PBF Energy is one of the largest independent petroleum refiners in the U.S., operating six refineries with combined processing capacity of roughly 1,000,000 barrels per day (bpd). PBF converts crude oil and other feedstocks into transportation fuels — primarily gasoline and distillates (diesel, jet fuel, and heating oil), which together account for roughly 88% of revenues — as well as asphalt, petrochemicals, and lubricants. PBF sells these products through short-term contracts or on the spot market to fuel retailers, oil majors, airlines, and industrial buyers, with Shell as its largest customer at ~13% of revenues. PBF's profitability is driven by the "crack spread" — the margin between crude input costs and refined product prices — and particularly by its ability to process cheaper heavy sour crudes, which account for roughly 55-60% of throughput. PBF's refineries carry a weighted-average Nelson Complexity Index of 12.8, enabling them to run these lower-quality crudes that simpler refineries cannot process. PBF's six refineries span the East Coast (Delaware City, Paulsboro), Mid-Continent (Toledo), Gulf Coast (Chalmette), and West Coast (Torrance, Martinez), with its California operations benefiting from a structurally tight product market caused by recent competitor refinery closures. PBF also holds a 50% stake in St. Bernard Renewables, a ~20,000 bpd renewable diesel facility. A small logistics segment owns terminals, pipelines, and storage, primarily serving PBF's own refining operations.