© Reuters. FILE PHOTO: A nighttime view of the Torrance Refinery, an oil refinery operated by PBF Energy, in Torrance, California, U.S., March 10, 2022. Picture taken March 10, 2022. Picture taken with a drone. REUTERS/Bing Guan
(Reuters) -U.S. refiner PBF Energy (NYSE:) Inc reported a jump in third-quarter profit on Thursday, boosted by strong demand for fuel and refined products and robust refining margins.
Refining fundamentals have been favorable due to recovery of domestic demand and on strong exports over Russia’s invasion of Ukraine, while tight supplies are boosting margins for refiners.
PBF’s gross refining margin, excluding special items, rose to $2.26 billion from $727.5 million a year ago.
U.S. refineries have operated this year at record levels after drawing criticism from President Joe Biden, who said refiners were putting profits ahead of consumers and urged them to expand capacity.
PBF’s total crude oil and feedstocks throughput climbed in the July-September quarter to 90.6 million barrels from last year’s 78 million barrels.
“As we head into the winter months, global product inventories remain low, consumer demand is resilient and refineries are running at high utilization to keep pace,” Chief Executive Tom Nimbley said.
The refiner also announced reinstatement of regular quarterly dividend of $0.20 per share.
The Parsippany, New Jersey-based refiner said net income attributable to stockholders stood at $1.06 billion, or $8.40 per share, in the three months ended Sept. 30, compared with $59.1 million, or 49 cents per share, last year.
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