PBF Energy Inc. (NYSE:PBF) Q2 2024 Earnings Conference Call August 1, 2024 8:30 AM ET
Company Participants
Colin Murray – Investor Relations
Matt Lucey – President and Chief Executive Officer
Karen Davis – Chief Financial Officer
Paul Davis – Senior Vice President-Supply, Trading and Optimization
Michael Bukowski – Senior Vice President and Head-Refining
Thomas Nimbley – Executive Chairman
Conference Call Participants
Roger Read – Wells Fargo
Ryan Todd – Piper Sandler
Neil Mehta – Goldman Sachs
Doug Leggate – Wolfe Research
Manav Gupta – UBS
Matthew Blair – TPH
Paul Cheng – Scotiabank
Joe Laetsch – Morgan Stanley
Jason Gabelman – TD Cowen
Operator
Good day, everyone, and welcome to the PBF Energy Second Quarter 2024 Earnings Conference Call and Webcast. At this time, all participants have been placed on a listen-only mode and the floor will be open for your questions following management's prepared remarks. [Operator Instructions] Please note that this conference is being recorded.
It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.
Colin Murray
Thank you, Savannah. Good morning and welcome to today's call. With me today are Matt Lucey, our President and CEO; Karen Davis, our CFO, and several other members of our management team. Copies of today's earnings release and our 10-Q filing, including supplemental information are available on our website.
Before getting started, I’d like to direct your attention to the Safe Harbor statement contained in today’s press release. Statements in our press release and those made on this call that express the company’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the Safe Harbor provisions under federal securities laws. There are many factors that could cause actual results to differ from our expectations, including those we describe in our filings with the SEC.
Consistent with our prior periods, we will discuss our results today, excluding special items, which are further described in today’s press release. Also included in today's press release is further guidance information related to our expectations for third quarter 2024 throughput. For any questions on these items or follow up questions, please contact Investor Relations after today's call. For reconciliations of any non-GAAP measures mentioned on today's call, please refer to the supplemental tables provided in the press release.
I'll now turn the call over to Matt Lucey.
Matt Lucey
Thank you, Colin. Good morning, everyone, and thank you for joining the call. As we mentioned in our press release, while earnings for the quarter were a disappointment, we were able to maintain our strong cash position coming out of the quarter. As backdrop, second quarter market conditions represent a bit of a break from typical seasonal patterns, with RIN adjusted crack spreads declining almost $10 a barrel from the beginning of the quarter to the end.