The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the audited financial statements of PBF Energy included in the Annual Report on Form 10-K for the year ended December 31, 2025 and the unaudited financial statements and related notes included in this report. The following discussion contains “forward-looking statements” that reflect our future plans, estimates, beliefs and expected performance. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors. We caution that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Please see “Cautionary Note Regarding Forward-Looking Statements.” Unless the context indicates otherwise, the terms “we,” “us,” and “our” refer to PBF Energy and its consolidated subsidiaries, including PBF LLC, PBF Holding and its subsidiaries and PBFX and its subsidiaries, and our 50% interest in SBR. 37 Overview We are one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. We sell our products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States, Canada and Mexico and are able to ship products to other international destinations. We own and operate six domestic oil refineries and related assets and own a 50% interest in the Renewable Diesel Facility through our SBR equity method investment. Our refineries have a combined processing capacity, known as throughput, of approximately 1,000,000 barrels per day (“bpd”), and a weighted-average Nelson Complexity Index of 12.8 based on current operating conditions. The complexity and throughput capacity of our refineries are subject to change dependent upon configuration changes we make to respond to market conditions, as well as a result of investments made to improve our facilities and maintain compliance with environmental and governmental regulations. We operate in two reportable business segments: Refining and Logistics. Our six oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and represent the Refining segment. PBFX operates certain logistical assets such as crude oil and refined products terminals, pipelines, and storage facilities, which represent the Logistics segment. Our six refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. Each refinery is briefly described in the table below: Refinery Region Nelson Complexity Index (1) Throughput Capacity (in bpd) (1) PADD Crude Processed (2) Source (2) Delaware City East Coast 13.6 180,000 1 light sweet through heavy sour water, rail Paulsboro East Coast 9.1 (3) 155,000 (3) 1 light sweet through heavy sour water Toledo Mid-Continent 11.0 180,000 2 light sweet pipeline, truck, rail Chalmette Gulf Coast 13.0 185,000 3 light sweet through heavy sour water, pipeline Torrance West Coast 13.8 166,000 5 medium and heavy pipeline, water, truck Martinez West Coast 16.1 157,000 5 medium and heavy water _____________________ (1) Reflects operating conditions at each refinery as of the date of this filing. Changes in complexity and throughput capacity reflect the result of current market conditions, in addition to investments made to improve our facilities and maintain compliance with environmental and governmental regulations. Configurations at each of our refineries are evaluated periodically and updated accordingly. (2) Reflects the typical crude and feedstocks and related sources utilized under normal operating conditions and prevailing market environments. (3) At full operating capacity and prevailing market environments, our Nelson Complexity Index and throughput capacity for the Paulsboro refinery would be 13.1 and 180,000, respectively. As a result of the reconfiguration of our East Coast refineries in 2020, and subsequent restart of several idled processing units at the Paulsboro refinery in 2022, our Nelson Complexity Index and throughput capacity were adjusted. 38 As of June 30, 2026, PBF Energy owned 118,537,421 PBF LLC Series C Units and our current and former executive officers and directors and certain employees and others held 860,839 PBF LLC Series A Units (we refer to all of the holders of the PBF LLC Series A Units as “the members of PBF LLC other than PBF Energy”). As a result, the holders of our issued and outstanding shares of our PBF Energy Class A common stock have approximately 99.3% of the voting power in us, and the members of PBF LLC other than PBF Energy through their holdings of Class B common stock have approximately 0.7% of the voting power in us (99.3% and 0.7% as of December 31, 2025, respectively). Recent Developments Martinez Refinery Fire On February 1, 2025, the Martinez refinery fire occurred. As a result of the Martinez refinery fire, the Martinez refinery was fully shut down until April 2025, when certain unaffected units, including the crude unit, were restarted and the Martinez refinery began producing limited quantities of gasoline, jet fuel, and intermediates. Investigations are being conducted by various regulatory agencies, including the California Department of Industrial Relations - the Division of Occupational Safety and Health (“CalOSHA”), the Bay Area Air District (“BAAD”), Contra Costa County (“CCC”), the Department of Justice (“DOJ”), the United States Attorney’s Office (“USAO”), and the Environmental Protection Agency (“EPA”). There are uncertainties around these inquiries and investigations and potential results and consequences, including whether any financial penalties will be assessed or changes to the operations of the Martinez refinery will result therefrom. At this time, the potential liabilities, including regulatory penalties, arising from the incident are unknown, and the full financial impact of this incident cannot reasonably be estimated. Upon completion of construction activities, the Martinez refinery returned to full operations in May 2026. All units affected by the Martinez refinery fire have returned to operational status and are operating at planned rates, which are expected to continue through the planned turnaround of the Martinez refinery’s hydrocracker complex. Following the successful completion of extensive inspections and operational evaluations, the hydrocracker complex turnaround, previously scheduled for late in the second quarter of 2026, has been rescheduled to late in the third quarter of 2026. We expect that the cost of repairs to the fire-damaged units and restoring the Martinez refinery to full operational status will be largely covered under our property insurance coverage, subject to our deductible and retentions totaling $30.0 million. Our insurance policy also includes business interruption coverage, which contains a 60-day waiting period. This coverage commenced on April 3, 2025. While we expect our insurance coverage will significantly offset the financial impact of the Martinez refinery fire, other than for the business interruption waiting period, deductibles and retentions, the timing of insurance proceeds may impact our results and our cash flow in a given reporting period. Anticipated costs and insurance recoveries related to the Martinez refinery fire are based on information available to us as of the date of this filing, and are preliminary and subject to revision. In addition, neither the total amount nor timing of insurance recoveries is certain. During the three and six months ended June 30, 2026, we received $250.0 million and $356.5 million, respectively, of unallocated insurance proceeds. Since the date of the Martinez refinery fire, we have received cumulative insurance proceeds, net of deductibles and retentions, of $1.25 billion. 39 Factors Affecting Comparability Between Periods Our results have been affected by the following events, the understanding of which will aid in assessing the comparability of our period to period financial performance and financial condition. Martinez Refinery Fire The Martinez refinery fire occurred on February 1, 2025. As a result, the Martinez refinery was fully shut down until April 2025, when certain unaffected units, including the crude unit, were restarted and the Martinez refinery began producing limited quantities of gasoline, jet fuel, and intermediates, while the remaining units remained offline. During the second quarter in 2026, assets were transferred to refinery operations for commissioning and restart. All units affected by the Martinez refinery fire have returned to operational status and are running at planned rates. Investigations by various regulatory agencies are ongoing. Consequently, throughput volumes at the Martinez refinery in 2026 were significantly above 2025 levels. During the three and six months ended June 30, 2026, we received $250.0 million and $356.5 million of unallocated insurance proceeds, respectively, which were recognized as a Gain on insurance recoveries on the Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2025, we received an unallocated installment of $250.0 million after deductibles and retentions. As a result, we recorded a Gain on insurance recoveries of $189.0 million on the Condensed Consolidated Statements of Operations, which was net of the $61.0 million receivable that was recorded at March 31, 2025. In addition, during the three and six months ended June 30, 2026, we incurred operating expenses associated with the Martinez refinery fire of approximately $22.7 million and $34.2 million, respectively (compared to $30.4 million and $108.5 million, respectively, during the three and six months ended June 30, 2025). Debt and Credit Facilities Senior Notes 2034 7.25% Senior Notes On May 28, 2026, we issued $500.0 million aggregate principal amount of 7.25% senior unsecured notes due 2034 (the “2034 7.25% Senior Notes”). Net proceeds from the offering were $492.1 million after deducting the initial purchasers’ discount and offering expenses. We used the net proceeds from the offering and available cash to fully redeem the 6.00% senior unsecured notes due 2028 (the “2028 6.00% Senior Notes”), plus accrued and unpaid interest. 2028 6.00% Senior Notes On June 25, 2026, we exercised our rights under the indenture governing the 2028 6.00% Senior Notes to redeem all outstanding 2028 6.00% Senior Notes at a redemption price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest up to, but excluding, the redemption date. The aggregate redemption price for the 2028 6.00% Senior Notes was approximately $801.6 million plus accrued and unpaid interest. The difference between the carrying value of the 2028 6.00% Senior Notes on the date they were redeemed and the amount for which they were redeemed was $2.2 million and was recorded as a Loss on extinguishment of debt on the Condensed Consolidated Statements of Operations. 