Parsippany-based PBF Energy on Friday boosted its share buyback authorization to $1 billion, thanks to soaring gross refining margin, which increased 65%, to $1.41 billion in the quarter.
PBF also said it increased production 1.8%, to 859,200 barrels per day in the quarter and expects 900,000 bpd to 960,000 bpd throughout in the ongoing quarter.
Additionally, the refiner reported that it repurchased about $346 million of equity, including $22 million in April and May together.
“During the first quarter, we conducted extensive turnaround work across 75% of our regions. While executing this work, our operations supported further gross debt reductions of $525 million, payment of our dividend and ongoing execution of our increased share repurchase program, which will continue through 2025,” CEO Tom Nimbley said. “The strength of our business continues to support the strengthening of our balance sheet and the opportunity for increasing shareholder returns.”