UPDATE 1-Refiner PBF Energy posts fourth-quarter loss as margins drop

(Adds details on results in paragraph 2 and 3)

Feb 15 (Reuters) – PBF Energy reported a loss in its fourth quarter on Thursday, compared with a year-ago profit, as the U.S. refiner’s margins eased from 2022 levels while fuel demand did not rise as quickly as expected.

Profits at U.S. refiners dropped in 2023 after hitting sky-high levels in 2022, when Russia’s invasion of Ukraine disrupted crude supplies. Earnings through the year also stabilized on weaker economic activity and an increase in global refining capacity.

PBF said consolidated gross refining margin fell to $1.04 per barrel of throughput in the fourth quarter, from $11.22 per barrel a year earlier.

The Parsippany, New Jersey-based refiner said net loss attributable to the company stood at $48.4 million, or 40 cents per share, for three months ended Dec. 31, compared with a profit of $637.8 million, or $4.86 per share, a year earlier. (Reporting by Arunima Kumar in Bengaluru; Editing by Shilpi Majumdar)

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