer under or with respect to the Restricted Shares and to take such other action as may be necessary in the opinion of the Committee to satisfy all of the Company's obligations for the payment

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of such withholding or other taxes. The Grantee acknowledges that he or she is solely responsible for the direct payment of any taxes owed by Grantee in connection with the Award for which the Company is not statutorily required to withhold, and with respect to which the Company has not entered into an agreement with Grantee to withhold such taxes voluntarily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Notices</u>. Any notice under this Agreement shall be addressed to the Company in care of its Secretary, and to the Grantee at the address appearing in the personnel records of the Company for the Grantee or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the state of Delaware without regard to conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Arbitration</u>. Any dispute with regard to the enforcement of this Agreement shall be exclusively resolved by a single experienced arbitrator licensed to practice law in the State of New York, selected in accordance with the American Arbitration Association ("AAA") rules and procedures, at an arbitration to be conducted in the State of New York pursuant to the Commercial Arbitration Rules of AAA with the arbitrator applying the substantive law of the State of Delaware as provided for under Section 9 hereof. The AAA shall provide the parties hereto with lists for the selection of arbitrators composed entirely of arbitrators who are members of the National Academy of Arbitrators and who have prior experience in the arbitration of disputes between employers and senior executives. The determination of the arbitrator shall be final and binding on the parties hereto and judgment therein may be entered in any court of competent jurisdiction. Each party shall pay its own attorneys fees and disbursements and other costs of the arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Amendment</u>. This Agreement may be amended only by a written instrument executed by the parties hereto, which specifically states that it is amending this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Restricted Shares Subject to Plan; Conflict; Clawback</u>. (a) By entering into this Agreement, the Grantee agrees and acknowledges that the Grantee has received and read a copy of the Plan. The Restricted Shares are subject to the Plan. The terms and provisions of the Plan, as they may be amended from time to time, are hereby incorporated by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail, except where the terms of this Agreement are more restrictive than the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of the Plan or this Agreement to the contrary, if the Company is required to prepare a material financial restatement, regardless of whether the restatement was due to fraud or misconduct, then the Board shall, in its discretion and subject to applicable laws, be authorized to seek reimbursement from any Grantee who is or was a "named executive officer" as determined in accordance with Item 402 of Regulation S-K (each a "<u>NEO</u>") if this Award was based upon or affected by the restated financial report for all or any portion of this Award in excess of what would have been paid pursuant to the restated financial statements, including the gains from such excess shares to the extent the Grantee sells any such excess shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to paragraph (b) of this Section 12, and notwithstanding any other provision of the Plan or this Agreement to the contrary, this Award (and/or any amount received with respect to such Award) to Grantee shall be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with applicable law, stock exchange listing requirements, or any recoupment policy of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Severability</u>. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Restrictive Covenants.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Non-Competition</u>. The Grantee shall not, at any time beginning on the Date of Grant and ending on the date that is six (6) months following the Grantee's separation from service from the Company Group for any reason, be a more than 5% shareholder, director, officer or employee of any person, firm, corporation, partnership or business that engages in a business which competes directly with the Business (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Non-Solicitation</u>. During the period beginning on the Date of Grant and ending on the date that is twelve months following the Grantee's separation from service from the Company Group for any reason, the Grantee shall not directly recruit or otherwise solicit or induce any employee of the Company Group to terminate his or her employment with the Company Group in order to be hired by the Grantee in a business which competes directly with the Business; provided, however, that general solicitation or advertising for employment by the Grantee shall not be prohibited by this Section 14(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Non-Disparagement.</u> During the Grantee's employment and at any time following his termination, the Grantee agrees not to disparage, either orally or in writing, in any material respect any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Reformation</u>. In the event the terms of this Section 14 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Business</u>. As used in Sections 14 and 15 hereof, the term "Business" shall mean the crude oil refining business in the specific geographic areas in which the Company's oil refining operations primarily conduct business at the date of the Grantee's termination.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Non-Disclosure of Confidential Information</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Protection of Confidential Information</u>. All items of information, documents (including electronically stored documents like email), and materials pertaining to the business and operations of the Company Group that are not made public by the Company Group through authorized means will be considered confidential (hereafter, "<u>Confidential Information</u>"). Confidential Information includes, but is not limited to, customer lists, business referral source lists, internal cost and pricing data and analysis, marketing plans and strategies, personnel files and evaluations, financial and accounting data, operational and other business affairs and methods, contracts, technical data, know-how, trade secrets, computer software and other proprietary and intellectual property, and plans and strategies for future developments relating to any of the foregoing. Except in connection with the faithful performance of the Grantee's duties hereunder or as permitted pursuant to Section 15(c), (d) and (e), the Grantee shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for his benefit or the benefit of any person, firm, corporation or other entity any Confidential Information, or deliver to any person, firm, corporation or other entity any document, record, notebook, computer program or similar repository of or containing any such Confidential Information. The parties hereby stipulate and agree that as between them the foregoing matters are important, material and confidential proprietary information and trade secrets and affect the successful conduct of the businesses of the Company Group, or any of its successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Return of Confidential Information</u>. Upon termination of the Grantee's service or employment with the Company for any reason, the Grantee upon the request of the Company will promptly either destroy or deliver to the Company any and all Confidential Information in the Grantee's possession and any other documents concerning the customers, business plans, marketing strategies, products or processes of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>No Prohibition</u>. Nothing in this Agreement shall prohibit the Grantee from (i) disclosing information and documents when required by law, subpoena or court order (provided the Grantee gives reasonable notice thereof and makes reasonably available to the Company and its counsel the documents and other information sought and assists such counsel, at the Company's expense, in resisting or otherwise responding to such order or process), (ii) disclosing information and documents to his attorney or tax adviser for the purpose of securing legal or tax advice, (iii) disclosing the post-employment restrictions in this Agreement to any potential new employer, (iv) retaining, at any time, his personal correspondence, his personal rolodex or outlook contacts and documents related to his own personal benefits, entitlements and obligations, or (v) disclosing or retaining information that, through no act of the Grantee in breach of this Agreement or any other party in violation of an existing confidentiality agreement with the Company, is generally available to the public, is in the public domain at the time of disclosure or is available from other sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Whistleblower Protection</u>. Notwithstanding anything herein or in any other agreement with or policy (including without limitation any code of conduct or employee manual) of the Company, nothing herein or therein is intended to or