40 2030 9.875% Senior Notes On March 17, 2025, we issued $800.0 million aggregate principal amount of 9.875% senior unsecured notes due 2030 (the “2030 9.875% Senior Notes”). Net proceeds from the offering were $776.0 million after deducting the initial purchasers’ discount and offering expenses. We used the net proceeds from the offering to repay outstanding borrowings under the PBF Holding’s asset-based revolving credit facility (the “Revolving Credit Facility”) and for general corporate purposes. PBF Holding Revolving Credit Facility The Revolving Credit Facility matures in August 2028 and has a maximum commitment of $3.5 billion, as stated in the amended and restated asset-based revolving credit agreement (the “Revolving Credit Agreement”). We may borrow or repay outstanding amounts on the Revolving Credit Facility from time to time depending on working capital or other cash flow needs of the business. There were no outstanding borrowings under the Revolving Credit Facility as of June 30, 2026, compared with $100.0 million as of December 31, 2025. Costs Related to RBI Initiative During the second quarter of 2025, we launched our RBI initiative as part of our ongoing strategic efforts to generate incremental value across our business. For the three and six months ended June 30, 2026, we recognized $9.2 million and $18.6 million, respectively, of expenses related to this initiative, compared to $13.6 million for both the three and six months ended June 30, 2025. These charges are included in General and administrative expenses on the Condensed Consolidated Statements of Operations. Geopolitical Conflicts Recent hostilities involving the United States, Israel, the Gulf States, and Iran have disrupted global energy markets and trade flows, contributing to increased volatility in crude oil and refined product prices. Actions affecting regional shipping routes, including through the Strait of Hormuz, and impacts to certain Middle Eastern energy infrastructure have led to higher freight costs, longer transit times and supply chain disruptions. These conditions have supported higher global refining margins and increased demand for U.S. refined products during the period, while also resulting in higher and more volatile crude oil prices, increased feedstock costs and elevated working capital requirements. The net impact on our results of operations has varied based on the timing and magnitude of changes in crude oil prices and refined product margins. The extent to which these conditions will continue remains uncertain and dependent on future developments, including the duration and scope of the conflict, potential further disruptions to supply or transit routes and the response of global markets. We continue to monitor the situation and adjust our operations as appropriate. Transactions with SBR We and our subsidiaries have various agreements with SBR, primarily related to the sale and purchase of environmental credits and hydrocarbon products. Refer to “Note 5 - Related Party Transactions” of our Notes to Condensed Consolidated Financial Statements for transactions with SBR. Tax Receivable Agreement As of both June 30, 2026 and December 31, 2025, PBF Energy recognized a liability for the Tax Receivable Agreement of $168.2 million, reflecting the estimate of the undiscounted amounts that we expected to pay under the agreement. As future taxable income is recognized, increases in our Tax Receivable Agreement liability may be necessary in conjunction with the revaluation of deferred tax assets. In January 2025, we made payments under the Tax Receivable Agreement related to the 2023 tax year totaling $130.8 million, inclusive of $5.4 million of interest. 41 Results of Operations The tables below reflect our consolidated financial and operating highlights for the three and six months ended June 30, 2026 and 2025 (amounts in millions, except per share data). We operate in two reportable business segments: Refining and Logistics. Our oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and, excluding the assets operated by PBFX, represent the Refining segment. PBFX is an indirect wholly-owned subsidiary of PBF Energy that operates certain logistics assets such as crude oil and refined products terminals, pipelines, and storage facilities. PBFX’s operations represent the Logistics segment. We do not separately discuss our results by individual segments as our Logistics segment did not have any significant third-party revenues and a significant portion of its operating results are eliminated in consolidation. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues $ 11,678.3 $ 7,475.3 $ 19,582.6 $ 14,541.7 Cost and expenses: Cost of products and other 9,701.9 6,743.7 16,483.8 13,330.8 Operating expenses (excluding depreciation and amortization expense as reflected below) 670.1 631.7 1,359.0 1,363.5 Depreciation and amortization expense 159.5 157.9 314.5 325.6 Cost of sales 10,531.5 7,533.3 18,157.3 15,019.9 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 148.6 80.3 238.2 150.7 Depreciation and amortization expense 3.6 3.6 7.4 7.2 Gain on insurance recoveries, net (250.0) (189.0) (356.5) (189.0) Equity (income) loss in investee (27.5) 4.3 (35.8) 21.3 (Gain) loss on sale of assets — (0.2) 0.3 (0.2) Total cost and expenses 10,406.2 7,432.3 18,010.9 15,009.9 Income (loss) from operations 1,272.1 43.0 1,571.7 (468.2) Other income (expense): Interest expense (net of interest income of $8.0, $4.1, $11.5 and $8.6, respectively) (42.0) (53.8) (84.1) (90.7) Loss on extinguishment of debt (2.2) — (2.2) — Other non-service components of net periodic benefit cost 1.3 0.3 2.3 0.6 Income (loss) before income taxes 1,229.2 (10.5) 1,487.7 (558.3) Income tax expense (benefit) 314.2 (5.1) 372.5 (147.0) Net income (loss) 915.0 (5.4) 1,115.2 (411.3) Less: net income (loss) attributable to noncontrolling interest 8.6 (0.2) 10.5 (4.3) Net income (loss) attributable to PBF Energy Inc. stockholders $ 906.4 $ (5.2) $ 1,104.7 $ (407.0) Consolidated gross margin $ 1,146.8 $ (58.0) $ 1,425.3 $ (478.2) Gross refining margin (1) $ 1,889.4 $ 640.1 $ 2,926.3 $ 1,031.8 Net income (loss) available to Class A common stock per share: Basic $ 7.66 $ (0.05) $ 9.38 $ (3.58) Diluted $ 7.54 $ (0.05) $ 9.22 $ (3.58) _________________________________ (1) See Non-GAAP Financial Measures. 42 Three Months Ended June 30, Six Months Ended June 30, Operating Highlights 2026 2025 2026 2025 Key Operating Information Production (bpd in thousands) 893.5 845.8 867.5 789.5 Crude oil and feedstocks throughput (bpd in thousands) 887.3 839.1 865.9 785.1 Total crude oil and feedstocks throughput (millions of barrels) 80.7 76.4 156.7 142.1 Consolidated gross margin per barrel of throughput $ 14.20 $ (0.76) $ 9.10 $ (3.37) Gross refining margin, excluding special items, per barrel of throughput (1) $ 23.40 $ 8.38 $ 16.67 $ 7.26 Refining operating expense, per barrel of throughput $ 8.00 $ 7.96 $ 8.34 $ 9.25 Crude and feedstocks (% of total throughput) (2) Heavy 31 % 25 % 28 % 27 % Medium 29 % 35 % 33 % 35 % Light 24 % 26 % 23 % 24 % Other feedstocks and blends 16 % 14 % 16 % 14 % Total throughput 100 % 100 % 100 % 100 % Yield (% of total throughput) Gasoline and gasoline blendstocks 42 % 44 % 43 % 46 % Distillates and distillate blendstocks 36 % 34 % 35 % 35 % Lubes 1 % 1 % 1 % 1 % Chemicals 1 % 2 % 1 % 1 % Other 21 % 20 % 20 % 18 % Total yield 101 % 101 % 100 % 101 % _________________________________________ (1) See Non-GAAP Financial Measures. (2) We define heavy crude oil as crude oil with American Petroleum Institute (“API”) gravity of less than 24 degrees. We define medium crude oil as crude oil with an API gravity between 24 and 35 degrees. We define light crude oil as crude oil with an API gravity higher than 35 degrees. 43 The table below summarizes certain market indicators relating to our operating results as reported by Platts, a division of The McGraw-Hill Companies. Three Months Ended June 30, Six Months Ended June 30, (dollars per barrel, except as noted) 2026 2025 2026 2025 Dated Brent crude oil $ 104.86 $ 67.70 $ 93.28 $ 71.64 West Texas Intermediate (WTI) crude oil $ 93.11 $ 63.81 $ 83.00 $ 67.60 Light Louisiana Sweet (LLS) crude oil $ 95.64 $ 66.12 $ 85.57 $ 70.22 Alaska North Slope (ANS) crude oil $ 103.05 $ 68.82 $ 90.40 $ 72.30 Crack Spreads Dated Brent (NYH) 2-1-1 $ 43.48 $ 22.24 $ 35.05 $ 19.58 WTI (Chicago) 4-3-1 $ 44.62 $ 21.16 $ 32.11 $ 17.47 LLS (Gulf Coast) 2-1-1 $ 48.66 $ 20.26 $ 39.39 $ 18.77 ANS (West Coast-LA) 4-3-1 $ 53.28 $ 28.85 $ 45.03 $ 26.00 ANS (West Coast-SF) 3-2-1 $ 58.27 $ 36.07 $ 49.67 $ 30.85 Crude Oil Differentials Dated Brent (foreign) less WTI $ 11.75 $ 3.90 $ 10.27 $ 4.04 Dated Brent less Maya (heavy, sour) $ 16.08 $ 9.22 $ 15.12 $ 9.86 Dated Brent less WTS (sour) $ 13.04 $ 4.03 $ 11.64 $ 3.95 Dated Brent less ASCI (sour) $ 10.98 $ 3.19 $ 9.07 $ 3.26 WTI less WCS (heavy, sour) $ 20.25 $ 10.65 $ 18.03 $ 11.86 WTI less Bakken (light, sweet) $ 0.32 $ 0.65 $ 1.15 $ 1.19 WTI less Syncrude (light, sweet) $ (2.83) $ (0.93) $ (0.66) $ 0.83 WTI less LLS (light, sweet) $ (2.53) $ (2.31) $ (2.56) $ (2.61) WTI less ANS (light, sweet) $ (9.93) $ (5.01) $ (7.40) $ (4.69) Effective RIN basket price $ 13.78 $ 6.14 $ 11.30 $ 5.45 Natural gas (dollars per MMBTU) $ 2.94 $ 3.51 $ 3.20 $ 3.69 Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 Overview— PBF Energy net income was $915.0 million for the three months ended June 30, 2026 compared to net loss of $5.4 million for the three months ended June 30, 2025. Net income attributable to PBF Energy stockholders was $906.4 million, or $7.54 per diluted share, for the three months ended June 30, 2026, ($7.54 per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net income, or $6.22 per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net income excluding special items, as described below in Non-GAAP Financial Measures) compared to net loss attributable to PBF Energy stockholders of $5.2 million, or $(0.05) per diluted share, for the three months ended June 30, 2025 ($(0.05) per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net loss, or $(1.03) per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net loss excluding special items, as described below in Non-GAAP Financial Measures). The net income (loss) attributable to PBF Energy stockholders represents PBF Energy’s equity interest in PBF LLC’s pre-tax income (loss), less applicable income tax expense (benefit). PBF Energy’s weighted-average equity interest in PBF LLC was 99.3% for both the three months ended June 30, 2026 and 2025. 44 Our results for the three months ended June 30, 2026 were positively impacted by a special item consisting of a gain on insurance recoveries of $250.0 million, or $185.0 million net of tax, partially offset by expenses associated with the Martinez refinery fire of approximately $22.7 million, or $16.8 million net of tax, costs related to the RBI initiative of approximately $9.2 million, or $6.8 million net of tax, and a loss on extinguishment of debt of $2.2 million, or $1.6 million net of tax, related to the redemption of the 2028 6.00% Senior Notes. Our results for the three months ended June 30, 2025 were positively impacted by special items consisting of a gain on insurance recoveries of $189.0 million, or $139.9 million net of tax and our share of the adjustment to the SBR lower of cost or market (“SBR LCM”) inventory reserve of $8.0 million, or $5.9 million net of tax, partially offset by expenses associated with the Martinez refinery fire of approximately $30.4 million, or $22.5 million net of tax and costs related to the RBI initiative of approximately $13.6 million, or $10.1 million net of tax. Excluding the impact of special items, our results for the three months ended June 30, 2026 reflect an overall increase in refining margins compared to the same period in 2025. The refining margins increase was primarily driven by favorable crack spreads and certain crude oil differentials, as well as higher throughput volumes across the majority of our refineries, partially offset by higher RFS compliance costs. Ongoing geopolitical conflicts affecting global supply and trade flows also contributed to these dynamic market conditions. Revenues— Revenues totaled $11.7 billion for the three months ended June 30, 2026 compared to $7.5 billion for the three months ended June 30, 2025, an increase of approximately $4.2 billion, or 56.0%. Revenues per barrel were $127.39 and $81.30 for the three months ended June 30, 2026 and 2025, respectively, an increase of 56.7% directly related to higher hydrocarbon commodity prices. For the three months ended