Net Income of $262.6 million, or $5.16 per diluted share
Adjusted Net Income of $302.6 million, or $5.95 per diluted share
Adjusted EBITDA of $372.5 million
Small refinery exemption ("SRE") impact of $195.9 million in Adjusted Net Income and $202.6 million in Adjusted EBITDA
Repurchased $16.4 million of common stock
Closed Hawaii Renewables joint venture in October and received cash proceeds of $100 million
Par Pacific reported net income of $262.6 million, or $5.16 per diluted share, for the quarter ended September 30, 2025, compared to $7.5 million, or $0.13 per diluted share, for the same quarter in 2024. Third quarter 2025 Adjusted Net Income was $302.6 million, including an SRE impact of $195.9 million, compared to an Adjusted Net Loss of $(5.5) million in the third quarter of 2024. Third quarter 2025 Adjusted EBITDA was $372.5 million, including an SRE impact of $202.6 million, compared to $51.4 million in the third quarter of 2024. 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.
"Record combined retail and logistics contribution and strong refining operations led to exceptional third quarter financial results for the core business," said Will Monteleone, President and Chief Executive Officer. "Results were further bolstered by the small refinery exemption gain of approximately $200 million. In addition, we closed on the Hawaii Renewables joint venture for $100 million in proceeds and are on track to complete construction of the renewable fuels unit this year. Our financial position and outlook remain strong, positioning us to continue pursuing accretive growth opportunities and share repurchases."
Refining
The Refining segment reported operating income of $340.8 million in the third quarter of 2025, including an SRE impact of $199.5 million, compared to $19.0 million in the third quarter of 2024. Adjusted Gross Margin for the Refining segment was $450.3 million in the third quarter of 2025, compared to $142.2 million in the third quarter of 2024.
Refining segment Adjusted EBITDA was $337.6 million in the third quarter of 2025, compared to $20.1 million in the third quarter of 2024. Third quarter 2025 Adjusted Gross Margin and Adjusted EBITDA for the Refining segment include an SRE impact of $202.6 million.
HawaiiThe Hawaii Index averaged $10.27 per barrel in the third quarter of 2025, compared to $4.49 per barrel in the third quarter of 2024. Throughput in the third quarter of 2025 was 82 thousand barrels per day (Mbpd), compared to 81 Mbpd for the same quarter in 2024. Production costs were $4.66 per throughput barrel in the third quarter of 2025, compared to $4.58 per throughput barrel in the same period of 2024.
The Hawaii refinery's Adjusted Gross Margin was $11.40 per barrel during the third quarter of 2025, including a net price lag impact of approximately $(5.3) million, or $(0.71) per barrel, compared to $6.10 per barrel during the third quarter of 2024.
MontanaThe Montana Index averaged $17.99 per barrel in the third quarter of 2025, compared to $15.32 per barrel in the third quarter of 2024. The Montana refinery's throughput in the third quarter of 2025 was 58 Mbpd, compared to 57 Mbpd for the same quarter in 2024. Production costs were $8.76 per throughput barrel in the third quarter of 2025, compared to $11.61 per throughput barrel in the same period of 2024.
The Montana refinery's Adjusted Gross Margin was $27.41 per barrel during the third quarter of 2025, including an SRE benefit of $57.6 million, or $10.75 per barrel. Excluding the SRE benefit, the Montana refinery's Adjusted Gross Margin was $16.66 per barrel during the third quarter of 2025, compared to $12.42 per barrel during the third quarter of 2024.
WashingtonThe Washington Index averaged $16.66 per barrel in the third quarter of 2025, compared to $4.47 per barrel in the third quarter of 2024. The Washington refinery's throughput was 39 Mbpd in the third quarter of 2025, compared to 41 Mbpd in the third quarter of 2024. Production costs were $4.31 per throughput barrel in the third quarter of 2025, compared to $3.50 per throughput barrel in the same period of 2024.
The Washington refinery's Adjusted Gross Margin was $32.46 per barrel during the third quarter of 2025, including an SRE benefit of $74.4 million, or $20.96 per barrel. Excluding the SRE benefit, the Washington refinery's Adjusted Gross Margin was $11.50 per barrel during the third quarter of 2025, compared to $1.76 per barrel during the third quarter of 2024.
Wyoming
The Wyoming Index averaged $19.87 per barrel in the third quarter of 2025, compared to $17.56 per barrel in the third quarter of 2024. The Wyoming refinery's throughput was 19 Mbpd in the third quarter of 2025, compared to 19 Mbpd in the third quarter of 2024. Production costs were $8.11 per throughput barrel in the third quarter of 2025, compared to $7.00 per throughput barrel in the same period of 2024.
