Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
PBF Energy Inc. is an independent petroleum refining and logistics company operating primarily in the downstream energy sector. The company focuses on refining crude oil into transportation fuels, heating oil, petrochemical feedstocks, and other refined petroleum products, which are sold into wholesale and spot markets. PBF Energy does not engage in upstream exploration and production, positioning it as a pure-play refiner with earnings closely tied to refining margins and market conditions.
The company’s primary revenue drivers are the production and sale of gasoline, ultra-low sulfur diesel, jet fuel, heating oil, and petroleum byproducts. PBF Energy serves wholesale distributors, retailers, airlines, and industrial customers, primarily within the United States. Its strategic advantages include a geographically diversified refining system, access to advantaged crude oil supply, and operational flexibility to process a wide range of crude slates. PBF Energy was founded in 2008 by Thomas J. Nimbley and partners, expanding through refinery acquisitions from major oil companies and independent operators to become one of the largest independent refiners in North America.
Business Operations
PBF Energy conducts its core operations through its refining segment, which includes multiple complex refineries located across the U.S. East Coast, Midwest, Gulf Coast, and West Coast. The company generates revenue by purchasing crude oil and other feedstocks, refining them into finished products, and selling those products at market-based prices. Operational performance is driven by throughput volumes, refining margins, feedstock optimization, and logistics efficiency.
Logistics and midstream activities are primarily conducted through PBF Logistics LP, a consolidated subsidiary that owns and operates pipelines, terminals, storage facilities, and related assets supporting PBF Energy’s refineries. These assets enhance supply reliability and distribution efficiency while generating fee-based income. PBF Energy also maintains various commercial agreements with third-party logistics providers and has historically entered into joint arrangements related to terminaling and product distribution, though refining remains the dominant contributor to revenue.
Strategic Position & Investments
PBF Energy’s strategy emphasizes operational excellence, balance sheet discipline, and shareholder returns through dividends and share repurchases, while maintaining flexibility to navigate cyclical energy markets. Growth initiatives have historically focused on acquiring and upgrading existing refineries rather than greenfield development, allowing the company to scale efficiently within established markets. Capital investments are primarily directed toward refinery reliability, regulatory compliance, and high-return optimization projects.
The company has made notable investments in renewable fuels and low-carbon initiatives, including participation in renewable diesel and biofuel credit markets where economically justified. PBF Energy’s portfolio includes full ownership of PBF Logistics LP and refinery assets acquired through transactions involving Shell Oil Company, ExxonMobil, and Chalmette Refining (joint venture assets acquired in prior periods). Exposure to emerging energy technologies remains limited, with management maintaining a cautious approach toward large-scale energy transition investments.
Geographic Footprint
PBF Energy’s operations are concentrated in the United States, with refineries located in California, Delaware, Louisiana, New Jersey, Ohio, and Texas. Corporate headquarters are located in Parsippany, New Jersey, while operational and commercial teams are distributed across refinery sites and regional offices.
Although the company does not operate refineries internationally, it participates in global crude oil and refined product markets through imports and exports. PBF Energy’s coastal refineries provide access to international waterborne crude supplies and export markets, giving the company indirect international exposure and the ability to respond to global pricing dynamics.
Leadership & Governance
PBF Energy was co-founded by Thomas J. Nimbley, who played a central role in shaping the company’s acquisition-driven growth strategy. The company is led by an experienced executive team with deep expertise in refining, trading, and energy infrastructure. Management’s stated philosophy emphasizes operational discipline, prudent capital allocation, and adaptability in volatile commodity markets.
Key executives include:
- Matthew C. Lucey – President and Chief Executive Officer
- Thomas J. Nimbley – Executive Chairman
- Cory M. Tomczyk – Chief Financial Officer
- Connor M. Lynagh – Chief Operating Officer
- Richard A. Lopriore – General Counsel and Corporate Secretary
The board of directors provides oversight with a focus on corporate governance, risk management, and shareholder alignment, consistent with requirements outlined in the company’s SEC filings and public disclosures.