S-Oil vs PBF Energy: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

S-Oil Corp (010950.KO)

PBF Energy Inc (PBF)

Q3 202624 Jun – 23 Sep 2026

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Geopolitical shocks and refining outages drive record margins for PBF Energy

Record crack spreads from supply disruptions Conflict in the Strait of Hormuz and global refining outages pushed crack spreads to records, with 3-2-1 near $69 and diesel above $106, boosting PBF's profits.
This is the primary driver of PBF's exceptional Q3 performance.
Strong financial results Q2 earnings beat estimates by 53.6%, revenue rose 56%, and net debt fell over 62%, reflecting robust operational performance and improved balance sheet.
These results demonstrate the financial impact of favorable market conditions.
Lower RIN costs from regulatory delays EPA biofuel deadline delays and possible small-refinery exemptions lowered RIN costs, reducing compliance expenses for PBF.
This regulatory development directly lowers PBF's operating costs.
Diesel export ban risk Trump's support for a U.S. diesel export ban could cut a major sales outlet, forcing production cuts and hurting profits, posing a significant risk.
This potential policy change threatens a key revenue stream for PBF.

September 202630 Aug – 23 Sep 2026

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Record diesel margins lift PBF, but export ban threat looms

Record diesel crack spreads boost refining profits The diesel crack spread hit a record above $106 per barrel as global fuel supplies stay tight. PBF can sell diesel at much higher margins, directly lifting its earnings and share price.
This is the core profit driver for PBF and explains why the stock is moving up.
Global refining outages keep product markets tight About 5 million barrels per day of global refining capacity is offline due to Middle East disruptions and attacks on Russian refineries. That keeps fuel supplies scarce and supports high prices for PBF's products.
It explains the supply backdrop that keeps PBF's margins elevated.
Diesel export ban threat pressures refiners Trump said he supports banning U.S. diesel exports as prices hit a record $6.53 per gallon. A ban would cut off a major sales outlet for PBF, likely forcing it to reduce production and hurting profits.
This is the main new risk that could push PBF's stock down.
Biofuel waiver expansion could cut costs but hurt margins The administration may expand biofuel waivers for small refineries, which would lower PBF's compliance costs. But it could also reduce demand for renewable fuel credits and create uncertainty, with mixed effects on refining margins.
It shows a regulatory swing factor that could affect PBF's costs and margins.

Latest30 Aug – 23 Sep 2026

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Record diesel margins lift PBF, but export ban threat looms

Record diesel crack spreads boost refining profits The diesel crack spread hit a record above $106 per barrel as global fuel supplies stay tight. PBF can sell diesel at much higher margins, directly lifting its earnings and share price.
This is the core profit driver for PBF and explains why the stock is moving up.
Global refining outages keep product markets tight About 5 million barrels per day of global refining capacity is offline due to Middle East disruptions and attacks on Russian refineries. That keeps fuel supplies scarce and supports high prices for PBF's products.
It explains the supply backdrop that keeps PBF's margins elevated.
Diesel export ban threat pressures refiners Trump said he supports banning U.S. diesel exports as prices hit a record $6.53 per gallon. A ban would cut off a major sales outlet for PBF, likely forcing it to reduce production and hurting profits.
This is the main new risk that could push PBF's stock down.
Biofuel waiver expansion could cut costs but hurt margins The administration may expand biofuel waivers for small refineries, which would lower PBF's compliance costs. But it could also reduce demand for renewable fuel credits and create uncertainty, with mixed effects on refining margins.
It shows a regulatory swing factor that could affect PBF's costs and margins.

July 202624 Jun – 25 Aug 2026

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Geopolitical supply shock drives record refining margins; PBF earnings surge

Strait of Hormuz conflict widens crack spreads Escalating conflict in the Strait of Hormuz disrupted about a fifth of global crude flows, pushing the 3-2-1 crack spread from $43 in early June to near $69. PBF can secure domestic crude and profit from wider spreads, directly boosting refining margins and its stock price.
This geopolitical supply shock is the primary force behind PBF's margin expansion and stock surge.
Record crack spreads on low fuel inventories U.S. refining margins hit a record $69.66 per barrel as diesel and gasoline inventories fell well below five-year averages. With fuel shortage fears mounting, PBF's profitability stays elevated as long as supplies remain tight, supporting its share price.
Record margins and depleted inventories are the core driver of PBF's earnings power and stock performance.
Q2 earnings blow past estimates PBF reported Q2 adjusted earnings of $6.22 per share, reversing a year-ago loss and beating estimates by 53.6%. Revenue surged 56% to $11.68 billion, operating cash flow hit $1.6 billion, and net debt fell over 62%, strengthening the balance sheet.
The earnings beat confirms the margin windfall is flowing to PBF's bottom line, a key catalyst for the stock.
EPA delays biofuel deadline, easing RIN costs The EPA extended the biofuel compliance deadline and signaled small-refinery exemptions, causing RIN credit prices to plunge to $1.75 from $2.50. Lower RIN costs reduce PBF's regulatory expenses, directly improving refining margins and profitability.
This regulatory relief lowers a significant cost for PBF, adding to its margin advantage.

24 Jun – 25 Aug 2026

▲4

Geopolitical supply shock drives record refining margins; PBF earnings surge

Strait of Hormuz conflict widens crack spreads Escalating conflict in the Strait of Hormuz disrupted about a fifth of global crude flows, pushing the 3-2-1 crack spread from $43 in early June to near $69. PBF can secure domestic crude and profit from wider spreads, directly boosting refining margins and its stock price.
This geopolitical supply shock is the primary force behind PBF's margin expansion and stock surge.
Record crack spreads on low fuel inventories U.S. refining margins hit a record $69.66 per barrel as diesel and gasoline inventories fell well below five-year averages. With fuel shortage fears mounting, PBF's profitability stays elevated as long as supplies remain tight, supporting its share price.
Record margins and depleted inventories are the core driver of PBF's earnings power and stock performance.
Q2 earnings blow past estimates PBF reported Q2 adjusted earnings of $6.22 per share, reversing a year-ago loss and beating estimates by 53.6%. Revenue surged 56% to $11.68 billion, operating cash flow hit $1.6 billion, and net debt fell over 62%, strengthening the balance sheet.
The earnings beat confirms the margin windfall is flowing to PBF's bottom line, a key catalyst for the stock.
EPA delays biofuel deadline, easing RIN costs The EPA extended the biofuel compliance deadline and signaled small-refinery exemptions, causing RIN credit prices to plunge to $1.75 from $2.50. Lower RIN costs reduce PBF's regulatory expenses, directly improving refining margins and profitability.
This regulatory relief lowers a significant cost for PBF, adding to its margin advantage.