June 30, 2026, the total throughput rates at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 309,100 bpd, 130,900 bpd, 177,400 bpd, and 269,900 bpd, respectively. For the three months ended June 30, 2025, the total throughput rates at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 299,800 bpd, 162,200 bpd, 173,600 bpd and 203,500 bpd, respectively. For the three months ended June 30, 2026, the total barrels sold at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 346,300 bpd, 145,800 bpd, 163,700 bpd, and 351,500 bpd, respectively. For the three months ended June 30, 2025, the total barrels sold at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 348,800 bpd, 166,600 bpd, 169,700 bpd and 325,300 bpd, respectively. Total refined product barrels sold were higher than throughput rates, reflecting sales from inventory as well as sales and purchases of refined products outside our refineries. Overall average throughput rates at our refineries were higher for the three months ended June 30, 2026, primarily due to the restart of the Martinez refinery, partially offset by unplanned downtime at our Mid-Continent refinery. In the prior-year period, increased maintenance activity and unplanned downtime resulting from the Martinez refinery fire negatively impacted throughput. We plan to continue operating our refineries in line with demand and prevailing market conditions. Consolidated gross margin— Consolidated gross margin totaled $1,146.8 million for the three months ended June 30, 2026 compared to $(58.0) million for the three months ended June 30, 2025, an increase of approximately $1,204.8 million. Gross refining margin totaled $1,889.4 million, or $23.40 per barrel of throughput for the three months ended June 30, 2026 compared to $640.1 million, or $8.38 per barrel of throughput for the three months ended June 30, 2025, an increase of approximately $1,249.3 million. During the three months ended June 30, 2026 and 2025, our refining margin calculations were not impacted by special items. Consolidated gross margin and gross refining margin increased compared to the three months ended June 30, 2025, primarily due to favorable crack spreads and certain crude oil differentials, higher throughput volumes across the majority of our refineries, and increased overall throughput at our refineries. These favorable impacts were partially offset by unplanned downtime at our Mid-Continent refinery and higher RFS compliance costs. 45 Additionally, our results continue to be impacted by significant costs to comply with the RFS. On March 27, 2026, the EPA finalized new RFS requirements for 2026 and 2027, which included a partial reallocation of small refinery exemptions that were granted for years 2023 to 2025 and revised renewable fuel volume requirements for 2026. Total RFS compliance costs were $331.3 million for the three months ended June 30, 2026 compared to $165.0 million for the three months ended June 30, 2025. The increase was primarily attributable to the newly finalized RFS requirements for 2026 and 2027, which has resulted in higher RIN prices in 2026 compared to 2025. Average industry margins were notably more favorable during the three months ended June 30, 2026 in comparison to the same period in 2025, primarily due to geopolitical conflicts negatively impacting supply with demand remaining relatively resilient. Favorable movements in benchmark crude differentials typically result in lower crude costs and positively impact our earnings, while reductions in these benchmark crude differentials typically result in higher crude costs and negatively impact our earnings. On the East Coast, the Dated Brent (NYH) 2-1-1 industry crack spread was approximately $43.48 per barrel, or 95.5% higher, in the three months ended June 30, 2026, as compared to $22.24 per barrel in the same period in 2025. Our margins were positively impacted from our refinery specific slate on the East Coast by a widening Dated Brent/Maya differential, which increased by $6.86 per barrel, slightly offset by a weakened WTI/Bakken differential, which decreased by $0.33 per barrel, in comparison to the same period in 2025. The WTI/WCS differential widened to $20.25 per barrel in the three months ended June 30, 2026 compared to $10.65 in the same period in 2025, which favorably impacted our cost of heavy crude. Across the Mid-Continent, the WTI (Chicago) 4-3-1 industry crack spread was $44.62 per barrel, or 110.9% higher, in the three months ended June 30, 2026 as compared to $21.16 per barrel in the same period in 2025. Our margins were negatively impacted from our refinery specific slate in the Mid-Continent by weakened WTI/Syncrude and WTI/Bakken differentials, which decreased by $1.90 and $0.33 per barrel, respectively, in comparison to the same period in 2025. On the Gulf Coast, the LLS (Gulf Coast) 2-1-1 industry crack spread was $48.66 per barrel, or 140.2% higher, in the three months ended June 30, 2026 as compared to $20.26 per barrel in the same period in 2025. Margins on the Gulf Coast were positively impacted from our refinery specific slate by an expanded Dated Brent/WTS differential, which averaged a discount of $13.04 per barrel for the three months ended June 30, 2026 as compared to a discount of $4.03 per barrel in the same period of 2025. On the West Coast, the ANS (West Coast - LA) 4-3-1 industry crack spread was $53.28 per barrel, or 84.7% higher, in the three months ended June 30, 2026 as compared to $28.85 per barrel in the same period in 2025. Additionally, the ANS (West Coast - SF) 3-2-1 industry crack spread was $58.27 per barrel, or 61.5% higher, in the three months ended June 30, 2026 as compared to $36.07 per barrel in the same period in 2025. Our margins on the West Coast were negatively impacted from our refinery specific slate by weakened WTI/ANS differential, which averaged a premium of $9.93 per barrel for the three months ended June 30, 2026 as compared to a premium of $5.01 per barrel in the same period of 2025, slightly offset by an expanded Dated Brent/WTS differential, which averaged a discount of $13.04 per barrel for the three months ended June 30, 2026 as compared to a discount of $4.03 per barrel in the same period of 2025. 46 Operating expenses— Operating expenses totaled $670.1 million for the three months ended June 30, 2026 compared to $631.7 million for the three months ended June 30, 2025, an increase of $38.4 million, or 6.1%. Of the total $670.1 million of operating expenses for the three months ended June 30, 2026, $646.0 million, or $8.00 per barrel of throughput, related to expenses incurred by the Refining segment, while the remaining $24.1 million related to expenses incurred by the Logistics segment ($607.5 million, or $7.96 per barrel, and $24.2 million of operating expenses for the three months ended June 30, 2025 related to the Refining and Logistics segments, respectively). The increase in operating expenses in comparison to the same period in 2025 was mainly attributable to higher outside services as well as higher maintenance, catalysts, and chemical costs driven by the Martinez refinery restart. General and administrative expenses— General and administrative expenses totaled $148.6 million for the three months ended June 30, 2026 compared to $80.3 million for the three months ended June 30, 2025, an increase of approximately $68.3 million, or 85.1%. The increase in general and administrative expenses in comparison to the same period in 2025 was primarily due to higher employee-related expenses, including the recognition of incentive compensation, and outside services, including higher legal costs. General and administrative expenses are comprised of personnel, facilities, and other infrastructure costs necessary to support our refineries and related logistics assets. Depreciation and amortization expense— Depreciation and amortization expense totaled $163.1 million for the three months ended June 30, 2026 (including $159.5 million recorded within Cost of sales) compared to $161.5 million for the three months ended June 30, 2025 (including $157.9 million recorded within Cost of sales), representing an increase of approximately $1.6 million. The increase was primarily attributable to an increase in the fixed asset base resulting from capital projects and turnarounds completed since the second quarter of 2025. Gain on insurance recoveries, net— For the three months ended June 30, 2026 and 2025, we recognized gains on insurance recoveries associated with the Martinez refinery fire of $250.0 million and $189.0 million, respectively. Equity (income) loss in investee— For the three months ended June 30, 2026 and 2025, we recognized a gain of $27.5 million and a loss of $4.3 million, respectively, related to our equity share of our investment in SBR. (Gain) loss on sale of assets— For the three months ended June 30, 2025, we recognized a gain of $0.2 million, primarily related to the sale of non-operating refinery assets. There was no such gain for the three months ended June 30, 2026. Interest expense, net— Interest expense, net totaled $42.0 million for the three months ended June 30, 2026, compared to $53.8 million for the three months ended June 30, 2025, a decrease of approximately $11.8 million. The net decrease was primarily attributable to lower interest expense resulting from lower average outstanding borrowings under our Revolving Credit Facility and increased capitalized interest related to the Martinez refinery rebuild, partially offset by increased interest expense from the issuance of the 2034 7.25% Senior Notes in May 2026 prior to the redemption of the 2028 6.00% Senior Notes in June 2026. Additionally, interest income increased by $3.9 million during the three months ended June 30, 2026, driven by higher interest rates and higher cash deposits compared with the same period in the prior year. Interest expense for the three months ended June 30, 2026 includes interest on long-term debt, letter of credit fees associated with the purchase of certain crude oils, and the amortization of deferred financing costs. Loss on extinguishment of debt— For the three months ended June 30, 2026, there was a loss on the extinguishment of debt of $2.2 million, related to the redemption of the 2028 6.00% Senior Notes. 47 Income tax expense (benefit)— PBF LLC is organized as a limited liability company and PBFX is a partnership, both of which are treated as “flow-through” entities for federal income tax purposes and therefore are not subject to income tax. However, two subsidiaries of Chalmette Refining L.L.C. (“Chalmette Refining”) and our Canadian subsidiary, PBF Energy Limited (“PBF Ltd.”) are treated as C-Corporations for income tax purposes and may incur income taxes with respect to their earnings, as applicable. The members of PBF LLC are required to include their proportionate share of PBF LLC’s taxable income or loss on their respective tax returns. PBF LLC generally makes distributions to its members, per the terms of PBF LLC’s amended and restated limited liability company agreement, related to such taxes, on a pro-rata basis. PBF Energy recognizes an income tax expense or benefit in our Condensed Consolidated Financial Statements based on PBF Energy’s allocable share of PBF LLC’s pre-tax income or loss, which was approximately 99.3%, on a weighted-average basis for both the three months ended June 30, 2026 and 2025. PBF Energy’s Condensed Consolidated Financial Statements do not reflect any benefit or provision for income taxes on the pre-tax income or loss attributable to the noncontrolling interest in PBF LLC or PBFX (although, as described above, PBF LLC must make tax distributions to all its members on a pro-rata basis). PBF Energy’s effective tax rate, excluding the impact of noncontrolling interest, for the three months ended June 30, 2026 and 2025 was 25.7% and 49.5%, respectively. For the three months ended June 30, 2026, PBF Energy’s effective tax rate was relatively consistent with the United States statutory rate. For the three months ended June 30, 2025, PBF Energy’s effective tax rate differed from the United States statutory rate, inclusive of state income taxes, primarily due to the impact of certain permanent tax difference items had on the pretax loss for the quarter. Noncontrolling interest— PBF Energy is the sole managing member of, and has a controlling interest in, PBF LLC. