PBF Energy has announced a revised timeline for its Martinez, California refinery, pushing the expected date for a full return to operational capacity to early March 2026. This adjustment means the company will narrowly miss its initial target of restarting the facility around the turn of the year. Market observers are now weighing the reliability of this new forecast against recent insider stock sales and a scheduled slate of maintenance activities across the company’s portfolio.
Operational Challenges and Insurance Recovery
The process of fully restoring the 157,000-barrel-per-day Martinez facility has proven more protracted than initially anticipated. Following a fire in February 2025, the site has been operating at a reduced throughput, ranging from 85,000 to 105,000 barrels daily. PBF Energy has reported some operational headway, noting that the commissioning of utility systems and specific, previously idled units commenced in January.
To mitigate the financial impact of the incident, the company has recorded insurance recoveries totaling $893.5 million to date. Despite this substantial compensation, 2026 is poised to be a demanding year operationally. PBF Energy has planned significant, routine maintenance turnarounds across all its operating regions.
Revised Throughput Forecasts and Market Context
Management has provided regional throughput guidance for the full year 2026, which anticipates the following daily production ranges:
* Gulf Coast: 170,000 to 180,000 barrels
* Mid-Continent: 135,000 to 145,000 barrels
* East Coast: 300,000 to 320,000 barrels
* West Coast: 280,000 to 300,000 barrels
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This aggregates to a potential total company throughput of up to 945,000 barrels per day for 2026. The broader market environment offers a positive counterpoint. The U.S. Energy Information Administration (EIA) projects rising gasoline margins for 2026, citing constrained supply and low inventory levels in the Atlantic Basin.
Insider Transactions and Upcoming Financial Disclosure
As the company navigates this operational ramp-up, notable insider activity has occurred. Approximately ten days ago, major shareholder Control Empresarial de Capitales S.A. de C.V. sold a total of 49,000 shares in the open market.
Investors will gain further clarity on the company’s financial and operational status when PBF Energy releases its detailed fourth-quarter 2025 results on Thursday, February 12, 2026. The subsequent conference call with analysts is expected to focus heavily on the concrete progress being made at the Martinez refinery, as the company seeks to bolster confidence in its annual guidance.
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