PBF HOLDING CO LLC, 10-Q filed on 8/5/2025
Quarterly Report
v3.25.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2025
Aug. 01, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 333-186007  
Entity Registrant Name PBF HOLDING COMPANY LLC  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 27-2198168  
Entity Address, Address Line One One Sylvan Way, Second Floor  
Entity Address, City or Town Parsippany  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07054  
City Area Code 973  
Local Phone Number 455-7500  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   0
Entity Central Index Key 0001566011  
Amendment Flag false  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2025  
Current Fiscal Year End Date --12-31  
PBF Finance Corporation    
Entity Information [Line Items]    
Entity File Number 333-186007-07  
Entity Registrant Name PBF FINANCE CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-2685067  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   100
Entity Central Index Key 0001566097  
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 565.3 $ 515.2
Accounts receivable 1,080.2 1,141.0
Accounts receivable - affiliate 46.6 25.0
Inventories 2,769.9 2,595.3
Prepaid and other current assets 194.5 156.4
Total current assets 4,656.5 4,432.9
Property, plant and equipment (net of accumulated depreciation of $1,932.0 and $1,821.7, respectively) 4,357.4 4,267.3
Deferred charges and other assets, net 1,411.6 1,367.2
Total assets 11,492.0 11,231.8
Current liabilities:    
Accounts payable 923.3 727.1
Accounts payable - affiliate 93.1 87.4
Accrued expenses 2,401.9 2,465.3
Deferred revenue 49.1 43.3
Total current liabilities 3,770.8 3,624.3
Long-term debt 2,390.2 1,457.3
Deferred tax liabilities 18.3 18.8
Long-term financing lease liabilities - third party 29.7 35.4
Other long-term liabilities 271.1 276.7
Total liabilities 7,211.9 6,239.9
Commitments and contingencies (Note 6)
Equity:    
Member’s equity 3,697.4 3,570.2
Retained earnings 582.3 1,422.3
Accumulated other comprehensive income (loss) (12.3) (13.3)
Total PBF Holding Company LLC equity 4,267.4 4,979.2
Noncontrolling interest 12.7 12.7
Total equity 4,280.1 4,991.9
Total liabilities and equity 11,492.0 11,231.8
Third Party Lease    
Current assets:    
Lease right of use assets 800.3 843.5
Current liabilities:    
Current operating lease liabilities 189.1 187.6
Long-term operating lease liabilities 580.7 620.4
Lease with Affiliate    
Current assets:    
Lease right of use assets 266.2 320.9
Current liabilities:    
Current operating lease liabilities 114.3 113.6
Long-term operating lease liabilities $ 151.1 $ 207.0
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Property, plant and equipment, accumulated depreciation $ 1,932.0 $ 1,821.7
v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenues $ 7,465.6 $ 8,726.6 $ 14,522.7 $ 17,363.0
Cost and expenses:        
Cost of products and other 6,825.5 8,045.5 13,490.9 15,723.6
Operating expenses (excluding depreciation and amortization expense as reflected below) 607.5 581.9 1,313.8 1,236.6
Depreciation and amortization expense 148.8 145.8 307.4 278.1
Cost of sales 7,581.8 8,773.2 15,112.1 17,238.3
General and administrative expenses (excluding depreciation and amortization expense as reflected below) 77.3 62.1 145.2 123.1
Gain on insurance recoveries 189.0 0.0 189.0 0.0
Depreciation and amortization expense 2.1 1.8 4.2 3.5
Change in fair value of contingent consideration, net 0.0 0.0 0.0 (3.3)
(Gain) loss on sale of assets (0.2) 0.2 (0.2) 0.7
Total cost and expenses 7,472.0 8,837.3 15,072.3 17,362.3
Income (loss) from operations (6.4) (110.7) (549.6) 0.7
Other income (expense):        
Interest expense (net of interest income of $3.5, $13.8, $7.7, and $31.0, respectively) (54.4) (17.7) (89.9) (28.9)
Other non-service components of net periodic benefit cost 0.3 0.6 0.6 1.2
Income (loss) before income taxes (60.5) (127.8) (638.9) (27.0)
Income tax (benefit) expense (0.3) (2.3) 0.0 (2.6)
Net income (loss) (60.2) (125.5) (638.9) (24.4)
Less: net income (loss) attributable to noncontrolling interest 0.0 0.0 0.0 0.0
Net income (loss) attributable to PBF Holding Company LLC $ (60.2) $ (125.5) $ (638.9) $ (24.4)
v3.25.2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Interest income $ 3.5 $ 13.8 $ 7.7 $ 31.0
v3.25.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (60.2) $ (125.5) $ (638.9) $ (24.4)
Other comprehensive income:        
Unrealized gain (loss) on available for sale securities 0.2 (0.2) 0.8 0.0
Net gain on pension and other post-retirement benefits 0.1 0.2 0.2 0.5
Total other comprehensive income 0.3 0.0 1.0 0.5
Comprehensive income (loss) (59.9) (125.5) (637.9) (23.9)
Less: comprehensive income (loss) attributable to noncontrolling interest 0.0 0.0 0.0 0.0
Comprehensive income (loss) attributable to PBF Holding Company LLC $ (59.9) $ (125.5) $ (637.9) $ (23.9)
v3.25.2
Condensed Consolidated Statements of Changes in Equity Statement - USD ($)
$ in Millions
Total
Member’s Equity
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Noncontrolling Interest
Beginning balance at Dec. 31, 2023 $ 6,161.8 $ 3,298.7 $ (18.8) $ 2,868.8 $ 13.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Member distributions (343.5)     (343.5)  
Capital contributions from PBF LLC 135.0 135.0      
Distribution of assets to PBF LLC (8.8) (8.8)      
Stock-based compensation expense 14.9 14.9      
Comprehensive income (loss) (23.9)   0.5 (24.4)  
Ending balance at Jun. 30, 2024 5,935.5 3,439.8 (18.3) 2,500.9 13.1
Beginning balance at Mar. 31, 2024 6,127.2 3,373.3 (18.3) 2,759.1 13.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Member distributions (132.7)     (132.7)  
Capital contributions from PBF LLC 60.0 60.0      
Stock-based compensation expense 6.5 6.5      
Comprehensive income (loss) (125.5)     (125.5)  
Ending balance at Jun. 30, 2024 5,935.5 3,439.8 (18.3) 2,500.9 13.1
Beginning balance at Dec. 31, 2024 4,991.9 3,570.2 (13.3) 1,422.3 12.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Member distributions (201.1)     (201.1)  
Capital contributions from PBF LLC 110.0 110.0      
Stock-based compensation expense 17.2 17.2      
Comprehensive income (loss) (637.9)   1.0 (638.9)  
Ending balance at Jun. 30, 2025 4,280.1 3,697.4 (12.3) 582.3 12.7
Beginning balance at Mar. 31, 2025 4,309.0 3,634.0 (12.6) 674.9 12.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Member distributions (32.4)     (32.4)  
Capital contributions from PBF LLC 55.0 55.0      
Stock-based compensation expense 8.4 8.4      
Comprehensive income (loss) (59.9)   0.3 (60.2)  
Ending balance at Jun. 30, 2025 $ 4,280.1 $ 3,697.4 $ (12.3) $ 582.3 $ 12.7
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ (638.9) $ (24.4)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Depreciation and amortization 320.2 289.3
Stock-based compensation 21.4 21.0
Deferred income taxes (0.5) (2.7)
Change in fair value of contingent consideration, net 0.0 (3.3)
Pension and other post-retirement benefit costs 26.2 26.0
Gain on insurance recoveries 189.0 0.0
Insurance proceeds 118.0 0.0
(Gain) loss on sale of assets (0.2) 0.7
Changes in operating assets and liabilities:    
Accounts receivable 60.8 (142.5)
Due to/from affiliates (15.8) (16.1)
Inventories (174.6) 318.9
Prepaid and other current assets (38.1) (20.1)
Accounts payable 198.4 195.4
Accrued expenses (122.7) (204.2)
Deferred revenue 5.8 (43.1)
Other assets and liabilities (31.4) (19.5)
Net cash (used in) provided by operating activities (460.4) 375.4
Cash flows from investing activities:    
Expenditures for property, plant, and equipment (256.5) (191.4)
Expenditures for deferred turnaround costs (198.1) (400.2)
Expenditures for other assets (39.8) (24.8)
Insurance proceeds 132.0 0.0
Net cash used in investing activities (362.4) (616.4)
Cash flows from financing activities:    
Contributions from PBF LLC 110.0 135.0
Distributions to members (201.1) (343.6)
Proceeds from revolver borrowings 2,350.0 0.0
Repayments of revolver borrowings (2,200.0) 0.0
Payments on financing leases (5.7) (6.1)
Proceeds from insurance premium financing 100.7 46.1
Payments of insurance premium financing (56.8) 0.0
Deferred financing costs and other, net (12.7) (0.1)
