PBF · 10-K filed 12 Feb 2026 · year to 31 Dec 2025

PBF Energy

35 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Shell plc

earns from · approximately 13%

For the years ended December 31, 2025 and December 31, 2024 only one customer, Shell plc (“Shell”), accounted for 10% or more of our revenues (approximately 13% and 13%, respectively).Business (Item 1)

Also named by COP, ET

Sunoco

earns from · approximately one-third of the Toledo refinery’s gasoline and distillates production

We have an agreement with Sunoco whereby Sunoco purchases gasoline and distillate products representing approximately one-third of the Toledo refinery’s gasoline and distillates production.Business (Item 1)

Shell Oil Products

earns from · varying terms up to 15 years

We entered into certain offtake agreements for our West Coast system with Shell Oil Products for clean products with varying terms up to 15 years.Business (Item 1)

Suppliers

Enbridge pipeline system

depends onnamed as a risk

These pipelines include the Enbridge system, Capline and Mid-Valley pipelines for supplying crude to our Toledo refinery, the MOEM Pipeline and CAM Pipeline for supplying crude to our Chalmette refinery and the San Joaquin Pipeline, San Ardo and Coastal Pipeline systems for supplying crude to our Torrance refinery.Risk factors (Item 1A)

Sunoco Logistics Partners L.P.

depends onnamed as a risk

These pipelines include pipelines such as the Sunoco Logistics Partners L.P. and Buckeye Partners L.P. pipelines at the Toledo refinery, the Collins pipeline at our Chalmette refinery, the Jet Pipeline to the Los Angeles International Airport, the Product Pipeline to Vernon and the Product Pipeline to Atwood at our Torrance refinery and the KinderMorgan SFPP North Pipeline at our Martinez refinery.Risk factors (Item 1A)

Buckeye Partners L.P.

depends onnamed as a risk

The finished products are transported on pipelines owned by Sunoco Logistics Partners L.P. and Buckeye Partners L.P.Business (Item 1)

Kinder Morgan SFPP North Pipeline

depends onnamed as a risk

We could experience an interruption of supply or delivery, or an increased cost of receiving crude oil and delivering refined products to market, if the ability of these pipelines to transport crude oil or refined products is disrupted because of accidents, weather interruptions, governmental regulation, terrorism, other third-party action or casualty or other events.Risk factors (Item 1A)

Crude by rail (Western Canada and Mid-Continent)

depends onnamed as a risk

Any disruptions or restrictions to our supply of crude by rail due to problems with third-party logistics infrastructure or operations or as a result of increased regulations, could increase our crude costs and negatively impact our results of operations and cash flows.Risk factors (Item 1A)

Partners and platforms

St. Bernard Renewables (SBR)

50% interestnamed as a risk

There can be no assurance that we will realize the anticipated benefits and operating synergies of the Renewable Diesel Facility or the equity method investment.Risk factors (Item 1A)

Eni

depends onnamed as a risk

On June 27, 2023, together with our partner, Eni, we closed on the jointly held investment in SBR, which owns the Renewable Diesel Facility.Risk factors (Item 1A)

PJM Interconnection

earns from

Excess electricity is sold into the Pennsylvania-New Jersey-Maryland, or PJM, grid.Business (Item 1)

Also named by AEP, CEG, D, DUK, ED, EXC, FE, NRG and 5 more

Other companies

United Steel Workers (USW)

1,935named as a risk

Future negotiations prior to the expiration of our collective agreements may result in labor unrest for which a strike or work stoppage is possible.Risk factors (Item 1A)

Also named by DAL, PKG

Revolving Credit Facility

$3.5 billion

The maximum commitment under our Revolving Credit Facility is $3.5 billion.Market risk (Item 7A)

Also named by AAON, BRO, BX, CG, CRGY, FIVE, FIX, HEI and 22 more

Places

California

operates innamed as a risk

The legislation in California, and the future enactment of similar legislation in any of the other jurisdictions could adversely impact our business, results of operations, profitability and cash.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Venezuela

exposed to its pricenamed as a risk

While these developments may present opportunities through increased crude oil supply and improved crude oil differentials, they also remain subject to significant political, regulatory, and geopolitical uncertainty.Risk factors (Item 1A)

Also named by BKR, CL, COP, CRC, CVX, EME, FLS, JNJ and 3 more

Hazards

Martinez refinery fire

operates in · $893.5 millionnamed as a risk

At this time, the potential liabilities, including regulatory penalties, arising from the incident are unknown, and the full financial impact of this incident cannot reasonably be estimated.Business (Item 1)

Hurricanes

operates innamed as a risk

For example, coverage for hurricane damage can be limited, and coverage for terrorism risks can include broad exclusions.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

PFAS

subject tonamed as a risk

Governmental inquiries or lawsuits involving PFAS could lead to our incurring liability for damages or other costs, civil or criminal proceedings, the imposition of fines and penalties, or other remedies, as well as restrictions on or added costs for our business operations going forward, including in the form of restrictions on discharges at our manufacturing facilities or otherwise.Risk factors (Item 1A)

