Net income attributable to Par Pacific stockholders of $54.5 million, or $1.10 per diluted share
Adjusted Net Income attributable to Par Pacific stockholders of $38.5 million, or $0.78 per diluted share
Adjusted EBITDA of $91.5 million
Repurchased $28.0 million of common stock at an average price of $37.96 per share
Record quarterly Hawaii refining throughput of 89.8 Mbpd
Hawaii renewable fuels facility began commercial operations in April
The Company reported Net income (loss) attributable to Par Pacific stockholders of $54.5 million, or $1.10 per diluted share, for the quarter ended March 31, 2026, compared to $(30.4) million, or $(0.57) per diluted share, for the same quarter in 2025. First quarter 2026 Adjusted Net income (loss) attributable to Par Pacific stockholders was $38.5 million, compared to $(50.3) million in the first quarter of 2025. First quarter 2026 Adjusted EBITDA was $91.5 million, compared to $10.1 million in the first 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.
"Our continued focus on reliability and commercial performance through market cycles enabled strong first quarter results," said Will Monteleone, President and Chief Executive Officer. "During April, the Hawaii renewable fuels facility successfully achieved commercial operations, a major milestone for the project. Our outlook is strong and we are well positioned to capitalize on the elevated margin environment across our system."
Refining
The Refining segment reported operating income of $56.3 million in the first quarter of 2026, compared to an operating loss of $(24.7) million in the first quarter of 2025. Adjusted Gross Margin for the Refining segment was $185.1 million in the first quarter of 2026, compared to $104.3 million in the first quarter of 2025.
Refining segment Adjusted EBITDA was $69.2 million in the first quarter of 2026, compared to $(14.3) million in the first quarter of 2025. Refining segment throughput was 184 thousand barrels per day (Mbpd) for the first quarter of 2026, compared to 176 Mbpd for the first quarter of 2025.
HawaiiThe Hawaii Index averaged $31.11 per barrel in the first quarter of 2026, compared to $8.13 per barrel in the first quarter of 2025. Throughput in the first quarter of 2026 was 90 Mbpd, compared to 79 Mbpd for the same quarter in 2025. Production costs were $4.67 per throughput barrel in the first quarter of 2026, compared to $4.81 per throughput barrel in the same period of 2025.
The Hawaii refinery's Adjusted Gross Margin was $13.10 per barrel during the first quarter of 2026, including a net price lag impact of approximately $(125.5) million, or $(15.52) per barrel, compared to $8.90 per barrel during the first quarter of 2025.
The net price lag impact reflects the Hawaii refinery's contractual sales volumes that are structured on prior month and prior week average pricing. The first quarter 2026 net price lag impact was driven by rapidly rising refined product prices, resulting in adjusted gross margin lagging current period market conditions. We expect this net price lag impact to reverse during a declining refined product price environment.
MontanaThe Montana Index averaged $4.84 per barrel in the first quarter of 2026, compared to $7.07 per barrel in the first quarter of 2025. The Montana refinery's throughput in the first quarter of 2026 was 57 Mbpd, compared to 52 Mbpd for the same quarter in 2025. Production costs were $9.05 per throughput barrel in the first quarter of 2026, compared to $10.56 per throughput barrel in the same period of 2025.
The Montana refinery's Adjusted Gross Margin was $6.93 per barrel during the first quarter of 2026, compared to $5.04 per barrel during the first quarter of 2025.
WashingtonThe Washington Index averaged $8.20 per barrel in the first quarter of 2026, compared to $4.15 per barrel in the first quarter of 2025. The Washington refinery's throughput was 23 Mbpd in the first quarter of 2026, compared to 39 Mbpd in the first quarter of 2025. Production costs were $7.53 per throughput barrel in the first quarter of 2026, compared to $4.16 per throughput barrel in the same period of 2025.