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shall (i) prohibit or restrict the Grantee or his or her attorney from reporting possible violations of federal or state law or regulation to any government agency, commission or entity, including, but not limited to, the Department of Justice, the Commodities Futures Trading Commission, the Securities and Exchange Commission, the Department of Labor, Congress, any state Attorney General, any self-regulatory organization or any agency Inspector General ("<u>Government Agencies</u>"); (ii) prohibit or restrict the Grantee or his or her attorney from initiating communications directly with; responding to any inquiry from; volunteering information to; or testifying or otherwise participating in or assisting in any inquiry, investigation or proceeding brought by Government Agencies in connection with a disclosure made under a whistleblower law or regulation; (iii) prohibit or restrict the Grantee or his or her attorney from making disclosures that are protected under the whistleblower provisions of federal or state law or regulation; (iv) require the Grantee to provide notice to or receive authorization from the Company prior to making reports or disclosures to Government Agencies; or (v) result in a waiver or other limitation of the Grantee's rights and remedies as a whistleblower, including to a monetary award. The Company will not take action under any agreement or policy against or sanction anyone who reports suspected violations of Company policies or any law or regulation. Furthermore, the Company prohibits retaliation against anyone who reports suspected violations of Company policies or any law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Disclosure of Trade Secrets</u>. The Grantee will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, in each case, solely for the purpose of reporting or investigating a suspected violation of law or (ii) in a complaint or other document filed in a lawsuit or proceeding, if such filings are made under seal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Specific Performance</u>. The Grantee acknowledges and agrees that remedies at law available to the Company for a breach or threatened breach of any of the provisions of Sections 14 or 15 would be inadequate and any member of the Company Group would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, the Grantee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Conformity to Section 409A</u>. It is intended that the Award either be exempt from or avoid taxation under Section 409A. Any ambiguity in this Agreement shall be interpreted to preserve exemption from, or comply with, Section 409A. To the extent applicable, as determined in the sole discretion of the Committee with and upon advice of counsel, (a) each amount or benefit payable pursuant to this Agreement shall be deemed a separate payment for purposes of Section 409A and (b) in the event the equity interests of the Company are publicly traded on an established securities market or otherwise and the Grantee is a "specified employee" (as determined under the Company's administrative procedure for such determinations, in accordance with Section 409A) at the time of the Grantee's separation from service, any payments under this Agreement that are deemed

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to be deferred compensation subject to Section 409A shall not be paid or begin payment until the earlier of the Grantee's death and the first day following the six (6) month anniversary of the Grantee's date of separation from service. The Committee shall use commercially reasonable efforts to implement the provisions of this Section 16 in good faith; provided that neither the Company, the Board, the Committee nor any of the Company's employees, directors or representatives shall have any liability to Grantee with respect to this Section 17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Section Headings; Construction</u>. The section headings contained herein are for the purpose of convenience only and are not intended to define or limit the contents of the sections. All words used in this Agreement shall be construed to be of such gender or number, as the circumstances require. Unless otherwise expressly provided, the word "including" does not limit the preceding words or terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Signature in Counterparts</u>. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

[*The remainder of this page intentionally left blank.*]

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IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto.

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| | |
|:---|:---|
| **PBF ENERGY INC.** | **PBF ENERGY INC.** |
| By | |
| | Name: |
| | Title: |
| **GRANTEE:** | **GRANTEE:** |

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The Date of Grant is _____ .

The number of Restricted Shares is ____ .

The Fair Market Value on the date of grant is $___ per Share.

Subject to the Grantee's continued service or employment with the Company Group through the applicable vesting date, unless otherwise set forth herein, the restrictions with respect to the Restricted Shares shall lapse at the following times:

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| | |
|:---|:---|
| <u>Date Shares Subject to Award Vest</u> | Percentage of Shares<br><u>as to Which Award Vests</u> |
| Upon the first anniversary of the Grant Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33-1/3% |
| Upon the second anniversary of the Grant Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33-1/3% |
| Upon the third anniversary of the Grant Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33-1/3% |

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[Signature Page to Restricted Share Agreement]

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**SECTION 83(b) ELECTION**

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in taxpayer's gross income as compensation for services the excess (if any) of the fair market value of the shares described below over the amount paid for those shares.

1. The name, taxpayer identification number, address of the undersigned, and the taxable year for which this election is being made are:

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| |
|:---|
| NAME: |
| ADDRESS: |
| TAXPAYER I.D. NO.: _____________________ |
| TAXABLE YEAR: <u>Calendar Year</u> |

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2. The property which is the subject of this election is ____ shares of Series A Common Stock (the "Shares") of PBF Energy Inc. (the "Company").

3. The property was transferred to the undersigned on _______________________.

4. The property is subject to the following restrictions:

The Shares are subject to transfer restrictions, forfeiture and certain repurchase provisions under the terms of certain agreements with the Company.

5. The fair market value at the time of transfer (determined without regard to any restriction other than a nonlapse restriction as defined in Section 1.83-3(h) of the Income Tax Regulations) is:

$____ per Share x ______ Shares =$_______.

6. For the property transferred, the undersigned paid $0.00 per Share x ________ Shares= $0.00.

7. The amount to be included in gross income is $_________. [This is the result of the amount reported in Item 5 minus the amount reported in Item 6.]

