Increased Venezuelan Oil Supply Could Impact Chevron and Refiners in the U.S.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 07 2026
0mins
Should l Buy PBF?
Source: Barron's
Venezuelan Oil Plan: President Donald Trump announced a plan for Venezuela to potentially supply 30-50 million barrels of oil to the U.S. market.
Impact on U.S. Oil Companies: The plan is expected to have a negligible effect on U.S. oil companies and overall oil supplies.
Market Distortions: This move may indicate the beginning of market distortions in the oil sector.
Geopolitical Implications: The announcement reflects ongoing geopolitical dynamics and the U.S.'s interest in Venezuelan oil resources.
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Analyst Views on PBF
Wall Street analysts forecast PBF stock price to fall
8 Analyst Rating
2 Buy
4 Hold
2 Sell
Hold
Current: 39.760
Low
23.00
Averages
33.63
High
42.00
Current: 39.760
Low
23.00
Averages
33.63
High
42.00
About PBF
PBF Energy Inc. is an independent refiner in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. The Company operates as a refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products. It operates through two segments: Refining and Logistics. The Refining segment includes the operations of its oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The Logistics segment includes the operations of PBF Logistics LP, an indirect wholly owned subsidiary of PBF Energy and PBF LLC, which owns or leases, operates, develops, and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities, and similar logistics assets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- High-Frequency Contracts: Notably, the $100 strike put option expiring on September 18, 2026, has seen 2,500 contracts traded today, representing around 250,000 underlying shares, suggesting investor expectations of a potential price decline.
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- Investor Relations Transparency: The company will make presentation materials available on its Investor Relations section of the website, ensuring that investors can access key information promptly, thereby enhancing communication efficiency and trust between the company and its investors.
- Industry Position: As one of the largest independent refiners in North America, PBF Energy operates multiple refineries in California, Delaware, Louisiana, New Jersey, and Ohio, demonstrating its significant position and influence in the energy market.
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- Management Conference Schedule: PBF Energy's management team will participate in the Scotiabank Global Energy Conference on February 25, 2026, the Raymond James Institutional Investor Conference on March 2-3, 2026, and the Wolfe Research Refining Conference on March 5, 2026, showcasing the company's active engagement and transparency in the industry.
- Investor Relations Materials: All presentation materials from the conferences will be made available on PBF Energy's website in the Investor Relations section, ensuring that investors can access key information promptly, thereby enhancing market confidence and investor engagement.
- Company Background: PBF Energy Inc. is one of the largest independent refiners in North America, operating multiple refineries and committed to safe, reliable, and environmentally responsible operations, aiming to provide superior returns to investors, which underscores its leadership position in the industry.
- Sustainable Fuel Partnership: PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on producing next-generation sustainable fuels, indicating the company's strategic commitment to driving energy transition and sustainability.
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Care Finery Reports: Care Finery has released reports detailing the effects of the power failure on their operations and service delivery.
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PBF Energy Q4 Earnings: Martinez Refinery Restart Imminent
- Martinez Refinery Restart: CEO Matthew Lucey confirmed that the Martinez refinery rebuild will be completed this weekend, with full operations expected by early March, positioning PBF to supply fuels in the tight California market and enhancing competitive advantage.
- Strong Financial Performance: The company reported adjusted net income of $0.49 per share and adjusted EBITDA of $258 million for Q4, indicating significant improvement over prior quarters, reflecting benefits from enhanced crude differentials in its complex refining system.
- Cost Savings Initiative: PBF achieved $230 million in efficiencies for 2025 and aims for $350 million in annualized savings by the end of 2026, which will help offset future capital expenditures and enhance financial flexibility.
- Optimistic Market Outlook: Management expressed a favorable outlook for 2026, anticipating tight refining balances and demand growth, particularly with increased supply from Venezuela, positioning PBF favorably within the improving market dynamics.
See More
PBF Energy Reports Surprise Profit in Q4 Amid Supply Disruptions
- Surprise Profit: PBF Energy reported an adjusted profit of $0.49 per share in Q4, surpassing estimates of a $0.10 loss, indicating a significant rebound in refining margins due to supply disruptions from the Russia-Ukraine war and improved crude price differentials.
- Refining Margin Recovery: The U.S. refining sector experienced a sharp recovery in Q4, with the 3-2-1 crack spread benchmark rebounding from multi-year lows earlier in 2024, driven by tighter global fuel supplies and seasonal demand increases, which bolstered profitability.
- Increased Throughput: PBF's crude oil and feedstocks throughput rose to 888,900 barrels per day in the reported quarter, up from 862,000 barrels per day a year earlier, reflecting the company's ability to capitalize on market recovery opportunities.
- New Refinery Construction Update: PBF expects the construction of its Martinez refinery in California to be completed by February 16, 2026, with the catalytic cracking unit anticipated to start in the first week of March, further enhancing the company's production capacity and competitive position in the market.
