PBF Energy (PBF) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-35764
Entity Registrant Name	PBF ENERGY INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3763855
Entity Address, Address Line One	One Sylvan Way, Second Floor
Entity Address, City or Town	Parsippany
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	973
Local Phone Number	455-7500
Title of 12(b) Security	Common Stock
Trading Symbol	PBF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001534504
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		123,595,257
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		13

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,516.9	$ 2,203.6
Accounts receivable	1,368.6	1,456.3
4,	2,832.3	2,763.6
Prepaid and other current assets	586.9	122.8
Total current assets	6,304.7	6,546.3
Property, plant and equipment, net	4,908.5	5,361
Equity method investment in SBR	927.5	0
Lease right of use assets	792.6	679.1
Deferred charges and other assets, net	1,100.9	962.7
Total assets	14,034.2	13,549.1
Current liabilities:
Accounts payable	635.3	854.6
Accrued expenses	3,409.8	3,720.8
Payable pursuant to Tax Receivable Agreement	61.1	0
Deferred revenue	75.4	40.6
Current operating lease liabilities	120.8	60.5
Current debt	0	524.2
Total current liabilities	4,302.4	5,200.7
Long-term debt	1,441.5	1,434.9
Payable pursuant to Tax Receivable Agreement	277.5	338.6
Deferred tax liabilities	847.1	535.4
Long-term operating lease liabilities	614	552.7
Long-term financing lease liabilities	52.1	57.9
Other long-term liabilities	316.3	372.9
Total liabilities	7,850.9	8,493.1
Commitments and contingencies (Note 7)
Equity:
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares outstanding at June 30, 2023 and December 31, 2022	0	0
Treasury stock, at cost	(597.9)	(327)
Additional paid in capital	3,237	3,201.6
Retained earnings	3,407.2	2,056
Accumulated other comprehensive loss	(1.5)	(1.5)
Total PBF Energy Inc. equity	6,044.9	4,929.2
Noncontrolling interest	138.4	126.8
Total equity	6,183.3	5,056
Total liabilities and equity	14,034.2	13,549.1
Class A Common Stock
Equity:
Common stock, value, issued	0.1	0.1
Class B Common Stock
Equity:
Common stock, value, issued	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized (in shares)	100,000,000	100,000,000
Preferred Stock, Shares Outstanding (in shares)	0	0
Treasury stock, shares (in shares)	17,679,441	10,937,916
Class A Common Stock
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized (in shares)	1,000,000,000	1,000,000,000
Common Stock, Shares, Outstanding (in shares)	124,002,726	129,639,307
Class B Common Stock
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized (in shares)	1,000,000	1,000,000
Common Stock, Shares, Outstanding (in shares)	13	13

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues		$ 9,157.6	$ 14,077.7	$ 18,452.6	$ 23,219.4
Cost and expenses:
Cost of products and other		7,908	11,380.5	15,703.3	19,586.7
Operating expenses (excluding depreciation and amortization expense as reflected below)		597	637.6	1,378.4	1,258
Depreciation and amortization expense		142.2	120.1	284.1	238.4
Cost of sales		8,647.2	12,138.2	17,365.8	21,083.1
General and administrative expenses (excluding depreciation and amortization expense as reflected below)		104.2	153.2	164.2	206.7
Depreciation and amortization expense		2.3	1.9	4.2	3.8
Change in fair value of contingent consideration, net		(16.6)	77.6	(32.9)	127.9
Gain on formation of SBR equity method investment		(968.9)	0	(968.9)	0
Loss (gain) on sale of assets		0.2	0.2	(1.4)	0.3
Total cost and expenses		7,768.4	12,371.1	16,531	21,421.8
Income from operations		1,389.2	1,706.6	1,921.6	1,797.6
Other income (expense):
Interest expense, net		(13.8)	(85.5)	(32.5)	(163.9)
Change in Tax Receivable Agreement liability		0	(267.2)	0	(286.5)
Change in fair value of catalyst obligations		0.5	7.2	1.2	2.3
Gain on extinguishment of debt		0	3.8	0	3.8
Other non-service components of net periodic benefit cost		0.1	2.2	0.4	4.4
Other income		2.3	0	0	0
Income before income taxes		1,378.3	1,367.1	1,890.7	1,357.7
Income tax expense		347.9	131.3	474.4	125.2
Net income		1,030.4	1,235.8	1,416.3	1,232.5
Less: net income attributable to noncontrolling interests		10	32.1	13.8	49.9
Net income attributable to PBF Energy Inc. stockholders		$ 1,020.4	$ 1,203.7	$ 1,402.5	$ 1,182.6
Weighted-average shares of Class A common stock outstanding
Basic (in shares)	[1]	125,288,452	121,268,354	127,028,449	120,886,059
Diluted (in shares)		130,446,002	125,658,046	132,428,607	124,411,545
Net income available to Class A common stock per share:
Basic (in dollars per share)		$ 8.14	$ 9.93	$ 11.04	$ 9.78
Diluted (in dollars per share)		$ 7.88	$ 9.65	$ 10.67	$ 9.58
[1]The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to PBF Energy Class A common stock. The net income (loss) attributable to PBF Energy used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income (loss), as well as the corresponding income tax expense (benefit) (based on a 26.0% estimated annualized statutory corporate tax rate for the three and six months ended June 30, 2023 and a 25.9% estimated annualized statutory corporate tax rate for the three and six months ended June 30, 2022), attributable to the converted units.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 1,030.4	$ 1,235.8	$ 1,416.3	$ 1,232.5
Other comprehensive income (loss):
Unrealized loss on available for sale securities	(0.5)	(0.6)	(0.1)	(1.7)
Net gain on pension and other post-retirement benefits	0.1	0	0.1	0.1
Total other comprehensive income (loss)	(0.4)	(0.6)	0	(1.6)
Comprehensive income	1,030	1,235.2	1,416.3	1,230.9
Less: comprehensive income attributable to noncontrolling interests	10	32.1	13.8	49.9
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 1,020	$ 1,203.1	$ 1,402.5	$ 1,181

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity Statement - USD ($) $ in Millions	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interest
Balance, beginning of period (in shares) at Dec. 31, 2021				120,319,577	15				6,676,809
Balance, beginning of period at Dec. 31, 2021	$ 2,532.8			$ 0.1	$ 0	$ 2,874	$ (796.1)	$ 17.3	$ (169.1)	$ 606.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	1,230.9						1,182.6	(1.6)		49.9
Distributions to PBF Logistics LP public unitholders	(20.1)									(20.1)
Stock-based compensation expense	16.7					13.2				3.5
Transactions in connection with stock-based compensation plans (in shares)				1,634,742
Transactions in connection with stock-based compensation plans	25.8					27.1				(1.3)
Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation	0
Exchange of Series A Units (in shares)				35,992	(2)
Exchange of PBF Energy Company LLC Series A Units for PBF Energy Class A common stock	0					0.1				(0.1)
Treasury stock purchases (in shares)				65,910					(65,910)
Treasury stock purchases	0					1.4			$ (1.4)
Other	0.4									0.4
Balance, end of period (in shares) at Jun. 30, 2022				121,924,401	13				6,742,719
Balance, end of period at Jun. 30, 2022	3,786.5			$ 0.1	$ 0	2,915.8	386.5	15.7	$ (170.5)	638.9
Balance, beginning of period (in shares) at Mar. 31, 2022				120,617,648	15				6,731,747
Balance, beginning of period at Mar. 31, 2022	2,526.1			$ 0.1	$ 0	2,882	(817.2)	16.3	$ (170.2)	615.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	1,235.2						1,203.7	(0.6)		32.1
Distributions to PBF Logistics LP public unitholders	(10.1)									(10.1)
Stock-based compensation expense	9.4					6.6				2.8
Transactions in connection with stock-based compensation plans (in shares)				1,292,977
Transactions in connection with stock-based compensation plans	25.2					26.5				(1.3)
Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation	0.3					0.3
Exchange of Series A Units (in shares)				24,748	(2)
Exchange of PBF Energy Company LLC Series A Units for PBF Energy Class A common stock	0					0.1				(0.1)
Treasury stock purchases (in shares)				10,972					(10,972)
Treasury stock purchases	0					0.3			$ (0.3)
Other	0.4									0.4
Balance, end of period (in shares) at Jun. 30, 2022				121,924,401	13				6,742,719
Balance, end of period at Jun. 30, 2022	3,786.5			$ 0.1	$ 0	2,915.8	386.5	15.7	$ (170.5)	638.9
Balance, beginning of period (in shares) at Dec. 31, 2022		129,639,307	13	129,639,307	13				10,937,916
Balance, beginning of period at Dec. 31, 2022	5,056			$ 0.1	$ 0	3,201.6	2,056	(1.5)	$ (327)	126.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	1,416.3						1,402.5			13.8
Distributions to PBF Energy Company LLC members	(2.2)									(2.2)
Dividends	(51.3)						(51.3)
Stock-based compensation expense	13.7					13.7
Transactions in connection with stock-based compensation plans (in shares)				1,104,944
Transactions in connection with stock-based compensation plans	20.4					20.4
Treasury stock purchases (in shares)				6,741,525					(6,741,525)
Treasury stock purchases	(269.7)					1.2			$ (270.9)
Other	0.1					0.1
Balance, end of period (in shares) at Jun. 30, 2023		124,002,726	13	124,002,726	13				17,679,441
Balance, end of period at Jun. 30, 2023	6,183.3			$ 0.1	$ 0	3,237	3,407.2	(1.5)	$ (597.9)	138.4
Balance, beginning of period (in shares) at Mar. 31, 2023				126,543,857	13				15,000,026
Balance, beginning of period at Mar. 31, 2023	5,268.3			$ 0.1	$ 0	3,223.2	2,412.1	(1.1)	$ (496.4)	130.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	1,030						1,020.4	(0.4)		10
Distributions to PBF Energy Company LLC members	(2)									(2)
Dividends	(25.3)						(25.3)
Stock-based compensation expense	7.2					7.2
Transactions in connection with stock-based compensation plans (in shares)				138,284
Transactions in connection with stock-based compensation plans	6					6
Treasury stock purchases (in shares)				2,679,415					(2,679,415)
Treasury stock purchases	(100.9)					0.6			$ (101.5)
Balance, end of period (in shares) at Jun. 30, 2023		124,002,726	13	124,002,726	13				17,679,441
Balance, end of period at Jun. 30, 2023	$ 6,183.3			$ 0.1	$ 0	$ 3,237	$ 3,407.2	$ (1.5)	$ (597.9)	$ 138.4

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity Statement (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.20	$ 0.40

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 1,416.3	$ 1,232.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	299.7	253
Stock-based compensation	18.9	18
Change in fair value of catalyst obligations	(1.2)	(2.3)
Deferred income taxes	311.6	60.2
Change in Tax Receivable Agreement liability	0	286.5
Non-cash change in inventory repurchase obligations	8.5	(3.4)
Change in fair value of contingent consideration, net	(32.9)	127.9
Gain on extinguishment of debt	0	(3.8)
Pension and other post-retirement benefit costs	23.9	23.8
Gain on formation of SBR equity method investment	(968.9)	0
(Gain) loss on sale of assets	(1.4)	0.3
Changes in operating assets and liabilities:
Accounts receivable	87.7	(689.9)
Inventories	(143.6)	(471.3)
Prepaid and other current assets	(38.5)	(139.1)
Accounts payable	(203.3)	396.9
Accrued expenses	(286.9)	1,163.8
Deferred revenue	34.8	42.9
Other assets and liabilities	(19)	(27)
Net cash provided by operating activities	505.7	2,269
Cash flows from investing activities:
Expenditures for property, plant and equipment	(447.1)	(226.5)
Expenditures for deferred turnaround costs	(268)	(166.8)
Expenditures for other assets	(35)	(43.6)
Proceeds from sale of assets	4.4	0
Equity method investment - return of capital	431	0
Net cash used in investing activities	(314.7)	(436.9)
Cash flows from financing activities:
Dividend payments	(50.9)	0
Distributions to PBFX public unitholders	0	(19.6)
Distributions to PBF Energy Company LLC members other than PBF Energy	(2.2)	0
Payments on financing leases	(5.8)	(5.7)
Proceeds from insurance premium financing	35	32.4
Payments of contingent consideration	(80.1)	(2.7)
Transactions in connection with stock-based compensation plans, net	20.4	0
Purchase of treasury stock	(267.6)	0
Deferred financing costs and other, net	(1.5)	(7.8)
Net cash used in financing activities	(877.7)	(999.3)
Net change in cash and cash equivalents	(686.7)	832.8
Cash and cash equivalents, beginning of period	2,203.6	1,341.5
Cash and cash equivalents, end of period	1,516.9	2,174.3
Non-cash activities:
Accrued and unpaid capital expenditures	109.5	119.4
Assets acquired or remeasured under operating and financing leases	174.1	30.1
SBR Contribution Receivable	429.6	0
Contribution of assets to SBR equity method investment	(739.8)	0
Non-cash settlement of affiliate note payable	(74.9)	0
Cash paid during the period for:
Interest, net of capitalized interest	54.3	150.5
Capitalized interest	28.2	9.3
Income taxes	127.4	1.9
PBFX Revolving Credit Facility
Cash flows from financing activities:
Repayments of Lines of Credit	0	(70)
PBFX 2023 Senior Notes
Cash flows from financing activities:
Repayments of Long-Term Debt	(525)	0
2028 Senior Notes
Cash flows from financing activities:
Repayments of Long-Term Debt	0	(21.1)
2025 Senior Notes
Cash flows from financing activities:
Repayments of Long-Term Debt	0	(4.8)
Revolving Credit Facility
Cash flows from financing activities:
Repayments of Lines of Credit	$ 0	$ (900)

