This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
PBF Energy operates a fleet of petroleum refineries that are among the most carbon-intensive and polluting in the U.S. industry. The company’s six refineries collectively process over 1 million barrels of crude oil per day, generating significant Scope 1 and 2 greenhouse gas emissions. Its operational record is marked by a pattern of air quality violations and regulatory penalties.
Between 2020 and 2024, PBF’s Martinez refinery in California accumulated a $10 million penalty for repeated violations and was required to install new pollution controls. In 2023, the same facility was under a U.S. Department of Justice probe for emitting spent catalyst powder. The company’s Delaware City refinery has received more than 50 violations in the past decade, including a 2025 incident where a mechanical failure released butane. Overall, ViolationTracker documents 61 air pollution violations totaling nearly $11 million in penalties, alongside 28 broader environmental violations worth over $29 million.
This record of persistent non-compliance, coupled with a business model centered on refining transportation fuels, places PBF Energy’s emissions profile and environmental governance well behind sector peers who are investing in low-carbon alternatives.
PBF Energy operates a network of oil refineries and petrochemical facilities, including its Martinez Refinery in California. ViolationTracker documents $29.3 million in environmental penalties across 28 separate violation records, alongside an additional $10.9 million in air pollution penalties. The company’s operations have resulted in repeated water quality violations; its refinery faces a potential $13.8 million fine for discharges impacting the Carquinez Strait. A subsidiary, Martinez Refining Company (MRC), owned by PBF, amassed 323 air pollution violations over a decade, resulting in $741,500 in penalties, ranking it among the Bay Area's most-fined polluters. This pattern of enforcement actions across air and water systems demonstrates documented environmental harm from its operations.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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