The Wyoming refinery's Adjusted Gross Margin was $58.22 per barrel during the third quarter of 2025, including an SRE benefit of $70.5 million, or $40.12 per barrel, and a FIFO impact of approximately ($2.5) million, or ($1.44) per barrel. Excluding the SRE benefit, the Wyoming refinery's Adjusted Gross Margin was $18.10 per barrel during the third quarter of 2025, compared to $13.65 per barrel during the third quarter of 2024.
Retail
The Retail segment reported operating income of $19.1 million in the third quarter of 2025, compared to $18.3 million in the third quarter of 2024. Adjusted Gross Margin for the Retail segment was $43.5 million in the third quarter of 2025, compared to $42.6 million in the same quarter of 2024.
Retail segment Adjusted EBITDA was $21.9 million in the third quarter of 2025, compared to $21.0 million in the third quarter of 2024. The Retail segment reported sales volumes of 31.8 million gallons in the third quarter of 2025, compared to 31.2 million gallons in the same quarter of 2024. Third quarter 2025 same store fuel volumes and inside sales revenue increased by 1.8% and 0.9%, respectively, compared to the third quarter of 2024.
Logistics
The Logistics segment reported operating income of $30.2 million in the third quarter of 2025, compared to $26.2 million in the third quarter of 2024. Adjusted Gross Margin for the Logistics segment was $43.0 million in the third quarter of 2025, compared to $36.3 million in the same quarter of 2024.
Logistics segment Adjusted EBITDA was a record $37.3 million in the third quarter of 2025, compared to $33.0 million in the third quarter of 2024.
Liquidity
Net cash provided by operations totaled $219.4 million for the three months ended September 30, 2025, including working capital outflows of $(146.5) million and deferred turnaround expenditures of $0.5 million. Excluding these items, net cash provided by operations was $365.4 million for the three months ended September 30, 2025. Net cash provided by operations was $78.5 million for the three months ended September 30, 2024. Net cash used in investing activities totaled $(32.3) million for the three months ended September 30, 2025, consisting primarily of capital expenditures, compared to $(28.3) million for the three months ended September 30, 2024. Net cash used in financing activities totaled $(197.2) million for the three months ended September 30, 2025, compared to $(46.8) million for the three months ended September 30, 2024.
At September 30, 2025, Par Pacific's cash balance totaled $159.1 million. Gross term debt was $641.7 million and net term debt was $482.6 million at September 30, 2025. Total liquidity increased by approximately 14% during the quarter to $735.2 million at September 30, 2025.
The Company repurchased $16.4 million of common stock at a weighted average price of $31.57 per share during the third quarter of 2025.
Small Refinery Exemption
In August 2025, 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 2019-2024 compliance years. As a result of these actions, the Company recorded a gain of $195.9 million in Adjusted Net Income and $202.6 million in Adjusted EBITDA during the third quarter of 2025.
Laramie Energy
During the third quarter of 2025, Par Pacific recorded $8.2 million of equity earnings related to Laramie Energy, LLC ("Laramie"). Laramie's total net income was $14.3 million in the third quarter of 2025, including unrealized gains on derivatives of $10.3 million, compared to a net loss of $(4.2) million in the third quarter of 2024. Laramie's total Adjusted EBITDAX was $19.8 million in the third quarter of 2025, compared to $9.9 million in the third quarter of 2024.
NYSE Texas Dual Listing
Effective November 5, 2025, Par Pacific's common stock will be dual listed on NYSE Texas. The NYSE will remain Par Pacific's primary exchange, and Par Pacific will continue to trade under the ticker symbol "PARR" on both exchanges.
Conference Call Information
A conference call is scheduled for Wednesday, November 5, 2025 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 November 19, 2025, and may be accessed by calling 1-877-344-7529 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 2144945.