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Description of the Business PBF Energy Inc. (“PBF Energy”) is the sole managing member of PBF Energy Company LLC (“PBF LLC”), with a controlling interest in PBF LLC and its subsidiaries. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries and records a noncontrolling interest in its Condensed Consolidated Financial Statements representing the economic interests of PBF LLC’s members other than PBF Energy (refer to “Note 8 - Equity”). PBF Energy holds a 99.3% economic interest in PBF LLC as of June 30, 2023 through its ownership of PBF LLC Series C Units, which are held solely by PBF Energy. Holders of PBF LLC Series A Units, which are held by parties other than PBF Energy (“the members of PBF LLC other than PBF Energy”), hold the remaining 0.7% economic interest in PBF LLC. In addition, the amended and restated limited liability company agreement of PBF LLC provides that any PBF LLC Series A Units acquired by PBF Energy will automatically be reclassified as PBF LLC Series C Units in connection with such acquisition. PBF LLC, together with its consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. PBF LLC, together with its subsidiaries, owns an interest in an equity method investment that owns and operates a biorefinery co-located with the Chalmette refinery in Louisiana (the “Renewable Diesel Facility”). Collectively, PBF Energy and its consolidated subsidiaries, are referred to hereinafter as the “Company” unless the context otherwise requires. PBFX Merger Transaction On November 30, 2022, PBF Energy, PBF LLC, PBFX Holdings Inc., a Delaware corporation and wholly-owned subsidiary of PBF LLC, Riverlands Merger Sub LLC, a Delaware limited liability company and wholly owned subsidiary of PBF LLC, PBF Logistics LP (“PBFX”), and PBF Logistics GP LLC closed on a definitive agreement, pursuant to which PBF Energy and PBF LLC acquired all of the publicly held common units in PBFX representing limited partner interests in the master liability partnership not already owned by certain wholly-owned subsidiaries of PBF Energy and its affiliates (the “Merger Transaction”). Subsequent to closing on the Merger Transaction, PBFX became an indirect wholly-owned subsidiary of PBF Energy and PBF LLC. Basis of Presentation The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim Condensed Consolidated Financial Statements should be read in conjunction with the PBF Energy and PBF LLC financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year. Investment in Equity Method Investee On June 27, 2023, the Company contributed certain assets to St. Bernard Renewables LLC (“SBR”), a jointly held investment between the Company and Eni Sustainable Mobility US. Inc., a controlled subsidiary of Eni S.p.A. (collectively “Eni”). The Company accounts for its now 50% equity ownership of SBR as an equity method investment, as the Company has significant influence, but not control, over SBR. Equity method investments are recognized at cost, adjusted for the investor’s portion of the investee’s earnings and reduced by distributions from the investee, and presented as “Equity method investment in SBR” on the consolidated balance sheets. Equity method earnings, which were de minimis for the three and six months ended June 30, 2023, will be recognized as “Equity income (loss) in investee” in the consolidated statements of operations.

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
CURRENT EXPECTED CREDIT LOSSES	CURRENT EXPECTED CREDIT LOSSES Credit Losses The Company has exposure to credit losses primarily through its sales of refined products. The Company evaluates creditworthiness on an individual customer basis. The Company utilizes a financial review model for purposes of evaluating creditworthiness which is based on information from financial statements and credit reports. The financial review model enables the Company to assess the customer’s risk profile and determine credit limits on the basis of their financial strength, including but not limited to, their liquidity, leverage, debt serviceability, longevity and how they pay their bills. The Company may require security in the form of letters of credit or cash payments in advance of product delivery for certain customers that are deemed higher risk. The Company’s payment terms on its trade receivables are relatively short, generally 30 days or less for a substantial majority of its refined products. As a result, the Company’s collection risk is mitigated to a certain extent by the fact that sales are collected in a relatively short period of time, allowing for the ability to reduce exposure on defaults if collection issues are identified. Notwithstanding, the Company reviews each customer’s credit risk profile at least annually or more frequently if warranted. The Company performs a quarterly allowance for doubtful accounts analysis to assess whether an allowance needs to be recorded for any outstanding trade receivables. In estimating credit losses, management reviews accounts that are past due, have known disputes or have experienced any negative credit events that may result in future collectability issues. There was no allowance for doubtful accounts recorded as of June 30, 2023 or December 31, 2022.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following: June 30, 2023 (in millions) Titled Inventory Inventory Intermediation Agreement Total Crude oil and feedstocks $ 1,200.1 $ 140.2 $ 1,340.3 Refined products and blendstocks 1,254.2 93.9 1,348.1 Warehouse stock and other 143.9 — 143.9 $ 2,598.2 $ 234.1 $ 2,832.3 Lower of cost or market adjustment — — — Total inventories $ 2,598.2 $ 234.1 $ 2,832.3 December 31, 2022 (in millions) Titled Inventory Inventory Intermediation Agreement Total Crude oil and feedstocks $ 1,195.2 $ 140.9 $ 1,336.1 Refined products and blendstocks 1,244.7 40.9 1,285.6 Warehouse stock and other 141.9 — 141.9 $ 2,581.8 $ 181.8 $ 2,763.6 Lower of cost or market adjustment — — — Total inventories $ 2,581.8 $ 181.8 $ 2,763.6 PBF Holding Company LLC (“PBF Holding”) and its subsidiaries, Delaware City Refining Company LLC, Paulsboro Refining Company LLC and Chalmette Refining, L.L.C. (“Chalmette Refining”) (collectively, the “PBF Entities”), entered into an inventory intermediation agreement (as amended and restated from time to time, the “Third Inventory Intermediation Agreement”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”). Pursuant to the Third Inventory Intermediation Agreement, J. Aron purchased and held title to certain inventory, including crude oil, intermediate and certain finished products (the “J. Aron Products”) purchased or produced by the Paulsboro and Delaware City refineries (and, at the election of the PBF Entities, the Chalmette refinery) (the "Refineries") and delivered into storage tanks at the Refineries (the "Storage Tanks"). The J. Aron Products were sold back to the Company as the J. Aron Products were discharged out of the Storage Tanks. These purchases and sales were settled daily, and pricing was trued-up monthly at the market prices related to those J. Aron Products. These transactions were considered to be made in contemplation of each other and, accordingly, did not result in the recognition of a sale when title passed from the Refineries to J. Aron. Additionally, J. Aron had the right to store the J. Aron Products purchased in Storage Tanks under the Third Inventory Intermediation Agreement and retained these storage rights for the term of the agreement. PBF Holding continues to market and sell the J. Aron Products independently to third parties. On June 28, 2023, the PBF Entities entered into a second amendment of the Third Inventory Intermediation Agreement to amend certain provisions in order to allow for the early termination of the Third Inventory Intermediation Agreement effective as of July 31, 2023. Following the early termination the Company will own all of the inventory previously held by J. Aron. As of June 30, 2023 and December 31, 2022 there was no lower of cost or market adjustment recorded as the replacement value of inventories exceeded the last-in, first-out carrying value.

EQUITY INVESTMENT IN SBR

EQUITY INVESTMENT IN SBR	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
EQUITY INVESTMENT IN SBR	EQUITY INVESTMENT IN SBR On June 27, 2023, the Company and Eni consummated the closing of the equity method investment transaction and the capitalization of SBR, a jointly held investee designed to own, develop, and operate the Renewable Diesel Facility. The Company contributed the SBR business with an estimated fair value of approximately $1.72 billion, excluding working capital, in exchange for $431.0 million of cash contributed by Eni at close and its 50% interest in the entity, which includes rights to special distributions from SBR (with corresponding amounts funded by Eni) based on the achievement of certain project milestones and performance criteria. The Company received the first special distribution of $414.6 million subsequent to the commercial start up of the pre-treatment unit in July 2023, and is entitled to an additional $15.0 million of estimated contingent consideration if certain project milestones and performance conditions are met. The Company recorded a gain of $968.9 million resulting from the difference between the fair value of the consideration received, including its 50% noncontrolling interest, and the carrying value of the related assets contributed. The Company determined that SBR is a variable interest entity (“VIE”) because the entity does not have sufficient equity at risk to fund its operations without additional financial support from its owners. The Company is not the primary beneficiary of this VIE because it does not have the ability to make the most relevant decisions that significantly affect its economic performance.

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consisted of the following: (in millions) June 30, 2023 December 31, 2022 Inventory-related accruals $ 1,659.5 $ 1,417.4 Renewable energy credit and emissions obligations (a) 792.3 1,361.1 Inventory intermediation agreement (b) 177.8 98.3 Accrued transportation costs 159.8 127.3 Excise and sales tax payable 138.5 123.6 Accrued salaries and benefits 115.5 173.1 Accrued refinery maintenance and support costs 65.2 48.1 Accrued income tax payable 57.3 16.5 Accrued utilities 51.8 105.4 Accrued capital expenditures 45.8 86.3 Contingent consideration 29.4 81.6 Accrued interest 20.5 24.9 Environmental liabilities 14.5 14.9 Current finance lease liabilities 11.7 11.7 Other 70.2 30.6 Total accrued expenses $ 3,409.8 $ 3,720.8 _____________________ (a) The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency. To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB 32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. From time to time, the Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of June 30, 2023, the Company had entered into approximately $501.2 million of such forward purchase commitments with respect to its total accrued renewable energy and emissions obligations. Our RIN obligations will be settled in accordance with established regulatory deadlines. The Company’s AB 32 liability is part of an ongoing triennial period program which will be settled through 2024. (b) The Company had the obligation to repurchase the J. Aron Products that were held in its Storage Tanks in accordance with the Third Inventory Intermediation Agreement. As of June 30, 2023 and December 31, 2022, a liability was recognized based on the repurchase obligation under the Third Inventory Intermediation Agreement for the J. Aron owned inventory held in the Company’s Storage Tanks, with any change in the market price being recorded in Cost of products and other. As described in “Note 3 - Inventories”, the Company amended this agreement to allow for an early termination effective July 31, 2023.

