Par Pacific Holdings Reports Third Quarter 2026 Results

HOUSTON, Nov. 03, 2026 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the quarter ended September 30, 2026.

• Net income attributable to Par Pacific stockholders of $353.3 million, or $7.11 per diluted share
• Adjusted Net Income attributable to Par Pacific stockholders of $531.5 million, or $10.70 per diluted share
• Adjusted EBITDA of $646.0 million
• Small refinery exemption (“SRE”) impact of $187.2 million in Adjusted Net Income attributable to Par Pacific stockholders and $222.0 million in Adjusted EBITDA
• Divestment of 46% equity interest in Laramie Energy expected to close by year end for near term cash proceeds of approximately $120 million
• Repurchased $10 million of common stock

The Company reported net income attributable to Par Pacific stockholders of $353.3 million, or $7.11 per diluted share, for the quarter ended September 30, 2026, compared to $262.6 million, or $5.16 per diluted share, for the same quarter in 2025. Third quarter 2026 Adjusted Net Income attributable to Par Pacific stockholders was $531.5 million, including an SRE impact of $187.2 million, compared to $302.6 million in the third quarter of 2025. Third quarter 2026 Adjusted EBITDA was $646.0 million, including an SRE impact of $222.0 million, compared to $372.5 million in the third quarter of 2025. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.

“Third quarter financial results reflect strong operating performance from each of our businesses,” said Will Monteleone, President and Chief Executive Officer. “We also reached two important strategic milestones: our newly created Renewables segment delivered its first profitable quarter, and we agreed to divest our interest in Laramie Energy on attractive terms. Looking ahead, we remain focused on serving our customers and maintaining reliable operations during this strong margin environment.”

Refining

The Refining segment reported operating income of $454.4 million in the third quarter of 2026, including an SRE impact of $142.4 million, compared to $340.8 million in the third quarter of 2025. Adjusted Gross Margin for the Refining segment was $752.4 million in the third quarter of 2026, compared to $450.3 million in the third quarter of 2025.

Refining segment Adjusted EBITDA was $618.0 million in the third quarter of 2026, compared to $337.6 million in the third quarter of 2025. Third quarter 2026 Adjusted Gross Margin and Adjusted EBITDA for

the Refining segment include an SRE impact of $222.0 million. Refining segment throughput was 174 thousand barrels per day (Mbpd) for the third quarter of 2026, compared to 198 Mbpd for the third quarter of 2025.

Hawaii
The Hawaii Index averaged $38.31 per barrel in the third quarter of 2026, compared to $10.27 per barrel in the third quarter of 2025. Throughput in the third quarter of 2026 was 57 Mbpd, compared to 82 Mbpd for the same quarter in 2025. Production costs were $8.45 per throughput barrel in the third quarter of 2026, compared to $4.66 per throughput barrel in the same period of 2025. Third quarter 2026 throughput and production costs reflect reduced rates during the Hawaii turnaround.

The Hawaii refinery’s Adjusted Gross Margin was $20.69 per barrel during the third quarter of 2026, including a net price lag impact of approximately $(52.2) million, or $(10.03) per barrel, compared to Adjusted Gross Margin of $11.40 per barrel during the third quarter of 2025.

The net price lag impact reflects the Hawaii refinery's contractual sales volumes that are priced based on prior-month and prior-week average market prices. The third quarter 2026 net price lag impact was driven by higher refined product prices in September relative to June. In general, declining refined product prices produce a positive net price lag impact, while rising prices produce a negative net price lag impact.

Montana
The Montana Index averaged $40.30 per barrel in the third quarter of 2026, compared to $17.99 per barrel in the third quarter of 2025. The Montana refinery’s throughput in the third quarter of 2026 was 58 Mbpd, compared to 58 Mbpd for the same quarter in 2025. Production costs were $10.41 per throughput barrel in the third quarter of 2026, compared to $8.76 per throughput barrel in the same period of 2025.

The Montana refinery’s Adjusted Gross Margin was $75.92 per barrel during the third quarter of 2026, including an SRE benefit of $167.2 million, or $31.12 per barrel, compared to Adjusted Gross Margin of $27.41 per barrel during the third quarter of 2025.

Washington
The Washington Index averaged $30.68 per barrel in the third quarter of 2026, compared to $16.66 per barrel in the third quarter of 2025. The Washington refinery’s throughput was 40 Mbpd in the third quarter of 2026, compared to 39 Mbpd in the third quarter of 2025. Production costs were $4.68 per throughput barrel in the third quarter of 2026, compared to $4.31 per throughput barrel in the same period of 2025.

