PBF Energy (NYSE: PBF) reported Q1 revenue for the quarter came in at $5.26 billion versus the consensus estimate of $5.55 billion.

Tom Nimbley, PBF Energy's Chairman and CEO, said, "2020 has presented unexpected and unprecedented challenges and PBF has responded by taking several significant actions to ensure we navigate the current market successfully. Our employees have readily adjusted to new working conditions and continue to provide essential services." Mr. Nimbley continued, "We implemented aggressive cost reduction measures and scaled back operations in response to the near-term, generational decline in demand. We took additional steps to increase our capital resources through the sale of hydrogen plants and a successful debt offering, thereby ensuring we have the resources to manage our business through the current and potential future downturns." Mr. Nimbley concluded, "As more regions across the country are beginning the process of returning to work, we are already seeing an increase in product demand. We are at a delicate intersection on this path and PBF will continue to run our operations in a safe, reliable and environmentally responsible manner and we look forward to a sustainable return to work."

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