- The oil industry has dramatically changed in the last six months. The refining margins have improved by 50% even with higher crude oil prices.
- PBF's high debt-laden balance sheet is camouflaged in this period of high performance, but the market does not forget easily.
- Even with cash available, PBF can't utilize it to pay down its debt, which is trading at high yields. Reduction of accrued regulatory expenses is an option.
- There are hopes for PBF in 2022. Bringing on line its spare operational throughput, high cash earnings due to improved refining margins and increasing cash balance may improve investor confidence.
For further details see:
PBF Energy: My Investment Risk Came True