(Reuters) - U.S. refiner PBF Energy Inc said on Thursday its losses widened for the three months to December from the previous quarter, hit by uneven demand for fuel due to COVID-19 restrictions.
“PBF’s fourth quarter, and full-year, results reflect the continuing headwinds brought on by the global pandemic and attendant demand destruction for our products,” Chief Executive Officer Tom Nimbley said.
He added that although there are some signs of improvement, “we expect demand to remain depressed until vaccine distribution is improved, so that everyone can return to their normal routines.”
A resurgence of coronavirus cases across the world has complicated an uneven recovery in consumption for liquid fuels that is estimated to have fallen by 9 million barrels per day in 2020, according to the U.S. Energy Information Administration.
PBF also said it expects refining capital expenditures to be about $150 million for the first six months of 2021.
The company’s adjusted loss widened to $547.4 million, or $4.53 per share, in the fourth quarter ended Dec.31, from $346.6 million, or $2.87 per share, in the third quarter.
Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber
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February 11, 2021 at 06:57PM
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PBF Energy's fourth quarter loss grows, raises fresh fuel demand concerns - Reuters
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