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business and affairs of PBF LLC and its subsidiaries. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries. With respect to the consolidation of PBF LLC, we record a noncontrolling interest for the economic interest in PBF LLC held by members other than PBF Energy, and with respect to the consolidation of PBF Holding, we record a 20% noncontrolling interest for the ownership interests in two subsidiaries of Chalmette Refining held by a third party. The total noncontrolling interest on the Condensed Consolidated Statements of Operations represents the portion of the Company’s earnings or loss attributable to the economic interests held by members of PBF LLC other than PBF Energy and by the third-party stockholders of certain of Chalmette Refining’s subsidiaries. The total noncontrolling interest on the Condensed Consolidated Balance Sheets represents the portion of the Company’s net assets attributable to the economic interests held by the members of PBF LLC other than PBF Energy and by the third-party stockholders of the two Chalmette Refining subsidiaries. PBF Energy’s weighted-average equity noncontrolling interest ownership percentage in PBF LLC for both the three months ended June 30, 2026 and 2025 was approximately 0.7%. The carrying amount of the noncontrolling interest on our Condensed Consolidated Balance Sheets attributable to the noncontrolling interest is not equal to the noncontrolling interest ownership percentage due to the effect of income taxes and related agreements that pertain solely to PBF Energy. Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 Overview— PBF Energy net income was $1,115.2 million for the six months ended June 30, 2026 compared to net loss of $411.3 million for the six months ended June 30, 2025. Net income attributable to PBF Energy stockholders was $1,104.7 million, or $9.22 per diluted share, for the six months ended June 30, 2026 ($9.22 per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net income, or $5.40 per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net income excluding special items, as described below in Non-GAAP Financial Measures), compared to net loss attributable to PBF Energy stockholders of $407.0 million, or $(3.58) per diluted share, for the six months ended June 30, 2025 ($(3.58) per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net loss, or $(4.12) per share on a fully-exchanged, fully-diluted basis based on adjusted fully-converted net loss excluding special items, as described below in Non-GAAP Financial Measures). The net income (loss) attributable to PBF Energy stockholders represents PBF Energy’s equity interest in PBF LLC’s pre-tax income (loss), less applicable income tax benefit (expense). PBF Energy’s weighted-average equity interest in PBF LLC was 99.3% for both the six months ended June 30, 2026 and 2025. 48 Our results for the six months ended June 30, 2026 were positively impacted by special items consisting of a lower of cost or market (“LCM”) inventory adjustment of $313.0 million, or $231.6 million net of tax, a gain on insurance recoveries of $356.5 million, or $263.8 million net of tax, and our share of the adjustment to the SBR LCM inventory reserve of $9.4 million, or $7.0 million net of tax, partially offset by expenses associated with the Martinez refinery fire of approximately $34.2 million, or $25.3 million net of tax, costs related to the RBI initiative of approximately $18.6 million, or $13.8 million net of tax, and a loss of extinguishment of debt of $2.2 million, or $1.6 million net of tax, related to the redemption of the 2028 6.00% Senior Notes. Our results for the six months ended June 30, 2025 were positively impacted by special items consisting of a gain on insurance recoveries of $189.0 million, or $139.9 million net of tax and our share of the adjustment to the SBR LCM inventory reserve of $16.7 million, or $12.4 million net of tax, partially offset by expenses associated with the Martinez refinery fire of approximately $108.5 million, or $80.3 million net of tax and costs related to the RBI initiative of approximately $13.6 million, or $10.1 million net of tax. Excluding the impact of special items, our results for the six months ended June 30, 2026 reflect an overall increase in refining margins compared to the same period in 2025. The refining margins increase was primarily driven by favorable crack spreads and certain crude oil differentials, as well as higher throughput volumes and increased barrels sold across the majority of our refineries, partially offset by higher RFS compliance costs. Ongoing geopolitical conflicts affecting global supply and trade flows also contributed to these dynamic market conditions. Revenues— Revenues totaled $19.6 billion for the six months ended June 30, 2026 compared to $14.5 billion for the six months ended June 30, 2025, an increase of approximately $5.1 billion, or 35.2%. Revenues per barrel were $110.78 and $84.57 for the six months ended June 30, 2026 and 2025, respectively, an increase of 31.0% directly related to higher hydrocarbon commodity prices and sale volumes. For the six months ended June 30, 2026, the total throughput rates at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 306,800 bpd, 137,400 bpd, 181,200 bpd, and 240,500 bpd, respectively. For the six months ended June 30, 2025, the total throughput rates at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 281,000 bpd, 149,900 bpd, 165,800 bpd and 188,300 bpd, respectively. For the six months ended June 30, 2026, total barrels sold at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 339,300 bpd, 150,000 bpd, 166,200 bpd, and 316,000 bpd, respectively. For the six months ended June 30, 2025, total barrels sold at our East Coast, Mid-Continent, Gulf Coast, and West Coast refineries averaged approximately 324,600 bpd, 154,900 bpd, 161,900 bpd and 308,500 bpd, respectively. Total refined product barrels sold were higher than throughput rates, reflecting sales from inventory as well as sales and purchases of refined products outside our refineries. Overall average throughput rates at our refineries were higher for the six months ended June 30, 2026, primarily due to the restart of the Martinez refinery. In the prior-year period, increased maintenance activity and unplanned downtime resulting from the Martinez refinery fire negatively impacted throughput. We plan to continue operating our refineries in line with demand and prevailing market conditions. Consolidated gross margin— Consolidated gross margin totaled $1,425.3 million for the six months ended June 30, 2026, compared to $(478.2) million for the six months ended June 30, 2025, an increase of approximately $1,903.5 million. Gross refining margin totaled $2,926.3 million, or $18.67 per barrel of throughput for the six months ended June 30, 2026 compared to $1,031.8 million, or $7.26 per barrel of throughput for the six months ended June 30, 2025, an increase of approximately $1,894.5 million. Gross refining margin excluding special items totaled $2,613.3 million, or $16.67 per barrel of throughput for the six months ended June 30, 2026. During the six months ended June 30, 2025, our refining margin calculations were not impacted by special items. 49 Consolidated gross margin and gross refining margin for the six months ended June 30, 2026 were positively impacted by the reversal of a prior-year non-cash LCM adjustment of approximately $313.0 million, driven by the increase in crude oil and refined product prices compared to the prior year. Consolidated gross margin, gross refining margin, and gross refining margin excluding special items increased due to favorable movements in crack spreads and certain crude oil differentials, as well as higher barrels sold at the majority of our refineries, partially offset by higher RFS compliance costs. Additionally, our results continue to be impacted by significant costs to comply with the RFS. On March 27, 2026, the EPA finalized new RFS requirements for 2026 and 2027, which included a partial reallocation of small refinery exemptions that were granted for years 2023 to 2025 and revised renewable fuel volume requirements for 2026. Total RFS compliance costs were $609.3 million for the six months ended June 30, 2026 compared to $285.0 million for the six months ended June 30, 2025. The increase was primarily attributable to the newly finalized RFS requirements for 2026 and 2027, which has resulted in higher RIN prices in 2026 compared to 2025. Average industry margins were notably more favorable during the six months ended June 30, 2026 in comparison to the same period in 2025, primarily due to geopolitical conflicts negatively impacting supply with demand remaining relatively resilient. Favorable movements in benchmark crude differentials typically result in lower crude costs and positively impact our earnings, while reductions in these benchmark crude differentials typically result in higher crude costs and negatively impact our earnings. On the East Coast, the Dated Brent (NYH) 2-1-1 industry crack spread was approximately $35.05 per barrel, or 79.0% higher, in the six months ended June 30, 2026, as compared to $19.58 per barrel in the same period in 2025. Our margins were positively impacted from our refinery specific slate on the East Coast by widening WTI/WCS and Dated Brent/Maya differentials which increased by $6.17 and $5.26 per barrel, respectively, in comparison to the same period in 2025, which favorably impacted our cost of heavy crudes. Across the Mid-Continent, the WTI (Chicago) 4-3-1 industry crack spread was $32.11 per barrel, or 83.8% higher, in the six months ended June 30, 2026 as compared to $17.47 per barrel in the same period in 2025. Our margins were negatively impacted from our refinery specific slate in the Mid-Continent by a weakened WTI/Syncrude differential, which decreased by $1.49 per barrel, in comparison to the same period in 2025. On the Gulf Coast, the LLS (Gulf Coast) 2-1-1 industry crack spread was $39.39 per barrel, or 109.9% higher, in the six months ended June 30, 2026 as compared to $18.77 per barrel in the same period in 2025. Margins on the Gulf Coast were positively impacted from our refinery specific slate by an expanded Dated Brent/WTS differential, which averaged a discount of $11.64 per barrel for the six months ended June 30, 2026 as compared to a discount of $3.95 per barrel in the same period of 2025. On the West Coast, the ANS (West Coast) 4-3-1 industry crack spread was $45.03 per barrel, or 73.2% higher, in the six months ended June 30, 2026 as compared to $26.00 per barrel in the same period in 2025. Additionally, the ANS (West Coast) 3-2-1 industry crack spread was $49.67 per barrel, or 61.0% higher, in the six months ended June 30, 2026 as compared to $30.85 per barrel in the same period in 2025. Our margins on the West Coast were negatively impacted from our refinery specific slate by a weakened WTI/ANS differential, which averaged a premium of $7.40 per barrel for the six months ended June 30, 2026 as compared to a premium of $4.69 per barrel in the same period of 2025, slightly offset by an expanded Dated Brent/WTS differential, which averaged a discount of $11.64 per barrel for the six months ended June 30, 2026 as compared to a discount of $3.95 per barrel in the same period of 2025. 