Net cash provided by (used in) financing activities 872.9 (168.7)
Net change in cash and cash equivalents 50.1 (409.7)
Cash and cash equivalents, beginning of period 515.2 1,760.8
Cash and cash equivalents, end of period 565.3 1,351.1
Non-cash activities:    
Accrued and unpaid capital expenditures 75.9 68.3
Assets acquired or remeasured under operating and financing leases 79.7 182.9
Distribution of assets to PBF Energy Company LLC 0.0 (8.8)
Cash paid during the period for:    
Interest (net of capitalized interest of $11.4 and $9.1 in 2025 and 2024, respectively) 55.4 68.6
Income taxes 0.1 0.4
2030 9.875% Senior Notes    
Cash flows from financing activities:    
Proceeds from 2030 9.875% Senior Notes $ 788.5 $ 0.0
v3.25.2
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Statement of Cash Flows [Abstract]    
Capitalized interest $ 11.4 $ 9.1
v3.25.2
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION
Description of the Business
PBF Holding Company LLC (“PBF Holding”), a Delaware limited liability company, and PBF Finance Corporation (“PBF Finance”), a wholly-owned subsidiary of PBF Holding, together with the Company’s consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. PBF Holding is a wholly-owned subsidiary of PBF Energy Company LLC (“PBF LLC”). PBF Energy Inc. (“PBF Energy”) is the sole managing member of, and owner of, an equity interest representing approximately 99.3% of the outstanding economic interest in PBF LLC as of June 30, 2025. PBF Investments LLC, Toledo Refining Company LLC, Paulsboro Refining Company LLC, Delaware City Refining Company LLC, Chalmette Refining, L.L.C. (“Chalmette Refining”), PBF Energy Western Region LLC, Torrance Refining Company LLC, Torrance Logistics Company LLC, and Martinez Refining Company LLC (“MRC”) are PBF LLC’s principal operating subsidiaries and are all wholly-owned subsidiaries of PBF Holding. Collectively, PBF Holding and its consolidated subsidiaries are referred to hereinafter as the “Company” unless the context otherwise requires.
PBF Logistics GP LLC (“PBFX GP”) serves as the general partner of PBF Logistics LP (“PBFX”). PBFX GP is wholly-owned by PBF LLC. St. Bernard Renewables LLC (“SBR”), is a jointly held investment between PBF LLC and Enilive US Inc. (f/k/a Eni Sustainable Mobility US Inc.), a controlled subsidiary of Eni S.p.A. In a series of transactions, PBF Holding has distributed certain assets to PBF LLC, which in turn contributed those assets to PBFX and SBR.
Basis of Presentation
The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim Condensed Consolidated Financial Statements should be read in conjunction with the PBF Holding and PBF Finance financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year.
Segment Reporting
The Company’s Refining segment includes the operations of its six refineries, including certain related logistics assets that are not owned by PBFX. The Company’s refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California, and Martinez, California. The refineries produce unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. The Company purchases crude oil, other feedstocks and blending components from various third-party suppliers. The Company sells products throughout the Northeast, Midwest, Gulf Coast, and West Coast of the United States, as well as in other regions of the United States, Canada, and Mexico, and is able to ship products to other international destinations.
The Company’s chief operating decision maker is the chief executive officer, who evaluates the performance of the refining segment based primarily on income from operations. Income from operations includes those revenues and expenses that are directly attributable to management of the refining segment.
Total assets of the refining segment consist of property, plant and equipment, inventories, cash and cash equivalents, accounts receivable and other assets directly associated with their operations.
Recently Issued Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”) which introduces new disclosure requirements aimed at enhancing the transparency of expense information presented in the financial statements. Specifically, it mandates that public business entities disaggregate certain expense captions presented on the face of the Consolidated Statements of Operations into specified natural expense categories within the notes to the financial statements. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual periods, with early adoption permitted. An entity may apply the amendments in this ASU prospectively or retrospectively. We are currently evaluating the impact of adopting ASU 2024-03 on our consolidated financial statements. While we do not anticipate that the adoption of this ASU will have a material impact on our Consolidated Financial Statements, it will result in additional disclosure requirements in the notes to our financial statements. We will continue to monitor any further guidance or interpretations by the FASB related to this ASU and will provide updates in future filings.
Martinez Fire
On February 1, 2025, a fire occurred at the Company’s Martinez refinery, which is owned and operated by MRC, while the refinery was in the preliminary stages of its previously announced turnaround. As a result of the fire, the refinery was fully shut down for the remainder of the quarter ended March 31, 2025. Investigations are being conducted by various regulatory agencies, including the California Department of Industrial Relations, the Division of Occupational Safety and Health (“CalOSHA”), the Bay Area Air District (“BAAD”), the Contra Costa County (“CCC”), the department of Justice (“DOJ”), the U.S. Attorney’s Office (“USAO”) and the Environmental Protection Agency (“EPA”). There are uncertainties around these inquiries and investigations and potential results and consequences, including whether any financial penalties will be assessed or changes to the operations of the Martinez refinery will result therefrom. At this time, the potential liabilities, including regulatory penalties, arising from the incident are unknown, and the full financial impact of this incident cannot reasonably be estimated.
The Company expects to restart the refinery in two stages. Certain units that were unaffected by the fire, including the crude unit, were restarted in April 2025 and the refinery began producing limited quantities of gasoline, jet fuel, and intermediates at that time. Restart of the remaining units damaged by the fire is planned to occur by year-end 2025. Restart of these units is dependent on factors impacting the Company’s ability to effect necessary repairs, including those outside of the Company’s control such as regulatory permitting and approvals and the availability of certain critical equipment and components.
The Company expects that the cost of repairs to the fire damaged units and restoring the refinery to full operational status will largely be covered under its property insurance coverage, subject to the Company’s deductible and retentions totaling $30.0 million. The Company’s insurance policy also includes business interruption coverage, which contains a 60-day waiting period. This coverage commenced on April 3, 2025. While the Company expects its insurance coverage will significantly offset the financial impact of the fire, other than for the business interruption waiting period, deductibles and retentions, the timing of insurance proceeds may impact the Company’s results and its cash flow in a given quarter.
During the second quarter of 2025, the Company received an unallocated first installment of insurance proceeds totaling $250.0 million after deductibles and retentions. As a result, the Company recorded a Gain on insurance recoveries of $189.0 million on the Condensed Consolidated Statements of Operations which was net of the $61.0 million receivable that was recorded at March 31, 2025, for the probable recovery of the write down of the net book value of the damaged refinery units and certain fire response costs. Any insurance proceeds attributable to property damage in excess of the recognized property loss is considered a gain contingency and will not be recognized until it is realizable.
