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PBF Energy cites 'staggering' pandemic impact as it swings to Q2 net loss YOY from SNL Energy Finance Daily PBF Energy cites 'staggering' pandemic impact as it swings to Q2 net loss YOYByline: Dyna Mariel Bade Petroleum refiner PBF Energy Inc. on July 31 reported adjusted fully converted net loss excluding special items of $384.8 million, or a loss of $3.19 per share, for the second quarter, versus an adjusted fully converted net income of $101.1 million, or 83 cents per share, in the same period a year earlier. The S&P Capital IQ consensus normalized earnings estimate for the second quarter was a loss of $2.96 per share. Second-quarter net income attributable to the company's stockholders clocked in at $389.1 million, compared to a net loss of $32.2 million in the prior-year quarter. Revenues for the second quarter came in at $2.52 billion, a decrease from $6.56 billion in the year-ago period. "Our second quarter financial performance reflects the staggering impact the pandemic had on our business and the underlying impact to demand for our essential products," PBF Energy Chairman and CEO Tom Nimbley said in a news release. "In the current environment, liquidity and protecting the balance sheet are our primary objectives." The refiner also recorded severance costs of $12.9 million related to a workforce reduction during the first half of the year. PBF Energy said it still aims to achieve an operating expense reduction of roughly $250 million for the year. The company's refining capital spending program is also on track to meet its revised 2020 guidance of about $360 million. For the rest of the year, the company said it expects to spend $90 million to $100 million in refining capital expenditures. In addition, PBF Energy said it will continue to operate its refineries at lower utilization, with expected near-term throughput in the range of 700,000 barrels per day to 800,000 bbl/d. |
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