PBF Energy Inc's stock surged 5.58% intraday, driven by the company's better-than-expected fourth-quarter earnings report.

The refiner posted a surprise adjusted profit of $0.49 per share, significantly beating analyst estimates that anticipated a loss. This positive result was primarily fueled by a sharp rebound in refining margins. Consolidated gross refining margin more than doubled to $11.16 per barrel in the quarter, compared to $4.89 per barrel a year earlier.

The recovery in margins was attributed to tighter global fuel supplies linked to the Russia-Ukraine war, improved crude price differentials, and a seasonal uptick in demand. The company also noted that construction at its Martinez, California refinery is on schedule for completion, with the catalytic cracking unit expected to start up in early March, providing further operational optimism.