In addition, during the three and six months ended June 30, 2025, the Company incurred $30.4 million and $108.5 million, respectively, in operating expenses directly related to the fire response, recovery, and cleanup efforts as well as certain costs associated with the phase one restart of the refinery. Certain of these expenses may be recoverable through the Company’s insurance claim process and will be recorded as a gain in the quarter in which insurance proceeds are probable of being received.
v3.25.2
INVENTORIES
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories consisted of the following:
(in millions)June 30, 2025December 31, 2024
Crude oil and feedstocks$1,330.8 $1,232.7 
Refined products and blendstocks1,264.6 1,194.6 
Warehouse stock and other174.5 168.0 
2,769.9 2,595.3 
Lower of cost or market adjustment— — 
Total inventories$2,769.9 $2,595.3 
As of June 30, 2025 and December 31, 2024 there was no lower of cost or market adjustment recorded as the replacement value of inventories exceeded the last-in, first-out (“LIFO”) carrying value by approximately $132.7 million and $7.7 million, respectively.
An actual valuation of inventories valued under the LIFO method is made at the end of each year based on inventory levels and costs at that time. The Company recorded a pre-tax charge related to a LIFO layer decrement of $124.5 million in the Refining segment during the year ended December 31, 2024. The majority of the decrement recorded in 2024 was related to the Company’s East Coast and Gulf Coast LIFO inventory layers.
v3.25.2
ACCRUED EXPENSES
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
ACCRUED EXPENSES ACCRUED EXPENSES
Accrued expenses consisted of the following:
(in millions)June 30, 2025December 31, 2024
Inventory-related accruals$1,244.9 $1,398.8 
Renewable energy credit and emissions obligations (a)521.4 465.9 
Excise and sales tax payable
142.7 150.6 
Accrued transportation costs111.1 175.2 
Accrued refinery maintenance and support costs80.7 45.5 
Accrued utilities60.1 71.5 
Accrued interest58.0 29.5 
Accrued capital expenditures45.6 49.5 
Accrued salaries and benefits26.2 21.8 
Current finance lease liabilities11.2 11.2 
Environmental liabilities9.7 9.0 
Other90.3 36.8 
Total accrued expenses$2,401.9 $2,465.3 
__________________________
(a) The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by the EPA. To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB 32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain the Company’s facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. From time to time, the Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of June 30, 2025, the Company had forward purchase commitments in excess of total accrued renewable energy and emissions obligations. The Company’s RIN obligations will be settled in accordance with established regulatory deadlines. The Company’s current AB 32 liability is part of an ongoing triennial period program which will be settled through 2027.
v3.25.2
CREDIT FACILITIES AND DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
CREDIT FACILITIES AND DEBT CREDIT FACILITIES AND DEBT
Debt outstanding consisted of the following:
(in millions)June 30, 2025December 31, 2024
6.00% senior unsecured notes due 2028 (“2028 6.00% Senior Notes”)
$801.6 $801.6 
7.875% senior unsecured notes due 2030 (“2030 7.875% Senior Notes”)
500.0 500.0 
9.875% senior unsecured notes due 2030 (“2030 9.875% Senior Notes”)
800.0 — 
Revolving Credit Facility350.0 200.0 
2,451.6 1,501.6 
Unamortized deferred financing costs(47.9)(41.6)
Unamortized discount(13.5)(2.7)
Long-term debt$2,390.2 $1,457.3 
2030 9.875% Senior Notes
On March 17, 2025, PBF Holding entered into an indenture among PBF Holding and PBF Holding’s wholly-owned subsidiary, PBF Finance (together with PBF Holding, the “Issuers”), the guarantors named therein (collectively the “Guarantors”), Wilmington Trust, National Association, as Trustee and Deutsche Bank Trust Company Americas, as Paying Agent, Registrar, Transfer Agent and Authenticating Agent, under which the Issuers issued $800.0 million in aggregate principal amount of 2030 9.875% Senior Notes at an issue price of 98.563%. The Issuers received net proceeds of approximately $776.0 million from the offering after deducting the initial purchasers’ discount and estimated offering expenses. The Company used the net proceeds, together with cash on hand, to repay outstanding borrowings under PBF Holding’s asset-based revolving credit facility (the “Revolving Credit Facility”) and for general corporate purposes.
The 2030 9.875% Senior Notes are guaranteed on a senior unsecured basis by certain of PBF Holding’s subsidiaries. The 2030 9.875% Senior Notes and guarantees are senior unsecured obligations and rank equal in right of payment with all of the Issuers’ and the Guarantors’ existing and future senior indebtedness, including the Revolving Credit Facility, the Issuers’ outstanding 2028 6.00% Senior Notes and outstanding 2030 7.875% Senior Notes. The 2030 9.875% Senior Notes and the guarantees rank senior in right of payment to the Issuers’ and the Guarantors’ existing and future indebtedness that is expressly subordinated in right of payment thereto. The 2030 9.875% Senior Notes and the guarantees are effectively subordinated to any of the Issuers’ and the Guarantors’ existing or future secured indebtedness (including the Revolving Credit Facility, as amended and restated from time to time) to the extent of the value of the collateral securing such indebtedness. The 2030 9.875% Senior Notes and the guarantees are structurally subordinated to any existing or future indebtedness and other obligations of the Issuers’ subsidiaries that do not guarantee the 2030 9.875% Senior Notes.
In addition, the 2030 9.875% Senior Notes contain customary terms, events of default and covenants for an issuer of non-investment grade debt securities. These covenants include limitations on, among other things, the incurrence of additional indebtedness, equity issuances, payments, and engagement in certain transactions and investments. These covenants are subject to a number of important exceptions and qualifications. Many of these covenants will cease to apply or will be modified following a covenant termination event, including in the event the 2030 9.875% Senior Notes are rated investment grade.
At any time prior to March 15, 2027, the Issuers may on any one or more occasions redeem up to 40% of the aggregate principal amount of the 2030 9.875% Senior Notes in an amount not greater than the net cash proceeds of certain equity offerings at a redemption price equal to 109.875% of the principal amount of the 2030 9.875% Senior Notes, plus any accrued and unpaid interest through the date of redemption; provided that at least 60% of the aggregate principal amount of the 2023 9.875% Senior Notes originally issued under the applicable indenture remains outstanding immediately after the occurrence of each such redemption. On or after March 15, 2027, the Issuers may redeem all or part of the 2030 9.875% Senior Notes, in each case at the redemption prices described in the indenture, together with any accrued and unpaid interest to the date of redemption. In addition, prior to March 15, 2027, the Issuers may redeem all or part of the 2030 9.875% Senior Notes at a “make-whole” redemption price described in the indenture, together with any accrued and unpaid interest to the date of redemption.
Upon a change of control that results in a ratings decline, the Issuers will be required to make an offer to purchase the 2030 9.875% Senior Notes at a purchase price of 101% of the principal amount of the 2030 9.875% Senior Notes on the date of purchase plus accrued interest. Prior to a covenant suspension event, in connection with certain asset dispositions, the Issuers may be required to use the net cash proceeds of the asset disposition (subject to a right to reinvest such net cash proceeds) to make an offer to purchase the 2030 9.875% Senior Notes at a purchase price equal to 100% of the principal amount of the 2030 9.875% Senior Notes, together with any accrued and unpaid interest to the date of purchase.
