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

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)

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