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
CREDIT FACILITIES AND DEBT	CREDIT FACILITIES AND DEBT Debt outstanding consists of the following: (In millions) June 30, 2023 December 31, 2022 2028 Senior Notes $ 801.6 $ 801.6 2025 Senior Notes 664.5 664.5 PBFX 2023 Senior Notes — 525.0 Revolving Credit Facility — — PBFX Revolving Credit Facility — — Catalyst financing arrangements 2.7 4.0 1,468.8 1,995.1 Less — Current debt — (524.2) Unamortized premium — 0.2 Unamortized deferred financing costs (27.3) (36.2) Long-term debt $ 1,441.5 $ 1,434.9 PBFX 2023 Senior Notes On February 2, 2023, the Company redeemed the $525.0 million in aggregate principal amount outstanding of its PBFX’s 6.875% senior notes (the “PBFX 2023 Senior Notes”), inclusive of unamortized premium and deferred financing costs of $0.7 million as of the redemption date. The PBFX 2023 Senior Notes were redeemed at a price of 100%, plus accrued and unpaid interest through the date of redemption. Deutsche Bank Trust Company Americas was the trustee for the PBFX 2023 Senior Notes and served as the paying agent for the full redemption. The redemption was financed using cash on hand. PBFX Revolving Credit Facility On June 20, 2023, the Company terminated the $500.0 million PBFX senior secured revolving credit facility (the “PBFX Revolving Credit Facility”), which was originally set to mature on July 30, 2023. There were no outstanding borrowings under the PBFX Revolving Credit Facility as of the termination date. As of June 30, 2023, the Company is in compliance with all covenants, including financial covenants, in all its debt agreements.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESIn the ordinary conduct of the Company’s business, the Company is from time to time subject to lawsuits, investigations and claims, including class action proceedings, mass tort actions, tort actions, environmental claims and employee-related matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. For such ongoing matters for which we have not recorded a liability but losses are reasonably possible, we are unable to estimate a range of possible losses at this time due to various reasons that may include but are not limited to, matters being in an early stage and not fully developed through pleadings, discovery or court proceedings, number of potential claimants being unknown or uncertainty regarding a number of different factors underlying the potential claims. However, the ultimate resolution of one or more of these contingencies could result in an adverse outcome that may have a material effect on our financial position, results of operations or cash flows. Environmental Matters The Company’s refineries, pipelines and related operations are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment (including in response to the potential impacts of climate change), waste management and the characteristics and the compositions of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the refineries, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities. These laws and permits raise potential exposure to future claims and lawsuits involving environmental and safety matters which could include soil and water contamination, air pollution, personal injury and property damage allegedly caused by substances which the Company manufactured, handled, used, released or disposed of, transported, or that relate to pre-existing conditions for which the Company has assumed responsibility. The Company believes that its current operations are in compliance with existing environmental and safety requirements. However, there have been and will continue to be ongoing discussions about environmental and safety matters between the Company and federal and state authorities, including notices of violations, citations and other enforcement actions, some of which have resulted or may result in changes to operating procedures and in capital expenditures. While it is often difficult to quantify future environmental or safety related expenditures, the Company anticipates that continuing capital investments and changes in operating procedures will be required for the foreseeable future to comply with existing and new requirements, as well as evolving interpretations and more strict enforcement of existing laws and regulations. In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities. The estimated costs related to these remediation obligations totaled $113.3 million as of June 30, 2023 ($117.0 million as of December 31, 2022), and related primarily to remediation obligations to address existing soil and groundwater contamination and the related monitoring and clean-up activities. Costs related to these obligations are reassessed periodically or when changes to our remediation approach are identified. The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. The aggregate environmental liability reflected in the Company’s Condensed Consolidated Balance Sheets was $156.7 million and $157.7 million at June 30, 2023 and December 31, 2022, respectively, of which $142.2 million and $142.8 million, respectively, were classified as Other long-term liabilities. These liabilities include remediation and monitoring costs expected to be incurred over an extended period of time. Estimated liabilities could increase in the future when the results of ongoing investigations become known, are considered probable and can be reasonably estimated. Contingent Consideration In connection with the acquisition of the Martinez refinery and related logistics assets, the sale and purchase agreement dated June 11, 2019 included an earn-out provision based on certain earnings thresholds of the Martinez refinery. Pursuant to the agreement, the Company will make payments to Equilon Enterprises LLC d/b/a Shell Oil Products US, based on future earnings at the Martinez refinery in excess of certain thresholds, as defined in the agreement, for a period of up to four years following the acquisition closing date (the “Martinez Contingent Consideration”). Upon acquisition of the refinery, the Company recorded the estimated acquisition date fair value of the earn-out provision as contingent consideration of $77.3 million within “Other long-term liabilities” within the Company’s Condensed Consolidated Balance Sheet. Subsequent changes in the fair value of the Martinez Contingent Consideration are recorded in the Condensed Consolidated Statements of Operations. The fair value of the Martinez Contingent Consideration was estimated to be $29.4 million as of June 30, 2023 and is included within Accrued expenses within the Company’s Condensed Consolidated Balance Sheet. The fair value of the Martinez Contingent Consideration was estimated to be $147.3 million as of December 31, 2022 (of which approximately $80.0 million was included within Accrued expenses and paid in April 2023). Tax Receivable Agreement PBF Energy entered into a tax receivable agreement with the PBF LLC Series A and PBF LLC Series B unitholders (the “Tax Receivable Agreement”) that provides for the payment by PBF Energy to such persons of an amount equal to 85% of the amount of the benefits, if any, that PBF Energy is deemed to realize as a result of (i) increases in tax basis, as described below, and (ii) certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. For purposes of the Tax Receivable Agreement, the benefits deemed realized by PBF Energy will be computed by comparing the actual income tax liability of PBF Energy (calculated with certain assumptions) to the amount of such taxes that PBF Energy would have been required to pay had there been no increase to the tax basis of the assets of PBF LLC as a result of purchases or exchanges of PBF LLC Series A Units for shares of PBF Energy Class A common stock and had PBF Energy not entered into the Tax Receivable Agreement. The term of the Tax Receivable Agreement will continue until all such tax benefits have been utilized or expired unless: (i) PBF Energy exercises its right to terminate the Tax Receivable Agreement, (ii) PBF Energy breaches any of its material obligations under the Tax Receivable Agreement or (iii) certain changes of control occur, in which case all obligations under the Tax Receivable Agreement will generally be accelerated and due as calculated under certain assumptions. The payment obligations under the Tax Receivable Agreement are obligations of PBF Energy and not of any of its subsidiaries. In general, PBF Energy expects to obtain funding for these annual payments from PBF LLC, primarily through tax distributions, which PBF LLC makes on a pro-rata basis to its owners. Such owners include PBF Energy, which holds a 99.3% interest in PBF LLC as of both June 30, 2023 and December 31, 2022. PBF LLC generally obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. As of both June 30, 2023 and December 31, 2022, PBF Energy recognized a liability of $338.6 million related to the Tax Receivable Agreement obligation, reflecting the estimate of the undiscounted amounts that PBF Energy expects to pay under the agreement, net of the impact of any deferred tax asset valuation allowance recognized in accordance with Financial Accounting Standard Board, Accounting Standard Codification (“ASC”) 740, Income Taxes . As of June 30, 2023, $61.1 million of the Tax Receivable Agreement obligation is recorded as a current liability and represents PBF Energy’s best estimate of payments to be made within a year. As future taxable income is recognized, increases in PBF Energy’s Tax Receivable Agreement liability may be necessary in conjunction with the revaluation of deferred tax assets. Refer to “Note 12 - Income Taxes” for more details.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
EQUITY	EQUITY Noncontrolling Interest in PBF LLC PBF Energy is the sole managing member of, and has a controlling interest in, PBF LLC. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business and affairs of PBF LLC and its subsidiaries. PBF Energy’s equity interest in PBF LLC was approximately 99.3% as of both June 30, 2023 and December 31, 2022. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries, and records a noncontrolling interest for the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the Condensed Consolidated Statements of Operations includes the portion of net income or loss attributable to the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the Condensed Consolidated Balance Sheets reflects the portion of net assets of PBF Energy attributable to the members of PBF LLC other than PBF Energy. The noncontrolling interest ownership percentages in PBF LLC as of December 31, 2022 and June 30, 2023 are calculated as follows: Holders of PBF LLC Series A Units Outstanding Shares of PBF Energy Class A Common Stock Total * December 31, 2022 910,457 129,639,307 130,549,764 0.7% 99.3% 100.0% June 30, 2023 910,457 124,002,726 124,913,183 0.7% 99.3% 100.0% —————————— * Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis. Noncontrolling Interest in PBFX PBF Energy, through its ownership of PBF LLC, consolidates the financial results of PBFX. Prior to the Merger Transaction which closed on November 30, 2022, PBF LLC held a 47.7% limited partner interest in PBFX with the remaining 52.3% limited partner interest owned by the public common unitholders. As of December 31, 2022, noncontrolling interest on the Consolidated Statements of Operations included the portion of net income or loss attributable to the economic interest in PBFX held by the public common unitholders of PBFX other than PBF Energy (through its ownership in PBF LLC) through November 30, 2022, and noncontrolling interest on the Consolidated Balance Sheets was eliminated. As of June 30, 2023, noncontrolling interest on the Condensed Consolidated Statements of Operations and noncontrolling interest on the Condensed Consolidated Balance Sheets were eliminated. Noncontrolling Interest in PBF Holding In connection with the acquisition of the Chalmette refinery, PBF Holding records noncontrolling interests in two subsidiaries of Chalmette Refining. PBF Holding, through Chalmette Refining, owns an 80% ownership interest in both Collins Pipeline Company and T&M Terminal Company. In the three and six months ended June 30, 2023, the Company recorded noncontrolling interest in the earnings of these subsidiaries of $0.1 million and $0.4 million, respectively. In the three and six months ended June 30, 2022, the Company recorded noncontrolling interest in the earnings of these subsidiaries of $(0.6) million and $(1.7) million, respectively. Changes in Equity and Noncontrolling Interests The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the six months ended June 30, 2023 and 2022, respectively: (In millions) PBF Energy Inc. Equity Noncontrolling Noncontrolling Total Equity Balance at January 1, 2023 $ 4,929.2 $ 114.6 $ 12.2 $ 5,056.0 Comprehensive income 1,402.5 13.4 0.4 1,416.3 Dividends and distributions (51.3) (2.2) — (53.5) Stock-based compensation expense 13.7 — — 13.7 Transactions in connection with stock-based compensation plans 20.4 — — 20.4 Treasury stock purchases (269.7) — — (269.7) Other 0.1 — — 0.1 Balance at June 30, 2023 $ 6,044.9 $ 125.8 $ 12.6 $ 6,183.3 (In millions) PBF Energy Inc. Equity Noncontrolling Noncontrolling Noncontrolling Total Equity Balance at January 1, 2022 $ 1,926.2 $ 95.4 $ 12.2 $ 499.0 $ 2,532.8 Comprehensive income (loss) 1,181.0 12.2 (1.7) 39.4 1,230.9 Dividends and distributions — — — (20.1) (20.1) Stock-based compensation expense 13.2 — — 3.5 16.7 Transactions in connection with stock-based compensation plans 27.1 — — (1.3) 25.8 Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and Tax Receivable Agreement obligation 0.1 (0.1) — — — Other — — 0.4 — 0.4 Balance at June 30, 2022 $ 3,147.6 $ 107.5 $ 10.9 $ 520.5 $ 3,786.5 Treasury Stock On December 12, 2022, the Company’s Board of Directors authorized the repurchase of up to $500.0 million of PBF Energy's Class A common stock (as amended from time to time, the “Repurchase Program”). On May 3, 2023, the Company's Board of Directors approved an increase in the repurchase authorization amount under the Repurchase Program from $500.0 million to $1.0 billion and extended the program expiration date to December 2025. During the three months ended June 30, 2023, the Company purchased 2,663,591 shares for $100.0 million, inclusive of commissions paid. During the six months ended June 30, 2023, the Company purchased 6,710,877 shares for $267.6 million, inclusive of commissions paid. These repurchases were made from time to time through various methods, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions or otherwise, certain of which have been effected through Rule 10b5-1 plans. The timing and number of shares repurchased depended on a variety of factors, including price, capital availability, legal requirements and economic and market conditions. The Company is not obligated to purchase any shares under the Repurchase Program, and repurchases could be suspended or discontinued at any time without prior notice.

DIVIDENDS AND DISTRIBUTIONS

DIVIDENDS AND DISTRIBUTIONS	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
DIVIDENDS AND DISTRIBUTIONS	DIVIDENDS AND DISTRIBUTIONS With respect to dividends and distributions paid during the six months ended June 30, 2023, PBF LLC made aggregate non-tax quarterly distributions of $51.2 million, or $0.40 per unit to its members, of which $50.9 million was distributed pro-rata to PBF Energy and the balance was distributed to its other members. PBF Energy used this $50.9 million to pay quarterly cash dividends of $0.20 per share of Class A common stock on March 16, 2023 and May 31, 2023.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: (In millions) Three Months Ended June 30, Six Months Ended June 30, Pension Benefits 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 11.9 $ 13.9 $ 24.0 $ 27.8 Interest cost 4.6 1.9 8.9 3.9 Expected return on plan assets (4.8) (4.3) (9.6) (8.7) Net periodic benefit cost $ 11.7 $ 11.5 $ 23.3 $ 23.0 (In millions) Three Months Ended June 30, Six Months Ended June 30, Post-Retirement Medical Plan 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 0.1 $ 0.2 $ 0.3 $ 0.4 Interest cost 0.1 0.2 0.3 0.3 Amortization of prior service cost and actuarial loss — — — 0.1 Net periodic benefit cost $ 0.2 $ 0.4 $ 0.6 $ 0.8