Also named by ACHR, APG, CAG, CAVA, CTVA, DD, ES, FDX and 12 more

Coastal sea level rise

operates innamed as a risk

In addition, as many of our facilities are located near coastal areas, rising sea levels may disrupt our ability to operate those facilities or transport crude oil and refined products.Risk factors (Item 1A)

Commodities and inputs

Natural gas

exposed to its price · approximately $70.0 million to $100.0 millionnamed as a risk

Accordingly, a $1.00 per MMBTU change in natural gas prices would increase or decrease our natural gas costs by approximately $70.0 million to $100.0 million.Market risk (Item 7A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Crude oil

exposed to its price · $313.0 millionnamed as a risk

For example, during the year ended December 31, 2025, we recorded an adjustment to value our inventories to the lower of cost or market which decreased income from operations and net income by $313.0 million and $231.6 million, respectively.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Gasoline and distillates

earns from · 88.0%

For the years ended December 31, 2025, 2024 and 2023, gasoline and distillates accounted for 88.0%, 86.5% and 88.7% of our revenues, respectively.Business (Item 1)

Electricity

exposed to its pricenamed as a risk

Fuel and utility prices have been, and will continue to be, affected by factors outside our control, such as supply and demand for fuel and utility services in both local and regional markets, including increased demand resulting from data center development and liquefied natural gas infrastructure and export build-out.Risk factors (Item 1A)

Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more

WTI/Dated Brent differential

exposed to its pricenamed as a risk

A narrowing of the WTI/Dated Brent differential may result in our Toledo refinery losing a portion of its crude oil price advantage over certain of our competitors, which negatively impacts our profitability.Risk factors (Item 1A)

Heavy sour crude differentials (WTI/WCS, Mars/Brent)

exposed to its pricenamed as a risk

In addition, imbalances between the production and capacity to export crude in Canada and reduced supply of heavy, sour grades of crude oil in general due to production curtailments or sanction restrictions may continue to result in price volatility and the narrowing of the WTI/WCS, Mars/Brent, and other light heavy differentials, and may reduce our refining margins and adversely affect our profitability and earnings.Risk factors (Item 1A)

Regulators

California Energy Commission

subject tonamed as a risk

Our results of operations and our financial performance could also be adversely impacted to the extent that restrictions on turnaround and maintenance activities are imposed by the CEC.Risk factors (Item 1A)

Also named by LEN, MPC, PSX

Laws and programs

Renewable Fuel Standard (RFS)

subject to · approximately $680.1 million in RINs costsnamed as a risk

While we have entered into agreements with SBR that allow us to purchase RINs at our election, we incurred approximately $680.1 million in RINs costs during the year ended December 31, 2025 as compared to $515.3 million and $762.3 million during the years ended December 31, 2024 and 2023, respectively.Risk factors (Item 1A)

Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DINO, DTE and 13 more

Mid-Atlantic Clean Hydrogen Hub (MACH2)

up to $750.0 million

For example, we are a key participant of the Mid-Atlantic Clean Hydrogen Hub (“MACH2”) initiative, a broad consortium exploring the development of a clean energy and logistics hub on 2,500 acres adjacent to our Delaware City refinery, that was selected by the Department of Energy to receive up to $750.0 million to advance the development of a clean hydrogen production and distribution hub.Risk factors (Item 1A)

U.S. tariffs

subject tonamed as a risk

Certain tariffs remain in effect and continue to apply to certain of our purchases, which could increase our costs and adversely affect our results of operations.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

California Low Carbon Fuel Standard (LCFS)

subject tonamed as a risk

CARB also amended the LCFS in 2024, which requires a 30 percent reduction by 2030 and 90 percent reduction by 2045 in the carbon intensity of transportation fuels (compared to a 2010 baseline).Risk factors (Item 1A)

Also named by CRC, CVX, DINO, DTE, GPRE, MPC, SEB, UGI and 2 more

California SBx 1-2

subject tonamed as a risk

To the extent that the CEC in the future establishes a maximum GGRM and imposes a financial penalty for profits above such maximum GGRM, inventory requirements, or timing of turnaround schedules, our financial results and profitability could be adversely affected.Risk factors (Item 1A)

Also named by PSX

California ABx 2-1

subject tonamed as a risk

We cannot reasonably predict the impact that the full implementation of SBx 1-2 or ABx 2-1 will have on our California operations or our Company nor can we predict the impact that similarly focused legislation or actions in other jurisdictions in which we operate our refineries may have.Risk factors (Item 1A)

California Cap-and-Trade

subject tonamed as a risk

This program currently places a cap on GHG emissions and we are required to acquire a sufficient number of credits to cover emissions from our refineries and our in-state sales of gasoline and diesel.Risk factors (Item 1A)

Bay Area Air District Rule 6-5 Amendment

subject tonamed as a risk

Although MRC believes that it will achieve compliance through the alternative emissions monitoring system (“AEMS”) approved by the BAAD and subject to validation as part of the settlement agreement entered into on February 12, 2024, there can be no assurance that the AEMS will be validated or achieve the required emissions reductions or that we will not incur significant additional costs to comply with the Rule 6-5 Amendment.Risk factors (Item 1A)

California Advanced Clean Cars II

subject tonamed as a risk

These future regulatory requirements also could adversely affect demand for the refined products that we produce.Risk factors (Item 1A)