PBF Energy said on Thursday its Martinez refinery was partially operational and expected to run at a reduced capacity until repairs were completed, with a full restart of the remaining units planned by the end of 2025.
A fire had broken out at the 156,400-barrel-per-day (bpd) Martinez refinery on February 1, which had impacted operations.
The refinery has begun producing limited quantities of gasoline, jet fuel and intermediates, the company said. PBF Energy expects total throughput during the period of limited operations to be in the range of 85,000 to 105,000 bpd.
The company expects the cost of rebuilding the fire-damaged units and restoring the refinery to full operational status will largely be covered by property insurance, subject to our deductible and retentions totaling $30.0 million. The company's insurance includes business interruption insurance that contains a 60-day waiting period. This coverage commenced on April 3, 2025. The insurance claims process is ongoing and is not expected to be fully closed until after full operations have been restored.
During the second quarter, PBF's insurers paid an unallocated first installment of insurance proceeds of $280 million, $250 million net to PBF after deductibles and retentions. The timing and amount of any agreed future interim payments will be dependent on the quantum of actual, covered expenditures and calculated losses.
