PBF Energy Halves Capex for 2020, but Sees Some Signs of Improvement in Fuel Demand

SUGAR LAND--May 20, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Like other U.S. petroleum refiners, April was the cruelest month reported so far this year by PBF Energy Incorporated (NYSE:PBF) (Parsippany, New Jersey). Demand for gasoline bottomed out last month at half of what it was in the same month a year earlier, the company said. In response, PBF reported last week it has cut its capital expenditure guidance for this year by $350 million, a 50% reduction; slashed its run rates by an average of 30% for the time being and plans to lower its 2020 operating expenses by $140 million. Still, company executives said they are seeing some small signs that demand is returning, as states slowly recover from COVID-19 lockdowns.

Within this article: Update on operations by PBF Energy. Other companies featured: HollyFrontier Corporation (NYSE:HFC), Marathon Petroleum Corporation (NYSE:MPC), Phillips 66 (NYSE:PSX)