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Management characterizes the current global environment as a 'momentous opportunity' driven by unprecedented Middle East disruptions that have stranded crude and product within the Straits of Hormuz.

The Martinez refinery is in the final stages of a phased restart, with the cat feed hydrotreater and alkylation units already operational and the FCC expected to produce finished products by the upcoming weekend.

The restart of Martinez took longer than initially expected due to a methodical, safety-first approach to verifying equipment integrity after a 14-month rebuild effort.

U.S. refining is positioned as critical infrastructure, particularly on the East and West Coasts, which are structurally short on capacity and currently insulated from global natural gas price spikes.

The company achieved its 2025 Refining Business Improvement (RBI) target of $230 million in annualized run-rate savings, including $160 million in operating expense reductions.

Capture rates in Q1 were pressured by West Coast operational delays, higher RINs expenses, and derivative losses resulting from a rapidly rising price environment.

PBF is utilizing its proprietary M70 pipeline to deliver attractively priced California Valley crude to its Torrance refinery, providing a competitive advantage over imported barrels.

Management expects refining fundamentals to remain strong throughout 2026, supported by tight global balances and the necessity for inevitable inventory restocking.

The company plans to prioritize deleveraging in the near-term, aiming to transfer value from debt to equity as excess cash flow is generated from improved operations.

Working capital is expected to normalize and provide a cash flow tailwind in the second quarter as Martinez operations ramp up and inventory levels stabilize.

The St. Bernard Renewables (SBR) facility is expected to serve as a significant hedge against rising RIN prices, with margins stabilizing following the finalization of the RVO.

Management anticipates pushing the Martinez hydrocracker turnaround from the second quarter toward the end of the third quarter to maximize production during the current high-margin environment.

PBF recognized an aggregate derivative loss of over $200 million in Q1, with approximately half being unrealized and expected to be offset in Q2 as physical barrels are processed.

The company received a $106.5 million insurance recovery payment in Q1, bringing total recoveries to $1 billion, with additional interim and final payments still being pursued.

RINs expenses are cited as a major headwind, with management warning that high prices could eventually constrict supply if they exceed the industry's ability to generate or purchase credits.

Capital expenditures for the Martinez rebuild are essentially complete, shifting the focus to operational efficiency and debt reduction.

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Management expressed high confidence in the weekend restart because the FCC is already heating up and the prior two units (hydrotreater and alky) started without incident.

The delay was attributed to the sheer scale of the disruption and the refusal to compromise on safety checks during the final verification phase.

The temporary suspension of certain shipping constraints allows PBF to run non-traditional U.S. barrels, such as WTI, at its East Coast refineries to replace disrupted imports.

This flexibility ensures crude access even as traditional sources like Aramco barrels are diverted or delayed by global conflicts.

Management cautioned that traditional 'rules of thumb' for capture rates may not apply in the current environment due to extreme volatility in basis differentials and product premiums.

They emphasized that physical product shortages, particularly for jet fuel on the West Coast, will likely drive realized pricing regardless of historical capture metrics.

Management described the RINs program as potentially 'breaking' because high prices may not generate enough supply to meet the RVO due to the ethanol blend wall.

They suggested the administration has levers to lower gasoline prices by addressing the blend wall, but PBF remains protected via its SBR investment.

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