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PBF Guidance Update and Outlook
PBF remains committed to the safety and reliability of our operations. We strive to maintain the quality of our balance sheet and preserve the ability of our operations to continue supporting our long-term strategic goal of increasing the value of our company. We continue to examine and advance opportunities within our portfolio to generate potential incremental value for shareholders. At quarter-end, we had approximately $591 million of cash and approximately $2.4 billion of total debt.
RBI is an integral part of our ongoing strategic process to extract incremental value across our business. We expect to generate greater than $200 million of annualized, run-rate sustainable cost savings by year-end 2025, and greater than $350 million by year-end 2026. Since inception of the initiative, we have generated over 500 cost savings ideas through more than 40 idea generation sessions. Our teams are building out these ideas with actionable, quantifiable, and measurable plans. Initially, we are focused on five main areas, including projects and turnarounds, strategic procurement opportunities, the East Coast refining system, the Torrance Refinery and the refining organizational structure.
As a result of an ongoing analysis of operations and market conditions, we now expect full-year capital expenditures in the $750 to $ 775 million range. This amount excludes the costs to restore the damage to the Martinez Refinery resulting from the February 2025 incident. We expect interest expense for the full-year 2025 to be in the $165 to $185 million range.
Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. Current second quarter throughput expectations are included in the table below.
| Expected throughput ranges (barrels per day) | ||
| Third Quarter 2025 | ||
| Low | High | |
| East Coast | 320,000 | 340,000 |
| Mid-continent | 150,000 | 160,000 |
| Gulf Coast | 175,000 | 185,000 |
| West Coast | 220,000 | 230,000 |
| Total | 865,000 | 915,000 |
Posted In: PBF
