Financial Analysis

COMMITMENTS AND CONTINGENCIES In the ordinary conduct of the Companys 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 Companys financial position, results of operations or cash flows. Environmental Matters The Companys 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 th …

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CREDIT FACILITIES AND DEBT Debt outstanding consisted of the following: (in millions) June 30, 2026 December 31, 2025 9.875% senior unsecured notes due 2030 (2030 9.875% Senior Notes) $ 800.0 $ 800.0 7.875% senior unsecured notes due 2030 (2030 7.875% Senior Notes) 500.0 500.0 7.25% senior unsecured notes due 2034 (2034 7.25% Senior Notes) 500.0 6.00% senior unsecured notes due 2028 (2028 6.00% Senior Notes) 801.6 Revolving Credit Facility 100.0 1,800.0 2,201.6 Unamortized deferred financing costs (39.9) (41.0) Unamortized discount (11.0) (12.3) Long-term debt $ 1,749.1 $ 2,148.3 2034 7.25% Senior Notes On May 28, 2026, PBF Holding Company LLC (PBF Holding) entered into an indenture (the Indenture) by and among PBF Holding and PBF Holdings 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 $500.0 million in aggregate principal amount of 2034 7.25% Senior Notes. The Issuers received net proceeds of $492.1 million from the offering after deducting the initial purchasers discount and offering expenses. The Company used the net proceeds and available cash to fully redeem the 2028 6.00% Senior Notes, plus accrued and unpaid interest up to, but excluding, the redemption date of June 25, 2026. T …

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FAIR VALUE MEASUREMENTS The tables below present information about the Companys 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 June 30, 2026 and December 31, 2025. 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 June 30, 2026 and December 31, 2025, the Company had the obligation to return, and the right to receive, cash collateral posted against its derivative positions of $9.6 million and $5.7 million, respectively. Cash collateral related to derivative contracts is recorded net on 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 June 30, 2026 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 6.1 $ $ $ 6.1 N/A $ 6.1 Commodity contracts 122.2 11.0 133.2 (100.3) 32.9 Liabilities: Commodity contracts 84.6 15.7 100.3 (100.3) Renewabl …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

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 LLCs pre-tax income (loss) (approximately 99.3% as of both June 30, 2026 and December 31, 2025). 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 Holdings 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. The income tax provision in the PBF Energy Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Current income tax expense $ 95.2 $ 0.3 $ 95.6 $ 0.8 Deferred income tax expense (benefit) 219.0 (5.4) 276.9 (147.8) Total income tax expense (benefit) $ 314.2 $ (5.1) $ 372.5 $ (147.0) 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 exc …

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Recently Issued Accounting Pronouncements In May 2026, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) (ASU 2026-02), which establishes guidance for the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2027, including interim reporting periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the expected impact that the adoption of ASU 2026-02 will have on its Consolidated Financial Statements and related disclosures. 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 …

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RELATED PARTY TRANSACTIONS Summary of Transactions with SBR A summary of the Companys related party transactions with SBR is as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Transactions under commercial agreements: Sales $ 32.8 $ 16.9 $ 54.4 $ 30.3 Purchases (253.0) (121.3) (410.5) (181.6) Reimbursements under related party agreements: Operating agreement 31.8 34.4 101.9 74.4 Omnibus agreement 0.9 0.9 1.9 1.9 Common asset use and servitude agreement 1.7 1.8 3.7 4.0 Total lease expense under related party agreements (2.8) (8.1) 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 Companys Condensed Consolidated Statements of Operations. Additionally, the Condensed Consolidated Balance Sheets include $44.6 million and $84.8 million recorded within Accounts receivable and Accrued expenses, respectively, related to transactions with SBR as of June 30, 2026 ($44.1 million and $39.4 million, respectively, as of December 31, 2025). SBR Loan Contributions made to equity method investees at times are in the form of loan agreements. Loans provided to equity method investees that are made based on the Companys proportionate ownership percentage are accounted for as in-substance capital contributions and are treated as an increase to th …

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REVENUES As described in Note 13 - Segment Information, the Companys business consists of the Refining Segment and Logistics Segment. The following table provides information relating to the Companys revenues for each product or group of similar products or services by segment for the periods presented. Three Months Ended June 30, (in millions) 2026 2025 Refining Segment: Gasoline and distillates $ 10,265.0 $ 6,585.6 Asphalt and blackoils 604.7 415.0 Feedstocks and other 486.7 240.7 Chemicals 221.0 136.5 Lubricants 98.9 87.8 Total Refining Revenue 11,676.3 7,465.6 Logistics Segment: Logistics Revenue 94.9 98.0 Total revenue prior to eliminations 11,771.2 7,563.6 Elimination of intercompany revenue (92.9) (88.3) Total Revenues $ 11,678.3 $ 7,475.3 Six Months Ended June 30, (in millions) 2026 2025 Refining Segment: Gasoline and distillates $ 17,323.8 $ 12,711.2 Asphalt and blackoils 922.9 652.7 Feedstocks and other 778.6 737.6 Chemicals 366.0 257.9 Lubricants 184.8 163.3 Total Refining Revenue 19,576.1 14,522.7 Logistics Segment: Logistics Revenue 188.1 192.5 Total revenue prior to eliminations 19,764.2 14,715.2 Elimination of intercompany revenue (181.6) (173.5) Total Revenues $ 19,582.6 $ 14,541.7 The majority of the Companys 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 C …

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SEGMENT INFORMATION The Companys operations are organized into two reportable segments, Refining and Logistics. Operations that are not included in the Refining or Logistics segments, including the Companys share of SBRs results, are included in Corporate. Intersegment transactions are eliminated on the Condensed Consolidated Financial Statements and are included in the Eliminations column below. The Companys 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 Companys Refining segment includes the operations of its six refineries, including certain related logistics assets that are not owned by PBFX. The Companys 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 shi …

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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 Energys equity interest in PBF LLC was approximately 99.3% as of both June 30, 2026 and December 31, 2025. 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, 2025 and June 30, 2026 are calculated as follows: Holders of PBF LLC Series A Units Outstanding Shares of PBF Energy Class A Common Stock Total * December 31, 2025 862,780 116,937,076 117,799,856 0.7% 99.3% 100.0% June 30, 2026 860,839 118,516,190 119,377,029 0.7% 99.3% 100.0% * Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energys Class A common stock on a …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENTS Air Products Asset Purchase On July 20, 2026, the Company entered into an agreement with Air Products and Chemicals, Inc. to acquire two hydrogen production plants located at the Torrance refinery that were subject to operating lease arrangements as of June 30, 2026. Upon closing, the Company will become the owner and operator of the hydrogen plants. The transaction includes a secured promissory note to be issued by PBF LLC that will become effective upon closing. The discounted value of the promissory note is estimated to range between $320.0 million - $340.0 million, including consideration of certain contingent payment amounts, dependent upon timing of closing. Upon closing, the Company expects to derecognize the operating lease liability and related right-of-use asset associated with the hydrogen plants. The transaction is expected to close in the second half of 2026 and is subject to customary closing conditions and certain regulatory approvals. Since the agreement was executed subsequent to June 30, 2026, the transaction represents a nonrecognized subsequent event and, accordingly, no amounts have been reflected in the accompanying financial statements. Dividend Declared On July 30, 2026, PBF Energy announced a dividend of $0.275 per share on outstanding PBF Energy Class A common stock. The dividend is payable on August 28, 2026 to PBF Energy Class A common stockholders of record at the close of business on August 14, 2026.

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