***The undersigned taxpayer will file this election with the Internal Revenue Service office with which taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the property. A copy of the election will also be furnished to the Company. Additionally, the undersigned will include a copy of the election with his or her income tax return for the taxable year in which the property is transferred. The undersigned is the person performing the services in connection with which the property was transferred.***

Dated: __________ , 20_ Taxpayer's Signature: ____________

## Exhibit 10.3

PBF ENERGY INC.

2025 EQUITY INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT FOR EMPLOYEE

THIS AGREEMENT (the "<u>Agreement</u>") is made effective as of the date set forth on the signature page hereto (the "<u>Date of Grant</u>"), between PBF Energy Inc. (the "<u>Company</u>") and the individual named on the signature page hereto (the "<u>Grantee</u>").

<u>R</u> <u>E</u> <u>C</u> <u>I</u> <u>T</u> <u>A</u> <u>L</u> <u>S</u>:

WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are hereby incorporated by reference and made a part of this Agreement; and

WHEREAS, the Committee (as defined in the Plan) has determined that it would be in the best interests of the Company and its stockholders to grant the Restricted Shares (as defined below) provided for herein to the Grantee pursuant to the Plan and the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Definitions</u>. Whenever the following terms are used in this Agreement, they shall have the meanings set forth below. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Company Group</u>: The Company and its subsidiaries and Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Disability</u>: Disabled or Disability with respect to a Grantee, means the definition of Disabled or Disability used in such Grantee's employment agreement or agreement to provide services, or if no such agreement exists, or such term is not defined therein, "disabled" or "disability" means that such Grantee becomes physically or mentally incapacitated and is therefore unable for a period of six consecutive months or for an aggregate of nine months in any twenty-four consecutive month period to perform such Grantee's duties as an employee of or service provider to the Company Group. The determination of a disability will be made by the Company, provided that, in the event that an Award under this Agreement should become subject to Section 409A, "Disabled" and "Disability" shall have the meaning set forth in Section 409A and Treasury Regulation Section 1.409A-3(i)(4) thereunder, unless determined otherwise in the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Good Reason</u>: Good Reason means, without the Grantee's consent: (i) with respect to the Grantee, a material breach by any member of the Company Group of any of its material covenants or obligations under this Agreement, the Plan or any service agreement of any member of the Company Group; or (ii) the failure of the Company Group to pay or cause to be paid the Grantee's fees or other compensation when due; provided, that prior to the Grantee's separation from service for Good Reason under clauses (i) and (ii) above, the Grantee must give written notice to the Company Group member to which he renders services of any such event that constitutes Good Reason within twenty (20) days of the occurrence of such event and such event must remain uncorrected for thirty (30) days following receipt of such written notice; and provided further that any termination due to Good Reason must occur no later than sixty (60) days after the occurrence of the event giving rise to Good Reason.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Plan</u>: The PBF Energy Inc. 2025 Equity Incentive Plan, as amended or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Restricted Share</u>: A Share with respect to which the terms, conditions and restrictions are set forth in Section 3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Retirement</u>: The Grantee's resignation from employment with the Company Group, so long as Grantee has attained age 55 1/2 with at least three consecutive years of service with the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Grant of the Restricted Shares; Section 83(b) Election</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company hereby grants to the Grantee, on the terms and conditions hereinafter set forth and in the Plan, the number of Shares set forth on the signature page hereto, subject to adjustment as set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Grantee hereby acknowledges that he or she has been informed that, with respect to the grant of the Restricted Shares, an election (the "<u>Election</u>") may be filed by the Grantee with the Internal Revenue Service, within 30 days of the Grant Date, electing pursuant to Section 83(b) of the Code to be taxed currently on the fair market value of the Shares on the Grant Date. The Company believes this may result in recognition of U.S. federal taxable income to the Grantee on the Grant Date, equal to the fair market value of the Shares on such date. Absent such an Election, taxable income will be measured and recognized by the Grantee at the time or times at which Shares become vested. State, local and other tax considerations may also apply. The Grantee shall seek the advice of his or her own tax advisors in connection this Award and the advisability of filing the Election. The Grantee understands that any taxes paid as a result of the filing of the Election might not be recovered if the unvested portion of such Shares are forfeited to the Company. The Grantee acknowledges that it is the Grantee's sole responsibility and not the Company's to timely file the Election, even if the Grantee requests the Company or its representative to make this filing on the Grantee's behalf. The Grantee agrees to notify the Company within 10 days of filing any such Election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Vesting; Terms and Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. Subject to the Grantee's continued service or employment with the Company Group through the applicable vesting date, the restrictions with respect to the Restricted Shares shall lapse and the Shares shall become nonforfeitable at the times set forth on the signature page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Termination of Service</u>. If the Grantee's service or employment with the Company Group terminates for any reason prior to the vesting in accordance with Section 3(a), unless otherwise provided for in Section 3(c), the Restricted Shares, to the extent not then vested and exercisable, shall be immediately forfeited by the Grantee without consideration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Accelerated Vesting Under Certain Circumstances</u>. Notwithstanding the foregoing, the Award shall vest as to 100% of the Shares subject to the Award (but only to the extent the Award has not otherwise previously been forfeited), and the Shares shall become nonforfeitable, in the event of (i) a Change in Control or (ii) the termination of the Grantee's service as an employee (A) without Cause, (B) due to death or Disability, (C) upon Retirement, and (D) by the Grantee for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Ownership of Shares</u>. Subject to the restrictions set forth in the Plan and this Agreement, the Grantee shall possess from Date of Grant all incidents of ownership of the Restricted Shares granted hereunder, including, without limitation, the right to vote such Restricted Shares; provided, however, that such Restricted Shares shall not be entitled to receive dividends on a current basis until such Restricted Shares have vested. With respect to Restricted Shares that have not vested, as of the first day of each quarter, during the applicable restricted period, the Company shall credit to Grantee an amount equal to the value of all dividends and other distributions (whether in cash or other property) paid by the Company during the prior quarter on the equivalent number of shares of Common Stock. Any dividend equivalents or other distributions credited shall be distributed in cash to the Grantee only if, when and to the extent such Restricted Shares vest. The value of dividends and other distributions payable with respect to Restricted Shares that do not vest shall be forfeited. Any dividends received by Grantee shall be treated, to the extent required by applicable law, as additional compensation for tax purposes if paid on Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>No Right to Continued Employment or Service</u>. Neither the Plan nor this Agreement shall be construed as giving the Grantee the right to be retained in the employ of, or in any consulting relationship to, any member of the Company Group. Further, any member of the Company Group may at any time dismiss the Grantee or discontinue any employment or consulting relationship, free from any liability or any claim under the Plan or this Agreement, except as otherwise expressly provided herein. Any determinations as to whether the Grantee continues to be employed shall be at the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Certificate; Book Entry Form; Legend</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company shall issue the Restricted Shares either (i) in certificate form or (ii) in book entry form, registered in the name of the Grantee, with legends or notations, as applicable referring to the terms, conditions and restrictions applicable to the Award. To the extent applicable, all certificates (or book entries) representing the Shares shall be subject to the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates (or notations made next to the book entries) to make appropriate reference to such restrictions. The Grantee further agrees that any certificate issued for Restricted Shares prior to the lapse of any outstanding restrictions relating thereto shall be inscribed with the following legend:

This certificate and the shares of stock represented hereby are subject to the terms and conditions, including forfeiture provisions and restrictions against transfer, contained in the PBF Energy Inc. 2025 Equity Incentive Plan, as amended from time to time, and an agreement entered into between the registered owner and the Company, copies of which are on file at the principal offices of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon the lapse of restrictions relating to any Restricted Shares, the Company shall, as applicable, either remove the notations on any such Restricted Shares issued in book-entry form or deliver to the Grantee or the Grantee's personal representative a stock certificate representing a number of Shares, free of the restrictive legend described in Section 5(a) above, equal to the number of Shares with respect to which such restrictions have lapsed. If certificates representing such Shares shall have theretofore been delivered to the Grantee, such certificates shall be returned to the Company, complete with any necessary signatures or instruments of transfer prior to the issuance by the Company of such unlegended Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any Restricted Shares forfeited pursuant to this Agreement shall be transferred to, and reacquired by, the Company without payment of any consideration by the Company, and neither the Grantee nor any of the Grantee's permitted transferees, successors, heirs, assigns or personal representatives shall thereafter have any further rights or interests in such Shares. If certificates for any such Shares containing restrictive legends shall have theretofore been delivered to the Grantee (or his/her permitted transferees, successors, heirs, assigns or personal representatives), such certificates shall be returned to the Company, complete with any necessary signatures or instruments of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Transferability</u>. The non-vested portion of the Restricted Shares shall not be transferable or assignable by the Grantee other than by will or by the laws of descent and distribution; provided that, subject to the approval by the Committee, in its discretion, the Restricted Shares may be transferred for no consideration to, or for the benefit of, an "immediate family member" (to be defined by the Committee) or to a bona fide trust for the exclusive benefit of such immediate family member, or a partnership or limited liability company in which immediate family members are the only partners or members. Any sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of this Section 6 shall be void, and shall not be recognized by the Company. All of the terms and conditions of the Plan and this Agreement shall be binding upon any permitted successors and assigns or Permitted Transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Taxes; Withholding</u>. The Grantee may be required to pay to the Company Group and the Company Group shall have the right and is authorized to withhold any applicable withholding or other taxes in respect of the Award or any payment or transfer under or with respect to the Restricted Shares and to take such other action as may be necessary in the opinion of the Committee to satisfy all of the Company's obligations for the payment of such withholding or other taxes. The Grantee acknowledges that he or she is solely responsible for the direct payment of any taxes owed by Grantee in connection with the Award for which the Company is not statutorily required to withhold, and with respect to which the Company has not entered into an agreement with Grantee to withhold such taxes voluntarily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Notices</u>. Any notice under this Agreement shall be addressed to the Company in care of its Secretary, and to the Grantee at the address appearing in the personnel records of the Company for the Grantee or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the state of Delaware without regard to conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Arbitration</u>. Any dispute with regard to the enforcement of this Agreement shall be exclusively resolved by a single experienced arbitrator licensed to practice law in the State of New York, selected in accordance with the American Arbitration Association ("<u>AAA</u>") rules and procedures, at an arbitration to be conducted in the State of New York pursuant to the Commercial Arbitration Rules of AAA with the arbitrator applying the substantive law of the State of Delaware as provided for under Section 9 hereof. The AAA shall provide the parties hereto with lists for the selection of arbitrators composed entirely of arbitrators who are members of the National Academy of Arbitrators and who have prior experience in the arbitration of disputes between employers and senior executives. The determination of the arbitrator shall be final and binding on the parties hereto and judgment therein may be entered in any court of competent jurisdiction. Each party shall pay its own attorneys fees and disbursements and other costs of the arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Amendment</u>. This Agreement may be amended only by a written instrument executed by the parties hereto, which specifically states that it is amending this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Restricted Shares Subject to Plan; Conflict</u>. By entering into this Agreement, the Grantee agrees and acknowledges that the Grantee has received and read a copy of the Plan. The Restricted Shares are subject to the Plan. The terms and provisions of the Plan, as they may be amended from time to time, are hereby incorporated by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail, except where the terms of this Agreement are more restrictive than the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Severability</u>. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Restrictive Covenants.</u> [Intentionally omitted.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Non-Disclosure of Confidential Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Protection of Confidential Information</u>. All items of information, documents (including electronically stored documents like email), and materials pertaining to the business and operations of the Company Group that are not made public by the Company Group through authorized means will be considered confidential (hereafter, "<u>Confidential Information</u>"). Confidential Information includes, but is not limited to, customer lists, business referral source lists, internal cost and pricing data and analysis, marketing plans and strategies, personnel files and evaluations, financial and accounting data, operational and other business affairs and methods, contracts, technical data, know-how, trade secrets, computer software and other proprietary and intellectual property, and plans and strategies for future developments relating to any of the foregoing. Except in connection with the faithful performance of the Grantee's duties hereunder or as permitted pursuant to Section 14(c), (d) and (e), the Grantee shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for his benefit or the benefit of any person, firm, corporation or other entity any Confidential Information, or deliver to any person, firm, corporation or other

