U.S. oil refiner PBF Energy is closing out one of the best financial years in its history, a wild bounce back from the brink in April 2020 when fuel demand and gasoline prices cratered during the pandemic and the company's value swooned lower than what it had just paid to buy a California refinery.
- sport lower debt levels, are bringing in more cash than they were three years ago, when fuel demand was at a peak, according to a Reuters analysis of their financial performance.
Global refining fell by about 3.3 million barrels of daily capacity since the start of 2020, according to industry estimates. Processing capacity is expected to increase by 1 million bpd per day in 2022 and 1.6 million bpd in 2023, mostly in Africa, Asia and the Middle East. Gulf Coast gasoline margins skyrocketed to $40 a barrel from the 2017-2019 average of $11, while per-barrel margins for making diesel jumping to $55 from $13, according to energy consultancy Tudor Pickering Holt.
Fitch noted that the companies are using profits to pad their cash balances, "presumably to preserve liquidity ahead of a likely decline in cash flows towards normalized levels," it said in November.
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