As of June 30, 2025, the Company is in compliance with all covenants, including financial covenants, in all its debt agreements.
v3.25.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
Summary of Transactions with PBFX
A summary of the Company’s affiliate transactions with PBFX is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Reimbursements under affiliate agreements:
Services agreement$2.1 $2.1 $4.3 $4.3 
Omnibus agreement1.5 1.4 3.0 2.9 
Total expenses under affiliate agreements(88.3)(89.1)(173.5)(176.0)
Total reimbursements under the omnibus agreement with PBFX, PBFX GP and PBF LLC are included in General and administrative expenses and reimbursements under the operation and management services and secondment agreement with PBFX and expenses under affiliate agreements are included in Cost of products and other in the Company’s Condensed Consolidated Statements of Operations.
Additionally, the Condensed Consolidated Balance Sheets include $5.7 million and $38.2 million recorded within Accounts receivable - affiliate and Accounts payable - affiliate, respectively, related to transactions with PBFX as of June 30, 2025 ($6.3 million and $39.6 million, respectively, as of December 31, 2024).
Summary of Transactions with SBR
A summary of the Company’s related party transactions with SBR is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Transactions under commercial agreements:
Sales $16.9 $8.2 $30.3 $13.2 
Purchases(121.3)(73.3)(181.6)(164.5)
Reimbursements under related party agreements:
Operating agreement34.4 31.5 74.466.8
SBR Omnibus agreement0.9 1.1 1.92.2
Common asset use and servitude agreement 1.8 1.5 4.03.5
Total lease expense under related party agreements(2.8)(1.7)(8.1)(1.7)
Total sales, consisting of refined product sales, and purchases, primarily related to environmental credit and hydrocarbon purchases, under the commercial agreements with SBR are included within Revenues and Cost of products and other, respectively, on the Company’s Condensed Consolidated Statements of Operations.
Additionally, the Condensed Consolidated Balance Sheets include $40.9 million and $54.9 million recorded within Accounts receivable - affiliate and Accounts payable - affiliate, respectively, related to transactions with SBR as of June 30, 2025 ($18.7 million and $47.8 million, respectively, as of December 31, 2024).
SBR Term Loan
The Company has agreed to provide a limited guaranty in connection with a $100.0 million term loan that SBR and its wholly owned subsidiary, SBR Marketing LLC (“SBR Marketing”), entered into in April 2025. Under the guaranty and subject to the terms and conditions set forth therein, the Company is guaranteeing SBR and SBR Marketing’s certain payment and performance obligations under the term loan, with the guaranty capped at 50% of such obligations, commensurate with PBF Energy’s 50% equity interest in SBR, and the Company currently believes that the likelihood of performance under this guaranty is remote.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
In the ordinary conduct of the Company’s business, the Company is from time to time subject to lawsuits, investigations, and claims, including class action proceedings, mass tort actions, tort actions, environmental claims, and employee-related matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. For such ongoing matters for which the Company has not recorded a liability but losses are reasonably possible, the Company is unable to estimate a range of possible losses at this time due to various reasons that may include but are not limited to, matters being in an early stage and not fully developed through pleadings, discovery or court proceedings, number of potential claimants being unknown or uncertainty regarding a number of different factors underlying the potential claims. However, the ultimate resolution of one or more of these contingencies could result in an adverse outcome that may have a material effect on the Company’s financial position, results of operations or cash flows.
Environmental Matters
The Company’s refineries, pipelines and related operations are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment (including in response to the potential impacts of climate change), waste management and the characteristics and the compositions of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the refineries, including remediation, operating costs, and capital costs to construct, maintain and upgrade equipment and facilities.
These laws and permits raise potential exposure to future claims and lawsuits involving environmental and safety matters which could include soil and water contamination, air pollution, personal injury and property damage allegedly caused by substances which the Company manufactured, handled, used, released, or disposed of, transported, or that relate to pre-existing conditions for which the Company has assumed responsibility. The Company believes that its current operations are in compliance with existing environmental and safety requirements. However, there have been and will continue to be ongoing discussions about environmental and safety matters between the Company and federal and state authorities, including notices of violations (“NOVs”), citations, and other enforcement actions, some of which have resulted or may result in changes to operating procedures and in capital expenditures. While it is often difficult to quantify future environmental or safety related expenditures, the Company anticipates that continuing capital investments and changes in operating procedures will be required for the foreseeable future to comply with existing and new requirements, as well as evolving interpretations and more strict enforcement of existing laws and regulations.
In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities. The estimated costs related to these remediation obligations totaled $110.0 million as of June 30, 2025 ($110.6 million as of December 31, 2024) and related primarily to remediation obligations to address existing soil and groundwater contamination and the related monitoring and clean-up activities. Costs related to these obligations are reassessed periodically or when changes to the Company’s remediation approach are identified. The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities.
The aggregate environmental liability reflected on the Company’s Condensed Consolidated Balance Sheets was $152.3 million and $150.6 million at June 30, 2025 and December 31, 2024, respectively, of which $142.6 million and $141.6 million, respectively, were classified as Other long-term liabilities. These liabilities include remediation and monitoring costs expected to be incurred over an extended period of time. Estimated liabilities could increase in the future when the results of ongoing investigations become known, are considered probable and can be reasonably estimated.
Legal Matters
On November 24, 2022, the Martinez refinery experienced a catalyst release that is currently being investigated by the BAAD, the CCC, the DOJ, the USAO, the EPA, and the California Department of Fish and Game (“DFG”). To date, the BAAD has issued 35 NOVs, the CCC has issued two NOVs, and the DFG has made findings relating to the catalyst incident. On July 11, 2023 and October 6, 2023, the Martinez refinery experienced unintentional releases of petroleum coke dust and received inquiries or notices of investigation from the BAAD, the CalOSHA, the CCC, and the EPA. The BAAD also issued NOVs relating to the July 11, 2023 coke dust incident and NOVs relating to the October 6, 2023 coke dust incident. On December 15, 2023, the Martinez refinery experienced an unexpected flaring incident, and subsequently on December 18, 2023 a brush fire incident, and has received inquiries or notices of investigation from the BAAD, the CalOSHA, and the CCC. The BAAD additionally issued NOVs relating to the December 15, 2023 flaring incident and NOVs relating to the December 18, 2023 brush fire incident. The DFG, the CCC, and the BAAD have referred their findings and/or NOVs to the CCC District Attorney for the catalyst incident and various other incidents. On November 16, 2023, the CCC District Attorney and the BAAD announced a joint civil enforcement action against MRC that will include enforcement of the BAAD’s, the CCC’s, and the DFG’s claims from the catalyst incident, as well as additional enforcement claims from various incidents. The Company is engaged in settlement discussions with the CCC District Attorney and the BAAD but no definitive penalties have been assessed to date by the various agencies. The Company presently believes the outcomes will not have a material impact on its financial position, results of operations, or cash flows.
v3.25.2
REVENUES
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods presented:
Three Months Ended June 30,
20252024
Gasoline and distillates $6,585.6 $7,442.9 
Asphalt and blackoils 415.0 667.4 
Feedstocks and other 240.7 375.9 
Chemicals 136.5 152.7 
Lubricants 87.8 87.7 
Total Revenues$7,465.6 $8,726.6 
Six Months Ended June 30,
(in millions)20252024
Gasoline and distillates $12,711.2 $15,041.9 
Feedstocks and other737.6 683.8 
Asphalt and blackoils652.7 1,141.0 
Chemicals 257.9 319.7 
Lubricants 163.3 176.6 
Total Revenues$14,522.7 $17,363.0 
The Company’s revenues are generated from the sale of refined products. These revenues are largely based on the current spot (market) prices of the products sold, which represent consideration specifically allocable to the products being sold on a given day, and the Company recognizes those revenues upon delivery and transfer of title to the products to the Company’s customers. The time at which delivery and transfer of title occurs is the point when the Company’s control of the products is transferred to the Company’s customers and when its performance obligation to its customers is fulfilled. Delivery and transfer of title are specifically agreed to between the Company and customers within the contracts. The Company also has contracts which contain fixed pricing, tiered pricing, minimum volume features with makeup periods, or other factors that have not materially been affected by Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
Deferred Revenue
The Company records deferred revenue when cash payments are received or are due in advance of performance, including amounts which are refundable. Deferred revenue was $49.1 million and $43.3 million as of June 30, 2025 and December 31, 2024, respectively. Fluctuations in the deferred revenue balance are primarily driven by the timing and extent of cash payments received or due in advance of satisfying the Company’s performance obligations.