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES As described in “Note 15 - Segment Information”, the Company’s business consists of the Refining Segment and Logistics Segment. The following table provides information relating to the Company’s revenues for each product or group of similar products or services by segment for the periods presented. Three Months Ended June 30, (In millions) 2023 2022 Refining Segment: Gasoline and distillates $ 8,142.1 $ 12,520.9 Asphalt and blackoils 385.0 667.2 Feedstocks and other 349.8 451.9 Chemicals 174.2 291.2 Lubricants 97.3 132.8 Total 9,148.4 14,064.0 Logistics Segment: Logistics 94.0 93.4 Total revenues prior to eliminations 9,242.4 14,157.4 Elimination of intercompany revenues (84.8) (79.7) Total Revenues $ 9,157.6 $ 14,077.7 Six Months Ended June 30, (In millions) 2023 2022 Refining Segment: Gasoline and distillates $ 16,374.7 $ 20,558.6 Asphalt and blackoils 788.2 1,126.1 Feedstocks and other 767.6 786.8 Chemicals 314.4 498.2 Lubricants 189.0 222.5 Total Refining Revenue 18,433.9 23,192.2 Logistics Segment: Logistics Revenue 192.5 182.8 Total revenue prior to eliminations 18,626.4 23,375.0 Elimination of intercompany revenue (173.8) (155.6) Total Revenues $ 18,452.6 $ 23,219.4 The majority of the Company’s revenues are generated from the sale of refined products. These revenues are largely based on the current spot (market) prices of the products sold, which represent consideration specifically allocable to the products being sold on a given day, and the Company recognizes those revenues upon delivery and transfer of title to the products to our customers. The time at which delivery and transfer of title occurs is the point when the Company’s control of the products is transferred to the Company’s customers and when its performance obligation to its customers is fulfilled. Delivery and transfer of title are specifically agreed to between the Company and customers within the contracts. The Company also has contracts which contain fixed pricing, tiered pricing, minimum volume features with makeup periods, or other factors that have not materially been affected by ASC 606, Revenue from Contracts with Customers. The Company’s Logistics segment revenues are generated by charging fees for crude oil and refined products terminaling, storage and pipeline services based on the greater of contractual minimum volume commitments, as applicable, or the delivery of actual volumes based on contractual rates applied to throughput or storage volumes. A majority of the Company’s logistics revenues are generated by intercompany transactions and are eliminated in consolidation. Deferred Revenue The Company records deferred revenue when cash payments are received or are due in advance of performance, including amounts which are refundable. Deferred revenue was $75.4 million and $40.6 million as of June 30, 2023 and December 31, 2022, respectively. Fluctuations in the deferred revenue balance are primarily driven by the timing and extent of cash payments received or due in advance of satisfying the Company’s performance obligations. The Company’s payment terms vary by type and location of customers and the products offered. The period between invoicing and when payment is due is not significant (i.e. generally within two months). For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES PBF Energy is required to file federal and applicable state corporate income tax returns and recognizes income taxes on its pre-tax income, which to-date has consisted primarily of its share of PBF LLC’s pre-tax income (approximately 99.3% as of both June 30, 2023 and December 31, 2022). PBF LLC is organized as a limited liability company and PBFX is a partnership, both of which are treated as “flow-through” entities for federal income tax purposes and therefore are not subject to federal income taxes apart from the income tax attributable to the two subsidiaries acquired in connection with the acquisition of Chalmette Refining and PBF Holding’s wholly-owned Canadian subsidiary, PBF Energy Limited, that are treated as C-Corporations for income tax purposes, with the tax provision calculated based on the effective tax rate for the periods presented. Inflation Reduction Act On August 16, 2022, the Inflation Reduction Act (“IRA”) was enacted and signed into law in the United States. The IRA is a budget reconciliation package that includes significant law changes relating to tax, climate change, energy, and health care. The tax provisions include, among other items, a corporate alternative minimum tax of 15%, an excise tax of 1% on corporate stock buy-backs, energy-related tax credits and incentives, and additional Internal Revenue Service funding. Based on the Company’s results over the past three fiscal years, the corporate alternative minimum tax is currently not applicable. The Company does not expect the other tax provisions of the IRA to have a material impact on its Condensed Consolidated Financial Statements. The income tax provision in the PBF Energy Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Current income tax expense $ 78.7 $ 65.0 $ 162.8 $ 65.0 Deferred income tax expense 269.2 66.3 311.6 60.2 Total income tax expense $ 347.9 $ 131.3 $ 474.4 $ 125.2 The income tax provision is based on earnings before taxes attributable to PBF Energy and excludes earnings before taxes attributable to noncontrolling interests as such interests are generally not subject to income taxes except as noted above. PBF Energy’s effective income tax rate for the three and six months ended June 30, 2023 was 25.4% and 25.3%, respectively. PBF Energy’s effective income tax rate for the three and six months ended June 30, 2022, was 9.8% and 9.6%, respectively. PBF Energy’s effective income tax rate for the three and six months ended June 30, 2023, including the impact of income attributable to noncontrolling interests of $10.0 million and $13.8 million, respectively, was 25.2% and 25.1%, respectively. PBF Energy’s effective income tax rate for the three and six months ended June 30, 2022, including the impact of income attributable to noncontrolling interests of $32.1 million and $49.9 million, respectively, was 9.6% and 9.2%, respectively. For the three and six months ended June 30, 2023, PBF Energy’s effective tax rate did not materially differ from the United States statutory rate, inclusive of state income taxes. For the three and six months ended June 30, 2022, the difference between the United States statutory rate and PBF Energy’s effective tax rate was primarily attributable to changes in the deferred tax asset valuation allowance.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of June 30, 2023 and December 31, 2022. The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets. As of June 30, 2023 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (In millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 130.1 $ — $ — $ 130.1 N/A $ 130.1 Commodity contracts 20.3 33.8 11.9 66.0 (49.4) 16.6 Derivatives included within inventory intermediation agreement obligations — 16.6 — 16.6 — 16.6 Liabilities: Commodity contracts 13.4 36.0 — 49.4 (49.4) — Catalyst obligations — 2.7 — 2.7 — 2.7 Renewable energy credit and emissions obligations — 792.3 — 792.3 — 792.3 Contingent consideration obligation — — 29.4 29.4 — 29.4 As of December 31, 2022 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (In millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 110.0 $ — $ — $ 110.0 N/A $ 110.0 Commodity contracts 33.8 15.7 — 49.5 (35.6) 13.9 Derivatives included within inventory intermediation agreement obligations — 25.1 — 25.1 — 25.1 Liabilities: Commodity contracts 20.6 11.8 3.2 35.6 (35.6) — Catalyst obligations — 4.0 — 4.0 — 4.0 Renewable energy credit and emissions obligations — 1,361.1 — 1,361.1 — 1,361.1 Contingent consideration obligation — — 147.3 147.3 — 147.3 The valuation methods used to measure financial instruments at fair value are as follows: • Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within Cash and cash equivalents. • The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. • The derivatives included with inventory intermediation agreement obligations and the catalyst obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based upon commodity prices for similar instruments quoted in active markets. • Renewable energy credit and emissions obligations primarily represent the Company’s liability for the purchase of (i) biofuel credits (primarily RINs in the U.S.) needed to satisfy its obligation to blend biofuels into the products the Company produces and (ii) emission credits under the AB 32 and similar programs (collectively, the cap-and-trade systems). To the degree the Company is unable to blend biofuels (such as ethanol and biodiesel) at percentages required under the biofuel programs, it must purchase biofuel credits to comply with these programs. Under the cap-and-trade systems, it must purchase emission credits to comply with these systems. The liability for environmental credits is in part based on the Company’s deficit for such credits as of the balance sheet date, if any, after considering any credits acquired, and is equal to the product of the credits deficit and the market price of these credits as of the balance sheet date. To the extent that the Company has a better estimate of the cost at which it settle its obligation, such as agreements to purchase RINs at prices other than the current spot price, the Company considers those costs in valuing the remaining obligation. The environmental credit obligations are categorized in Level 2 of the fair value hierarchy and the Company measured at fair value using a market approach based on quoted prices from an independent pricing service. • When applicable, commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward prices used to value these swaps are derived using broker quotes, prices from other third-party sources and other available market based data. • The contingent consideration obligation at June 30, 2023 and December 31, 2022 is categorized in Level 3 of the fair value hierarchy and is estimated using discounted cash flow models based on management’s estimate of the future cash flows related to the earn-out periods. Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of June 30, 2023 and December 31, 2022, $18.8 million and $18.6 million, respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets. The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy, which primarily includes the change in estimated future earnings related to the Martinez Contingent Consideration: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Balance at beginning of period $ 123.4 $ 80.0 $ 150.5 $ 32.3 Additions — — — — Settlements (78.2) — (83.6) (2.6) Unrealized (gain) loss included in earnings (27.7) 77.6 (49.4) 127.9 Balance at end of period $ 17.5 $ 157.6 $ 17.5 $ 157.6 There were no transfers between levels during the three and six months ended June 30, 2023 or the three and six months ended June 30, 2022. Fair value of debt The table below summarizes the carrying value and fair value of debt as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 (In millions) Carrying value Fair Carrying value Fair 2028 Senior Notes (a) $ 801.6 $ 747.9 $ 801.6 $ 703.7 2025 Senior Notes (a) 664.5 664.6 664.5 656.0 PBFX 2023 Senior Notes (a) — — 525.0 525.1 Catalyst financing arrangements (b) 2.7 2.7 4.0 4.0 1,468.8 1,415.2 1,995.1 1,888.8 Less - Current debt — — (524.2) (524.2) Unamortized premium — n/a 0.2 n/a Less - Unamortized deferred financing costs (27.3) n/a (36.2) n/a Long-term debt $ 1,441.5 $ 1,415.2 $ 1,434.9 $ 1,364.6 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company entered into the Third Inventory Intermediation Agreement that contain purchase obligations for certain volumes of crude oil, intermediates and refined products. The purchase obligations related to crude oil, intermediates and refined products under these agreements are derivative instruments that have been designated as fair value hedges in order to hedge the commodity price volatility of certain refinery inventory. The fair value of these purchase obligation derivatives is based on market prices of the underlying crude oil, intermediates and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of June 30, 2023 and December 31, 2022, there were 1,896,752 and 1,945,994 barrels of crude oil and feedstocks outstanding under these derivative instruments designated as fair value hedges, respectively. As of June 30, 2023, there were 1,360,170 barrels of intermediates and refined products (780,734 barrels at December 31, 2022) outstanding under these derivative instruments designated as fair value hedges. These volumes represent the notional value of the contract. The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of June 30, 2023, there were 17,689,000 barrels of crude oil and 11,686,400 barrels of refined products (17,890,000 and 12,175,200, respectively, as of December 31, 2022), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. The Company also uses derivative instruments to mitigate the risk associated with the price of credits needed to comply with various governmental and regulatory environmental compliance programs. For such contracts that represent derivatives, the Company elects the normal purchase normal sale exception under ASC 815, Derivatives and Hedging , and therefore does not record them at fair value. The following tables provide information regarding the fair values of derivative instruments as of June 30, 2023 and December 31, 2022, and the line items in the Condensed Consolidated Balance Sheets in which fair values are reflected. Description Balance Sheet Location Fair Value (in millions) Derivatives designated as hedging instruments: June 30, 2023: Derivatives included within the inventory intermediation agreement obligations Accrued expenses $ 16.6 December 31, 2022: Derivatives included within the inventory intermediation agreement obligations Accrued expenses $ 25.1 Derivatives not designated as hedging instruments: June 30, 2023: Commodity contracts Accounts receivable $ 16.6 December 31, 2022: Commodity contracts Accounts receivable $ 13.9 The following table provides information regarding gains or losses recognized in income on derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) (in millions) Derivatives designated as hedging instruments: For the three months ended June 30, 2023: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (12.7) For the three months ended June 30, 2022: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (37.3) For the six months ended June 30, 2023: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (8.5) For the six months ended June 30, 2022: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ 3.4 Derivatives not designated as hedging instruments: For the three months ended June 30, 2023: Commodity contracts Cost of products and other $ 23.3 For the three months ended June 30, 2022: Commodity contracts Cost of products and other $ (25.2) For the six months ended June 30, 2023: Commodity contracts Cost of products and other $ 38.1 For the six months ended June 30, 2022: Commodity contracts Cost of products and other $ (52.1) Hedged items designated in fair value hedges: For the three months ended June 30, 2023: Crude oil, intermediate and refined product inventory Cost of products and other $ 12.7 For the three months ended June 30, 2022: Crude oil, intermediate and refined product inventory Cost of products and other $ 37.3 For the six months ended June 30, 2023: Crude oil, intermediate and refined product inventory Cost of products and other $ 8.5 For the six months ended June 30, 2022: Crude oil, intermediate and refined product inventory Cost of products and other $ (3.4) The Company had no ineffectiveness related to the fair value hedges for the three and six months ended June 30, 2023 or the three and six months ended June 30, 2022.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company’s operations are organized into two reportable segments, Refining and Logistics. Operations that are not included in the Refining or Logistics segments are included in Corporate. Intersegment transactions are eliminated in the Condensed Consolidated Financial Statements and are included in the Eliminations column below. Refining The Company’s Refining segment includes the operations of its six refineries, including certain related logistics assets that are not owned by PBFX. The Company’s refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The refineries produce unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. The Company purchases crude oil, other feedstocks and blending components from various third-party suppliers. The Company sells products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States, Canada and Mexico, and is able to ship products to other international destinations. Logistics The Company’s Logistics segment is comprised of PBFX, a partnership, formed to own or lease, operate, develop and acquire crude oil and refined products terminals, pipelines, storage facilities and similar logistics assets. PBFX’s assets primarily consist of rail and truck terminals and unloading racks, tank farms and pipelines that were acquired from or contributed by PBF LLC and are located at, or nearby, the Company’s refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third-party customers through fee-based commercial agreements. PBFX currently does not generate significant third-party revenues and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy perspective, the Company’s chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX’s individual operating segments. The Company evaluates the performance of its segments based primarily on income from operations. Income from operations includes those revenues and expenses that are directly attributable to management of the respective segment. The Logistics segment’s revenues include intersegment transactions with the Company’s Refining segment at prices the Company believes are substantially equivalent to the prices that could have been negotiated with unaffiliated parties with respect to similar services. Activities of the Company’s business that are not included in the two operating segments are included in Corporate. Such activities consist primarily of corporate staff operations and other items that are not specific to the normal operations of the two operating segments. The Company does not allocate non-operating income and expense items, including income taxes, to the individual segments. The Refining segment’s operating subsidiaries and PBFX are primarily pass-through entities with respect to income taxes. Total assets of each segment consist of property, plant and equipment, inventories, cash and cash equivalents, accounts receivable and other assets directly associated with the segment’s operations. Corporate assets consist primarily of the Company’s equity method investment in SBR, non-operating property, plant and equipment and other assets not directly related to the Company’s refinery and logistics operations. Disclosures regarding the Company’s reportable segments with reconciliations to consolidated totals for the three and six months ended June 30, 2023 and June 30, 2022 are presented below. Three Months Ended June 30, 2023 (In millions) Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 9,148.4 $ 94.0 $ — $ (84.8) $ 9,157.6 Depreciation and amortization expense 133.0 9.2 2.3 — 144.5 Income from operations (1) 455.6 51.9 881.7 — 1,389.2 Interest expense, net (6.9) 0.1 20.6 — 13.8 Capital expenditures (2) 362.1 2.4 2.5 — 367.0 Three months ended June 30, 2022 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 14,064.0 $ 93.4 $ — $ (79.7) $ 14,077.7 Depreciation and amortization expense 111.0 9.1 1.9 — 122.0 Income (loss) from operations 1,883.4 49.3 (226.1) — 1,706.6 Interest expense, net 5.5 10.2 69.8 — 85.5 Capital expenditures (2) 207.4 1.7 2.3 — 211.4 Six Months Ended June 30, 2023 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 18,433.9 $ 192.5 $ — $ (173.8) $ 18,452.6 Depreciation and amortization expense 265.9 18.2 4.2 — 288.3 Income from operations (1) 981.3 101.6 838.7 — 1,921.6 Interest (income) expense, net (11.0) 3.8 39.7 — 32.5 Capital expenditures (2) 741.3 5.1 3.7 — 750.1 Six Months Ended June 30, 2022 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 23,192.2 $ 182.8 $ — $ (155.6) $ 23,219.4 Depreciation and amortization expense 219.8 18.6 3.8 — 242.2 Income (loss) from operations 2,029.5 95.7 (327.6) — 1,797.6 Interest expense, net 8.6 20.3 135.0 — 163.9 Capital expenditures (2) 430.5 3.1 3.3 — 436.9 Balance at June 30, 2023 Refining Logistics Corporate Eliminations Consolidated Total Total assets (3) $ 12,270.6 $ 817.1 $ 983.2 $ (36.7) $ 14,034.2 Balance at December 31, 2022 Refining Logistics Corporate Eliminations Consolidated Total Total assets $ 12,587.9 $ 863.1 $ 136.3 $ (38.2) $ 13,549.1 (1) Income from operations within Corporate for the three and six months ended June 30, 2023 includes $968.9 million related to the gain on formation of SBR equity method investment. (2) For the three and six months ended June 30, 2023, the Company’s refining segment includes $107.4 million and $265.3 million, respectively, of capital expenditures related to the Renewable Diesel Facility. For the three and six months ended June 30, 2022, the Company’s refining segment included $52.0 million and $92.0 million, respectively, of capital expenditures related to the Renewable Diesel Facility. (3) Corporate assets include the Company’s Equity method investment in SBR of $927.5 million.

