Publicly traded PBF Energy Inc., based in Parsippany, announced that rebuild activities at its 157,000 barrel per day Martinez, California refinery following the Feb. 1, 2025 fire are now expected to progress into February.
PBF expects to achieve planned operating rates by the beginning of March 2026. PBF had previously projected a year-end 2025 restart. Since early in the second quarter of 2025, the Martinez refinery has been operating in the 85,000 to 105,000 barrel per day range.
Currently, the commissioning phase of utility systems and certain idled equipment has commenced, and a phased restart of the refinery will progress as work is completed, and the quality assurance and control process is completed.
“We are committed to the safe restoration of full operations at our Martinez refinery,” said Matt Lucey, PBF’s president and chief executive officer. “Tremendous effort has gone into getting us to this point, weeks away from completing the project. Our employees rallied behind our facility and are working tirelessly to safely finalize the repairs.”
The company expects the fire-related cost of restoring the refinery to full operational status will largely be covered by insurance, subject to the company’s deductible and retentions totaling $30 million.
Further, beyond the initial 60-day waiting period, the company expects that its business interruption insurance will significantly offset the financial loss resulting from the downtime through the restart of the refinery.
In the fourth quarter, PBF’s insurers paid a third, unallocated, installment of insurance proceeds of $393.5 million, totaling $893.5 million of unallocated insurance reimbursements received in 2025, net of deductibles and retentions.
The timing and amount of any agreed future payments will be dependent on the quantum of actual, covered expenditures and calculated losses.
PBF Energy operates a crude unit in Paulsboro, its lone facility on the East Coast, and PBF plans maintenance on that unit in the fourth quarter of 2026.
PBF Energy is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio.
The company shares trade on the New York Stock Exchange which have risen 5.5% so far in 2026. PBF Energy has a market cap of $3.31 billion.