The Company’s payment terms vary by type and location of customers and the products offered. The period between invoicing and when payment is due is not significant (i.e. generally within two months). For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer.
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
PBF Holding is a limited liability company treated as a “flow-through” entity for income tax purposes. Accordingly, there is generally no benefit or expense for federal or state income tax in the PBF Holding financial statements apart from the income tax attributable to the two subsidiaries acquired in connection with the acquisition of Chalmette Refining and the Company’s wholly-owned Canadian subsidiary, PBF Energy Limited, which are treated as C-Corporations for income tax purposes, with the tax provision calculated based on the effective tax rate for the periods presented.
The income tax provision in the PBF Holding Condensed Consolidated Statements of Operations consists of the following: 
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Current income tax expense (benefit)$0.2 $(0.2)$0.5 $0.1 
Deferred income tax benefit(0.5)(2.1)(0.5)(2.7)
Total income tax (benefit) expense$(0.3)$(2.3)$— $(2.6)
v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of June 30, 2025 and December 31, 2024.
The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company may be required to post margin collateral or reclaim cash collateral from derivative counterparties based on contractual terms. At June 30, 2025 and December 31, 2024, the Company had the obligation to return cash collateral posted against its derivative obligations of $8.1 million and $15.1 million, respectively. Cash collateral related to derivative contracts is recorded net in the Condensed Consolidated Balance Sheets. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets.
As of June 30, 2025
Fair Value HierarchyTotal Gross Fair ValueEffect of Counter-party NettingNet Carrying Value on Balance Sheet
(in millions)Level 1Level 2Level 3
Assets:
Money market funds$5.1 $— $— $5.1 n/a$5.1 
Commodity contracts44.1 1.4 — 45.5 (43.3)2.2 
Liabilities:
Commodity contracts43.2 0.1 — 43.3 (43.3)— 
Renewable energy credit and emissions obligations— 521.4 — 521.4 — 521.4 
As of December 31, 2024
Fair Value HierarchyTotal Gross Fair ValueEffect of Counter-party NettingNet Carrying Value on Balance Sheet
(in millions)Level 1Level 2Level 3
Assets:
Money market funds$12.9 $— $— $12.9 n/a$12.9 
Commodity contracts16.0 — — 16.0 (14.0)2.0 
Liabilities:
Commodity contracts14.0 — — 14.0 (14.0)— 
Renewable energy credit and emissions obligations— 465.9 — 465.9 — 465.9 
The valuation methods used to measure financial instruments at fair value are as follows:
•Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within Cash and cash equivalents.
•The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets.
•Renewable energy credit and emissions obligations primarily represent the Company’s liability for the purchase of (i) biofuel credits (primarily RINs in the U.S.) needed to satisfy its obligation to blend biofuels into the products the Company produces and (ii) emission credits under the AB 32 and similar programs (collectively, the cap-and-trade systems). To the degree the Company is unable to blend biofuels (such as ethanol and biodiesel) at percentages required under the biofuel programs, it must purchase biofuel credits to comply with these programs. Under the cap-and-trade systems, it must purchase emission credits to comply with these systems. The liability for environmental credits is in part based on the Company’s deficit for such credits as of the balance sheet date, if any, after considering any credits acquired, and is equal to the product of the credits deficit and the market price of these credits as of the balance sheet date. To the extent that the Company has a better estimate of the cost at which it settles its obligation, such as agreements to purchase RINs at prices other than the current spot price, the Company considers those costs in valuing the remaining obligation. The environmental credit obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based on quoted prices from an independent pricing service.
•When applicable, commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward prices used to value these swaps are derived using broker quotes, prices from other third-party sources and other available market based data.
Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of June 30, 2025 and December 31, 2024, $20.2 million and $19.4 million, respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets.
There were no transfers between levels during the three and six months ended June 30, 2025 or the three and six months ended June 30, 2024.
Fair value of debt
The table below summarizes the carrying value and fair value of debt as of June 30, 2025 and December 31, 2024.
June 30, 2025December 31, 2024
(in millions)Carrying
value		Fair
 value		Carrying
 value		Fair
value
2028 6.00% Senior Notes (a)
$801.6 $762.6 $801.6 $765.9 
2030 7.875% Senior Notes (a)
500.0 448.3 500.0 490.0 
2030 9.875% Senior Notes (a)
800.0 778.3 — — 
Revolving Credit Facility (b)
350.0 350.0 200.0 200.0 
2,451.6 2,339.2 1,501.6 1,455.9 
Less - Unamortized deferred financing costs (47.9)n/a(41.6)n/a
Unamortized discount (13.5)n/a(2.7)n/a
Long-term debt$2,390.2 $2,339.2 $1,457.3 $1,455.9 
______________________
(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.
(b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates.
v3.25.2
DERIVATIVES
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES DERIVATIVES
The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of June 30, 2025, there were 30,996,000 barrels of crude oil and 384,000 barrels of refined products (13,911,000 and 4,704,000, respectively, as of December 31, 2024), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts.
The Company also uses derivative instruments to mitigate the risk associated with the price of credits needed to comply with various governmental and regulatory environmental compliance programs. For such contracts that represent derivatives, the Company elects the normal purchase normal sale exception under ASC 815, Derivatives and Hedging, and therefore does not record them at fair value.
The following tables provide information regarding the fair values of derivative instruments as of June 30, 2025 and December 31, 2024, and the line items in the Condensed Consolidated Balance Sheets in which fair values are reflected.
Description

Balance Sheet Location		Fair Value
Asset/(Liability)
(in millions)
Derivatives not designated as hedging instruments:
June 30, 2025:
Commodity contractsAccounts receivable$2.2 
December 31, 2024:
Commodity contractsAccounts receivable$2.0 
The following table provides information regarding gains or losses recognized in income on derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected.
DescriptionLocation of Gain or (Loss) Recognized in
 Income on Derivatives		Gain or (Loss)
Recognized in
Income on Derivatives
(in millions)
Derivatives not designated as hedging instruments:
For the three months ended June 30, 2025:
Commodity contractsCost of products and other$8.6 
For the three months ended June 30, 2024:
Commodity contractsCost of products and other$28.0 
For the six months ended June 30, 2025:
Commodity contractsCost of products and other$7.3 
For the six months ended June 30, 2024:
Commodity contractsCost of products and other$2.5 
The Company had no ineffectiveness related to the fair value hedges for the three and six months ended June 30, 2025 or the three and six months ended June 30, 2024.
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Dividend Declared
On July 31, 2025, PBF Energy, PBF Holding’s indirect parent, announced a dividend of $0.275 per share on its outstanding Class A common stock. The dividend is payable on August 28, 2025 to PBF Energy Class A common stockholders of record at the close of business on August 14, 2025. The Company may need to make cash distributions to PBF LLC to the extent necessary for PBF Energy to pay this dividend.
v3.25.2
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim Condensed Consolidated Financial Statements should be read in conjunction with the PBF Holding and PBF Finance financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year.