NET INCOME PER SHARE

NET INCOME PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE The Company grants certain equity-based compensation awards to employees and non-employee directors that are considered to be participating securities. Due to the presence of participating securities, the Company has calculated net income (loss) per share of PBF Energy Class A common stock using the two-class method. The following table sets forth the computation of basic and diluted net income per share of PBF Energy Class A common stock attributable to PBF Energy for the periods presented: (in millions, except share and per share amounts) Three Months Ended June 30, Six Months Ended June 30, Basic Earnings Per Share: 2023 2022 2023 2022 Allocation of earnings: Net income attributable to PBF Energy Inc. stockholders $ 1,020.4 $ 1,203.7 $ 1,402.5 $ 1,182.6 Less: Income allocated to participating securities — — — — Income available to PBF Energy Inc. stockholders - basic $ 1,020.4 $ 1,203.7 $ 1,402.5 $ 1,182.6 Denominator for basic net income per Class A common share - weighted average shares 125,288,452 121,268,354 127,028,449 120,886,059 Basic net income attributable to PBF Energy per Class A common share $ 8.14 $ 9.93 $ 11.04 $ 9.78 Diluted Earnings Per Share: Numerator: Income available to PBF Energy Inc. stockholders - basic $ 1,020.4 $ 1,203.7 $ 1,402.5 $ 1,182.6 Plus: Net income attributable to noncontrolling interest (1) 9.9 12.2 13.4 12.2 Less: Income tax expense on net income attributable to noncontrolling interest (1) (2.6) (3.2) (3.5) (3.2) Numerator for diluted net income per PBF Energy Class A common share - net income attributable to PBF Energy Inc. stockholders (1) $ 1,027.7 $ 1,212.7 $ 1,412.4 $ 1,191.6 Denominator: (1) Denominator for basic net income per PBF Energy Class A common share-weighted average shares 125,288,452 121,268,354 127,028,449 120,886,059 Effect of dilutive securities: (2) Conversion of PBF LLC Series A Units 910,457 923,334 910,457 925,649 Common stock equivalents 4,247,093 3,466,358 4,489,701 2,599,837 Denominator for diluted net income per PBF Energy Class A common share-adjusted weighted average shares 130,446,002 125,658,046 132,428,607 124,411,545 Diluted net income attributable to PBF Energy Inc. stockholders per PBF Energy Class A common share $ 7.88 $ 9.65 $ 10.67 $ 9.58 ___________________________________________

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividend Declared On August 3, 2023, PBF Energy announced a dividend of $0.20 per share on outstanding PBF Energy Class A common stock. The dividend is payable on August 31, 2023 to PBF Energy Class A common stockholders of record at the close of business on August 17, 2023. Share Repurchases From July 1, 2023 through August 2, 2023, the Company purchased an additional 443,815 shares of PBF Energy’s Class A common stock under the Repurchase Program for $17.7 million, inclusive of commissions paid. Early Termination of the Inventory Intermediation Agreement On July 31, 2023, in conjunction with the early termination of the Third Inventory Intermediation Agreement, the Company made a provisional payment of $268.0 million for the inventory previously held by J. Aron and the related costs associated with exiting the agreement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,020.4	$ 1,203.7	$ 1,402.5	$ 1,182.6

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim Condensed Consolidated Financial Statements should be read in conjunction with the PBF Energy and PBF LLC financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year.
Investment in Equity Method Investee	Investment in Equity Method Investee On June 27, 2023, the Company contributed certain assets to St. Bernard Renewables LLC (“SBR”), a jointly held investment between the Company and Eni Sustainable Mobility US. Inc., a controlled subsidiary of Eni S.p.A. (collectively “Eni”). The Company accounts for its now 50% equity ownership of SBR as an equity method investment, as the Company has significant influence, but not control, over SBR. Equity method investments are recognized at cost, adjusted for the investor’s portion of the investee’s earnings and reduced by distributions from the investee, and presented as “Equity method investment in SBR” on the consolidated balance sheets. Equity method earnings, which were de minimis for the three and six months ended June 30, 2023, will be recognized as “Equity income (loss) in investee” in the consolidated statements of operations.

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: June 30, 2023 (in millions) Titled Inventory Inventory Intermediation Agreement Total Crude oil and feedstocks $ 1,200.1 $ 140.2 $ 1,340.3 Refined products and blendstocks 1,254.2 93.9 1,348.1 Warehouse stock and other 143.9 — 143.9 $ 2,598.2 $ 234.1 $ 2,832.3 Lower of cost or market adjustment — — — Total inventories $ 2,598.2 $ 234.1 $ 2,832.3 December 31, 2022 (in millions) Titled Inventory Inventory Intermediation Agreement Total Crude oil and feedstocks $ 1,195.2 $ 140.9 $ 1,336.1 Refined products and blendstocks 1,244.7 40.9 1,285.6 Warehouse stock and other 141.9 — 141.9 $ 2,581.8 $ 181.8 $ 2,763.6 Lower of cost or market adjustment — — — Total inventories $ 2,581.8 $ 181.8 $ 2,763.6

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2023
Schedule of accrued expenses	Accrued expenses consisted of the following: (in millions) June 30, 2023 December 31, 2022 Inventory-related accruals $ 1,659.5 $ 1,417.4 Renewable energy credit and emissions obligations (a) 792.3 1,361.1 Inventory intermediation agreement (b) 177.8 98.3 Accrued transportation costs 159.8 127.3 Excise and sales tax payable 138.5 123.6 Accrued salaries and benefits 115.5 173.1 Accrued refinery maintenance and support costs 65.2 48.1 Accrued income tax payable 57.3 16.5 Accrued utilities 51.8 105.4 Accrued capital expenditures 45.8 86.3 Contingent consideration 29.4 81.6 Accrued interest 20.5 24.9 Environmental liabilities 14.5 14.9 Current finance lease liabilities 11.7 11.7 Other 70.2 30.6 Total accrued expenses $ 3,409.8 $ 3,720.8 _____________________ (a) The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency. To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB 32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. From time to time, the Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of June 30, 2023, the Company had entered into approximately $501.2 million of such forward purchase commitments with respect to its total accrued renewable energy and emissions obligations. Our RIN obligations will be settled in accordance with established regulatory deadlines. The Company’s AB 32 liability is part of an ongoing triennial period program which will be settled through 2024. (b) The Company had the obligation to repurchase the J. Aron Products that were held in its Storage Tanks in accordance with the Third Inventory Intermediation Agreement. As of June 30, 2023 and December 31, 2022, a liability was recognized based on the repurchase obligation under the Third Inventory Intermediation Agreement for the J. Aron owned inventory held in the Company’s Storage Tanks, with any change in the market price being recorded in Cost of products and other. As described in “Note 3 - Inventories”, the Company amended this agreement to allow for an early termination effective July 31, 2023.

CREDIT FACILITIES AND DEBT (Tab

CREDIT FACILITIES AND DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of long-term debt outstanding	Debt outstanding consists of the following: (In millions) June 30, 2023 December 31, 2022 2028 Senior Notes $ 801.6 $ 801.6 2025 Senior Notes 664.5 664.5 PBFX 2023 Senior Notes — 525.0 Revolving Credit Facility — — PBFX Revolving Credit Facility — — Catalyst financing arrangements 2.7 4.0 1,468.8 1,995.1 Less — Current debt — (524.2) Unamortized premium — 0.2 Unamortized deferred financing costs (27.3) (36.2) Long-term debt $ 1,441.5 $ 1,434.9

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Line Items]
Schedule of Stockholders Equity	The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the six months ended June 30, 2023 and 2022, respectively: (In millions) PBF Energy Inc. Equity Noncontrolling Noncontrolling Total Equity Balance at January 1, 2023 $ 4,929.2 $ 114.6 $ 12.2 $ 5,056.0 Comprehensive income 1,402.5 13.4 0.4 1,416.3 Dividends and distributions (51.3) (2.2) — (53.5) Stock-based compensation expense 13.7 — — 13.7 Transactions in connection with stock-based compensation plans 20.4 — — 20.4 Treasury stock purchases (269.7) — — (269.7) Other 0.1 — — 0.1 Balance at June 30, 2023 $ 6,044.9 $ 125.8 $ 12.6 $ 6,183.3 (In millions) PBF Energy Inc. Equity Noncontrolling Noncontrolling Noncontrolling Total Equity Balance at January 1, 2022 $ 1,926.2 $ 95.4 $ 12.2 $ 499.0 $ 2,532.8 Comprehensive income (loss) 1,181.0 12.2 (1.7) 39.4 1,230.9 Dividends and distributions — — — (20.1) (20.1) Stock-based compensation expense 13.2 — — 3.5 16.7 Transactions in connection with stock-based compensation plans 27.1 — — (1.3) 25.8 Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and Tax Receivable Agreement obligation 0.1 (0.1) — — — Other — — 0.4 — 0.4 Balance at June 30, 2022 $ 3,147.6 $ 107.5 $ 10.9 $ 520.5 $ 3,786.5
PBF LLC
Noncontrolling Interest [Line Items]
Schedule of noncontrolling interest	The noncontrolling interest ownership percentages in PBF LLC as of December 31, 2022 and June 30, 2023 are calculated as follows: Holders of PBF LLC Series A Units Outstanding Shares of PBF Energy Class A Common Stock Total * December 31, 2022 910,457 129,639,307 130,549,764 0.7% 99.3% 100.0% June 30, 2023 910,457 124,002,726 124,913,183 0.7% 99.3% 100.0% —————————— * Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of net periodic benefit cost	The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: (In millions) Three Months Ended June 30, Six Months Ended June 30, Pension Benefits 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 11.9 $ 13.9 $ 24.0 $ 27.8 Interest cost 4.6 1.9 8.9 3.9 Expected return on plan assets (4.8) (4.3) (9.6) (8.7) Net periodic benefit cost $ 11.7 $ 11.5 $ 23.3 $ 23.0 (In millions) Three Months Ended June 30, Six Months Ended June 30, Post-Retirement Medical Plan 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 0.1 $ 0.2 $ 0.3 $ 0.4 Interest cost 0.1 0.2 0.3 0.3 Amortization of prior service cost and actuarial loss — — — 0.1 Net periodic benefit cost $ 0.2 $ 0.4 $ 0.6 $ 0.8