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entity any document, record, notebook, computer program or similar repository of or containing any such Confidential Information. The parties hereby stipulate and agree that as between them the foregoing matters are important, material and confidential proprietary information and trade secrets and affect the successful conduct of the businesses of the Company Group, or any of its successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Return of Confidential Information</u>. Upon termination of the Grantee's service or employment with the Company for any reason, the Grantee upon the request of the Company will promptly either destroy or deliver to the Company any and all Confidential Information in the Grantee's possession and any other documents concerning the customers, business plans, marketing strategies, products or processes of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>No Prohibition</u>. Nothing in this Agreement shall prohibit the Grantee from (i) disclosing information and documents when required by law, subpoena or court order (provided the Grantee gives reasonable notice thereof and makes reasonably available to the Company and its counsel the documents and other information sought and assists such counsel, at the Company's expense, in resisting or otherwise responding to such order or process), (ii) disclosing information and documents to his attorney or tax adviser for the purpose of securing legal or tax advice, (iii) disclosing the post-employment restrictions in this Agreement to any potential new employer, (iv) retaining, at any time, his personal correspondence, his personal rolodex or outlook contacts and documents related to his own personal benefits, entitlements and obligations, or (v) disclosing or retaining information that, through no act of the Grantee in breach of this Agreement or any other party in violation of an existing confidentiality agreement with the Company, is generally available to the public, is in the public domain at the time of disclosure or is available from other sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Whistleblower Protection</u>. Notwithstanding anything herein or in any other agreement with or policy (including without limitation any code of conduct or employee manual) of the Company, nothing herein or therein is intended to or shall (i) prohibit or restrict the Grantee or his or her attorney from reporting possible violations of federal or state law or regulation to any government agency, commission or entity, including, but not limited to, the Department of Justice, the Commodities Futures Trading Commission, the Securities and Exchange Commission, the Department of Labor, Congress, any state Attorney General, any self-regulatory organization or any agency Inspector General ("<u>Government Agencies</u>"); (ii) prohibit or restrict the Grantee or his or her attorney from initiating communications directly with; responding to any inquiry from; volunteering information to; or testifying or otherwise participating in or assisting in any inquiry, investigation or proceeding brought by Government Agencies in connection with a disclosure made under a whistleblower law or regulation; (iii) prohibit or restrict the Grantee or his or her attorney from making disclosures that are protected under the whistleblower provisions of federal or state law or regulation; (iv) require the Grantee to provide notice to or receive authorization from the Company prior to making reports or disclosures to Government Agencies; or (v) result in a waiver or other limitation of the Grantee's rights and remedies as a whistleblower, including to a monetary award. The Company will not take action under any agreement or policy against or sanction anyone who reports suspected violations of Company policies or any law or regulation. Furthermore, the Company prohibits retaliation

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against anyone who reports suspected violations of Company policies or any law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Disclosure of Trade Secrets</u>. The Grantee will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, in each case, solely for the purpose of reporting or investigating a suspected violation of law or (ii) in a complaint or other document filed in a lawsuit or proceeding, if such filings are made under seal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Specific Performance</u>. The Grantee acknowledges and agrees that remedies at law available to the Company for a breach or threatened breach of any of the provisions of Sections 13 or 14 would be inadequate and any member of the Company Group would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, the Grantee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Conformity to Section 409A</u>. It is intended that the Award either be exempt from or avoid taxation under Section 409A. Any ambiguity in this Agreement shall be interpreted to preserve exemption from, or comply with, Section 409A. To the extent applicable, as determined in the sole discretion of the Committee with and upon advice of counsel, (a) each amount or benefit payable pursuant to this Agreement shall be deemed a separate payment for purposes of Section 409A and (b) in the event the equity interests of the Company are publicly traded on an established securities market or otherwise and the Grantee is a "specified employee" (as determined under the Company's administrative procedure for such determinations, in accordance with Section 409A) at the time of the Grantee's separation from service, any payments under this Agreement that are deemed to be deferred compensation subject to Section 409A shall not be paid or begin payment until the earlier of the Grantee's death and the first day following the six (6) month anniversary of the Grantee's date of separation from service. The Committee shall use commercially reasonable efforts to implement the provisions of this Section 16 in good faith; provided that neither the Company, the Board, the Committee nor any of the Company's employees, directors or representatives shall have any liability to Grantee with respect to this Section 17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Section Headings; Construction</u>. The section headings contained herein are for the purpose of convenience only and are not intended to define or limit the contents of the sections. All words used in this Agreement shall be construed to be of such gender or number, as the circumstances require. Unless otherwise expressly provided, the word "including" does not limit the preceding words or terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Signature in Counterparts</u>. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

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[*The remainder of this page intentionally left blank.*]

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IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto.

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| | |
|:---|:---|
| **PBF ENERGY INC.** | **PBF ENERGY INC.** |
| By | |
| | Name: |
| | Title: |
| **GRANTEE:** | **GRANTEE:** |

---

The Date of Grant is October 28, 2025.