Segment Reporting
Segment Reporting
The Company’s Refining segment includes the operations of its six refineries, including certain related logistics assets that are not owned by PBFX. The Company’s refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California, and Martinez, California. The refineries produce unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. The Company purchases crude oil, other feedstocks and blending components from various third-party suppliers. The Company sells products throughout the Northeast, Midwest, Gulf Coast, and West Coast of the United States, as well as in other regions of the United States, Canada, and Mexico, and is able to ship products to other international destinations.
The Company’s chief operating decision maker is the chief executive officer, who evaluates the performance of the refining segment based primarily on income from operations. Income from operations includes those revenues and expenses that are directly attributable to management of the refining segment.
Total assets of the refining segment consist of property, plant and equipment, inventories, cash and cash equivalents, accounts receivable and other assets directly associated with their operations.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”) which introduces new disclosure requirements aimed at enhancing the transparency of expense information presented in the financial statements. Specifically, it mandates that public business entities disaggregate certain expense captions presented on the face of the Consolidated Statements of Operations into specified natural expense categories within the notes to the financial statements. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual periods, with early adoption permitted. An entity may apply the amendments in this ASU prospectively or retrospectively. We are currently evaluating the impact of adopting ASU 2024-03 on our consolidated financial statements. While we do not anticipate that the adoption of this ASU will have a material impact on our Consolidated Financial Statements, it will result in additional disclosure requirements in the notes to our financial statements. We will continue to monitor any further guidance or interpretations by the FASB related to this ASU and will provide updates in future filings.
v3.25.2
INVENTORIES (Tables)
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of inventory
Inventories consisted of the following:
(in millions)June 30, 2025December 31, 2024
Crude oil and feedstocks$1,330.8 $1,232.7 
Refined products and blendstocks1,264.6 1,194.6 
Warehouse stock and other174.5 168.0 
2,769.9 2,595.3 
Lower of cost or market adjustment— — 
Total inventories$2,769.9 $2,595.3 
v3.25.2
ACCRUED EXPENSES (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of accrued expenses
Accrued expenses consisted of the following:
(in millions)June 30, 2025December 31, 2024
Inventory-related accruals$1,244.9 $1,398.8 
Renewable energy credit and emissions obligations (a)521.4 465.9 
Excise and sales tax payable
142.7 150.6 
Accrued transportation costs111.1 175.2 
Accrued refinery maintenance and support costs80.7 45.5 
Accrued utilities60.1 71.5 
Accrued interest58.0 29.5 
Accrued capital expenditures45.6 49.5 
Accrued salaries and benefits26.2 21.8 
Current finance lease liabilities11.2 11.2 
Environmental liabilities9.7 9.0 
Other90.3 36.8 
Total accrued expenses$2,401.9 $2,465.3 
__________________________
(a) The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by the EPA. To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB 32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain the Company’s facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. From time to time, the Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of June 30, 2025, the Company had forward purchase commitments in excess of total accrued renewable energy and emissions obligations. The Company’s RIN obligations will be settled in accordance with established regulatory deadlines. The Company’s current AB 32 liability is part of an ongoing triennial period program which will be settled through 2027.
v3.25.2
CREDIT FACILITIES AND DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
Debt outstanding consisted of the following:
(in millions)June 30, 2025December 31, 2024
6.00% senior unsecured notes due 2028 (“2028 6.00% Senior Notes”)
$801.6 $801.6 
7.875% senior unsecured notes due 2030 (“2030 7.875% Senior Notes”)
500.0 500.0 
9.875% senior unsecured notes due 2030 (“2030 9.875% Senior Notes”)
800.0 — 
Revolving Credit Facility350.0 200.0 
2,451.6 1,501.6 
Unamortized deferred financing costs(47.9)(41.6)
Unamortized discount(13.5)(2.7)
Long-term debt$2,390.2 $1,457.3 
v3.25.2
RELATED PARTY TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Schedule of related party transactions
A summary of the Company’s affiliate transactions with PBFX is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Reimbursements under affiliate agreements:
Services agreement$2.1 $2.1 $4.3 $4.3 
Omnibus agreement1.5 1.4 3.0 2.9 
Total expenses under affiliate agreements(88.3)(89.1)(173.5)(176.0)
A summary of the Company’s related party transactions with SBR is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Transactions under commercial agreements:
Sales $16.9 $8.2 $30.3 $13.2 
Purchases(121.3)(73.3)(181.6)(164.5)
Reimbursements under related party agreements:
Operating agreement34.4 31.5 74.466.8
SBR Omnibus agreement0.9 1.1 1.92.2
Common asset use and servitude agreement 1.8 1.5 4.03.5
Total lease expense under related party agreements(2.8)(1.7)(8.1)(1.7)
v3.25.2
REVENUES (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of revenues from external customers
The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods presented:
Three Months Ended June 30,
20252024
Gasoline and distillates $6,585.6 $7,442.9 
Asphalt and blackoils 415.0 667.4 
Feedstocks and other 240.7 375.9 
Chemicals 136.5 152.7 
Lubricants 87.8 87.7 
Total Revenues$7,465.6 $8,726.6 
Six Months Ended June 30,
(in millions)20252024
Gasoline and distillates $12,711.2 $15,041.9 
Feedstocks and other737.6 683.8 
Asphalt and blackoils652.7 1,141.0 
Chemicals 257.9 319.7 
Lubricants 163.3 176.6 
Total Revenues$14,522.7 $17,363.0 
v3.25.2
INCOME TAXES (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of components of income tax provision (benefit)
The income tax provision in the PBF Holding Condensed Consolidated Statements of Operations consists of the following: 
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Current income tax expense (benefit)$0.2 $(0.2)$0.5 $0.1 
Deferred income tax benefit(0.5)(2.1)(0.5)(2.7)
Total income tax (benefit) expense$(0.3)$(2.3)$— $(2.6)
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of fair value, assets and liabilities measured on recurring basis
The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of June 30, 2025 and December 31, 2024.
The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company may be required to post margin collateral or reclaim cash collateral from derivative counterparties based on contractual terms. At June 30, 2025 and December 31, 2024, the Company had the obligation to return cash collateral posted against its derivative obligations of $8.1 million and $15.1 million, respectively. Cash collateral related to derivative contracts is recorded net in the Condensed Consolidated Balance Sheets. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets.
As of June 30, 2025
Fair Value HierarchyTotal Gross Fair ValueEffect of Counter-party NettingNet Carrying Value on Balance Sheet
(in millions)Level 1Level 2Level 3
Assets:
Money market funds$5.1 $— $— $5.1 n/a$5.1 
Commodity contracts44.1 1.4 — 45.5 (43.3)2.2 
Liabilities:
Commodity contracts43.2 0.1 — 43.3 (43.3)— 
Renewable energy credit and emissions obligations— 521.4 — 521.4 — 521.4 
As of December 31, 2024
Fair Value HierarchyTotal Gross Fair ValueEffect of Counter-party NettingNet Carrying Value on Balance Sheet
(in millions)Level 1Level 2Level 3
Assets:
Money market funds$12.9 $— $— $12.9 n/a$12.9 
Commodity contracts16.0 — — 16.0 (14.0)2.0 
Liabilities:
Commodity contracts14.0 — — 14.0 (14.0)— 
Renewable energy credit and emissions obligations— 465.9 — 465.9 — 465.9 
Schedule of fair value of debt
The table below summarizes the carrying value and fair value of debt as of June 30, 2025 and December 31, 2024.
