Par Pacific's earnings jump survives a tougher comparison
Both quarters included large gains from small-refinery exemptions. Taking them out still leaves a substantial increase in adjusted earnings.
Par Pacific's third-quarter adjusted EBITDA jumped to $646.0 million from $372.5 million. This profit measure removes interest, taxes, depreciation, amortization and specified adjustments, but it retains large gains from small-refinery exemptions in both years.
Research by Ticker Byline shows that subtracting those disclosed benefits leaves approximately $424.0 million this year and $169.9 million a year earlier. The improvement extends well beyond the latest exemption gain.
Take the benefit out of both years
| Measure | 2026 | 2025 |
|---|---|---|
| Adjusted EBITDA | $646.0 | $372.5 |
| Included exemption benefit | $222.0 | $202.6 |
| After subtracting that benefit | $424.0 | $169.9 |
The exemptions reduce renewable-fuel obligations and leave excess credits that can be sold. The latest relief covers the 2025 compliance year. The benefit recognized a year earlier covered 2019 through 2024.
Stronger refining margins helped the wider business. That came despite lower refinery throughput, at 174,000 barrels a day compared with 198,000 a year earlier. Maintenance work in Hawaii reduced both refinery runs and use of the logistics network.
The new Renewables segment also recorded its first profitable quarter after the Hawaii renewable-fuels facility began commercial operations in April.
Under standard accounting rules, net income attributable to Par Pacific stockholders rose to $353.3 million from $262.6 million. The exemption benefit was $142.4 million in refining operating income, compared with $222.0 million in the adjusted EBITDA measure.
The cash surge includes a timing benefit
Operating cash inflow reached $838.9 million. A $387.0 million inflow from working capital helped, while turnaround maintenance absorbed $50.0 million. Management put cash flow before those two items at $501.9 million.
Par Pacific expects to sell its excess renewable-fuel credits by year-end. It had $731.1 million in cash and cash equivalents at September 30.
Our Par Pacific company profile tracks the cash, credit lines, new renewables business and pending Laramie sale alongside the earnings comparison.