The number of Restricted Shares is ______ .

The Fair Market Value on the date of grant is $___ per Share.

Subject to the Grantee's continued service or employment with the Company Group through the applicable vesting date, unless otherwise set forth herein, the restrictions with respect to the Restricted Shares shall lapse at the following times:

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| | |
|:---|:---|
| <u>Date Shares Subject to Award Vest</u> | Percentage of Shares<br><u>as to Which Award Vests</u> |
| Upon the first anniversary of the Grant Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33-1/3% |
| Upon the second anniversary of the Grant Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33-1/3% |
| Upon the third anniversary of the Grant Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33-1/3% |

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[Signature Page to Restricted Share Agreement]

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**SECTION 83(b) ELECTION**

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in taxpayer's gross income as compensation for services the excess (if any) of the fair market value of the shares described below over the amount paid for those shares.

1. The name, taxpayer identification number, address of the undersigned, and the taxable year for which this election is being made are:

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| |
|:---|
| NAME: |
| ADDRESS: |
| TAXPAYER I.D. NO.: _____________________ |
| TAXABLE YEAR: <u>Calendar Year</u> |

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2. The property which is the subject of this election is ____ shares of Series A Common Stock (the "Shares") of PBF Energy Inc. (the "Company").

3. The property was transferred to the undersigned on _______________________.

4. The property is subject to the following restrictions:

The Shares are subject to transfer restrictions, forfeiture and certain repurchase provisions under the terms of certain agreements with the Company.

5. The fair market value at the time of transfer (determined without regard to any restriction other than a nonlapse restriction as defined in Section 1.83-3(h) of the Income Tax Regulations) is:

$____ per Share x ______ Shares =$_______.

6. For the property transferred, the undersigned paid $0.00 per Share x ________ Shares= $0.00.

7. The amount to be included in gross income is $_________. [This is the result of the amount reported in Item 5 minus the amount reported in Item 6.]

***The undersigned taxpayer will file this election with the Internal Revenue Service office with which taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the property. A copy of the election will also be furnished to the Company. Additionally, the undersigned will include a copy of the election with his or her income tax return for the taxable year in which the property is transferred. The undersigned is the person performing the services in connection with which the property was transferred.***

Dated: __________ , 20_ Taxpayer's Signature: ____________

## Exhibit 10.4

PBF ENERGY INC.

2025 EQUITY INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

THIS AGREEMENT (the "<u>Agreement</u>") is made effective as of the date set forth on the signature page hereto (the "<u>Date of Grant</u>"), between PBF Energy Inc. (the "<u>Company</u>") and the individual named on the signature page hereto (the "<u>Grantee</u>").

<u>R</u> <u>E</u> <u>C</u> <u>I</u> <u>T</u> <u>A</u> <u>L</u> <u>S</u>:

WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are hereby incorporated by reference and made a part of this Agreement; and

WHEREAS, the Committee (as defined in the Plan) has determined that it would be in the best interests of the Company and its stockholders to grant the Restricted Shares (as defined below) provided for herein to the Grantee pursuant to the Plan and the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Definitions</u>. Whenever the following terms are used in this Agreement, they shall have the meanings set forth below. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Company Group</u>: The Company and its subsidiaries and Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Plan</u>: The PBF Energy Inc. 2025 Equity Incentive Plan, as it may be amended or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Restricted Share</u>: A Share with respect to which the terms, conditions and restrictions are set forth in Section 3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Grant of the Restricted Shares</u>. The Company hereby grants to the Grantee, on the terms and conditions hereinafter set forth herein and in the Plan, the number of Shares set forth on the signature page hereto, subject to adjustment as set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Vesting; Transfer Restrictions; Terms and Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. The Restricted Shares shall be fully vested as of the date of grant but except as otherwise provided in Section 6, shall not be assigned, sold, transferred or otherwise be subject to alienation by the Grantee until such time as the restrictions lapse in accordance with the schedule on the signature page hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Termination of Service</u>. If the Grantee's service with the Company Group terminates for any reason prior to the lapse of the transfer restrictions in accordance with Section 3(a), all restrictions on any Restricted Shares shall immediately lapse and the Shares underlying such Restricted Shares shall be free of any of the transfer restrictions set forth in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Ownership of Shares</u>. Subject to the restrictions set forth in the Plan and this Agreement, the Grantee shall possess from Date of Grant all incidents of ownership of the Restricted Shares granted hereunder, including, without limitation, (i) the right to vote such Restricted Shares, and (ii) the right to receive dividends (on a current basis) with respect to such Restricted Shares (but only to the extent declared and paid to holders of Shares by the Company in its sole discretion), provided, however, that any such dividends shall be treated, to the extent required by applicable law, as additional compensation for tax purposes if paid on Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>No Right to Continued Service</u>. Neither the Plan nor this Agreement shall be construed as giving the Grantee the right to be retained in the service of, or in any consulting relationship to, any member of the Company Group. Further, any member of the Company Group may at any time dismiss the Grantee or discontinue any service or consulting relationship, free from any liability or any claim under the Plan or this Agreement, except as otherwise expressly provided herein. Any determinations as to whether the Grantee continues to provide services shall be at the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Certificate; Book Entry Form; Legend</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company shall issue the Restricted Shares either (i) in certificate form or (ii) in book entry form, registered in the name of the Grantee, with legends or notations, as applicable referring to the terms, conditions and restrictions applicable to the Award. To the extent applicable, all certificates (or book entries) representing the Shares shall be subject to the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates (or notations made next to the book entries) to make appropriate reference to such restrictions. The Grantee further agrees that any certificate issued for Restricted Shares prior to the lapse of any outstanding restrictions relating thereto shall be inscribed with the following legend:

