PBF Energy Upholds Positive Renewable Energy Outlook for the Long Haul

PBF Energy Inc. announced on August 1 that its St. Bernard Renewables (SBR) facility produced around 16,500 barrels per day of renewable diesel in the second quarter of 2024. Located at PBF Energy’s Chalmette oil refinery in Louisiana, the SBR biorefinery primarily focuses on renewable diesel production and is jointly owned by PBF Energy and Eni Sustainable Mobility Spa. The two companies finalized their 50-50 partnership in mid-2023, and the facility's renewable diesel unit began operations in June 2023, followed by a feedstock pretreatment unit in July.

During a second-quarter earnings call, PBF Energy President and CEO Matt Lucey provided updates on the facility's operations. He mentioned that the SBR is currently undergoing a catalyst change that started in late July and is expected to be completed by late August. Due to this, PBF anticipates renewable diesel production to average 12,500 barrels per day for the third quarter.

Lucey acknowledged that the renewable diesel market has faced challenges over the past year, but he remains optimistic about the future. He emphasized that renewable diesel is still an emerging market, and over the medium and long term, he believes that the cost of carbon will drive the production of renewable diesel. Additionally, PBF Energy is exploring the possibility of converting to produce sustainable aviation fuel (SAF), a move being considered by many in the renewable diesel industry.

Despite the current market setbacks, PBF Energy maintains a constructive outlook on renewables, confident that the evolving market dynamics and regulatory incentives will support the growth and profitability of renewable diesel and potential SAF production in the future.

PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, overseeing oil refineries and related facilities in California, Delaware, Louisiana, New Jersey, and Ohio through its subsidiaries. The company's mission is to operate these facilities safely, reliably, and in an environmentally responsible manner. PBF Energy is dedicated to providing a secure and rewarding workplace for its employees, positively impacting the communities where it operates, and delivering superior returns to its investors. Additionally, PBF Energy holds a 50% stake in the St. Bernard Renewables joint venture, which focuses on producing next-generation sustainable fuels. PBF currently owns and operates six domestic oil refineries and related assets, boasting a combined processing capacity of roughly 1,000,000 barrels per day (bpd). These refineries have a weighted average Nelson Complexity Index of 12.7.  PBF operates six refineries located in Delaware City, Delaware; Paulsboro, New Jersey; Toledo, Ohio; Chalmette, Louisiana; Torrance, California; and Martinez, California.