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of revenue from external customers by products and services	The following table provides information relating to the Company’s revenues for each product or group of similar products or services by segment for the periods presented. Three Months Ended June 30, (In millions) 2023 2022 Refining Segment: Gasoline and distillates $ 8,142.1 $ 12,520.9 Asphalt and blackoils 385.0 667.2 Feedstocks and other 349.8 451.9 Chemicals 174.2 291.2 Lubricants 97.3 132.8 Total 9,148.4 14,064.0 Logistics Segment: Logistics 94.0 93.4 Total revenues prior to eliminations 9,242.4 14,157.4 Elimination of intercompany revenues (84.8) (79.7) Total Revenues $ 9,157.6 $ 14,077.7 Six Months Ended June 30, (In millions) 2023 2022 Refining Segment: Gasoline and distillates $ 16,374.7 $ 20,558.6 Asphalt and blackoils 788.2 1,126.1 Feedstocks and other 767.6 786.8 Chemicals 314.4 498.2 Lubricants 189.0 222.5 Total Refining Revenue 18,433.9 23,192.2 Logistics Segment: Logistics Revenue 192.5 182.8 Total revenue prior to eliminations 18,626.4 23,375.0 Elimination of intercompany revenue (173.8) (155.6) Total Revenues $ 18,452.6 $ 23,219.4

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2023
Summary of the income tax provision	The income tax provision in the PBF Energy Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Current income tax expense $ 78.7 $ 65.0 $ 162.8 $ 65.0 Deferred income tax expense 269.2 66.3 311.6 60.2 Total income tax expense $ 347.9 $ 131.3 $ 474.4 $ 125.2

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of June 30, 2023 and December 31, 2022. The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets. As of June 30, 2023 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (In millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 130.1 $ — $ — $ 130.1 N/A $ 130.1 Commodity contracts 20.3 33.8 11.9 66.0 (49.4) 16.6 Derivatives included within inventory intermediation agreement obligations — 16.6 — 16.6 — 16.6 Liabilities: Commodity contracts 13.4 36.0 — 49.4 (49.4) — Catalyst obligations — 2.7 — 2.7 — 2.7 Renewable energy credit and emissions obligations — 792.3 — 792.3 — 792.3 Contingent consideration obligation — — 29.4 29.4 — 29.4 As of December 31, 2022 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (In millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 110.0 $ — $ — $ 110.0 N/A $ 110.0 Commodity contracts 33.8 15.7 — 49.5 (35.6) 13.9 Derivatives included within inventory intermediation agreement obligations — 25.1 — 25.1 — 25.1 Liabilities: Commodity contracts 20.6 11.8 3.2 35.6 (35.6) — Catalyst obligations — 4.0 — 4.0 — 4.0 Renewable energy credit and emissions obligations — 1,361.1 — 1,361.1 — 1,361.1 Contingent consideration obligation — — 147.3 147.3 — 147.3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy, which primarily includes the change in estimated future earnings related to the Martinez Contingent Consideration: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Balance at beginning of period $ 123.4 $ 80.0 $ 150.5 $ 32.3 Additions — — — — Settlements (78.2) — (83.6) (2.6) Unrealized (gain) loss included in earnings (27.7) 77.6 (49.4) 127.9 Balance at end of period $ 17.5 $ 157.6 $ 17.5 $ 157.6
Schedule of Fair value of Debt	The table below summarizes the carrying value and fair value of debt as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 (In millions) Carrying value Fair Carrying value Fair 2028 Senior Notes (a) $ 801.6 $ 747.9 $ 801.6 $ 703.7 2025 Senior Notes (a) 664.5 664.6 664.5 656.0 PBFX 2023 Senior Notes (a) — — 525.0 525.1 Catalyst financing arrangements (b) 2.7 2.7 4.0 4.0 1,468.8 1,415.2 1,995.1 1,888.8 Less - Current debt — — (524.2) (524.2) Unamortized premium — n/a 0.2 n/a Less - Unamortized deferred financing costs (27.3) n/a (36.2) n/a Long-term debt $ 1,441.5 $ 1,415.2 $ 1,434.9 $ 1,364.6 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments	The following tables provide information regarding the fair values of derivative instruments as of June 30, 2023 and December 31, 2022, and the line items in the Condensed Consolidated Balance Sheets in which fair values are reflected. Description Balance Sheet Location Fair Value (in millions) Derivatives designated as hedging instruments: June 30, 2023: Derivatives included within the inventory intermediation agreement obligations Accrued expenses $ 16.6 December 31, 2022: Derivatives included within the inventory intermediation agreement obligations Accrued expenses $ 25.1 Derivatives not designated as hedging instruments: June 30, 2023: Commodity contracts Accounts receivable $ 16.6 December 31, 2022: Commodity contracts Accounts receivable $ 13.9
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income	The following table provides information regarding gains or losses recognized in income on derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) (in millions) Derivatives designated as hedging instruments: For the three months ended June 30, 2023: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (12.7) For the three months ended June 30, 2022: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (37.3) For the six months ended June 30, 2023: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (8.5) For the six months ended June 30, 2022: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ 3.4 Derivatives not designated as hedging instruments: For the three months ended June 30, 2023: Commodity contracts Cost of products and other $ 23.3 For the three months ended June 30, 2022: Commodity contracts Cost of products and other $ (25.2) For the six months ended June 30, 2023: Commodity contracts Cost of products and other $ 38.1 For the six months ended June 30, 2022: Commodity contracts Cost of products and other $ (52.1) Hedged items designated in fair value hedges: For the three months ended June 30, 2023: Crude oil, intermediate and refined product inventory Cost of products and other $ 12.7 For the three months ended June 30, 2022: Crude oil, intermediate and refined product inventory Cost of products and other $ 37.3 For the six months ended June 30, 2023: Crude oil, intermediate and refined product inventory Cost of products and other $ 8.5 For the six months ended June 30, 2022: Crude oil, intermediate and refined product inventory Cost of products and other $ (3.4)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of segment reporting information	Disclosures regarding the Company’s reportable segments with reconciliations to consolidated totals for the three and six months ended June 30, 2023 and June 30, 2022 are presented below. Three Months Ended June 30, 2023 (In millions) Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 9,148.4 $ 94.0 $ — $ (84.8) $ 9,157.6 Depreciation and amortization expense 133.0 9.2 2.3 — 144.5 Income from operations (1) 455.6 51.9 881.7 — 1,389.2 Interest expense, net (6.9) 0.1 20.6 — 13.8 Capital expenditures (2) 362.1 2.4 2.5 — 367.0 Three months ended June 30, 2022 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 14,064.0 $ 93.4 $ — $ (79.7) $ 14,077.7 Depreciation and amortization expense 111.0 9.1 1.9 — 122.0 Income (loss) from operations 1,883.4 49.3 (226.1) — 1,706.6 Interest expense, net 5.5 10.2 69.8 — 85.5 Capital expenditures (2) 207.4 1.7 2.3 — 211.4 Six Months Ended June 30, 2023 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 18,433.9 $ 192.5 $ — $ (173.8) $ 18,452.6 Depreciation and amortization expense 265.9 18.2 4.2 — 288.3 Income from operations (1) 981.3 101.6 838.7 — 1,921.6 Interest (income) expense, net (11.0) 3.8 39.7 — 32.5 Capital expenditures (2) 741.3 5.1 3.7 — 750.1 Six Months Ended June 30, 2022 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 23,192.2 $ 182.8 $ — $ (155.6) $ 23,219.4 Depreciation and amortization expense 219.8 18.6 3.8 — 242.2 Income (loss) from operations 2,029.5 95.7 (327.6) — 1,797.6 Interest expense, net 8.6 20.3 135.0 — 163.9 Capital expenditures (2) 430.5 3.1 3.3 — 436.9 Balance at June 30, 2023 Refining Logistics Corporate Eliminations Consolidated Total Total assets (3) $ 12,270.6 $ 817.1 $ 983.2 $ (36.7) $ 14,034.2 Balance at December 31, 2022 Refining Logistics Corporate Eliminations Consolidated Total Total assets $ 12,587.9 $ 863.1 $ 136.3 $ (38.2) $ 13,549.1 (1) Income from operations within Corporate for the three and six months ended June 30, 2023 includes $968.9 million related to the gain on formation of SBR equity method investment. (2) For the three and six months ended June 30, 2023, the Company’s refining segment includes $107.4 million and $265.3 million, respectively, of capital expenditures related to the Renewable Diesel Facility. For the three and six months ended June 30, 2022, the Company’s refining segment included $52.0 million and $92.0 million, respectively, of capital expenditures related to the Renewable Diesel Facility. (3) Corporate assets include the Company’s Equity method investment in SBR of $927.5 million.

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Computation of basic and diluted net income per common share	The following table sets forth the computation of basic and diluted net income per share of PBF Energy Class A common stock attributable to PBF Energy for the periods presented: (in millions, except share and per share amounts) Three Months Ended June 30, Six Months Ended June 30, Basic Earnings Per Share: 2023 2022 2023 2022 Allocation of earnings: Net income attributable to PBF Energy Inc. stockholders $ 1,020.4 $ 1,203.7 $ 1,402.5 $ 1,182.6 Less: Income allocated to participating securities — — — — Income available to PBF Energy Inc. stockholders - basic $ 1,020.4 $ 1,203.7 $ 1,402.5 $ 1,182.6 Denominator for basic net income per Class A common share - weighted average shares 125,288,452 121,268,354 127,028,449 120,886,059 Basic net income attributable to PBF Energy per Class A common share $ 8.14 $ 9.93 $ 11.04 $ 9.78 Diluted Earnings Per Share: Numerator: Income available to PBF Energy Inc. stockholders - basic $ 1,020.4 $ 1,203.7 $ 1,402.5 $ 1,182.6 Plus: Net income attributable to noncontrolling interest (1) 9.9 12.2 13.4 12.2 Less: Income tax expense on net income attributable to noncontrolling interest (1) (2.6) (3.2) (3.5) (3.2) Numerator for diluted net income per PBF Energy Class A common share - net income attributable to PBF Energy Inc. stockholders (1) $ 1,027.7 $ 1,212.7 $ 1,412.4 $ 1,191.6 Denominator: (1) Denominator for basic net income per PBF Energy Class A common share-weighted average shares 125,288,452 121,268,354 127,028,449 120,886,059 Effect of dilutive securities: (2) Conversion of PBF LLC Series A Units 910,457 923,334 910,457 925,649 Common stock equivalents 4,247,093 3,466,358 4,489,701 2,599,837 Denominator for diluted net income per PBF Energy Class A common share-adjusted weighted average shares 130,446,002 125,658,046 132,428,607 124,411,545 Diluted net income attributable to PBF Energy Inc. stockholders per PBF Energy Class A common share $ 7.88 $ 9.65 $ 10.67 $ 9.58 ___________________________________________

DESCRIPTION OF THE BUSINESS A_3

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ in Millions		1 Months Ended	6 Months Ended
		Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 27, 2023	Dec. 31, 2022
Description of Business [Line Items]
Percentage of ownership in PBF LLC	[1]		100%			100%
Equity method investment - return of capital			$ 431	$ 0
St. Bernard Renewables LLC
Description of Business [Line Items]
Equity Method Investment, Ownership Percentage			50%		50%
Contingent Distribution from Equity Method Investment			$ 429.6
St. Bernard Renewables LLC | Additional Remaining Contingent Consideration
Description of Business [Line Items]
Contingent Distribution from Equity Method Investment			$ 15
St. Bernard Renewables LLC | Subsequent Event
Description of Business [Line Items]
Equity method investment - return of capital		$ 414.6
Class A Common Stock | PBF Energy Inc.
Description of Business [Line Items]
Percentage of ownership in PBF LLC			99.30%			99.30%
Series A Units | PBF LLC
Description of Business [Line Items]
Percentage of ownership in PBF LLC			0.70%			0.70%
[1]Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis.

