PBF Energy Inc.

¶¶ Good day everyone and welcome to the PBF Energy fourth quarter 2025 earnings conference call and webcast. At this time, all participants have been placed in a listen-only mode and the floor will be open for questions following management's prepared remarks. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.

Thank you, Angeline. Good morning and welcome to today's call. With me today are Matt Lucey, our President and CEO, Mike Bukowski, our Senior Vice President and Head of Refining, Joe Marino, our CFO, and several other members of our management team. Copies of today's earnings release and our 10-K filing, including supplemental information, are available on our website. Before getting started, I'd like to direct your attention to the Safe Harbor Statement contained in today's press release. Statements that express the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the Safe Harbor provisions under federal securities laws. Consistent with our prior periods, we will discuss our results excluding special items, which are described in today's press release. Also included in the press release is forward-looking guidance information. For any questions on these items or other follow-up questions, please contact Investor Relations after today's call. I'll now turn the call over to Matt Lucie.

Thanks, Colin. Good morning, everyone, and thanks for joining our call. I want to address three key topics. One, status of Martinez. Two, our fourth quarter performance. And three, the near-term outlook for the market and our company. First, the status of Martinez. Bottom line is we're on the cusp of restarting the refinery. All the construction work will be done this weekend. Next week, the plant will be turned over to operations and will commence a safe and methodical restart. We expect to be fully operational in early March. We set a high bar for the team that we would not be where we are today without the efforts and ingenuity of all involved. Martina's team, our representative workforce, our suppliers, and many others who worked collaboratively along the way. Our team overcame numerous challenges to get us to this point, and a safe, successful startup will be the culmination of their efforts. We eagerly look forward to getting back to full operations this quarter and supplying the California market with much-needed fuels. Point two, Q4 performance. PBF exited 25 on a strong trajectory. Our fourth quarter results were a sequential improvement over prior quarters and demonstrate the exposure of our system to torque with improving crew differentials. Even with expected seasonality, product cracks remained relatively strong as the quarter progressed. We directly benefited from improving crew dynamics, Increasing supply of heavy and medium crudes improved the light heavy spreads and our predominantly coastal, highly complex refining system directly benefited. Point three, outlook. The market landscape taking shape in 26 is looking very good. Refining fundamentals should remain supported by tight refining balances with demand growth lining up well compared to transportation fuel capacity additions. Most of the refinery additions are in Asia and have a very high petrochemical yield. Sour crude differentials began widening in the middle of last year with OPEC plus taper and now have additional tailwind in 26 of Venezuela barrels entering the open market. PBF is particularly well suited and highly leveraged to this improving market dynamics. And in California, with Martinez almost behind us, we look forward to participating in a market that is tighter on products and looser on crude. The near-term outlook for the company is certainly buttressed by the $230 million in achieved efficiencies that we reached in 2025 and are now firmly in place. Incidentally, our RBI effort is not complete. We have identified an additional $120 million of run rate savings for a total of $350 million that we expect to achieve by the end of this year. PBF remains focused on controlling the aspects of our business that we can control. To be successful and enhance value for our investors, we must operate safely, reliably, and responsibly, and we must do it as efficiently as possible. With a fully restarted Martinez, constructive market dynamics, and $230 million of achieved efficiencies, we should have the company set up to be clicking on all cylinders and drive positive results for our shareholders.