50 Operating expenses— Operating expenses totaled $1,359.0 million for the six months ended June 30, 2026 compared to $1,363.5 million for the six months ended June 30, 2025, a decrease of approximately $4.5 million, or 0.3%. Of the total $1,359.0 million in operating expenses, $1,307.2 million, or $8.34 per barrel of throughput, related to expenses incurred by the Refining segment, while the remaining $51.8 million related to expenses incurred by the Logistics segment ($1,313.8 million, or $9.25 per barrel of throughput, and $49.7 million of operating expenses for the six months ended June 30, 2025 related to the Refining and Logistics segments, respectively). The decrease in operating expenses in comparison to the same period in 2025 was mainly attributable to lower maintenance expenses at our Martinez refinery related to the Martinez refinery fire, partially offset by higher outside services. General and administrative expenses— General and administrative expenses totaled $238.2 million for the six months ended June 30, 2026 compared to $150.7 million for the six months ended June 30, 2025, an increase of approximately $87.5 million, or 58.1%. The increase in general and administrative expenses in comparison to the same period in 2025 was primarily due to higher employee-related expenses, including the recognition of incentive compensation, and outside services, including higher legal costs, and costs incurred in connection with the RBI initiative. General and administrative expenses are comprised of personnel, facilities, and other infrastructure costs necessary to support our refineries and related logistics assets. Depreciation and amortization expense— Depreciation and amortization expense totaled $321.9 million for the six months ended June 30, 2026 (including $314.5 million recorded within Cost of sales), compared to $332.8 million for the six months ended June 30, 2025 (including $325.6 million recorded within Cost of sales), representing a decrease of approximately $10.9 million. The decrease was primarily attributable to certain catalyst and turnaround costs that became fully amortized in 2025, partially offset by an increase in the fixed asset base resulting from capital projects and turnarounds completed since the second quarter of 2025. Gain on insurance recoveries, net— For the six months ended June 30, 2026 and 2025, we recognized gains on insurance recoveries associated with the Martinez refinery fire of $356.5 million and $189.0 million, respectively. Equity (income) loss in investee— For the six months ended June 30, 2026 and 2025, we recognized a gain of $35.8 million and a loss of $21.3 million, respectively, related to our equity share of our investment in SBR. (Gain) loss on sale of assets— For the six months ended June 30, 2026 and 2025, we recognized a loss of $0.3 million and a gain of $0.2 million, respectively, primarily related to the sale of non-operating refinery assets. Interest expense, net— Interest expense, net totaled $84.1 million for the six months ended June 30, 2026, compared to $90.7 million for the six months ended June 30, 2025, a decrease of approximately $6.6 million. The net decrease was primarily attributable to lower interest expense resulting from lower average outstanding borrowings under our Revolving Credit Facility and increased capitalized interest related to the Martinez refinery rebuild, partially offset by increased interest expense from the issuance of the 2034 7.25% Senior Notes in May 2026 prior to the redemption of the 2028 6.00% Senior Notes in June 2026. Interest expense also reflects the issuance of the 2030 9.875% Senior Notes in March 2025. Additionally, interest income increased by $2.9 million during the six months ended June 30, 2026, driven by higher interest rates and higher cash deposits compared with the same period in the prior year. Interest expense for the six months ended June 30, 2026 includes interest on long-term debt, letter of credit fees associated with the purchase of certain crude oils, and the amortization of deferred financing costs. Loss on extinguishment of debt— For the six months ended June 30, 2026, there was a loss on the extinguishment of debt of $2.2 million, related to the redemption of the 2028 6.00% Senior Notes. 51 Income tax expense (benefit)— PBF LLC is organized as a limited liability company and PBFX is a partnership, both of which are treated as “flow-through” entities for federal income tax purposes and therefore are not subject to income tax. However, two subsidiaries of Chalmette Refining and our Canadian subsidiary, PBF Ltd., are treated as C-Corporations for income tax purposes and may incur income taxes with respect to their earnings, as applicable. The members of PBF LLC are required to include their proportionate share of PBF LLC’s taxable income or loss on their respective tax returns. PBF LLC generally makes distributions to its members, per the terms of PBF LLC’s amended and restated limited liability company agreement, related to such taxes, on a pro-rata basis. PBF Energy recognizes an income tax expense or benefit in our Condensed Consolidated Financial Statements based on PBF Energy’s allocable share of PBF LLC’s pre-tax income or loss, which was approximately 99.3% on a weighted-average basis for both the six months ended June 30, 2026 and 2025. PBF Energy’s Condensed Consolidated Financial Statements do not reflect any benefit or provision for income taxes on the pre-tax income or loss attributable to the noncontrolling interest in PBF LLC (although, as described above, PBF LLC must make tax distributions to all its members on a pro-rata basis). PBF Energy’s effective tax rate, excluding the impact of noncontrolling interest, for the six months ended June 30, 2026 and 2025 was 25.2% and 26.5%, respectively. For both the three months ended June 30, 2026 and 2025, PBF Energy’s effective tax rate did not materially differ from the United States statutory rate, inclusive of state income taxes. Noncontrolling interest— PBF Energy is the sole managing member of, and has a controlling interest in, PBF LLC. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business and affairs of PBF LLC and its subsidiaries. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries. With respect to the consolidation of PBF LLC, we record a noncontrolling interest for the economic interest in PBF LLC held by members other than PBF Energy, and with respect to the consolidation of PBF Holding, we record a 20% noncontrolling interest for the ownership interests in two subsidiaries of Chalmette Refining held by a third party. The total noncontrolling interest on the Condensed Consolidated Statements of Operations represents the portion of the Company’s earnings or loss attributable to the economic interests held by members of PBF LLC other than PBF Energy and by the third-party stockholders of certain of Chalmette Refining’s subsidiaries. The total noncontrolling interest on the Condensed Consolidated Balance Sheets represents the portion of the Company’s net assets attributable to the economic interests held by the members of PBF LLC other than PBF Energy and by the third-party stockholders of the two Chalmette Refining subsidiaries. PBF Energy’s weighted-average equity noncontrolling interest ownership percentage in PBF LLC for both the six months ended June 30, 2026 and 2025 was approximately 0.7%. The carrying amount of the noncontrolling interest on our Condensed Consolidated Balance Sheets attributable to the noncontrolling interest is not equal to the noncontrolling interest ownership percentage due to the effect of income taxes and related agreements that pertain solely to PBF Energy. 52 Non-GAAP Financial Measures Management uses certain financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP (“Non-GAAP”). These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and our calculations thereof may not be comparable to similarly entitled measures reported by other companies. Special Items The Non-GAAP financial measures presented include Adjusted fully-converted net income (loss) excluding special items, gross refining margin excluding special items, EBITDA excluding special items, and net debt to capitalization ratio excluding special items. Special items for the periods presented relate to LCM inventory adjustments, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez refinery fire, gain on insurance recoveries, costs related to the RBI initiative, and loss on extinguishment of debt. See “Notes to Non-GAAP Financial Measures” below for more details on all special items disclosed. Although we believe that Non-GAAP financial measures, excluding the impact of special items, provide useful supplemental information to investors regarding the results and performance of our business and allow for helpful period-over-period comparisons, such Non-GAAP financial measures should only be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP. Adjusted Fully-Converted Net Income (Loss) and Adjusted Fully-Converted Net Income (Loss) Excluding Special Items PBF Energy utilizes results presented on an Adjusted fully-converted basis that reflect an assumed exchange of all PBF LLC Series A Units for shares of PBF Energy Class A common stock. In addition, we present results on an Adjusted fully-converted basis excluding special items as described above. We believe that these Adjusted fully-converted measures, when presented in conjunction with comparable GAAP financial measures, are useful to investors to compare PBF Energy results across different periods and to facilitate an understanding of our operating results. Neither Adjusted fully-converted net income (loss) nor Adjusted fully-converted net income (loss) excluding special items should be considered an alternative to net income (loss) presented in accordance with GAAP. Adjusted fully-converted net income (loss) and Adjusted fully-converted net income (loss) excluding special items presented by other companies may not be comparable to our presentation, since each company may define these terms differently. The differences between Adjusted fully-converted and GAAP results are as follows: 1. Assumed exchange of all PBF LLC Series A Units for shares of PBF Energy Class A common stock. As a result of the assumed exchange of all PBF LLC Series A Units, the noncontrolling interest related to these units is converted to controlling interest. Management believes that it is useful to provide the per-share effect associated with the assumed exchange of all PBF LLC Series A Units. 