PBF Works on Renewable Diesel Project, Sees Big Profits

July 29, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Petroleum refiner PBF Energy Incorporated (NYSE:PBF) (Parsippany, New Jersey) reported $1,235 million in net income for the second quarter on Thursday, up some 17-fold from the same quarter a year earlier, as it reaped the benefits of high fuel prices, surging demand and tight supplies.

The company, which operates six refineries across the U.S., will continue paying down debt incurred during the COVID-19 pandemic, said Chief Executive Officer Tom Nimbley during the company's earnings conference call. Over the past year and a half, the company has reduced consolidated debt by more than $2.6 billion, according to PBF's earnings release.

Despite making debt reduction its main priority, PBF also is planning a substantial investment for a new renewable diesel facility at its site in Chalmette, Louisiana.