Dec 12 (Reuters) - PBF Energy Inc said on Monday it will repurchase shares worth up to $500 million as the U.S. refiner looks to boost shareholder payouts after reporting soaring profits.
The company's shares were trading up about 7% at $34.90.
PBF and its rivals reported bumper quarterly profits last month as U.S. refineries have run at record levels this year, underpinned by domestic demand recovery and strong exports after Russia's invasion of Ukraine, while tight crude oil supplies boosted margins.
Refiner Phillips 66 said in November it plans to return up to $12 billion more to shareholders by end-2024, while Marathon Petroleum Corp indicated plans to begin buying back shares as part of its current $5 billion repurchase program.
Last week, PBF named Karen Davis as interim finance chief, replacing Erik Young effective Jan. 1. (Reporting by Ankit Kumar; Editing by Shounak Dasgupta)