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Additional Information) (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Credit Loss [Abstract]
Allowance for doubtful accounts	$ 0	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Crude oil and feedstocks	$ 1,340.3	$ 1,336.1
Refined products and blendstocks	1,348.1	1,285.6
Warehouse stock and other	143.9	141.9
Inventory, Gross	2,832.3	2,763.6
Lower of cost or market adjustment	0	0
Total inventories	2,832.3	2,763.6
Titled Inventory
Inventory [Line Items]
Crude oil and feedstocks	1,200.1	1,195.2
Refined products and blendstocks	1,254.2	1,244.7
Warehouse stock and other	143.9	141.9
Inventory, Gross	2,598.2	2,581.8
Lower of cost or market adjustment	0	0
Total inventories	2,598.2	2,581.8
Inventory Intermediation Agreement
Inventory [Line Items]
Crude oil and feedstocks	140.2	140.9
Refined products and blendstocks	93.9	40.9
Warehouse stock and other	0	0
Inventory, Gross	234.1	181.8
Lower of cost or market adjustment	0	0
Total inventories	234.1	181.8
Scenario, Adjustment
Inventory [Line Items]
Lower of cost or market adjustment	$ 0	$ 0

EQUITY INVESTMENT IN SBR (Addit

EQUITY INVESTMENT IN SBR (Additional Information) (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 27, 2023	Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investment - return of capital					$ 431	$ 0
Gain on formation of SBR equity method investment			$ 968.9	$ 0	$ 968.9	$ 0
St. Bernard Renewables LLC
Schedule of Equity Method Investments [Line Items]
Fair Value of Assets Contributed	$ 1,720
Equity Method Investment, Ownership Percentage	50%		50%		50%
Contingent Distribution from Equity Method Investment			$ 429.6		$ 429.6
St. Bernard Renewables LLC | Additional Remaining Contingent Consideration
Schedule of Equity Method Investments [Line Items]
Contingent Distribution from Equity Method Investment			$ 15		$ 15
St. Bernard Renewables LLC | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Equity method investment - return of capital		$ 414.6
St. Bernard Renewables LLC | Eni SpA
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Interest in Joint Venture	$ 431

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Accrued Expenses:
Inventory-related accruals		$ 1,659.5	$ 1,417.4
Renewable energy credit and emissions obligations	[1]	792.3	1,361.1
Inventory intermediation agreements	[2]	177.8	98.3
Accrued transportation costs		159.8	127.3
Excise and sales tax payable		138.5	123.6
Accrued income tax payable		57.3	16.5
Accrued capital expenditures		45.8	86.3
Accrued utilities		51.8	105.4
Contingent consideration		29.4	81.6
Accrued salaries and benefits		115.5	173.1
Accrued refinery maintenance and support costs		65.2	48.1
Accrued interest		20.5	24.9
Environmental liabilities		14.5	14.9
Current finance lease liabilities		11.7	11.7
Other		70.2	30.6
Total accrued expenses		$ 3,409.8	$ 3,720.8
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Total accrued expenses	Total accrued expenses
Forward Purchase Commitments for Renewable Energy Credit Obligations		$ 501.2
[1]The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency. To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB 32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. From time to time, the Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of June 30, 2023, the Company had entered into approximately $501.2 million of such forward purchase commitments with respect to its total accrued renewable energy and emissions obligations. Our RIN obligations will be settled in accordance with established regulatory deadlines. The Company’s AB 32 liability is part of an ongoing triennial period program which will be settled through 2024.[2]The Company had the obligation to repurchase the J. Aron Products that were held in its Storage Tanks in accordance with the Third Inventory Intermediation Agreement. As of June 30, 2023 and December 31, 2022, a liability was recognized based on the repurchase obligation under the Third Inventory Intermediation Agreement for the J. Aron owned inventory held in the Company’s Storage Tanks, with any change in the market price being recorded in Cost of products and other. As described in “Note 3 - Inventories”, the Company amended this agreement to allow for an early termination effective July 31, 2023.

CREDIT FACILITIES AND DEBT (Sum

CREDIT FACILITIES AND DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 1,468.8	$ 1,995.1
Current debt		0	(524.2)
Unamortized premium		0	0.2
Unamortized deferred financing costs		(27.3)	(36.2)
Long-term debt		1,441.5	1,434.9
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit		0	0
Revolving Credit Facility | PBF Logistics LP
Debt Instrument [Line Items]
Long-term line of credit		0	0
2028 Senior Notes
Debt Instrument [Line Items]
Long-term Debt	[1]	801.6	801.6
2025 Senior Notes
Debt Instrument [Line Items]
Long-term Debt	[1]	664.5	664.5
PBFX 2023 Senior Notes
Debt Instrument [Line Items]
Long-term Debt		0	525
PBFX 2023 Senior Notes | PBF Logistics LP
Debt Instrument [Line Items]
Long-term Debt	[1]	0	525
Catalyst financing arrangements
Debt Instrument [Line Items]
Long-term Debt	[2]	$ 2.7	$ 4
[1]The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.[2]Catalyst financing arrangements are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.

CREDIT FACILIITIES AND DEBT (Ad

CREDIT FACILIITIES AND DEBT (Additional Information) (Details) - USD ($)	Feb. 02, 2023	Jun. 30, 2023	Jun. 20, 2023	Dec. 31, 2022	May 12, 2015
Revolving Credit Facility
Long-term line of credit		$ 0		$ 0
Revolving Credit Facility | PBF Logistics LP
Long-term line of credit		$ 0		$ 0
PBFX 2023 Senior Notes
Repayments of Long-term Debt	$ 525,000,000
Interest rate					6.875%
Unamortized Premium and Deferred Financing Costs Redeemed	$ 700,000
Debt Instrument, Redemption Price, Percentage	100%
Line of Credit | Revolving Credit Facility | PBF Logistics LP
Line of Credit Facility, Current Borrowing Capacity			$ 500,000,000
Long-term line of credit			$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Additional Information) (Details) - USD ($) $ in Millions			6 Months Ended
		Feb. 01, 2020	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Environmental liability			$ 156.7	$ 157.7
Accrued Environmental Loss Contingencies, Noncurrent			$ 142.2	$ 142.8
Percent of tax benefit received from increases in tax basis paid to stockholders			85%
Percentage of ownership in PBF LLC	[1]		100%	100%
Payable to Related Parties, Tax Receivable Agreement			$ 338.6	$ 338.6
Payable pursuant to Tax Receivable Agreement			61.1	0
Martinez Acquisition
Loss Contingencies [Line Items]
Term of Agreement		4 years
Contingent consideration		$ 77.3
Business Combination, Contingent Consideration, Liability			$ 29.4	$ 147.3
PBF Energy Inc. | Class A Common Stock
Loss Contingencies [Line Items]
Percentage of ownership in PBF LLC			99.30%	99.30%
Environmental Issue | Torrance Refinery
Loss Contingencies [Line Items]
Environmental liability			$ 113.3	$ 117
Accrued Expenses | Martinez Acquisition
Loss Contingencies [Line Items]
Business Combination, Contingent Consideration, Liability				$ 80
[1]Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis.

EQUITY (Noncontrolling Interest

EQUITY (Noncontrolling Interest) (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) subsidiary	Jun. 30, 2022 USD ($)	Dec. 31, 2022	Nov. 30, 2022	Nov. 01, 2015
Noncontrolling Interest [Line Items]
Percentage of ownership in PBF LLC	[1]	100%		100%		100%
Income (Loss) Attributable to Noncontrolling Interest, before Tax		$ 10	$ 32.1	$ 13.8	$ 49.9
Less: comprehensive income attributable to noncontrolling interests		10	32.1	13.8	49.9
Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation			0.3		0
Noncontrolling Interest - PBF LLC
Noncontrolling Interest [Line Items]
Less: comprehensive income attributable to noncontrolling interests				$ 13.4	12.2
Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation					(0.1)
Chalmette Refining
Noncontrolling Interest [Line Items]
Number Of Subsidiaries | subsidiary				2
Chalmette Refining | T&M Terminal Company
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage								80%
Chalmette Refining | Collins Pipeline Company
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage								80%
Collins Pipeline Company And T&M Terminal Company
Noncontrolling Interest [Line Items]
Income (Loss) Attributable to Noncontrolling Interest, before Tax		$ 0.1	$ (0.6)	$ 0.4	$ (1.7)
Limited Partner | PBF LLC
Noncontrolling Interest [Line Items]
Ownership percentage							47.70%
Limited Partner | Public Unit Holders
Noncontrolling Interest [Line Items]
Ownership percentage							52.30%
[1]Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis.

EQUITY (Ownership Percentage) (

EQUITY (Ownership Percentage) (Details) - shares		Jun. 30, 2023	Dec. 31, 2022	Nov. 30, 2022
Noncontrolling Interest [Line Items]
Shares, outstanding (in shares)	[1]	124,913,183	130,549,764
Percentage of ownership in PBF LLC	[1]	100%	100%
PBF LLC
Noncontrolling Interest [Line Items]
Partners' Capital Account, Units, Conversion Ratio To Common Units (in shares)		1	1
PBF LLC | Limited Partner
Noncontrolling Interest [Line Items]
Ownership percentage				47.70%
Public Unit Holders | Limited Partner
Noncontrolling Interest [Line Items]
Ownership percentage				52.30%
Series A Units | PBF LLC
Noncontrolling Interest [Line Items]
Shares, outstanding (in shares)		910,457	910,457
Percentage of ownership in PBF LLC		0.70%	0.70%
Class A Common Stock | PBF Energy
Noncontrolling Interest [Line Items]
Shares, outstanding (in shares)		124,002,726	129,639,307
Percentage of ownership in PBF LLC		99.30%	99.30%
[1]Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis.

EQUITY (Allocation of Equity) (

EQUITY (Allocation of Equity) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, beginning of period	$ 5,268.3	$ 2,526.1	$ 5,056	$ 2,532.8
Comprehensive income (loss) attributable to PBF Energy Company LLC	1,020	1,203.1	1,402.5	1,181
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	10	32.1	13.8	49.9
Comprehensive income (loss)	1,030	1,235.2	1,416.3	1,230.9
Dividends and distributions			(53.5)	(20.1)
Stock-based compensation expense	7.2	9.4	13.7	16.7
Transactions in connection with stock-based compensation plans	6	25.2	20.4	25.8
Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation		0.3		0
Treasury stock purchases	(100.9)	0	(269.7)	0
Other			0.1	0.4
Balance, end of period	6,183.3	3,786.5	6,183.3	3,786.5
PBF Energy
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, beginning of period			4,929.2	1,926.2
Comprehensive income (loss) attributable to PBF Energy Company LLC			1,402.5	1,181
Dividends and distributions			(51.3)
Stock-based compensation expense			13.7	13.2
Transactions in connection with stock-based compensation plans			20.4	27.1
Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation				0.1
Treasury stock purchases			(269.7)
Other			0.1
Balance, end of period	6,044.9	3,147.6	6,044.9	3,147.6
Noncontrolling Interest - PBF LLC
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, beginning of period			114.6	95.4
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest			13.4	12.2
Dividends and distributions			(2.2)
Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation				(0.1)
Balance, end of period	125.8	107.5	125.8	107.5
Noncontrolling Interest - PBF Holding
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, beginning of period			12.2	12.2
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest			0.4	(1.7)
Other				0.4
Balance, end of period	$ 12.6	10.9	$ 12.6	10.9
Noncontrolling Interest - PBF Logistics LP
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, beginning of period				499
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest				39.4
Dividends and distributions				(20.1)
Stock-based compensation expense				3.5
Transactions in connection with stock-based compensation plans				(1.3)
Balance, end of period		$ 520.5		$ 520.5

EQUITY (Treasury Stock) (Detail

EQUITY (Treasury Stock) (Details) - Repurchase Program - Class A Common Stock - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	May 03, 2023	Dec. 12, 2022
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount			$ 1,000	$ 500
Shares acquired (in shares)	2,663,591	6,710,877
Treasury Stock, Value, Acquired, Cost Method	$ 100	$ 267.6

DIVIDENDS AND DISTRIBUTIONS (Ad

DIVIDENDS AND DISTRIBUTIONS (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023
Distribution Made to Member or Limited Partner [Line Items]
Dividends per common share (in dollars per share)	$ 0.20		$ 0.40
PBF Energy | Class A Common Stock
Distribution Made to Member or Limited Partner [Line Items]
Distribution made to partner (in dollars per share)			$ 0.40
Dividends per common share (in dollars per share)	$ 0.20	$ 0.20
PBF LLC | Cash Distribution
Distribution Made to Member or Limited Partner [Line Items]
Distribution made to partners			$ 51.2
PBF Energy Inc. | PBF LLC | Cash Distribution
Distribution Made to Member or Limited Partner [Line Items]
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid			$ 50.9

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Benefits
Components of net periodic benefit cost:
Service cost	$ 11.9	$ 13.9	$ 24	$ 27.8
Interest cost	4.6	1.9	8.9	3.9
Expected return on plan assets	(4.8)	(4.3)	(9.6)	(8.7)
Net periodic benefit cost	11.7	11.5	23.3	23
Post-Retirement Medical Plan
Components of net periodic benefit cost:
Service cost	0.1	0.2	0.3	0.4
Interest cost	0.1	0.2	0.3	0.3
Amortization of prior service cost and actuarial loss	0	0	0	0.1
Net periodic benefit cost	$ 0.2	$ 0.4	$ 0.6	$ 0.8

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues	$ 9,157.6	$ 14,077.7	$ 18,452.6	$ 23,219.4
Deferred revenue	75.4		75.4		$ 40.6
Intersegment Eliminations
Revenues	(84.8)	(79.7)	(173.8)	(155.6)
Refining Group
Revenues	9,148.4	14,064	18,433.9	23,192.2
PBF Logistics LP
Revenues	94	93.4	192.5	182.8
Prior to elimination
Revenues	9,242.4	14,157.4	18,626.4	23,375
Gasoline and distillates | Refining Group
Revenues	8,142.1	12,520.9	16,374.7	20,558.6
Feedstocks and other | Refining Group
Revenues	349.8	451.9	767.6	786.8
Asphalt and blackoils | Refining Group
Revenues	385	667.2	788.2	1,126.1
Chemicals | Refining Group
Revenues	174.2	291.2	314.4	498.2
Lubricants | Refining Group
Revenues	$ 97.3	$ 132.8	$ 189	$ 222.5

INCOME TAXES (Details)

INCOME TAXES (Details)		3 Months Ended		6 Months Ended
		Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) subsidiary	Jun. 30, 2022 USD ($)	Dec. 31, 2022
Income Taxes [Line Items]
Percentage of ownership in PBF LLC	[1]	100%		100%		100%
Number Of Subsidiaries Acquired | subsidiary				2
Corporate Alternative Minimum Tax				15%
Percent of Excise Tax on Net Stock Repurchases, Energy-Related Tax Credits and Incentives				1%
Effective tax rate		25.40%	9.80%	25.30%	9.60%
Income (Loss) Attributable to Noncontrolling Interest, before Tax		$ 10,000,000	$ 32,100,000	$ 13,800,000	$ 49,900,000
Noncontrolling interests, as a percent		25.20%	9.60%	25.10%	9.20%
Uncertain tax position		$ 0		$ 0
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract]
Current income tax expense		78,700,000	$ 65,000,000	162,800,000	$ 65,000,000
Deferred income tax expense		269,200,000	66,300,000	311,600,000	60,200,000
Income tax expense		$ 347,900,000	$ 131,300,000	$ 474,400,000	$ 125,200,000
PBF Energy Inc. | Class A Common Stock
Income Taxes [Line Items]
Percentage of ownership in PBF LLC		99.30%		99.30%		99.30%
[1]Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis.

