PBF Energy Inc.
PBF Energy Inc. Segments Disclosure
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 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 years ended December 31, 2025, 2024 and 2023 are presented below.
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
(in millions) | Refining | Logistics | Corporate | Eliminations | Consolidated Total | ||||||||||||||||||||||||
| Revenues | $ | 29,297.7 | $ | 383.5 | $ | — | $ | (348.9) | $ | 29,332.3 | |||||||||||||||||||
| Cost of products and other | 26,950.2 | 8.3 | — | (331.5) | 26,627.0 | ||||||||||||||||||||||||
| Operating expenses (income) | 2,547.0 | 116.5 | — | (17.5) | 2,646.0 | ||||||||||||||||||||||||
| Depreciation and amortization expense | 594.2 | 36.1 | 14.4 | — | 644.7 | ||||||||||||||||||||||||
Other segment (income) expenses, net (1) | (831.4) | (86.9) | 387.2 | — | (531.1) | ||||||||||||||||||||||||
| Income (loss) from operations | 37.6 | 309.6 | (401.5) | — | (54.3) | ||||||||||||||||||||||||
| Interest (income) expense, net | (27.7) | (1.6) | 210.9 | — | 181.6 | ||||||||||||||||||||||||
Capital expenditures (3) | 598.1 | 17.0 | 13.8 | — | 628.9 | ||||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Refining | Logistics | Corporate | Eliminations | Consolidated Total | |||||||||||||||||||||||||
| Revenues | $ | 33,077.9 | $ | 386.8 | $ | — | $ | (349.4) | $ | 33,115.3 | |||||||||||||||||||
| Cost of products and other | 30,590.4 | 8.3 | — | (332.0) | 30,266.7 | ||||||||||||||||||||||||
| Operating expenses (income) | 2,487.8 | 135.8 | — | (17.4) | 2,606.2 | ||||||||||||||||||||||||
| Depreciation and amortization expense | 578.4 | 36.2 | 13.2 | — | 627.8 | ||||||||||||||||||||||||
Other segment expenses, net (1) (2) | 0.9 | 7.3 | 305.4 | — | 313.6 | ||||||||||||||||||||||||
Income (loss) from operations (2) | (579.5) | 199.1 | (318.6) | — | (699.0) | ||||||||||||||||||||||||
| Interest (income) expense, net | (14.1) | (1.9) | 88.0 | — | 72.0 | ||||||||||||||||||||||||
Capital expenditures (3) | 994.8 | 6.5 | 7.0 | — | 1,008.3 | ||||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Refining | Logistics | Corporate | Eliminations | Consolidated Total | |||||||||||||||||||||||||
| Revenues | $ | 38,288.5 | $ | 384.1 | $ | — | $ | (347.8) | $ | 38,324.8 | |||||||||||||||||||
| Cost of products and other | 33,000.8 | — | — | (329.5) | 32,671.3 | ||||||||||||||||||||||||
| Operating expenses (income) | 2,581.3 | 131.9 | — | (18.3) | 2,694.9 | ||||||||||||||||||||||||
| Depreciation and amortization expense | 523.9 | 36.1 | 11.5 | — | 571.5 | ||||||||||||||||||||||||
Other segment (income) expenses, net (1) (2) | (1.1) | 10.0 | (573.3) | — | (564.4) | ||||||||||||||||||||||||
Income from operations (2) | 2,183.6 | 206.1 | 561.8 | — | 2,951.5 | ||||||||||||||||||||||||
| Interest (income) expense, net | (4.8) | 2.3 | 66.3 | — | 63.8 | ||||||||||||||||||||||||
Capital expenditures (3) | 1,152.9 | 11.9 | 8.8 | — | 1,173.6 | ||||||||||||||||||||||||
| Balance at December 31, 2025 | |||||||||||||||||||||||||||||
| Refining | Logistics | Corporate | Eliminations | Consolidated Total | |||||||||||||||||||||||||
Total assets (4) | $ | 11,469.1 | $ | 683.4 | $ | 906.3 | $ | (38.9) | $ | 13,019.9 | |||||||||||||||||||
| Balance at December 31, 2024 | |||||||||||||||||||||||||||||
| Refining | Logistics | Corporate | Eliminations | Consolidated Total | |||||||||||||||||||||||||
Total assets (4) | $ | 10,945.5 | $ | 781.9 | $ | 1,015.4 | $ | (39.6) | $ | 12,703.2 | |||||||||||||||||||
(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 (gain) on formation of SBR equity method investment, and (Gain) loss on sale of assets.
(2) Income (loss) from operations and Other segment (income) expenses, net within Corporate for the year ended December 31, 2024, included a $8.7 million reduction of the gain associated with the formation of the SBR equity method investment.
(3) For the year ended December 31, 2025, the Company’s refining segment Capital expenditures exclude $532.9 million of costs associated with the rebuild of units damaged by the Martinez refinery fire. For the years ended December 31, 2024 and December 31, 2023, the Company’s refining segment includes $5.6 million and $312.7 million, respectively, of capital expenditures related to the Renewable Diesel Facility.
(4) As of December 31, 2025 and December 31, 2024, Corporate assets include the Company’s Equity method investment in SBR of $826.3 million and $866.8 million, respectively.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.