June 30, 2025December 31, 2024
(in millions)Carrying
value		Fair
 value		Carrying
 value		Fair
value
2028 6.00% Senior Notes (a)
$801.6 $762.6 $801.6 $765.9 
2030 7.875% Senior Notes (a)
500.0 448.3 500.0 490.0 
2030 9.875% Senior Notes (a)
800.0 778.3 — — 
Revolving Credit Facility (b)
350.0 350.0 200.0 200.0 
2,451.6 2,339.2 1,501.6 1,455.9 
Less - Unamortized deferred financing costs (47.9)n/a(41.6)n/a
Unamortized discount (13.5)n/a(2.7)n/a
Long-term debt$2,390.2 $2,339.2 $1,457.3 $1,455.9 
______________________
(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.
(b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates.
v3.25.2
DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value of derivative instruments
The following tables provide information regarding the fair values of derivative instruments as of June 30, 2025 and December 31, 2024, and the line items in the Condensed Consolidated Balance Sheets in which fair values are reflected.
Description

Balance Sheet Location		Fair Value
Asset/(Liability)
(in millions)
Derivatives not designated as hedging instruments:
June 30, 2025:
Commodity contractsAccounts receivable$2.2 
December 31, 2024:
Commodity contractsAccounts receivable$2.0 
Schedule of derivative instruments, gain (loss) recognized in income
The following table provides information regarding gains or losses recognized in income on derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected.
DescriptionLocation of Gain or (Loss) Recognized in
 Income on Derivatives		Gain or (Loss)
Recognized in
Income on Derivatives
(in millions)
Derivatives not designated as hedging instruments:
For the three months ended June 30, 2025:
Commodity contractsCost of products and other$8.6 
For the three months ended June 30, 2024:
Commodity contractsCost of products and other$28.0 
For the six months ended June 30, 2025:
Commodity contractsCost of products and other$7.3 
For the six months ended June 30, 2024:
Commodity contractsCost of products and other$2.5 
v3.25.2
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
refinery
Jun. 30, 2024
USD ($)
Mar. 31, 2025
USD ($)
Description of Business [Line Items]          
Number of Refineries | refinery     6    
Unusual or Infrequent Item, or Both, Insurance Proceeds $ 250.0        
Insurance Recoveries (189.0) $ 0.0 $ (189.0) $ 0.0  
Martinez Fire          
Description of Business [Line Items]          
Insurance Deductibles and Retentions     $ 30.0    
Duration of Waiting Period Before Business Interruption Coverage Begins     60 days    
Insurance Settlements Receivable         $ 61.0
Operating expenses (excluding depreciation and amortization expense as reflected below) $ 30.4   $ 108.5    
PBF Energy | Class A Common Stock          
Description of Business [Line Items]          
Percentage of ownership in PBF LLC 99.30%   99.30%    
v3.25.2
INVENTORIES (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Jun. 30, 2025
Inventory [Line Items]    
Crude oil and feedstocks $ 1,232,700,000 $ 1,330,800,000
Refined products and blendstocks 1,194,600,000 1,264,600,000
Warehouse stock and other 168,000,000.0 174,500,000
Inventory, Gross 2,595,300,000 2,769,900,000
Lower of cost or market adjustment 0 0
Total inventories 2,595,300,000 2,769,900,000
Excess of Replacement or Current Costs over Stated LIFO Value 7,700,000 $ 132,700,000
Inventory, LIFO Reserve, Effect on Income, Net $ 124,500,000  
v3.25.2
ACCRUED EXPENSES (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Accrued Expenses:    
Inventory-related accruals $ 1,244.9 $ 1,398.8
Renewable energy credit and emissions obligations [1] 521.4 465.9
Excise and sales tax payable 142.7 150.6
Accrued transportation costs 111.1 175.2
Accrued refinery maintenance and support costs 80.7 45.5
Accrued utilities 60.1 71.5
Accrued interest 58.0 29.5
Accrued capital expenditures 45.6 49.5
Accrued salaries and benefits 26.2 21.8
Current finance lease liabilities 11.2 11.2
Environmental liabilities 9.7 9.0
Other 90.3 36.8
Total accrued expenses $ 2,401.9 $ 2,465.3
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Total accrued expenses Total accrued expenses
[1] The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by the EPA. To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB 32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain the Company’s facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. From time to time, the Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of June 30, 2025, the Company had forward purchase commitments in excess of total accrued renewable energy and emissions obligations. The Company’s RIN obligations will be settled in accordance with established regulatory deadlines. The Company’s current AB 32 liability is part of an ongoing triennial period program which will be settled through 2027.
v3.25.2
CREDIT FACILITIES AND DEBT (Summary of Long-Term Debt) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 17, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Long-term Debt, Gross $ 2,451.6   $ 1,501.6
Unamortized deferred financing costs (47.9)   (41.6)
Unamortized discount (13.5)   (2.7)
Long-term debt $ 2,390.2   1,457.3
2028 6.00% Senior Notes      
Debt Instrument [Line Items]      
Interest rate 6.00%    
2030 7.875% Senior Notes      
Debt Instrument [Line Items]      
Interest rate 7.875%    
2030 9.875% Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt   $ 800.0  
Interest rate 9.875% 9.875%  
Revolving Credit Facility      
Debt Instrument [Line Items]      
Revolving Credit Facility $ 350.0   200.0
2028 6.00% Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt [1] 801.6   801.6
2030 7.875% Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt [1] 500.0   500.0
2030 9.875% Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt [1] $ 800.0   $ 0.0
[1] The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.
v3.25.2
CREDIT FACILITIES AND DEBT (Details) - USD ($)
$ in Millions
Mar. 17, 2025
Jun. 30, 2025
2030 9.875% Senior Notes    
Long-term Debt $ 800  
Interest rate 9.875% 9.875%
Debt Instrument, Issuance Percentage of Face Amount 98.563%  
Proceeds from Debt, Net of Issuance Costs $ 776  
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed 40.00%  
Debt Instrument, Redemption Price, Percentage 109.875%  
Debt Instrument, Conditional Redemption Threshold Percentage of Aggregate Principal Amount Originally Issued Remains Outstanding 60.00%  
2030 9.875% Senior Notes | Change of Control that Results in a Ratings Decline    
Debt Instrument, Redemption Price, Percentage 101.00%  
2030 9.875% Senior Notes | Covenant Termination Event in Connection with Certain Asset Disposition    
Debt Instrument, Redemption Price, Percentage 100.00%  
2028 6.00% Senior Notes    
Interest rate   6.00%
2030 7.875% Senior Notes    
Interest rate   7.875%
v3.25.2
RELATED PARTY TRANSACTIONS (Summary of Transactions with PBFX) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Related Party Transaction [Line Items]          
Accounts receivable $ 1,080.2   $ 1,080.2   $ 1,141.0
Accrued expenses 2,401.9   2,401.9   2,465.3
PBF Logistics LP          
Related Party Transaction [Line Items]          
Accounts receivable 5.7   5.7   6.3
Accrued expenses 38.2   38.2   $ 39.6
PBF Logistics LP | Cost of Sales [Member]          
Related Party Transaction [Line Items]          
Total expenses under affiliate agreements (88.3) $ (89.1) (173.5) $ (176.0)  
PBF Logistics LP | Services agreement | General and Administrative Expense          
Related Party Transaction [Line Items]          
Total expenses under affiliate agreements 2.1 2.1 4.3 4.3  
PBF Logistics LP | Omnibus agreement | General and Administrative Expense          
Related Party Transaction [Line Items]          
Total expenses under affiliate agreements $ 1.5 $ 1.4 $ 3.0 $ 2.9  
v3.25.2
RELATED PARTY TRANSACTIONS (Summary of Transactions with SBR) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Related Party Transaction [Line Items]          
Revenues $ 7,465.6 $ 8,726.6 $ 14,522.7 $ 17,363.0  
Accounts receivable 1,080.2   1,080.2   $ 1,141.0
Accrued expenses 2,401.9   2,401.9   2,465.3
St. Bernard Renewables LLC          
Related Party Transaction [Line Items]          
Accounts receivable 40.9   40.9   18.7
Accrued expenses 54.9   54.9   $ 47.8