2. Income Taxes. Prior to PBF Energy’s initial public offering (“IPO”), PBF Energy was organized as a limited liability company treated as a “flow-through” entity for income tax purposes, and even after PBF Energy’s IPO, not all of its earnings are subject to corporate-level income taxes. Adjustments have been made to the Adjusted Fully-Converted tax provisions and earnings to assume that PBF Energy had adopted its post-IPO corporate tax structure for all periods presented and is taxed as a C-corporation in the United States at the prevailing corporate rates. These assumptions are consistent with the assumption in clause 1 above that all PBF LLC Series A Units are exchanged for shares of PBF Energy Class A common stock, as the assumed exchange would change the amount of PBF Energy’s earnings that are subject to corporate income tax. 53 The following table reconciles PBF Energy’s Adjusted Fully-Converted results with its results presented in accordance with GAAP for the three and six months ended June 30, 2026 and 2025 (in millions, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) attributable to PBF Energy Inc. stockholders $ 906.4 $ (5.2) $ 1,104.7 $ (407.0) Less: Income allocated to participating securities 0.1 — 0.1 — Income (loss) available to PBF Energy Inc. stockholders - basic 906.3 (5.2) 1,104.6 (407.0) Add: Net income (loss) attributable to noncontrolling interest (1) 8.8 (0.2) 10.6 (4.3) Less: Income tax (expense) benefit (2) (2.2) 0.1 (2.7) 1.1 Adjusted fully-converted net income (loss) $ 912.9 $ (5.3) $ 1,112.5 $ (410.2) Special Items: (3) Add: LCM inventory adjustment — — (313.0) — Add: LCM inventory adjustment - SBR — (8.0) (9.4) (16.7) Add: Martinez refinery fire expenses 22.7 30.4 34.2 108.5 Add: Gain on insurance recoveries, net (250.0) (189.0) (356.5) (189.0) Add: Costs related to RBI initiative 9.2 13.6 18.6 13.6 Add: Loss on extinguishment of debt 2.2 — 2.2 — Add: Recomputed income tax on special items 56.1 39.8 162.1 21.7 Adjusted fully-converted net income (loss) excluding special items $ 753.1 $ (118.5) $ 650.7 $ (472.1) Weighted-average shares outstanding of PBF Energy Inc. 118,367,104 113,852,406 117,784,098 113,803,619 Conversion of PBF LLC Series A Units (4) 860,839 862,780 861,525 862,780 Common stock equivalents (5) 1,838,820 — 1,958,136 — Fully-converted shares outstanding-diluted 121,066,763 114,715,186 120,603,759 114,666,399 Diluted net income (loss) per share $ 7.54 $ (0.05) $ 9.22 $ (3.58) Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (5) $ 7.54 $ (0.05) $ 9.22 $ (3.58) Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (3) (5) $ 6.22 $ (1.03) $ 5.40 $ (4.12) —————————— See Notes to Non-GAAP Financial Measures. 54 Gross Refining Margin and Gross Refining Margin Excluding Special Items Gross refining margin is defined as consolidated gross margin excluding refining depreciation, refining operating expenses, and gross margin of the Logistics segment. We believe both gross refining margin and gross refining margin excluding special items are important measures of operating performance and provide useful information to investors because they are helpful metric comparisons to the industry refining margin benchmarks, as the refining margin benchmarks do not include a charge for refining operating expenses and depreciation. In order to assess our operating performance, we compare our gross refining margin (revenues less cost of products and other) to industry refining margin benchmarks and crude oil prices as defined in the table below. Neither gross refining margin nor gross refining margin excluding special items should be considered an alternative to consolidated gross margin, income from operations, net cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Gross refining margin and gross refining margin excluding special items presented by other companies may not be comparable to our presentation, since each company may define these terms differently. 55 The following table presents our GAAP calculation of gross margin and a reconciliation of gross refining margin, and gross refining margin excluding special items, to the most directly comparable GAAP financial measure, consolidated gross margin, on a historical basis, as applicable, for each of the periods indicated (in millions, except per barrel amounts): Three Months Ended June 30, 2026 2025 $ per barrel of throughput $ per barrel of throughput Calculation of consolidated gross margin: Revenues $ 11,678.3 $ 144.63 $ 7,475.3 $ 97.90 Less: Cost of sales 10,531.5 130.43 7,533.3 98.66 Consolidated gross margin $ 1,146.8 $ 14.20 $ (58.0) $ (0.76) Reconciliation of consolidated gross margin to gross refining margin and gross refining margin excluding special items: Consolidated gross margin $ 1,146.8 $ 14.20 $ (58.0) $ (0.76) Add: Logistics operating expense 28.7 0.36 28.6 0.37 Add: Logistics depreciation expense 8.3 0.10 9.1 0.12 Less: Logistics gross margin (91.6) (1.13) (95.9) (1.26) Add: Refining operating expense 646.0 8.00 607.5 7.96 Add: Refining depreciation expense 151.2 1.87 148.8 1.95 Gross refining margin $ 1,889.4 $ 23.40 $ 640.1 $ 8.38 Gross refining margin excluding special items $ 1,889.4 $ 23.40 $ 640.1 $ 8.38 Six Months Ended June 30, 2026 2025 $ per barrel of throughput $ per barrel of throughput Calculation of consolidated gross margin: Revenues $ 19,582.6 $ 124.95 $ 14,541.7 $ 102.34 Less: Cost of sales 18,157.3 115.85 15,019.9 105.71 Consolidated gross margin $ 1,425.3 $ 9.10 $ (478.2) $ (3.37) Reconciliation of consolidated gross margin to gross refining margin and gross refining margin excluding special items: Consolidated gross margin $ 1,425.3 $ 9.10 $ (478.2) $ (3.37) Add: Logistics operating expense 60.9 0.39 58.4 0.41 Add: Logistics depreciation expense 16.6 0.11 18.2 0.13 Less: Logistics gross margin (181.6) (1.17) (187.8) (1.32) Add: Refining operating expense 1,307.2 8.34 1,313.8 9.25 Add: Refining depreciation expense 297.9 1.90 307.4 2.16 Gross refining margin $ 2,926.3 $ 18.67 $ 1,031.8 $ 7.26 Special items: (3) Add: LCM inventory adjustment (313.0) (2.00) — — Gross refining margin excluding special items $ 2,613.3 $ 16.67 $ 1,031.8 $ 7.26 —————————— See Notes to Non-GAAP Financial Measures. 56 EBITDA, EBITDA Excluding Special Items and Adjusted EBITDA Our management uses earnings before interest, income taxes, depreciation and amortization (“EBITDA”), EBITDA excluding special items and Adjusted EBITDA as measures of operating performance to assist in comparing performance from period to period on a consistent basis and to readily view operating trends, as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations, and in communications with our Board of Directors, creditors, analysts and investors concerning our financial performance. Our outstanding indebtedness for borrowed money and other contractual obligations also include similar measures as a basis for certain covenants under those agreements which may differ from the Adjusted EBITDA definition described below. EBITDA, EBITDA excluding special items and Adjusted EBITDA are not presentations made in accordance with GAAP and our computation of EBITDA, EBITDA excluding special items, and Adjusted EBITDA may vary from others in our industry. In addition, Adjusted EBITDA contains some, but not all, adjustments that are taken into account in the calculation of the components of various covenants in the agreements governing our senior notes and other credit facilities. EBITDA, EBITDA excluding special items, and Adjusted EBITDA should not be considered as alternatives to income from operations or net income as measures of operating performance. In addition, EBITDA, EBITDA excluding special items, and Adjusted EBITDA are not presented as, and should not be considered, an alternative to cash flows from operations as a measure of liquidity. Adjusted EBITDA is defined as EBITDA before adjustments for items such as stock-based compensation expense, our share of SBR interest, depreciation, and amortization expense, LCM inventory adjustment, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez refinery fire, gain on insurance recoveries, costs related to RBI initiative, loss on extinguishment of debt, and certain other non-cash items. Other companies, including other companies in our industry, may calculate EBITDA, EBITDA excluding special items and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures. EBITDA, EBITDA excluding special items and Adjusted EBITDA also have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include that EBITDA, EBITDA excluding special items and Adjusted EBITDA: •do not reflect depreciation expense or our cash expenditures, or future requirements, for capital expenditures or contractual commitments; •do not reflect changes in, or cash requirements for, our working capital needs; •do not reflect our interest expense, or the cash requirements necessary to service interest or principal payments, on our debt; •do not reflect realized and unrealized gains and losses from certain hedging activities, which may have a substantial impact on our cash flow; •do not reflect certain other non-cash income and expenses; and •exclude income taxes that may represent a reduction in available cash. 57 The following tables reconcile net income (loss) as reflected in PBF Energy’s results of operations to EBITDA, EBITDA excluding special items and Adjusted EBITDA for the periods presented (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) $ 915.0 $ (5.4) $ 1,115.2 $ (411.3) Add: Depreciation and amortization expense 163.1 161.5 321.9 332.8 Add: Interest expense, net 42.0 53.8 84.1 90.7 Add: Income tax expense (benefit) 314.2 (5.1) 372.5 (147.0) EBITDA $ 1,434.3 $ 204.8 $ 1,893.7 $ (134.8) Special Items (3) Add: LCM inventory adjustment — — (313.0) — Add: LCM inventory adjustment - SBR — (8.0) (9.4) (16.7) Add: Martinez refinery fire expenses 22.7 30.4 34.2 108.5 Add: Gain on insurance recoveries, net (250.0) (189.0) (356.5) (189.0) Add: Costs related to RBI initiative 9.2 13.6 18.6 13.6 Add: Loss on extinguishment of debt 2.2 — 2.2 — EBITDA excluding special items $ 1,218.4 $ 51.8 $ 1,269.8 $ (218.4) Reconciliation of EBITDA to Adjusted EBITDA: EBITDA $ 1,434.3 $ 204.8 $ 1,893.7 $ (134.8) Add: Stock-based compensation expense 9.0 10.0 17.4 21.4 Add: Interest, depreciation, and amortization expense - SBR (a) 12.5 7.7 21.4 24.3 Special Items: (3) Add: LCM inventory adjustment — — (313.0) — Add: LCM inventory adjustment - SBR — (8.0) (9.4) (16.7) Add: Martinez refinery fire expenses 22.7 30.4 34.2 108.5 Add: Gain on insurance recoveries, net (250.0) (189.0) (356.5) (189.0) Add: Costs related to RBI initiative 9.2 13.6 18.6 13.6 Add: Loss on extinguishment of debt 2.2 — 2.2 — Adjusted EBITDA $ 1,239.9 $ 69.5 $ 1,308.6 $ (172.7) —————————— (a) Beginning in the first quarter of 2026, our share of SBR’s interest, depreciation, and amortization expense, included in Equity (income) loss in investee on the Condensed Consolidated Statements of Operations, is treated as an adjustment to EBITDA. Prior-period amounts presented in the table above have been conformed to the 2026 presentation. See Notes to Non-GAAP Financial Measures. 58 Net Debt to Capitalization Ratio and Net Debt to Capitalization Ratio Excluding Special Items The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. This ratio is a measurement that management believes is useful to investors in analyzing our leverage. Net debt and the net debt to capitalization ratio are Non-GAAP financial measures and should not be considered an alternative to any other measure of financial performance or liquidity presented in accordance with GAAP. Net debt is calculated by subtracting cash and cash equivalents from total debt. Total capitalization is calculated by adding total debt and total equity. We believe these measurements are also useful to investors since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire or pay down our debt. Additionally, we have also presented the total debt to capitalization and net debt to capitalization ratios excluding the cumulative effects of special items on equity. June 30, 2026 December 31, 2025 Balance Sheet Data: Cash and cash equivalents $ 894.1 $ 527.9 Inventories 2,893.9 2,563.1 Total assets 14,718.7 13,019.9 Total debt 1,749.1 2,148.3 Net debt 855.0 1,620.4 Total equity 6,545.4 5,449.9 Total equity excluding special items (6) 4,777.2 4,143.5 Total capitalization $ 8,294.5 $ 7,598.2 Total debt to capitalization ratio 21 % 28 % Total debt to capitalization ratio, excluding special items (6) 27 % 34 % Net debt to capitalization ratio 12 % 23 % Net debt to capitalization ratio, excluding special items (6) 15 % 28 % —————————— See Notes to Non-GAAP Financial Measures. 