TacticScaleWhat PBF Energy Does & How It Makes Money (PBF)
Updated October 2026 · reflects PBF Energy's latest reported financials
U.S. independent oil refiner producing gasoline, diesel, and other fuels. It earns most of its money from the refining margin, which is the gap between what it pays for crude oil and what it gets for the refined fuels it sells.
How PBF Energy makes money
It earns most of its money from the refining margin, which is the gap between what it pays for crude oil and what it gets for the refined fuels it sells. Its logistics segment adds fee income from terminaling, pipeline transportation, and storage services.
What PBF Energy does
PBF Energy Inc. is a U.S. independent petroleum refiner. Founded in 2008 and headquartered in Parsippany, New Jersey, it reports two segments, Refining and Logistics. The Refining segment turns crude oil into gasoline, ultra-low-sulfur diesel, jet fuel, heating oil, lubricants, asphalt, petrochemicals, and blending components. It sells these products across major U.S. regions and in Canada, Mexico, and international markets. The Logistics segment supports the refining business with rail, truck, and marine terminaling, pipeline transportation, and storage. Because refining makes up most of the business, PBF's earnings depend mostly on the spread between crude oil costs and refined fuel prices, which makes results cyclical.
Products & services
- Gasoline
- Ultra-low-sulfur diesel
- Jet fuel
- Heating oil
- Asphalt and lubricants
- Rail, truck, marine terminaling and pipeline/storage services
What is PBF Energy worth?
On an owner-earnings DCF, PBF Energy's most-likely value is about $91 versus a recent price near $84 (8% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$70) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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