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 timing of renewable fuels production in Hawaii through the Hawaii Renewables, LLC joint venture as well as the commercial and other benefits anticipated from the 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, Israel-Palestine conflict, Houthi attacks in the Red Sea, Iranian activities 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)
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2025
2024
2025
2024
Revenues
$
2,012,936
$
2,143,933
$
5,651,410
$
6,142,236
Operating expenses
Cost of revenues (excluding depreciation)
1,453,697
1,905,200
4,606,536
5,422,875
Operating expense (excluding depreciation)
140,029
147,049
432,863
444,389
Depreciation and amortization
36,284
31,879
107,582
96,679
General and administrative expense (excluding depreciation)
24,242
22,399
72,133
87,322
Equity earnings from refining and logistics investments
(6,353
)
(3,008
)
(21,172
)
(12,846
)
Acquisition and integration costs
1,973
(23
)
1,973
68
Par West redevelopment and other costs
4,525
4,006
13,197
9,048
Loss (gain) on sale of assets, net
23
—
(1,202
)
114
Total operating expenses
1,654,420
2,107,502
5,211,910
6,047,649
Operating income
358,516
36,431
439,500
94,587
Other income (expense)
Interest expense and financing costs, net
(21,272
)
(23,402
)
(65,226
)
(61,720
)
Debt extinguishment and commitment costs
—
—
(25
)
(1,418
)
Other income (loss), net
(109
)
1,253
(643
)
(1,447
)
Equity earnings (losses) from Laramie Energy, LLC
8,202
(336
)
10,784
2,867
Total other expense, net
(13,179
)
(22,485
)
(55,110
)
(61,718
)
Income before income taxes
345,337
13,946
384,390
32,869
Income tax expense
(82,706
)
(6,460
)
(92,699
)
(10,496
)
Net income
$
262,631
$
7,486
$
291,691
$
22,373
Weighted-average shares outstanding
Basic
49,633
55,729
51,237
57,283
Diluted
50,897
56,224
51,883
58,070
Income per share
Basic
$
5.29
$
0.13
$
5.69
$
0.39
Diluted
$
5.16
$
0.13
$
5.62
$
0.39
Balance Sheet Data(Unaudited)
(in thousands)
September 30, 2025
December 31, 2024
Balance Sheet Data
Cash and cash equivalents
$
159,055
$
191,921
Working capital (1)
519,548
488,940
ABL Credit Facility
338,000
483,000
Term debt (2)
641,670
644,233
Total debt, including current portion
967,093
1,112,967
Total stockholders' equity
1,396,062
1,191,302
_______________________________________(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 EndedSeptember 30,
Nine Months EndedSeptember 30,
2025
2024
2025
2024
Total Refining Segment
Feedstocks Throughput (Mbpd)
197.7
198.4
186.9
186.3
Refined product sales volume (Mbpd)
208.6
216.2
199.3
200.2
Adjusted Gross Margin per bbl ($/throughput bbl) (1)
$
24.76
$
7.79
$
15.41
$
10.34
SRE impact
11.14
—
3.97
—
Adjusted Gross Margin excluding SRE impact
13.62
7.79
11.44
10.34
Production costs per bbl ($/throughput bbl) (2)
6.13
6.62
6.88
7.09
D&A per bbl ($/throughput bbl)
1.46
1.24
1.53
1.31
Hawaii Refinery
Feedstocks Throughput (Mbpd)
81.7
80.7
83.1
80.4
Yield (% of total throughput)
Gasoline and gasoline blendstocks
30.2
%
25.6
%
27.7
%
26.0
%
Distillates
39.2
%
38.3
%
38.2
%
38.1
%
Fuel oils
27.5
%
32.0
%
29.6
%
32.0
%
Other products
(0.1
)%
0.7
%
1.5
%
0.3
%
Total yield
96.8
%
96.6
%
97.0
%
96.4
%
Refined product sales volume (Mbpd)
87.9
93.5
88.3
87.8
Adjusted Gross Margin per bbl ($/throughput bbl) (1)
$
11.40
$
6.10
$
10.18
$
10.06
SRE impact
$
—
—
$
—
—
Adjusted Gross Margin excluding SRE impact
$
11.40
6.10
$
10.18
10.06
Production costs per bbl ($/throughput bbl) (2)
4.66
4.58
4.53
4.66
D&A per bbl ($/throughput bbl)
0.28
0.25
0.25
0.47
Montana Refinery
Feedstocks Throughput (Mbpd)
58.3
57.2
51.5
49.2
Yield (% of total throughput)
Gasoline and gasoline blendstocks
51.1
%
46.5
%
47.5
%
49.5
%
Distillates
32.4
%
34.7
%
31.9
%
31.7
%
Asphalt
8.1
%
11.0
%
10.8
%
9.3
%
Other products
4.2
%
4.0
%
3.9
%
4.4
%
Total yield
95.8
%
96.2
%
94.1
%
94.9
%
Refined product sales volume (Mbpd)
54.9
60.3
52.6
53.4
Adjusted Gross Margin per bbl ($/throughput bbl) (1)
$
27.41
$
12.42
$
18.50
$
14.15
SRE impact
$
10.75
—
$
4.10
—
Adjusted Gross Margin excluding SRE impact
$
16.66
12.42
$
14.40
14.15
Production costs per bbl ($/throughput bbl) (2)
8.76
11.61
10.89
13.16
D&A per bbl ($/throughput bbl)
2.43
1.82
2.51
1.69
Washington Refinery
Feedstocks Throughput (Mbpd)
38.6
41.1
39.3
37.9
Yield (% of total throughput)
Gasoline and gasoline blendstocks
22.1
%
23.6
%
23.2
%
24.0
%
Distillates