The Washington refinery’s Adjusted Gross Margin was $35.95 per barrel during the third quarter of 2026, including an SRE benefit of $32.2 million, or $8.66 per barrel, compared to Adjusted Gross Margin of $32.46 per barrel during the third quarter of 2025.

Wyoming
The Wyoming Index averaged $49.83 per barrel in the third quarter of 2026, compared to $19.87 per barrel in the third quarter of 2025. The Wyoming refinery’s throughput was 19 Mbpd in the third quarter of 2026, compared to 19 Mbpd in the third quarter of 2025. Production costs were $9.27 per throughput barrel in the third quarter of 2026, compared to $8.11 per throughput barrel in the same period of 2025.

The Wyoming refinery's Adjusted Gross Margin was $64.98 per barrel during the third quarter of 2026, including an SRE benefit of $22.6 million, or $13.07 per barrel, and a FIFO impact of approximately $8.8 million, or $5.11 per barrel, compared to Adjusted Gross Margin of $58.22 per barrel during the third quarter of 2025.

Retail

The Retail segment reported operating income of $16.0 million in the third quarter of 2026, compared to $19.1 million in the third quarter of 2025. Adjusted Gross Margin for the Retail segment was $42.4 million in the third quarter of 2026, compared to $43.5 million in the same quarter of 2025.

Retail segment Adjusted EBITDA was $18.6 million in the third quarter of 2026, compared to $21.9 million in the third quarter of 2025. The Retail segment reported fuel sales volumes of 33.6 million gallons in the third quarter of 2026, compared to 31.8 million gallons in the same quarter of 2025. Third quarter 2026 same store fuel volumes and inside sales revenue increased by 2.1% and 1.9%, respectively, compared to the third quarter of 2025.

Logistics

The Logistics segment reported operating income of $23.7 million in the third quarter of 2026, compared to $30.2 million in the third quarter of 2025. Adjusted Gross Margin for the Logistics segment was $35.9 million in the third quarter of 2026, compared to $43.0 million in the same quarter of 2025.

Logistics segment Adjusted EBITDA was $30.7 million in the third quarter of 2026, compared to $37.3 million in the third quarter of 2025. Third quarter 2026 Logistics segment results were impacted by reduced logistics utilization due to the Hawaii turnaround.

Renewables

The Renewables segment reported operating income of $8.7 million in the third quarter of 2026. Adjusted Gross Margin for the Renewables segment was $7.8 million in the third quarter of 2026.

Renewables segment Adjusted EBITDA was $5.1 million in the third quarter of 2026. Renewables segment throughput was 78 thousand gallons per day (Mgpd) and sales volumes were 72 Mgpd for the third quarter of 2026.

Liquidity

Net cash provided by operations totaled $838.9 million for the three months ended September 30, 2026, including working capital inflows of $387.0 million and deferred turnaround expenditures of $(50.0) million. Excluding these items, net cash provided by operations was $501.9 million for the three months ended September 30, 2026. Net cash provided by operations was $219.4 million for the three months ended September 30, 2025. Net cash used in investing activities totaled $(37.4) million for the three months ended September 30, 2026, consisting primarily of capital expenditures, compared to $(32.3) million for the three months ended September 30, 2025. Net cash used in financing activities totaled $(255.4) million for the three months ended September 30, 2026, compared to $(197.2) million for the three months ended September 30, 2025.

At September 30, 2026, Par Pacific’s cash balance totaled $731.1 million. Gross term debt was $505.4 million and net term debt was $(225.7) million at September 30, 2026. Total liquidity was $2.4 billion at September 30, 2026.

The Company repurchased $10.0 million of common stock during the third quarter of 2026.

Small Refinery Exemption

In August 2026, the U.S. Environmental Protection Agency (“EPA”) granted Par Pacific’s mainland refineries a combination of full (100%) and partial (50%) small refinery exemptions from the Renewable Fuel Standard (“RFS”) program for the 2025 compliance year. As a result of these actions, the Company recorded a gain of $187.2 million in Adjusted Net Income and $222.0 million in Adjusted EBITDA during the third quarter of 2026. The Company expects to monetize its excess RIN position by year end 2026.

Laramie Energy

During the third quarter of 2026, Par Pacific recorded $(0.2) million of equity losses related to Laramie Energy, LLC (“Laramie”). Laramie’s total net loss was $(3.9) million in the third quarter of 2026, including unrealized losses on derivatives of $11.1 million, compared to net income of $14.3 million in the third quarter of 2025. Laramie’s total Adjusted EBITDAX was $19.2 million in the third quarter of 2026, compared to $19.8 million in the third quarter of 2025.

