PBF Energy Inc. shares surged 5.33% in pre-market trading as investors reacted to a stellar second-quarter earnings report that far exceeded Wall Street expectations.

The U.S. refiner posted adjusted earnings of $6.22 per share, well above the analyst consensus estimate of around $4.17, driven by stronger refining margins and a return to full operations at its Martinez refinery in California. Revenue for the quarter climbed to $11.68 billion, beating estimates of $9.82 billion, as crude oil and feedstock throughput rose to 887,300 barrels per day from 839,100 a year earlier.

The company also benefited from a $250 million insurance recovery related to a previous fire at the Martinez facility, and provided an upbeat third-quarter throughput forecast of 900,000 to 960,000 barrels per day. PBF reduced its 2026 capital expenditure guidance to $825-$875 million, excluding the Martinez rebuild, while maintaining its quarterly dividend at $0.275 per share.