PBF Energy Inc. Reports Impressive Q1 2023 Financial Performance with $532.4 Million in Income from Operations
May 5, 2023
PBF Energy Inc. (NYSE: PBF), a leading energy company, announced its impressive financial performance for the first quarter of 2023. PBF Energy reported income from operations of $532.4 million, excluding special items, compared to $91.0 million in the same period last year.
In a move that reflects confidence in its financial strength and commitment to shareholders, PBF Energy has increased its share repurchase authorization to $1.0 billion. This expanded authorization demonstrates PBF Energy's dedication to delivering long-term value to its investors. To date, PBF Energy has already repurchased over 8.8 million shares, amounting to approximately $346 million
PBF Energy has shown impressive progress in reducing its consolidated debt, with a reduction of $525 million during the first quarter and a remarkable $2.8 billion over the past 12 months. This achievement is a testament to PBF Energy's focus on strengthening its balance sheet and improving its overall financial position. At the end of the first quarter, PBF Energy had approximately $1.6 billion in cash, highlighting its strong liquidity position.
To reward its shareholders, PBF Energy has declared a quarterly dividend of $0.20 per share of Class A common stock. This dividend will be payable on May 31, 2023, to shareholders of record as of May 17, 2023. By increasing its dividend, PBF Energy aims to provide additional value to its investors and reinforce its commitment to delivering shareholder returns.
PBF Energy's strong operational and financial performance in 2022 has laid a solid foundation for continued success in 2023. PBF Energy remains committed to maintaining safe operations while prioritizing the durability of its balance sheet. By reducing debt, improving liquidity, and demonstrating fiscal discipline, PBF Energy has generated significant value for its investors.
Looking ahead, PBF Energy is actively executing its previously announced $500 million share repurchase program and has further increased the authorization by an additional $500 million, bringing the total repurchase authorization to $1 billion. The repurchase program has also been extended for one year, expiring on December 11, 2025. This demonstrates PBF Energy's confidence in its financial position and its dedication to delivering long-term shareholder value.
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