Par Pacific's earnings jump survives a tougher comparison
Par Pacific retained large exemption gains in adjusted EBITDA in both years. Our comparison removes both, while the cash result reveals a separate timing effect.
Ticker Byline
Par Pacific Holdings, Inc.
Par Pacific operates refineries, fuel logistics and retail businesses in the western United States, along with a renewable-fuels venture in Hawaii. Its earnings depend on refining margins, reliability, environmental-credit costs and product mix. Its shares trade on the New York Stock Exchange as PARR.
- Ticker
- PARR
- Exchange
- XNYS
- SEC CIK
- 0000821483
Third-quarter results
| Measure | 2026 | 2025 |
|---|---|---|
| Revenue | $3,052.4 | $2,012.9 |
| Operating income | $472.1 | $358.5 |
| Net income attributable to stockholders | $353.3 | $262.6 |
| Adjusted net income attributable to stockholders | $531.5 | $302.6 |
| Adjusted EBITDA | $646.0 | $372.5 |
| Operating cash flow | $838.9 | $219.4 |
Adjusted net income removes specified inventory, environmental-obligation, derivative, tax and other items. Adjusted EBITDA also removes financing, tax and depreciation-related costs. Both measures retain small-refinery exemption benefits.
The exemption benefit in adjusted EBITDA was $222.0 million in 2026 and $202.6 million in 2025. Subtracting those amounts leaves approximately $424.0 million and $169.9 million. The latest relief covers the 2025 compliance year; the EPA had not ruled on 2026 exemptions at September 30, and Par Pacific had assumed no such relief in its recorded 2026 obligation.
Cash, financing and tax payments
Third-quarter operating cash flow included a $387.0 million working-capital inflow and $50.0 million of turnaround spending. Management reported $501.9 million before those two items. The company expects to sell excess renewable-fuel credits by year-end.
September cash and cash equivalents were $731.1 million. Term-debt principal was $505.4 million, with a $496.2 million carrying amount after financing costs. Separate inventory-financing obligations were $259.2 million.
The asset-based revolving credit facility had no loans outstanding and about $1.7 billion available, subject to borrowing-base conditions. Total liquidity, including cash and credit availability, was approximately $2.4 billion.
On May 14, Par Pacific issued $500 million of 7.375% senior notes due June 1, 2034, using the proceeds and cash on hand to repay its old term loan. The company expects to begin paying federal income tax in 2026 after using its remaining federal loss carryforwards.
A new renewables business
The Hawaii renewable-fuels facility began commercial operations in April. The newly reported Renewables segment recorded its first quarterly profit in the third quarter: $8.7 million of operating income and $5.1 million of adjusted EBITDA. It still had a $20.1 million operating loss over the first nine months.
The pending Laramie sale
Laramie Energy agreed in August to sell substantially all of its oil and gas assets. Par Pacific expects approximately $148 million for its interest, including $120 million at closing and $27.5 million on the fifth anniversary. It is also eligible for an earn-out of up to approximately $30 million.
Closing is expected in the fourth quarter, subject to regulatory approvals and customary conditions. Par Pacific expects the initial $120 million by year-end.
Read our analysis: Par Pacific's earnings jump survives a tougher comparison.
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