FAIR VALUE MEASUREMENTS (Measur

FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 18.8	$ 18.6
Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, gross carrying value	49.4	35.6
Derivative liability, effect of counter-party netting	(49.4)	(35.6)
Derivative Liability	0	0
Commodity contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, gross carrying value	13.4	20.6
Commodity contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, gross carrying value	36	11.8
Commodity contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, gross carrying value	0	3.2
Catalyst financing arrangements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	2.7	4
Derivative liability, effect of counter-party netting	0	0
Catalyst financing arrangements | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Catalyst financing arrangements | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	2.7	4
Catalyst financing arrangements | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Renewable Energy Credit and Emissions Obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	792.3	1,361.1
Derivative liability, effect of counter-party netting	0	0
Renewable Energy Credit and Emissions Obligation | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Renewable Energy Credit and Emissions Obligation | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	792.3	1,361.1
Renewable Energy Credit and Emissions Obligation | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Contingent consideration obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	29.4	147.3
Derivative liability, effect of counter-party netting	0	0
Contingent consideration obligation | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Contingent consideration obligation | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Contingent consideration obligation | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	29.4	147.3
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	130.1	110
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	130.1	110
Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Money market funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross carrying value	66	49.5
Derivative assets, effect of counter-party netting	(49.4)	(35.6)
Derivative assets, net carrying value	16.6	13.9
Commodity contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross carrying value	20.3	33.8
Commodity contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross carrying value	33.8	15.7
Commodity contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross carrying value	11.9	0
Derivatives included within inventory intermediation agreement obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross carrying value	16.6	25.1
Derivative assets, effect of counter-party netting	0	0
Derivative assets, net carrying value	16.6	25.1
Derivatives included within inventory intermediation agreement obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross carrying value	0	0
Derivatives included within inventory intermediation agreement obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross carrying value	16.6	25.1
Derivatives included within inventory intermediation agreement obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets, gross carrying value	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Change

FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward]
Transfers out of Level 3	$ 0	$ 0	$ 0	$ 0
Transfers into Level 3	0	0	0	0
Contingent consideration obligation
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward]
Balance at beginning of period	123.4	80	150.5	32.3
Additions	0	0	0	0
Settlements	(78.2)	0	(83.6)	(2.6)
Unrealized (gain) loss included in earnings	(27.7)	77.6	(49.4)	127.9
Balance at end of period	$ 17.5	$ 157.6	$ 17.5	$ 157.6

FAIR VALUE MEASUREMENTS (Fair V

FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Gross		$ 1,468.8	$ 1,995.1
Current maturities, Carrying value		0	(524.2)
Unamortized premium		0	0.2
Unamortized deferred financing costs		(27.3)	(36.2)
Long-term debt		1,441.5	1,434.9
Long-term debt, Fair value		1,415.2	1,888.8
Current maturities, Fair value		0	(524.2)
Long-term debt excluding current maturities, Fair value		1,415.2	1,364.6
2028 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	[1]	801.6	801.6
Long-term debt, Fair value	[1]	747.9	703.7
2025 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	[1]	664.5	664.5
Long-term debt, Fair value	[1]	664.6	656
PBFX 2023 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt		0	525
Catalyst financing arrangements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	[2]	2.7	4
Long-term debt, Fair value	[2]	2.7	4
PBF Logistics LP | PBFX 2023 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	[1]	0	525
Long-term debt, Fair value	[1]	$ 0	$ 525.1
[1]The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.[2]Catalyst financing arrangements are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.

DERIVATIVES (Additional Informa

DERIVATIVES (Additional Information) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) bbl	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) bbl	Jun. 30, 2022 USD ($)	Dec. 31, 2022 bbl
Derivative [Line Items]
Loss on fair value hedge ineffectiveness | $	$ 0	$ 0	$ 0	$ 0
Crude Oil and Feedstock Inventory | Fair Value Hedging
Derivative [Line Items]
Derivative, notional amount, volume	1,896,752		1,896,752		1,945,994
Intermediates and Refined Products Inventory | Fair Value Hedging
Derivative [Line Items]
Derivative, notional amount, volume	1,360,170		1,360,170		780,734
Crude Oil Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount, volume	17,689,000		17,689,000		17,890,000
Refined Product Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount, volume	11,686,400		11,686,400		12,175,200

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Designated as Hedging Instrument | Derivatives included within inventory intermediation agreement obligations | Accrued Expenses
Derivatives, Fair Value [Line Items]
Fair Value Asset/(Liability)	$ 16.6	$ 25.1
Not Designated as Hedging Instrument | Commodity Contract | Accounts Receivable
Derivatives, Fair Value [Line Items]
Fair Value Asset/(Liability)	$ 16.6	$ 13.9

DERIVATIVES (Gain (Loss) Recogn

DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Revenue	Cost of Revenue	Cost of Revenue	Cost of Revenue
Designated as Hedging Instrument | Derivatives included within inventory intermediation agreement obligations
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives	$ (12.7)	$ (37.3)	$ (8.5)	$ 3.4
Designated as Hedging Instrument | Intermediates and Refined Products Inventory | Fair Value Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives	12.7	37.3	8.5	(3.4)
Not Designated as Hedging Instrument | Commodity Contract
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives	$ 23.3	$ (25.2)	$ 38.1	$ (52.1)

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2023 USD ($) refinery		Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment refinery reportable_segment		Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | reportable_segment					2
Number Of Operating Refineries | refinery		6			6
Number of Operating Segments | segment					2
Revenues		$ 9,157.6		$ 14,077.7	$ 18,452.6		$ 23,219.4
Depreciation and amortization expense		144.5		122	288.3		242.2
Income from operations (1)		1,389.2		1,706.6	1,921.6		1,797.6
Interest expense, net		13.8		85.5	32.5		163.9
Capital expenditures (2)		367		211.4	750.1		436.9
Total assets (3)		14,034.2			14,034.2			$ 13,549.1
Equity method investment in SBR		927.5			927.5			0
Renewable Diesel Facility
Segment Reporting Information [Line Items]
Capital expenditures (2)		107.4		52	265.3		92
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues		(84.8)		(79.7)	(173.8)		(155.6)
Depreciation and amortization expense		0		0	0		0
Income from operations (1)		0		0	0		0
Interest expense, net		0		0	0		0
Capital expenditures (2)		0		0	0		0
Total assets (3)		(36.7)			(36.7)			(38.2)
Refining Group
Segment Reporting Information [Line Items]
Revenues		9,148.4		14,064	18,433.9		23,192.2
Depreciation and amortization expense		133		111	265.9		219.8
Income from operations (1)		455.6		1,883.4	981.3		2,029.5
Interest expense, net		(6.9)		5.5	(11)		8.6
Capital expenditures (2)	[1]	362.1		207.4	741.3		430.5
Total assets (3)		12,270.6			12,270.6			12,587.9
PBF Logistics LP
Segment Reporting Information [Line Items]
Revenues		94		93.4	192.5		182.8
Depreciation and amortization expense		9.2		9.1	18.2		18.6
Income from operations (1)		51.9		49.3	101.6		95.7
Interest expense, net		0.1		10.2	3.8		20.3
Capital expenditures (2)		2.4		1.7	5.1		3.1
Total assets (3)		817.1			817.1			863.1
Corporate
Segment Reporting Information [Line Items]
Revenues		0		0	0		0
Depreciation and amortization expense		2.3		1.9	4.2		3.8
Income from operations (1)		881.7	[2]	(226.1)	838.7	[2]	(327.6)
Interest expense, net		20.6		69.8	39.7		135
Capital expenditures (2)		2.5		$ 2.3	3.7		$ 3.3
Total assets (3)		$ 983.2	[3]		$ 983.2	[3]		$ 136.3
[1]For the three and six months ended June 30, 2023, the Company’s refining segment includes $107.4 million and $265.3 million, respectively, of capital expenditures related to the Renewable Diesel Facility. For the three and six months ended June 30, 2022, the Company’s refining segment included $52.0 million and $92.0 million, respectively, of capital expenditures related to the Renewable Diesel Facility.[2]Income from operations within Corporate for the three and six months ended June 30, 2023 includes $968.9 million related to the gain on formation of SBR equity method investment.[3]Corporate assets include the Company’s Equity method investment in SBR of $927.5 million

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic Earnings Per Share:
Net income attributable to PBF Energy		$ 1,020.4	$ 1,203.7	$ 1,402.5	$ 1,182.6
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic		0	0	0	0
Net Income (Loss) Available to Common Stockholders, Basic		$ 1,020.4	$ 1,203.7	$ 1,402.5	$ 1,182.6
Denominator for basic net income per Class A common share-weighted average shares (in shares)	[1]	125,288,452	121,268,354	127,028,449	120,886,059
Basic net income attributable to PBF Energy per Class A common share (in usd per share)		$ 8.14	$ 9.93	$ 11.04	$ 9.78
Diluted Earnings Per Share:
Plus: Net income attributable to noncontrolling interest	[1]	$ 9.9	$ 12.2	$ 13.4	$ 12.2
Less: Income tax on net income attributable to noncontrolling interest	[1]	(2.6)	(3.2)	(3.5)	(3.2)
Numerator for diluted net income per Class A common share	[1]	$ 1,027.7	$ 1,212.7	$ 1,412.4	$ 1,191.6
Denominator for basic net income per Class A common share-weighted average shares (in shares)	[1]	125,288,452	121,268,354	127,028,449	120,886,059
Effect of dilutive securities:
Conversion of PBF LLC Series A Units (in shares)	[2]	910,457	923,334	910,457	925,649
Effect of dilutive securities on common stock equivalents (in shares)	[2]	4,247,093	3,466,358	4,489,701	2,599,837
Denominator for diluted net income (loss) per PBF Energy Class A common share-adjusted weighted average shares (in shares)		130,446,002	125,658,046	132,428,607	124,411,545
Diluted net income attributable to PBF Energy per Class A common share (in usd per share)		$ 7.88	$ 9.65	$ 10.67	$ 9.58
Statutory tax rate		26%	25.90%	26%	25.90%
Stock Options
Effect of dilutive securities:
Antidilutive common stock excluded from computation of dilutive earnings per share (in shares)		1,057,673	3,539,238	1,130,197	7,934,448
[1]The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to PBF Energy Class A common stock. The net income (loss) attributable to PBF Energy used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income (loss), as well as the corresponding income tax expense (benefit) (based on a 26.0% estimated annualized statutory corporate tax rate for the three and six months ended June 30, 2023 and a 25.9% estimated annualized statutory corporate tax rate for the three and six months ended June 30, 2022), attributable to the converted units.[2]Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive). Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 1,057,673 and 1,130,197 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the three and six months ended June 30, 2023, respectively. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 3,539,238 and 7,934,448 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the three and six months ended June 30, 2022, respectively. For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 03, 2023	Jul. 31, 2023	Aug. 02, 2023	Jun. 30, 2023	Jun. 30, 2023
Class A Common Stock | Repurchase Program
Subsequent Event [Line Items]
Shares acquired (in shares)				2,663,591	6,710,877
Treasury Stock, Value, Acquired, Cost Method				$ 100	$ 267.6
Subsequent Event
Subsequent Event [Line Items]
Provisional Payments for Inventory Supply and Offtake Arrangements		$ 268
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.20
Subsequent Event | Class A Common Stock | Repurchase Program
Subsequent Event [Line Items]
Shares acquired (in shares)			443,815
Treasury Stock, Value, Acquired, Cost Method			$ 17.7