(Reuters) - U.S. oil refiner PBF Energy is closing out one of the best financial years in its history, a wild bounce back from the brink in April 2020 when fuel demand and gasoline prices cratered during the pandemic and the company's value swooned lower than what it had just paid to buy a California refinery.
PBF's stock fell by so much that at one point the company was valued at less than the $1 billion it paid for the refinery. Now, the refining company is basically debt-free, and year-to-date its share price has soared 400% even during a bear market on Wall Street.
The three largest U.S. oil refiners – Valero, Marathon Petroleum and Phillips 66 - sport lower debt levels, are bringing in more cash than they were three years ago, when fuel demand was at a peak, according to a Reuters analysis of their financial performance.
Marathon, and Valero's market valuations reached record highs in 2022; while Phillips 66 and PBF's are near highs reached in 2019.
