US oil refiner PBF Energy (PBF) expects to ramp up output at its Martinez refinery to "full planned rates" by early May, a feat it says has taken a year of exhaustive work after a fire and which now positions it to increase product supply at a time of growing market need, it said in its Q1 earnings report on Thursday.
The company's other refineries had operated satisfactorily during the first quarter, which began with a period of severe cold in January that made operations more difficult. It also completed a turnaround at its Torrance refinery during the Jan-March period.
The company is optimizing refining operations overall through an improvement initiative that is yielding improvements to cost structure, it said.
A turbulent quarter for refineries at the start of the year looks likely to persist in the near term but refining fundamentals look strong at a time of tight supply-demand balances, PBF said.
The company expects most of the repair work following the fire at the Martinez plant will be covered by insurance while it must contribute a deductible of $30 million, it said.
The company expects to refine between 850,000 and 910,000 barrels of oil per day at its various facilities in Q2, it said.
The SBR refinery produced an average 16,700 barrels of renewable diesel per day in Q1, a volume which is likely to decrease to between 15,000 and 16,000 barrels in Q2.
The company's East Coast Refining System comprised of Delaware City and Paulsboro facilities produced 302,700 barrels of refined products in Q1, up from 258,400 a year earlier.
The mid-continent Toledo facility produced 145,200 barrels of product, up from 139,100 barrels in Q1 2025.
The Chalmette refinery on the Gulf Coast produced 187,500 barrels of product in Q1 versus 158,900 a year prior.
Torrance and Martinez refineries on the West Coast produced a total of 205,800 barrels of products, up from 176,300 in Q1, 2025, the earnings report said.
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