St. Bernard Renewables LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees          
Related Party Transaction [Line Items]          
Revenues 16.9 8.2 30.3 13.2  
Purchases from related party (121.3) (73.3) (181.6) (164.5)  
Limited Financial Performance Guarantee of a Term Loan $ 100.0   $ 100.0    
Guarantor Obligations, Maximum Exposure, Percentage 50.00%   50.00%    
Equity Method Investment, Ownership Percentage 50.00%   50.00%    
St. Bernard Renewables LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | General and Administrative Expense | Operating agreement          
Related Party Transaction [Line Items]          
Total expenses under affiliate agreements $ 34.4 31.5 $ 74.4 66.8  
St. Bernard Renewables LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | General and Administrative Expense | Omnibus agreement          
Related Party Transaction [Line Items]          
Total expenses under affiliate agreements 0.9 1.1 1.9 2.2  
St. Bernard Renewables LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | General and Administrative Expense | Common asset use and servitude agreement          
Related Party Transaction [Line Items]          
Total expenses under affiliate agreements 1.8 1.5 4.0 3.5  
St. Bernard Renewables LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Cost of Sales [Member] | Lease Agreements          
Related Party Transaction [Line Items]          
Total expenses under affiliate agreements $ (2.8) $ (1.7) $ (8.1) $ (1.7)  
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Loss Contingencies [Line Items]    
Environmental liability $ 152.3 $ 150.6
Environmental liability, noncurrent 142.6 141.6
Environmental Issue | Torrance Refinery    
Loss Contingencies [Line Items]    
Environmental liability $ 110.0 $ 110.6
v3.25.2
REVENUES (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Total Revenues $ 7,465.6 $ 8,726.6 $ 14,522.7 $ 17,363.0  
Deferred revenue 49.1   49.1   $ 43.3
Gasoline and distillates          
Total Revenues 6,585.6 7,442.9 12,711.2 15,041.9  
Asphalt and blackoils          
Total Revenues 415.0 667.4 652.7 1,141.0  
Feedstocks and other          
Total Revenues 240.7 375.9 737.6 683.8  
Chemicals          
Total Revenues 136.5 152.7 257.9 319.7  
Lubricants          
Total Revenues $ 87.8 $ 87.7 $ 163.3 $ 176.6  
v3.25.2
INCOME TAXES (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
subsidiary
Jun. 30, 2024
USD ($)
Income Tax Disclosure [Abstract]        
Number of subsidiaries acquired | subsidiary     2  
Current income tax expense (benefit) $ 0.2 $ (0.2) $ 0.5 $ 0.1
Deferred income tax benefit (0.5) (2.1) (0.5) (2.7)
Total income tax (benefit) expense $ (0.3) $ (2.3) $ 0.0 $ (2.6)
v3.25.2
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, Effect of Counter-party Netting $ (8.1) $ (15.1)
Derivative, Collateral, Obligation to Return Cash 8.1 15.1
Other Assets | Pension Benefits    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Defined benefit plan, plan assets, amount 20.2 19.4
Fair Value, Measurements, Recurring | Commodity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, amount not offset against collateral 43.3 14.0
Derivative, Collateral, Right to Reclaim Cash (43.3) (14.0)
Derivative Liability 0.0 0.0
Fair Value, Measurements, Recurring | Commodity contracts | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, amount not offset against collateral 43.2 14.0
Fair Value, Measurements, Recurring | Commodity contracts | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, amount not offset against collateral 0.1 0.0
Fair Value, Measurements, Recurring | Commodity contracts | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability, amount not offset against collateral 0.0 0.0
Fair Value, Measurements, Recurring | Renewable energy credit and emissions obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative, Collateral, Right to Reclaim Cash 0.0 0.0
Obligations, Fair Value Disclosure 521.4 465.9
Fair Value, Measurements, Recurring | Renewable energy credit and emissions obligations | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Obligations, Fair Value Disclosure 0.0 0.0
Fair Value, Measurements, Recurring | Renewable energy credit and emissions obligations | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Obligations, Fair Value Disclosure 521.4 465.9
Fair Value, Measurements, Recurring | Renewable energy credit and emissions obligations | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Obligations, Fair Value Disclosure 0.0 0.0
Fair Value, Measurements, Recurring | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 5.1 12.9
Fair Value, Measurements, Recurring | Money market funds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 5.1 12.9
Fair Value, Measurements, Recurring | Money market funds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0.0 0.0
Fair Value, Measurements, Recurring | Money market funds | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0.0 0.0
Fair Value, Measurements, Recurring | Commodity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, amount not offset against collateral 45.5 16.0
Derivative assets, Effect of Counter-party Netting (43.3) (14.0)
Derivative assets, Net Carrying Value on Balance Sheet 2.2 2.0
Derivative, Collateral, Obligation to Return Cash 43.3 14.0
Fair Value, Measurements, Recurring | Commodity contracts | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, amount not offset against collateral 44.1 16.0
Fair Value, Measurements, Recurring | Commodity contracts | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, amount not offset against collateral 1.4 0.0
Fair Value, Measurements, Recurring | Commodity contracts | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, amount not offset against collateral $ 0.0 $ 0.0
v3.25.2
FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward]        
Transfers into Level 3 $ 0.0 $ 0.0 $ 0.0 $ 0.0
Transfers out of Level 3 $ 0.0 $ 0.0 $ 0.0 $ 0.0
v3.25.2
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt, Gross $ 2,451.6 $ 1,501.6
Unamortized discount (13.5) (2.7)
Less - Unamortized deferred financing costs (47.9) (41.6)
Long-term debt, Carrying value 2,390.2 1,457.3
Long-term debt, Fair value 2,339.2 1,455.9
Long-term debt, excluding current maturities, Fair value 2,339.2 1,455.9
Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Revolving Credit Facility 350.0 200.0
2028 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt [1] 801.6 801.6
Long-term debt, Fair value [1] 762.6 765.9
2030 Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt [1] 500.0 500.0
Long-term debt, Fair value [1] 448.3 490.0
2030 9.875% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term Debt [1] 800.0 0.0
Long-term debt, Fair value [1] 778.3 0.0
Revolving Credit Facility | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Lines of Credit, Fair Value Disclosure [2] 350.0 200.0
Revolving Credit Facility [2] $ 350.0 $ 200.0
[1] The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.
[2] The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates.
v3.25.2
DERIVATIVES (Narrative) (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
barrel
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
barrel
Jun. 30, 2024
USD ($)
Dec. 31, 2024
barrel
Derivative [Line Items]          
Derivative, fair value hedge ineffectiveness | $ $ 0 $ 0 $ 0 $ 0  
Crude Oil Commodity Contract | Not Designated as Hedging Instrument          
Derivative [Line Items]          
Derivative, notional amount, volume 30,996,000   30,996,000   13,911,000
Refined Product Commodity Contract | Not Designated as Hedging Instrument          
Derivative [Line Items]          
Derivative, notional amount, volume 384,000   384,000   4,704,000
v3.25.2
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Not Designated as Hedging Instrument | Commodity contracts | Accounts receivable    
Derivatives, Fair Value [Line Items]    
Fair Value Asset/(Liability) $ 2.2 $ 2.0
v3.25.2
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Commodity contracts | Not Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain or (Loss) Recognized in Income on Derivatives $ 8.6 $ 28.0 $ 7.3 $ 2.5
v3.25.2
SUBSEQUENT EVENTS (Details)
Jul. 31, 2025
$ / shares
Subsequent Event | Class A Common Stock  
Subsequent Event [Line Items]  
Dividends declared per share (in dollars per share) $ 0.275