PBF Energy Stock Surges 17% on Strong 2026 Outlook
The independent refiner forecasts a significant rise in 2026 operational throughput and confirms the full restart of its crucial Martinez, California facility, boosting investor confidence.
Shares of PBF Energy (NYSE: PBF) surged nearly 17% in pre-market trading after the independent refiner released an upbeat operational outlook for 2026 and announced a clear timeline for the full restart of its Martinez refinery in California.
The Parsippany, New Jersey-based company saw its stock price jump to approximately $33.30 ahead of the opening bell, a sharp increase from its previous closing price of $28.53. The rally was fueled by guidance that projects a significant increase in production and brings clarity to the status of a key facility that has been operating at reduced capacity.
In a press release issued to Nasdaq, PBF Energy detailed its systemwide throughput guidance for the full year 2026, anticipating volumes between 1.17 million and 1.25 million barrels per day (bpd). The forecast includes an expected throughput of 280,000 to 300,000 bpd from its West Coast operations, which are central to the company’s growth strategy.
Crucially, the company provided a definitive schedule for its Martinez, California, refinery, a facility that has been partially offline following a fire in February 2025. PBF stated that rebuild activities are expected to conclude in February 2026, with the plant ramping up to planned operating rates by early March 2026. The company noted that it expects the majority of the fire-related restoration costs to be covered by insurance policies.
The Martinez refinery is one of PBF's most strategically important assets. With a Nelson complexity index of 16.1, it is one of the most sophisticated refineries in the U.S., capable of processing heavy, sour crude oils into high-value products like gasoline and diesel for the critical California market. Its full return to service, along with its sister refinery in Torrance, re-establishes PBF's significant footprint on the West Coast.
The investor optimism marks a potential turning point for the company, which has a market capitalization of approximately $3.3 billion. While PBF reported a smaller-than-expected loss in its most recent quarter, its stock has traded in a wide range over the past year, between a low of $13.20 and a high of $41.18. The pre-market surge places the stock well above the average analyst 12-month price target of around $29.77.
The positive forecast from PBF comes amid a cautiously optimistic outlook for the U.S. refining sector. According to a recent report from the U.S. Energy Information Administration (EIA), refining margins are expected to be supported by tight global petroleum product markets. Higher refinery utilization rates are anticipated across the U.S. in 2026, partly due to a lighter planned maintenance schedule for the first quarter, which could benefit established operators like PBF.
Looking ahead, PBF Energy's guidance signals a move beyond the operational disruptions of the past year and a focus on maximizing output across its portfolio. The detailed throughput targets and the confirmed timeline for the Martinez restart provide investors with a clearer picture of the company's earnings potential heading into 2026.