In August 2026, Par Pacific announced that Laramie entered into an agreement to sell substantially all of its oil and gas assets. Par Pacific expects to receive approximately $148 million in cash proceeds for its 46% equity interest in Laramie, of which approximately $28 million is payable on the fifth anniversary of the closing date, and is eligible to receive up to a $30 million earn-out. The transaction is expected to close during the fourth quarter of 2026, subject to customary closing conditions, and the Company expects to receive cash proceeds of approximately $120 million by year end.

Conference Call Information

A conference call is scheduled for Wednesday, November 4, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-800-715-9871 inside the U.S. or 1-646-307-1963 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until November 18, 2026, and may be accessed by calling 1-800-770-2030 inside the U.S. or 1-609-800-9909 outside the U.S. and using the conference ID 5483514.

About Par Pacific

Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest, and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

Forward-Looking Statements

This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the expected timing and completion of the proposed sale of Laramie oil and gas assets and the amount, timing and availability of related proceeds to us, including deferred and contingent consideration; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the commercial and other benefits anticipated from the Hawaii renewable fuels joint venture, including its ramp-up, production volumes, yields, product mix, profitability and eligibility for tax credits and other incentives; and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, military conflicts in the Middle East, the political activity in Venezuela, Houthi-related disruptions in the Red Sea, the ongoing military conflict with Iran and disruptions in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; the impacts of tariffs; potential operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should any of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.

Contact:
Ashimi Patel Vitter
VP, Investor Relations & Sustainability
(832) 916-3355
avitter@parpacific.com

Operating Statistics

The following table summarizes key operational data. For comparative purposes, previously reported 2026 interim periods have been recast to align with our current segment presentation:

Non-GAAP Performance Measures

Management uses certain financial measures and forecasts to evaluate our operating performance and allocate resources that are considered non-GAAP financial measures. The chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”), who uses certain non-GAAP financial measures and forecasts to allocate resources and evaluate our operating performance. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.

We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Operating expense includes certain shared costs such as finance, accounting, tax, human resources, information technology, and legal costs that are not directly attributable to specific operating segments. The criteria used to determine the allocation of these expenses generally reflect the time and resources required to provide the applicable service to other internal stakeholders. Remaining expenses are included in the reconciliation of reportable segment Adjusted EBITDA to consolidated pre-tax income (loss) as unallocated corporate general and administrative expenses.

Management, including the CODM, uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) attributable to Par Pacific stockholders, Adjusted EBITDA (as defined below), and Adjusted EBITDA by segment (as defined below) are useful supplemental financial measures that allow management and investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure.

Beginning with the financial results reported for the fourth quarter of 2025, Adjusted Net Income (Loss) attributable to Par Pacific stockholders excludes the portion of non-GAAP adjustments associated with the noncontrolling interest in our joint venture established on October 21, 2025. Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA by segment also exclude other operating gains and losses (which primarily includes the impacts of the non-cash remeasurement of our environmental liabilities). This modification improves comparability between periods by excluding non-cash gains and losses that do not reflect ongoing underlying business operations.

Beginning with the financial results reported for the fourth quarter of 2025, Adjusted EBITDA includes the Adjusted Net Income (Loss) attributable to noncontrolling interests associated with our joint venture established on October 21, 2025.

Adjusted Gross Margin

Adjusted Gross Margin is defined as Operating income (loss) excluding:

The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands). For comparative purposes, previously reported 2026 interim periods have been recast to align with our current segment presentation. In 2025, an immaterial amount of Renewables costs was included in the Refining segment. As such, the 2025 comparative periods were not recast.

Adjusted Net Income (Loss) Attributable to Par Pacific Stockholders and Adjusted EBITDA

Adjusted Net Income (Loss) attributable to Par Pacific stockholders is defined as Net income (loss) attributable to Par Pacific stockholders excluding:

Adjusted EBITDA is defined as Adjusted Net Income (Loss) attributable to Par Pacific stockholders plus Adjusted Net Income (Loss) attributable to noncontrolling interests excluding:

The following table presents a reconciliation of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA to the most directly comparable GAAP financial measure, Net income (loss) attributable to Par Pacific stockholders, on a historical basis for the periods indicated (in thousands): 

The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) attributable to Par Pacific stockholders per share (in thousands, except per share amounts):

Adjusted EBITDA by Segment

Adjusted EBITDA by segment is defined as Operating income (loss) excluding:

Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations.

The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands). For comparative purposes, previously reported 2026 interim periods have been recast to align with our current segment presentation. In 2025, an immaterial amount of Renewables costs was included in the Refining segment. As such, the 2025 comparative periods were not recast.

Laramie Energy Adjusted EBITDAX

Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative (income) loss, gain (loss) on settled derivative instruments, interest expense (income) and loan fees, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, bonus accrual, equity-based compensation expense, phantom units, expired acreage (non-cash), and other non-operating expenses. We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.

The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):