Parsippany, NJ-based PBF Energy (NYSE:PBF) Inc. and PBF Holding Company LLC, currently trading at $30.24 with a market capitalization of $3.5 billion, have reported changes in executive compensation, including long-term incentive awards for their named executive officers, according to a recent SEC filing.
According to InvestingPro data, the company's management has been actively demonstrating confidence through aggressive share buybacks. The Compensation Committee of the Board of Directors approved these changes effective Monday, December 2, 2024.
The incentive awards, set to be granted on December 16, 2024, fall under the company’s Amended and Restated 2017 Equity Incentive Plan. They include restricted shares of Class A common stock, performance share units, and performance units with payouts contingent on the company's total shareholder return (TSR) rankings relative to its peers from January 1, 2025, through December 31, 2027.
Depending on the achieved rankings, the payouts for performance share units and performance units can range from zero to 200 percent of the target value.
The performance-based awards are designed to vest on December 31, 2027, with certain conditions allowing for forfeiture or acceleration as outlined in the award agreements. The company disclosed specific grants to executives including CEO & President Matthew C. Lucey, Executive Chairman Thomas J. Nimbley, and other senior vice presidents.
For example, Lucey is set to receive $2,334,497 in restricted stock, $1,750,873 in performance share units, and an equal value in performance units. Nimbley, serving as Executive Chairman, will receive a restricted stock award of $1,850,000 with no additional performance share or performance units granted.
In other recent news, PBF Energy, a petroleum refining company, reported a challenging third quarter in 2024 with an adjusted net loss of $1.50 per share and an adjusted EBITDA loss of $60.1 million. Despite this, the company announced a 10% increase in its dividend, signaling confidence in its financial stability and a positive outlook for the refining market in 2025. Mizuho (NYSE:MFG) Securities revised its price target for PBF Energy to $33, down from $36, maintaining a neutral rating due to weaker refining margins.
PBF Energy also disclosed new compensatory arrangements for its executive officers as part of its long-term incentive plan, which includes a mix of restricted stock, performance share units (PSUs), and performance units. The company anticipates capital expenditures for 2025 to be between $750 million to $800 million. Additionally, PBF Energy is targeting $200 million in run rate cash savings by the end of 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.