The Washington refinery's Adjusted Gross Margin was $8.17 per barrel during the first quarter of 2026, compared to $2.09 per barrel during the first quarter of 2025.
Wyoming
The Wyoming Index averaged $19.30 per barrel in the first quarter of 2026, compared to $20.31 per barrel in the first quarter of 2025. The Wyoming refinery's throughput was 15 Mbpd in the first quarter of 2026, compared to 6 Mbpd in the first quarter of 2025. Production costs were $11.68 per throughput barrel in the first quarter of 2026, compared to $34.35 per throughput barrel in the same period of 2025.
The Wyoming refinery's Adjusted Gross Margin was $26.79 per barrel during the first quarter of 2026, including a FIFO impact of approximately $18.4 million, or $14.03 per barrel, compared to $19.83 per barrel during the first quarter of 2025.
Retail
The Retail segment reported operating income of $13.0 million in the first quarter of 2026, compared to $16.0 million in the first quarter of 2025. Adjusted Gross Margin for the Retail segment was $36.1 million in the first quarter of 2026, compared to $39.8 million in the same quarter of 2025.
Retail segment Adjusted EBITDA was $15.5 million in the first quarter of 2026, compared to $18.6 million in the first quarter of 2025. The Retail segment reported fuel sales volumes of 28.1 million gallons in the first quarter of 2026, compared to 29.4 million gallons in the same quarter of 2025. First quarter 2026 same store fuel volumes and inside sales revenue declined by (3.3)% and (1.0)%, respectively, compared to the first quarter of 2025.
Logistics
The Logistics segment reported operating income of $24.5 million in the first quarter of 2026, compared to $21.9 million in the first quarter of 2025. Adjusted Gross Margin for the Logistics segment was $37.4 million in the first quarter of 2026, compared to $34.0 million in the same quarter of 2025.
Logistics segment Adjusted EBITDA was $31.5 million in the first quarter of 2026, compared to $29.7 million in the first quarter of 2025.
Liquidity
Net cash used in operations totaled $(40.7) million for the three months ended March 31, 2026, including working capital outflows of $(184.8) million and deferred turnaround expenditures of $(17.9) million. Excluding these items, net cash provided by operations was $162.0 million for the three months ended March 31, 2026. Net cash used in operations was $(1.4) million for the three months ended March 31, 2025. Net cash used in investing activities totaled $(43.1) million for the three months ended March 31, 2026, consisting primarily of capital expenditures, compared to $(40.9) million for the three months ended March 31, 2025. Net cash provided by financing activities totaled $91.8 million for the three months ended March 31, 2026, compared to net cash used in financing activities of $(15.9) million for the three months ended March 31, 2025.
At March 31, 2026, Par Pacific's cash balance totaled $172.2 million. Gross term debt was $637.9 million and net term debt was $465.8 million at March 31, 2026. Total liquidity was $937.7 million at March 31, 2026.
The Company repurchased $28.0 million of common stock at a weighted average price of $37.96 per share during the first quarter of 2026.
Laramie Energy
During the first quarter of 2026, Par Pacific recorded $9.2 million of equity earnings related to Laramie Energy, LLC ("Laramie"). Laramie's total net income was $16.9 million in the first quarter of 2026, including unrealized gains on derivatives of $12.0 million, compared to a net loss of $(1.1) million in the first quarter of 2025. Laramie's total Adjusted EBITDAX was $19.9 million in the first quarter of 2026, compared to $14.1 million in the first quarter of 2025.
Conference Call Information
A conference call is scheduled for Wednesday, May 6, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-833-974-2377 inside the U.S. or 1-412-317-5782 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 May 20, 2026, and may be accessed by calling 1-855-669-9658 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 8270791.