59 Notes to Non-GAAP Financial Measures The following notes are applicable to the Non-GAAP Financial Measures above: (1) Represents the elimination of the noncontrolling interest associated with the ownership by the members of PBF LLC other than PBF Energy, as if such members had fully exchanged their PBF LLC Series A Units for shares of PBF Energy Class A common stock. (2) Represents an adjustment to reflect PBF Energy’s estimated annualized statutory corporate tax rate of approximately 26.0% for both the 2026 and 2025 periods, applied to net income (loss) attributable to noncontrolling interest for all periods presented. The adjustment assumes the full exchange of existing PBF LLC Series A Units as described in (1) above. (3) Special items: LCM inventory adjustment - LCM is a GAAP requirement for inventory valuation that mandates inventory to be stated at the lower of cost or market. Our inventories are valued at the lower of cost or market with cost determined using the last-in, first-out (“LIFO”) inventory valuation methodology, under which the most recently incurred costs are charged to cost of sales and inventories are valued at base layer acquisition costs. Market price is determined based on an assessment of the current estimated replacement cost and net realizable selling price of the inventory. When the market price of our inventory declines substantially, cost values of inventory may exceed market values. In such instances, we record an adjustment to write down the value of inventory to market value in accordance with GAAP. In subsequent periods, the value of inventory is reassessed and an LCM inventory adjustment is recorded to reflect the net change in the LCM inventory reserve between periods. The net impact of these LCM inventory adjustments is included in the Refining segment’s income from operations, but excluded from the operating results presented, as applicable, to ensure comparability between periods. PBF Energy LCM inventory adjustment - During the six months ended June 30, 2026, we reversed the $313.0 million LCM inventory reserve recorded at December 31, 2025. This reversal increased income from operations and net income by $313.0 million and $231.6 million, respectively, and resulted in no LCM inventory reserve at June 30, 2026. There were no such adjustments in any of the other periods presented. SBR LCM inventory adjustment - During the six months ended June 30, 2026, SBR reversed the $18.8 million LCM inventory reserve recorded at December 31, 2025. During the three and six months ended June 30, 2025, SBR recorded adjustments to value its inventory to the LCM which increased its income from operations by $15.9 million and $33.3 million, respectively. Our Equity (income) loss in investee reflects our 50% share of these adjustments. Accordingly, for the six months ended June 30, 2026, the reversal increased our income from operations and net income by $9.4 million and $7.0 million, respectively. For the three and six months ended June 30, 2025, these LCM adjustments increased our income from operations by $8.0 million and $16.7 million, respectively ($5.9 million and $12.4 million, respectively, net of tax). There were no such adjustments during the three months ended June 30, 2026. Martinez refinery fire expenses - During the three and six months ended June 30, 2026, we recorded operating expenses associated with the Martinez refinery fire that decreased income from operations by $22.7 million and $34.2 million, respectively ($16.8 million and $25.3 million, respectively, net of tax). During the three and six months ended June 30, 2025, we recorded operating expenses associated with the Martinez refinery fire that decreased income from operations by $30.4 million and $108.5 million, respectively ($22.5 million and $80.3 million, respectively, net of tax). 60 Gain on insurance recoveries, net - During the three and six months ended June 30, 2026, we recorded gains on insurance recoveries associated with the Martinez refinery fire that increased income from operations by $250.0 million and $356.5 million, respectively ($185.0 million and $263.8 million, respectively, net of tax). During both the three and six months ended June 30, 2025, we recorded a gain on insurance recoveries associated with the Martinez refinery fire that increased income from operations and net income by $189.0 million and $139.9 million, respectively. Costs related to RBI initiative - During the second quarter of 2025, we launched our RBI initiative as part of our ongoing strategic efforts to extract incremental value across our business. As a result, for the three and six months ended June 30, 2026, we recorded expenses related to the execution of this initiative that decreased income from operations by $9.2 million and $18.6 million, respectively ($6.8 million and $13.8 million, respectively, net of tax). For both the three and six months ended June 30, 2025, we recorded expenses related to the execution of this initiative that decreased income from operations and net income by $13.6 million and $10.1 million, respectively. These charges are included within General and administrative expenses. Loss on extinguishment of debt - During both the three and six months ended June 30, 2026, we recorded a pre-tax loss on extinguishment of debt related to the redemption of our 2028 6.00% Senior Notes, which decreased income before income taxes and net income by $2.2 million and $1.6 million, respectively. There were no such adjustments in any of the other periods presented. Recomputed income tax on special items - The income tax impact on these special items is calculated using the tax rates shown in (2) above. (4) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of existing PBF LLC Series A Units as described in (1) above. (5) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive) for the three and six months ended June 30, 2026 and 2025, respectively. Common stock equivalents exclude the effects of performance share units, options, and warrants to purchase 876,069 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the six months ended June 30, 2026 (compared with 7,023,756 and 6,834,426 shares for the three and six months ended June 30, 2025, respectively). For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive. 61 (6) Total Equity excluding special items is calculated in the table below: (in millions) June 30, 2026 December 31, 2025 Total equity $ 6,545.4 $ 5,449.9 Special Items (Note 3) Add: LCM inventory adjustment (313.0) — Add: LCM inventory adjustment - SBR (9.4) — Add: Martinez refinery fire expenses 34.2 — Add: Gain on insurance recoveries, net (356.5) — Add: Costs related to RBI initiative 18.6 — Add: Loss on extinguishment of debt 2.2 — Add: Cumulative historical equity adjustments (a) (1,753.3) (1,753.3) Less: Recomputed income tax on special items 609.0 446.9 Net impact of special items (1,768.2) (1,306.4) Total equity excluding special items $ 4,777.2 $ 4,143.5 —————————— (a) All prior year special items are reflected on an aggregate basis within “Cumulative historical equity adjustments” before recomputed income tax effect. Refer to the Company’s 2025 Annual Report on Form 10-K (“Notes to Non-GAAP Financial Measures” within Management’s Discussion and Analysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative historical equity adjustments prior to 2026. 62 Liquidity and Capital Resources Overview Our primary sources of liquidity are our cash flows from operations, cash and cash equivalents and borrowing availability under our credit facility, as described below. We believe that our cash flows from operations and available capital resources will be sufficient to meet our and our subsidiaries’ capital expenditures, working capital needs, dividend payments, debt service requirements, share repurchases under our share repurchase program, and PBF Energy’s obligations under the Tax Receivable Agreement, for the next twelve months. However, our ability to generate sufficient cash flow from operations depends, in part, on petroleum oil market pricing and general economic, political, and other factors beyond our control. As of June 30, 2026, we are in compliance with all covenants, including financial covenants, in all our debt agreements. Cash Flow Analysis Cash Flows from Operating Activities Net cash provided by operating activities was $1,265.1 million for the six months ended June 30, 2026 compared to net cash used in operating activities of $470.3 million for the six months ended June 30, 2025. Our operating cash flows for the six months ended June 30, 2026 include our net income of $1,115.2 million. This amount reflects a gain on insurance recoveries of $356.5 million. Of the $356.5 million insurance proceeds $111.3 million relates to operating activities. In addition, operating cash flows include depreciation and amortization of $331.3 million, deferred income taxes of $276.9 million, pension and other post-retirement benefits costs of $26.8 million, stock-based compensation expense of $17.4 million, loss on extinguishment of debt of $2.2 million related to the redemption of the 2028 6.00% Senior Notes, and a loss on sale of assets of $0.3 million, partially offset by a non-cash LCM inventory adjustment of $313.0 million, income from equity method investment of $35.8 million, and net changes in operating assets and liabilities reflecting uses of cash of $89.0 million, primarily driven by the timing of collection of accounts receivable, partially offset by the timing of payments of accrued expenses. Our operating cash flows for the six months ended June 30, 2025 included our net loss of $411.3 million. This amount reflected a gain on insurance recoveries of $189.0 million which was net of the $61.0 million receivable that was recorded at March 31, 2025. Of the $250.0 million insurance proceeds $118.0 million related to operating activities. In addition, operating cash flows included net changes in operating assets and liabilities reflecting uses of cash of $250.4 million, primarily driven by the timing of inventory purchases, payments of accrued expenses, and payments made under the Tax Receivable Agreement, deferred income taxes of $147.8 million, and a gain on sale of assets of $0.2 million, partially offset by depreciation and amortization of $341.5 million, pension and other post-retirement benefits costs of $26.2 million, stock-based compensation expense of $21.4 million, and loss from equity method investment of $21.3 million. Cash Flows from Investing Activities Net cash used in investing activities was $506.1 million for the six months ended June 30, 2026 compared to net cash used in investing activities of $371.3 million for the six months ended June 30, 2025. The net cash used in investing activities for the six months ended June 30, 2026 was comprised of cash outflows for capital expenditures totaling $476.5 million, expenditures for refinery turnarounds of $242.4 million, and expenditures for other assets of $34.9 million, partially offset by insurance proceeds of $245.2 million, and a return of capital from our equity method investee of $2.5 million. The net cash used in investing activities for the six months ended June 30, 2025 was comprised of cash outflows for capital expenditures totaling $267.1 million, expenditures for refinery turnarounds of $198.1 million, and expenditures for other assets of $39.8 million, partially offset by insurance proceeds of $132.0 million, and a return of capital from our equity method investee of $1.7 million. 