This certificate and the shares of stock represented hereby are subject to the terms and conditions, including restrictions against transfer, contained in the PBF Energy Inc. 2025 Equity Incentive Plan, as amended from time to time, and an agreement entered into between the registered owner and the Company, copies of which are on file at the principal offices of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon the lapse of the transfer restrictions relating to any Restricted Shares, the Company shall, as applicable, either remove the notations on any such Shares issued in book-entry form or deliver to the Grantee or the Grantee's personal representative a stock certificate representing a number of Shares, free of the restrictive legend described in Section 5(a) above, equal to the number of Shares with respect to which such restrictions have lapsed. If certificates representing such Shares shall have theretofore been delivered to the Grantee, such certificates shall be returned to the Company, complete with any necessary

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signatures or instruments of transfer prior to the issuance by the Company of such unlegended Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Transferability</u>. The Restricted Shares (or any portion thereof) shall not be transferable or assignable by the Grantee other than by will or by the laws of descent and distribution until the applicable transfer restrictions have lapsed; <u>provided</u>, that, subject to the approval by the Committee, in its discretion, the Restricted Shares may be transferred for no consideration to, or for the benefit of, an "immediate family member" (to be defined by the Committee) or to a bona fide trust for the exclusive benefit of such immediate family member, or a partnership or limited liability company in which immediate family members are the only partners or members. Any sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of this Section 6 shall be void and shall not be recognized by the Company. All of the terms and conditions of the Plan and this Agreement shall be binding upon any permitted successors and assigns or Permitted Transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Taxes; Withholding</u>. The Grantee may be required to pay to the Company Group and the Company Group shall have the right and is authorized to withhold any applicable withholding or other taxes in respect of the Award or any payment or transfer under or with respect to the Restricted Shares and to take such other action as may be necessary in the opinion of the Committee to satisfy all of the Company's obligations for the payment of such withholding or other taxes. The Grantee acknowledges that he or she is solely responsible for the direct payment of any taxes owed by Grantee in connection with the Award for which the Company is not statutorily required to withhold, and with respect to which the Company has not entered into an agreement with Grantee to withhold such taxes voluntarily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Notices</u>. Any notice under this Agreement shall be addressed to the Company in care of its Secretary, and to the Grantee at the address appearing in the personnel records of the Company for the Grantee or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the state of Delaware without regard to conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Arbitration</u>. Any dispute with regard to the enforcement of this Agreement shall be exclusively resolved by a single experienced arbitrator licensed to practice law in the State of New York, selected in accordance with the American Arbitration Association ("AAA") rules and procedures, at an arbitration to be conducted in the State of New York pursuant to the Commercial Arbitration Rules of AAA with the arbitrator applying the substantive law of the State of Delaware as provided for under Section 9 hereof. The AAA shall provide the parties hereto with lists for the selection of arbitrators composed entirely of arbitrators who are members of the National Academy of Arbitrators and who have prior experience in the arbitration of disputes between employers and senior executives. The determination of the arbitrator shall be final and binding on the parties hereto and judgment therein may be entered in any court of competent jurisdiction. Each party shall pay its own attorneys' fees and disbursements and other costs of the arbitration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Amendment</u>. This Agreement may be amended only by a written instrument executed by the parties hereto, which specifically states that it is amending this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Restricted Shares Subject to Plan; Conflict</u>. By entering into this Agreement, the Grantee agrees and acknowledges that the Grantee has received and read a copy of the Plan. The Restricted Shares are subject to the Plan. The terms and provisions of the Plan, as they may be amended from time to time, are hereby incorporated by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail, except where the terms of this Agreement are more restrictive than the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Severability</u>. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Non-Disclosure of Confidential Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Protection of Confidential Information</u>. All items of information, documents (including electronically stored documents like email), and materials pertaining to the business and operations of the Company Group that are not made public by the Company Group through authorized means will be considered confidential (hereafter, "<u>Confidential Information</u>"). Confidential Information includes, but is not limited to, customer lists, business referral source lists, internal cost and pricing data and analysis, marketing plans and strategies, personnel files and evaluations, financial and accounting data, operational and other business affairs and methods, contracts, technical data, know-how, trade secrets, computer software and other proprietary and intellectual property, and plans and strategies for future developments relating to any of the foregoing. Except in connection with the faithful performance of the Grantee's duties hereunder or as permitted pursuant to Sections 14(c), (d) and (e), the Grantee shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for his or her benefit or the benefit of any person, firm, corporation or other entity any Confidential Information, or deliver to any person, firm, corporation or other entity any document, record, notebook, computer program or similar repository of or containing any such Confidential Information. The parties hereby stipulate and agree that as between them the foregoing matters are important, material and confidential proprietary information and trade secrets and affect the successful conduct of the businesses of the Company Group, or any of its successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Return of Confidential Information</u>. Upon termination of the Grantee's service or employment with the Company for any reason, the Grantee upon the request of the Company will promptly either destroy or deliver to the Company any and all Confidential Information in the Grantee's possession and any other documents concerning the customers, business plans, marketing strategies, products or processes of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>No Prohibition</u>. Nothing in this Agreement shall prohibit the Grantee from (i) disclosing information and documents when required by law, subpoena or court order (provided, except as stipulated in Sections 14(d) and (e), the Grantee gives reasonable notice thereof and makes reasonably available to the Company and its counsel the documents and other information sought and assists such counsel, at the Company's expense, in resisting or