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 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; 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 VitterVP, Investor Relations & Sustainability(832) 916-3355[email protected]
Condensed Consolidated Statements of Operations(Unaudited)(in thousands, except per share data)
Three Months Ended March 31,
2026
2025
Revenues
$
1,823,750
$
1,745,036
Operating expenses
Cost of revenues (excluding depreciation)
1,558,504
1,559,360
Operating expense (excluding depreciation)
142,518
144,154
Depreciation and amortization
34,460
36,586
General and administrative expense (excluding depreciation)
24,875
24,243
Equity earnings from refining and logistics investments
(5,829
)
(7,514
)
Acquisition and integration costs
64
—
Par West redevelopment and other costs
2,985
3,982
Other operating loss, net
851
1
Total operating expenses
1,758,428
1,760,812
Operating income (loss)
65,322
(15,776
)
Other income (expense)
Interest expense and financing costs, net
(15,934
)
(21,848
)
Debt extinguishment and commitment costs
(62
)
(25
)
Other expense, net
(14
)
(371
)
Equity earnings from Laramie Energy, LLC
9,179
726
Total other expense, net
(6,831
)
(21,518
)
Income (loss) before income taxes
58,491
(37,294
)
Income tax benefit (expense)
(12,340
)
6,894
Net income (loss)
46,151
(30,400
)
Less:
Net loss attributable to noncontrolling interest
(8,299
)
—
Net income (loss) attributable to Par Pacific stockholders
$
54,450
$
(30,400
)
Weighted-average shares outstanding
Basic
48,401
53,756
Diluted
49,632
53,756
Income (loss) per share
Basic
$
1.12
$
(0.57
)
Diluted
$
1.10
$
(0.57
)
Balance Sheet Data(Unaudited)(in thousands)
March 31, 2026
December 31, 2025
Balance Sheet Data
Cash and cash equivalents
$
172,168
$
164,113
Working capital (1)
658,894
510,772
ABL Credit Facility
321,000
175,000
Term debt (2)
637,949
639,830
Total debt, including current portion
947,618
802,870
Total stockholders' equity
1,515,829
1,511,540
(1)
Working capital is calculated as (i) total current assets excluding cash and cash equivalents less (ii) total current liabilities excluding current portion of long-term debt. Total current assets include inventories stated at the lower of cost or net realizable value.
(2)
Term debt includes the Term Loan Credit Agreement and other long-term debt.
Operating Statistics
The following table summarizes key operational data:
Three Months Ended March 31,
2026
2025
Total Refining Segment
Feedstocks Throughput (Mbpd)
184.3
176.0
Refined product sales volume (Mbpd)
188.8
184.6
Adjusted Gross Margin per bbl ($/throughput bbl) (1)
$
11.16
$
6.59
Production costs per bbl ($/throughput bbl)
6.93
7.41
D&A per bbl ($/throughput bbl)
1.53
1.67
Hawaii Refinery
Feedstocks Throughput (Mbpd)
89.8
79.4
Yield (% of total throughput)
Gasoline and gasoline blendstocks
28.7
%
25.8
%
Distillates
35.9
%
34.4
%
Fuel oils
30.5
%
32.4
%
Other products
2.0
%
4.0
%
Total yield
97.1
%
96.6
%
Refined product sales volume (Mbpd)
90.4
88.6
Adjusted Gross Margin per bbl ($/throughput bbl) (1)
$
13.10
$
8.90
Production costs per bbl ($/throughput bbl)
4.67
4.81
D&A per bbl ($/throughput bbl)
0.26
0.23
Montana Refinery
Feedstocks Throughput (Mbpd)
56.9
51.7
Yield (% of total throughput)
Gasoline and gasoline blendstocks
46.8
%
45.3
%
Distillates
35.5
%
32.5
%
Asphalt
9.3
%
11.2
%
Other products
2.9
%
3.2
%
Total yield
94.5
%
92.2
%
Refined product sales volume (Mbpd)
50.7
47.4
Adjusted Gross Margin per bbl ($/throughput bbl) (1)
$
6.93
$
5.04
Production costs per bbl ($/throughput bbl)