See More
Surge in Options Trading Volume for Okta and PBF Energy
- Okta Options Volume: Okta Inc saw options trading volume of 29,509 contracts, equating to approximately 3 million shares, which represents about 85.8% of its average daily trading volume of 3.4 million shares over the past month, indicating strong market interest in its future performance.
- High-Frequency Contracts: Notably, the $100 strike put option expiring on September 18, 2026, has seen 2,500 contracts traded today, representing around 250,000 underlying shares, suggesting investor expectations of a potential price decline.
- PBF Energy Options Activity: PBF Energy Inc's options trading volume reached 24,968 contracts, approximately 2.5 million shares, which is about 81.4% of its average daily trading volume of 3.1 million shares over the past month, reflecting sustained investor interest in the company.
- Bullish Call Options: Particularly, the $44 strike call option expiring on March 20, 2026, has recorded 8,570 contracts traded today, representing approximately 857,000 underlying shares, indicating a bullish sentiment regarding PBF's future performance.
See More
PBF Energy to Participate in Global Energy Conferences
- Management Conference Schedule: PBF Energy's management team will participate in the Scotiabank Global Energy Conference on February 25, 2026, the Raymond James Institutional Investor Conference on March 2-3, 2026, and the Wolfe Research Refining Conference on March 5, 2026, showcasing the company's strategic direction and growth potential in the energy sector.
- Investor Relations Transparency: The company will make presentation materials available on its Investor Relations section of the website, ensuring that investors can access key information promptly, thereby enhancing communication efficiency and trust between the company and its investors.
- Industry Position: As one of the largest independent refiners in North America, PBF Energy operates multiple refineries in California, Delaware, Louisiana, New Jersey, and Ohio, demonstrating its significant position and influence in the energy market.
- Sustainability Commitment: PBF Energy's partnership in the St. Bernard Renewables joint venture focuses on producing next-generation sustainable fuels, indicating the company's strategic investment and long-term planning in environmental protection and sustainability.
See More
PBF Energy to Participate in Major Conferences in 2026
- Management Conference Schedule: PBF Energy's management team will participate in the Scotiabank Global Energy Conference on February 25, 2026, the Raymond James Institutional Investor Conference on March 2-3, 2026, and the Wolfe Research Refining Conference on March 5, 2026, showcasing the company's active engagement and transparency in the industry.
- Investor Relations Materials: All presentation materials from the conferences will be made available on PBF Energy's website in the Investor Relations section, ensuring that investors can access key information promptly, thereby enhancing market confidence and investor engagement.
- Company Background: PBF Energy Inc. is one of the largest independent refiners in North America, operating multiple refineries and committed to safe, reliable, and environmentally responsible operations, aiming to provide superior returns to investors, which underscores its leadership position in the industry.
- Sustainable Fuel Partnership: PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on producing next-generation sustainable fuels, indicating the company's strategic commitment to driving energy transition and sustainability.
See More
PBF Torrance, CA Refinery Experiences Power Outage from Utility Provider
Utility Power Failure: A significant power failure has been reported in the utility sector, impacting services and operations.
Care Finery Reports: Care Finery has released reports detailing the effects of the power failure on their operations and service delivery.
See More
PBF Energy Q4 Earnings: Martinez Refinery Restart Imminent
- Martinez Refinery Restart: CEO Matthew Lucey confirmed that the Martinez refinery rebuild will be completed this weekend, with full operations expected by early March, positioning PBF to supply fuels in the tight California market and enhancing competitive advantage.
- Strong Financial Performance: The company reported adjusted net income of $0.49 per share and adjusted EBITDA of $258 million for Q4, indicating significant improvement over prior quarters, reflecting benefits from enhanced crude differentials in its complex refining system.
- Cost Savings Initiative: PBF achieved $230 million in efficiencies for 2025 and aims for $350 million in annualized savings by the end of 2026, which will help offset future capital expenditures and enhance financial flexibility.
- Optimistic Market Outlook: Management expressed a favorable outlook for 2026, anticipating tight refining balances and demand growth, particularly with increased supply from Venezuela, positioning PBF favorably within the improving market dynamics.
See More
PBF Energy Reports Surprise Profit in Q4 Amid Supply Disruptions
- Surprise Profit: PBF Energy reported an adjusted profit of $0.49 per share in Q4, surpassing estimates of a $0.10 loss, indicating a significant rebound in refining margins due to supply disruptions from the Russia-Ukraine war and improved crude price differentials.
- Refining Margin Recovery: The U.S. refining sector experienced a sharp recovery in Q4, with the 3-2-1 crack spread benchmark rebounding from multi-year lows earlier in 2024, driven by tighter global fuel supplies and seasonal demand increases, which bolstered profitability.
- Increased Throughput: PBF's crude oil and feedstocks throughput rose to 888,900 barrels per day in the reported quarter, up from 862,000 barrels per day a year earlier, reflecting the company's ability to capitalize on market recovery opportunities.
- New Refinery Construction Update: PBF expects the construction of its Martinez refinery in California to be completed by February 16, 2026, with the catalytic cracking unit anticipated to start in the first week of March, further enhancing the company's production capacity and competitive position in the market.
See More
