(Reuters) – PBF Power posted a 3rd consecutive quarterly loss on Thursday, because the U.S. refiner took successful from a decline in margins.
The Parsippany, New Jersey-based refiner mentioned fourth-quarter loss attributable to the corporate was $289.3 million, or $2.54 per share, larger than its lack of $48.4 million, or $0.40 per share, a yr earlier.
International refining margins have dropped via the final yr within the face of weaker financial exercise and several other new refineries beginning up in Asia and Africa.
U.S. refinery margins, measured by the 3-2-1 crack unfold, averaged $16.66 within the October-December quarter, an almost 25% fall from a yr earlier.
Larger rivals Phillips 66, Valero Power and Marathon Petroleum all took successful to their quarterly outcomes on weak margins. Nevertheless, that they had nonetheless managed to carry out higher than analysts’ expectations.
PBF Power mentioned its consolidated gross refining margin was a lack of $3.89 per barrel within the fourth quarter, in contrast with $1.04 per barrel it earned a yr earlier.
“International refining markets stay structurally tight, and capability rationalization and demand progress are anticipated to exceed new refinery additions,” PBF Power’s CEO Matt Lucey mentioned.
The corporate mentioned its crude oil and feedstocks throughput within the reported quarter fell to 862,000 barrels of oil per day (bpd), from 878,200 bpd a yr earlier.
PBF Power additionally mentioned the scope and timing of a deliberate turnaround exercise at Martinez refinery in California could also be impacted after a hearth occurred on the location on February 1.
“Presently, the price of repairs and the size of the shutdown arising from the incident can’t be moderately estimated,” the corporate mentioned.
On an adjusted foundation, the corporate misplaced $2.82 per share within the fourth quarter, in contrast with estimates of a lack of $2.81 in response to information compiled by LSEG.
(Reporting by Arunima Kumar in Bengaluru; Modifying by Krishna Chandra Eluri)