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otherwise responding to such order or process), (ii) disclosing information and documents to his or her attorney or tax adviser for the purpose of securing legal or tax advice, (iii) disclosing the post-employment restrictions in this Agreement to any potential new employer, (iv) retaining, at any time, his or her personal correspondence, his or her personal rolodex or outlook contacts and documents related to his or her own personal benefits, entitlements and obligations, or (v) disclosing or retaining information that, through no act of the Grantee in breach of this Agreement or any other party in violation of an existing confidentiality agreement with the Company, is generally available to the public, is in the public domain at the time of disclosure or is available from other sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Whistleblower Protection.</u> Notwithstanding anything herein or in any other agreement with or policy (including without limitation any code of conduct or employee manual) of the Company, nothing herein or therein is intended to or shall (i) prohibit or restrict the Grantee or his or her attorney from reporting possible violations of federal or state law or regulation to any government agency, commission or entity, including, but not limited to, the Department of Justice, the Commodities Futures Trading Commission, the Securities and Exchange Commission, the Department of Labor, Congress, any state Attorney General, any self-regulatory organization or any agency Inspector General ("<u>Government Agencies</u>"); (ii) prohibit or restrict the Grantee or his or her attorney from initiating communications directly with; responding to any inquiry from; volunteering information to; or testifying or otherwise participating in or assisting in any inquiry, investigation or proceeding brought by Government Agencies in connection with a disclosure made under a whistleblower law or regulation; (iii) prohibit or restrict the Grantee or his or her attorney from making disclosures that are protected under the whistleblower provisions of federal or state law or regulation; (iv) require the Grantee to provide notice to or receive authorization from the Company prior to making reports or disclosures to Government Agencies; or (v) result in a waiver or other limitation of the Grantee's rights and remedies as a whistleblower, including to a monetary award. The Company will not take action under any agreement or policy against or sanction anyone who reports suspected violations of Company policies or any law or regulation. Furthermore, the Company prohibits retaliation against anyone who reports suspected violations of Company policies or any law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Disclosure of Trade Secrets.</u> The Grantee will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, in each case, solely for the purpose of reporting or investigating a suspected violation of law or (ii) in a complaint or other document filed in a lawsuit or proceeding, if such filings are made under seal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Specific Performance</u>. The Grantee acknowledges and agrees that remedies at law available to the Company for a breach or threatened breach of any of the provisions of Section 14 would be inadequate and any member of the Company Group would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, the Grantee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Conformity to Section 409A</u>. It is intended that the Award either be exempt from or avoid taxation under Section 409A. Any ambiguity in this Agreement shall be interpreted to preserve exemption from, or comply with, Section 409A. To the extent applicable, as determined in the sole discretion of the Committee with and upon advice of counsel, (a) each amount or benefit payable pursuant to this Agreement shall be deemed a separate payment for purposes of Section 409A and (b) in the event the equity interests of the Company are publicly traded on an established securities market or otherwise and the Grantee is a "specified employee" (as determined under the Company's administrative procedure for such determinations, in accordance with Section 409A) at the time of the Grantee's separation from service, any payments under this Agreement that are deemed to be deferred compensation subject to Section 409A shall not be paid or begin payment until the earlier of the Grantee's death and the first day following the six (6) month anniversary of the Grantee's date of separation from service. The Committee shall use commercially reasonable efforts to implement the provisions of this Section 16 in good faith; provided that neither the Company, the Board, the Committee nor any of the Company's employees, directors or representatives shall have any liability to Grantee with respect to this Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Section Headings; Construction</u>. The section headings contained herein are for the purpose of convenience only and are not intended to define or limit the contents of the sections. All words used in this Agreement shall be construed to be of such gender or number, as the circumstances require. Unless otherwise expressly provided, the word "including" does not limit the preceding words or terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Signature in Counterparts</u>. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

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IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto.

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| | |
|:---|:---|
| **PBF ENERGY INC.** | **PBF ENERGY INC.** |
| By | |
| | Name: |
| | Title: |
| **[NAME OF GRANTEE]** | **[NAME OF GRANTEE]** |

---

The Date of Grant is ________ .

The total number of Restricted Shares issued was _______ and, after deduction of ______ shares concurrently repurchased by the Company, the remaining Restricted Shares hereunder is ______.

The restrictions with respect to the Restricted Shares shall lapse at the following times:

---

| | |
|:---|:---|
| <u>Date Transfer Restrictions on Shares Subject to Award Lapse</u> | Percentage of Shares<br><u>as to Which Restrictions Lapse</u> |
| Upon the first anniversary of the Grant Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 1/3% |
| Upon the second anniversary of the Grant Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 1/3% |
| Upon the third anniversary of the Grant Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 1/3% |

---

## Exhibit 31.1

Exhibit 31.1

**CERTIFICATION PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Matthew C. Lucey, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of PBF Energy Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 30, 2025

---

| |
|:---|
| /s/ Matthew C. Lucey |
| Matthew C. Lucey<br>President and Chief Executive Officer |

---

## Exhibit 31.2

Exhibit 31.2

**CERTIFICATION PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Joseph Marino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of PBF Energy Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 30, 2025

---

| |
|:---|
| /s/ Joseph Marino |
| Joseph Marino<br>Senior Vice President and Chief Financial Officer |

---

## Exhibit 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of PBF Energy Inc. ("PBF Energy") on Form 10-Q for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Matthew C. Lucey, President and Chief Executive Officer of PBF Energy, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 <br> 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 <br> 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of PBF Energy.

---

| |
|:---|
| /s/ Matthew C. Lucey |
| Matthew C. Lucey |
| President and Chief Executive Officer |
| October 30, 2025 |

---

A signed original of the written statement required by Section 906 has been provided to PBF Energy Inc. and will be retained by PBF Energy Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of PBF Energy Inc. ("PBF Energy") on Form 10-Q for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Joseph Marino, Senior Vice President and Chief Financial Officer of PBF Energy, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 <br> 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 <br> 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of PBF Energy.

---

| |
|:---|
| /s/ Joseph Marino |
| Joseph Marino |
| Senior Vice President and Chief Financial Officer |
| October 30, 2025 |

---

A signed original of the written statement required by Section 906 has been provided to PBF Energy Inc. and will be retained by PBF Energy Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

<br>