63 Cash Flows from Financing Activities Net cash used in financing activities was $392.8 million for the six months ended June 30, 2026 compared to net cash provided by financing activities of $896.2 million for the six months ended June 30, 2025. For the six months ended June 30, 2026, net cash used in financing activities consisted of the redemption of the 2028 6.00% Senior Notes of $801.6 million, net payments of our Revolving Credit Facility of $100.0 million, dividends and distributions of $66.2 million, deferred financing costs and other of $7.9 million, and payments on finance leases of $6.0 million, partially offset by cash proceeds of $500.0 million from the issuance of the 2034 7.25% Senior Notes, net proceeds from insurance premium financing of $57.5 million, and transactions made in connection with stock-based compensation plans of $31.4 million. For the six months ended June 30, 2025, net cash provided by financing activities consisted of cash proceeds of $788.5 million from the issuance of the 2030 9.875% Senior Notes, net proceeds from draws on our Revolving Credit Facility of $150.0 million, and net proceeds from insurance premium financing of $43.9 million, partially offset by dividends and distributions of $63.1 million, deferred financing costs and other of $12.7 million, payments on finance leases of $5.7 million, and transactions made in connection with stock-based compensation plans of $4.7 million. Debt and Credit Facilities Senior Notes On May 28, 2026, we issued $500.0 million aggregate principal amount of our 2034 7.25% Senior Notes. Net proceeds from this offering were $492.1 million after deducting the initial purchasers’ discount and offering expenses. We used the net proceeds from the offering and available cash to fully redeem our outstanding 2028 6.00% Senior Notes. On June 25, 2026, we exercised our rights under the indenture governing the 2028 6.00% Senior Notes to redeem all outstanding 2028 6.00% Senior Notes at a redemption price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest up to, but excluding, the redemption date. The aggregate redemption price for the 2028 6.00% Senior Notes was approximately $801.6 million, plus accrued and unpaid interest. Liquidity As of June 30, 2026, our operational liquidity was over $3.5 billion (approximately $2.3 billion as of December 31, 2025), which consists of more than $800.0 million of cash, and approximately $2.7 billion of borrowing availability under our Revolving Credit Facility, which includes our cash on hand. As of June 30, 2026, outstanding letters of credit totaled approximately $163.3 million. We may incur additional indebtedness in the future, including secured indebtedness, subject to the satisfaction of any debt incurrence and, if applicable, lien incurrence limitation covenants in our existing financing agreements. Although we were in compliance with incurrence covenants during the six months ended June 30, 2026, there are no assurances in the future that we will be able to meet these incurrence covenants at the time we are required to do so. Failure to meet the incurrence covenants could impose certain incremental restrictions on, among other matters, our ability to incur new debt (including secured debt) and also may limit the extent to which we may pay future dividends, make acquisitions or investments, repurchase our outstanding debt or stock or incur new liens. 64 Share Repurchases Our Board of Directors has authorized the repurchase of PBF Energy’s Class A common stock (as amended from time to time, the “Repurchase Program”). The Repurchase Program allows for share repurchases up to $1.75 billion and does not have an expiration date. To date, we have purchased approximately 24,113,897 shares of PBF Energy's Class A common stock under the Repurchase Program for $1,018.0 million, inclusive of commissions paid, through open market transactions. We may make additional share repurchases in the future, but we are not obligated to purchase any shares under the Repurchase Program, and repurchases could be suspended or discontinued at any time without prior notice. Working Capital Our working capital at June 30, 2026 was $1,448.3 million, consisting of $5,832.4 million in total current assets, and $4,384.1 million in total current liabilities. Our working capital at December 31, 2025 was approximately $782.5 million, consisting of $4,451.8 million in total current assets, and $3,669.3 million in total current liabilities. Capital Spending Capital spending was $508.6 million for the six months ended June 30, 2026, net of $245.2 million in costs related to the rebuild of units damaged in the Martinez refinery fire that were reimbursed by insurance proceeds. Net capital spend was primarily comprised of annual maintenance and turnaround activities across our refineries, including a planned turnaround at the Torrance refinery. Capital spending also included costs associated with safety-related enhancements and facility improvements at our refineries and logistics assets, as well as expenditures to meet environmental, regulatory and safety requirements. After careful evaluation and safety inspections, we elected to move the scheduled Martinez second quarter hydrocracker complex turnaround to the end of the third quarter. Additionally, after further diligent review, we elected to move the planned fourth quarter turnarounds at both Chalmette and Toledo to 2027. As a result, we are reducing our 2026 capital expenditure guidance to $825.0 million to $875.0 million for the year, excluding capital related to the Martinez refinery rebuild. Martinez Refinery Fire We expect that the cost of repairs to the fire-damaged units and restoring the Martinez refinery to full operational status will largely be covered under our property insurance coverage, subject to our deductible and retentions totaling $30.0 million. Our insurance policy also includes business interruption coverage, which contains a 60-day waiting period. This coverage commenced on April 3, 2025. While we expect our insurance coverage will significantly offset the financial impact of the Martinez refinery fire, other than for the business interruption waiting period, deductibles and retentions, the timing of insurance proceeds may impact our results and our cash flow in a given reporting period. During the three and six months ended June 30, 2026, we received $250.0 million and $356.5 million of unallocated insurance proceeds, respectively. Since the date of the Martinez refinery fire, we have received cumulative insurance proceeds, net of deductibles and retentions, of $1.25 billion. We expect to be able to negotiate future interim payments through final settlement of the claim. The timing and amount of any agreed future interim payments will be dependent on the quantum of actual, covered expenditures and calculated losses. 65 Air Products Asset Purchase On July 20, 2026, we entered into an agreement with Air Products and Chemicals, Inc. to acquire two hydrogen production plants located at the Torrance refinery that were subject to operating lease arrangements as of June 30, 2026. Upon closing, we will become the owner and operator of the hydrogen plants. The transaction includes a secured promissory note to be issued by PBF LLC that will become effective upon closing. The discounted value of the promissory note is estimated to range between $320.0 million - $340.0 million, including consideration of certain contingent payment amounts, dependent upon timing of closing. The transaction is expected to close in the second half of 2026 and is subject to customary closing conditions and certain regulatory approvals. Crude and Feedstock Supply Agreements We currently purchase all of our crude and feedstock needs from various suppliers, primarily through short-term and spot market agreements. Tax Receivable Agreement Obligation PBF Energy has recognized, as of both June 30, 2026 and December 31, 2025, a liability for the Tax Receivable Agreement of $168.2 million, reflecting the estimated undiscounted amounts that PBF Energy expects to pay under the agreement, net of any deferred tax asset valuation allowance recognized in accordance with Accounting Standards Codification (“ASC”) 740, Income Taxes. As future taxable income is recorded, increases in PBF Energy’s Tax Receivable Agreement liability may be necessary in conjunction with the revaluation of deferred tax assets. If PBF Energy does not have taxable income, PBF Energy generally is not required (absent a change of control or circumstances requiring an early termination payment) to make payments under the Tax Receivable Agreement for that taxable year because no benefit will have been actually realized. However, any tax benefits that do not result in realized benefits in a given tax year will likely generate tax attributes that may be utilized to generate benefits in previous or future tax years. The utilization of such tax attributes will result in payments under the Tax Receivable Agreement. These payment obligations, if any, are obligations of PBF Energy and not of PBF LLC or any of its subsidiaries. However, because PBF Energy is a holding company with no operations of its own, PBF Energy’s ability to make payments under the Tax Receivable Agreement is dependent upon a number of factors, including its subsidiaries’ ability to make distributions for the benefit of PBF LLC’s members, including PBF Energy, its ability, if necessary, to finance its obligations under the Tax Receivable Agreement and existing indebtedness which may limit PBF Energy’s subsidiaries’ ability to make distributions. The foregoing are merely estimates - the actual payments could differ materially. It is possible that future transactions or events could increase or decrease the actual tax benefits realized and the corresponding Tax Receivable Agreement payments. 66 Dividends and Distributions PBF Energy On July 30, 2026, PBF Energy announced a dividend of $0.275 per share on outstanding PBF Energy Class A common stock. The dividend is payable on August 28, 2026 to PBF Energy Class A common stockholders of record at the close of business on August 14, 2026. PBF LLC intends to make pro-rata distributions of approximately $32.8 million, or $0.275 per unit to its members, including PBF Energy, which in turn intends to use this distribution to fund the dividend payments to the shareholders of PBF Energy. PBF Energy currently intends to continue to pay quarterly cash dividends on its Class A common stock. However, the declaration, amount and payment of any future dividends on shares of PBF Energy Class A common stock will be at the sole discretion of PBF Energy’s Board of Directors, and we are not obligated under any applicable laws, our governing documents or any contractual agreements with our existing owners or otherwise to declare or pay any dividends or other distributions (other than the obligations of PBF LLC to make tax distributions to its members).