[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of Par Pacific Holdings' strong Q2 2025 financial performance, strategic achievements, and capital allocation efforts [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) Par Pacific Holdings reported significantly improved financial results for Q2 2025 compared to Q2 2024, with net income more than tripling and Adjusted EBITDA increasing by 69% The company also highlighted record Hawaii refining throughput and a new joint venture | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :----------------------- | :---------- | :---------- | :----------- | | Net Income | $59.5 million | $18.6 million | +220% | | Diluted EPS | $1.17 | $0.32 | +266% | | Adjusted Net Income | $78.3 million | $28.5 million | +175% | | Adjusted EBITDA | $137.8 million| $81.6 million | +69% | - Repurchased **$28 million of common stock** at an average price of **$17.36 per share** during the second quarter, contributing to an **8% year-to-date reduction in shares outstanding**[4](index=4&type=chunk)[6](index=6&type=chunk)[18](index=18&type=chunk) - Achieved record Hawaii refining quarterly throughput of **88 thousand barrels per day (Mbpd)**[6](index=6&type=chunk) - Announced Hawaii Renewables joint venture with expected cash proceeds of **$100 million**[4](index=4&type=chunk)[6](index=6&type=chunk) - Successfully completed the Montana turnaround[4](index=4&type=chunk)[6](index=6&type=chunk) [CEO's Strategic Commentary](index=1&type=section&id=CEO%27s%20Strategic%20Commentary) President and CEO Will Monteleone highlighted strong operational and commercial execution, advancing key strategic priorities including the Montana turnaround, Hawaii SAF project, and the Hawaii Renewables joint venture The company also opportunistically reduced shares outstanding - Second quarter results reflected strong operational and commercial execution[4](index=4&type=chunk) - Advanced key strategic priorities, including completing the Montana turnaround and progressing construction of the Hawaii SAF project[4](index=4&type=chunk) - Announced the Hawaii Renewables joint venture at an attractive implied valuation with strategic partners, bringing strong commercial capabilities and expanded market access[4](index=4&type=chunk) - Opportunistically reduced shares outstanding by **3%** during the quarter, bringing total reductions to **8% year-to-date**[4](index=4&type=chunk) [Segment Performance Overview](index=1&type=section&id=Segment%20Performance%20Overview) This section details the financial and operational performance of Par Pacific's Refining, Retail, and Logistics segments for Q2 2025 [Refining Segment](index=1&type=section&id=Refining%20Segment) The Refining segment demonstrated strong growth in Q2 2025, with operating income more than doubling and Adjusted EBITDA increasing significantly year-over-year, driven by improved margins across most refineries | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------- | :---------- | :---------- | :----------- | | Operating Income | $81.3 million | $41.2 million | +97.3% | | Adjusted Gross Margin | $231.8 million| $176.6 million| +31.3% | | Adjusted EBITDA | $108.4 million| $60.1 million | +80.4% | | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Feedstocks throughput (Mbpd)| 186.6 | 179.8 | +3.8% | | Refined product sales (Mbpd)| 204.5 | 191.2 | +6.9% | | Adjusted Gross Margin ($/bbl)| $13.65 | $10.79 | +26.5% | | Production costs ($/bbl) | $7.20 | $7.04 | +2.3% | [Hawaii Refinery](index=1&type=section&id=Hawaii%20Refinery) The Hawaii refinery achieved record throughput and improved its Adjusted Gross Margin in Q2 2025, despite a net price lag impact | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Hawaii Index ($/bbl) | $8.57 | $7.41 | +15.6% | | Throughput (Mbpd) | 88 | 81 | +8.6% | | Production costs ($/bbl) | $4.18 | $4.50 | -7.2% | | Adjusted Gross Margin ($/bbl)| $10.18 | $10.07 | +1.1% | - Adjusted Gross Margin for Hawaii refinery included a net price lag impact of approximately **$(3.7) million**, or **$(0.46) per barrel**, in Q2 2025[7](index=7&type=chunk) [Montana Refinery](index=2&type=section&id=Montana%20Refinery) The Montana refinery significantly increased throughput and Adjusted Gross Margin in Q2 2025, benefiting from lower production costs | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Montana Index ($/bbl) | $20.29 | $19.15 | +6.0% | | Throughput (Mbpd) | 44 | 38 | +15.8% | | Production costs ($/bbl) | $14.18 | $16.18 | -12.3% | | Adjusted Gross Margin ($/bbl)| $22.30 | $16.89 | +32.0% | [Washington Refinery](index=2&type=section&id=Washington%20Refinery) The Washington refinery maintained stable throughput in Q2 2025, achieving a substantial increase in Adjusted Gross Margin | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Washington Index ($/bbl) | $15.37 | $7.25 | +112.0% | | Throughput (Mbpd) | 41 | 41 | 0.0% | | Production costs ($/bbl) | $3.73 | $3.66 | +1.9% | | Adjusted Gross Margin ($/bbl)| $11.47 | $4.67 | +145.6% | [Wyoming Refinery](index=2&type=section&id=Wyoming%20Refinery) The Wyoming refinery experienced a decrease in throughput and a significant rise in production costs in Q2 2025, yet improved its Adjusted Gross Margin | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Wyoming Index ($/bbl) | $21.41 | $17.45 | +22.7% | | Throughput (Mbpd) | 13 | 20 | -35.0% | | Production costs ($/bbl) | $14.50 | $7.08 | +104.8% | | Adjusted Gross Margin ($/bbl)| $18.57 | $14.74 | +26.0% | - Adjusted Gross Margin for Wyoming refinery included a FIFO impact of approximately **$0.9 million**, or **$0.74 per barrel**, in Q2 2025[13](index=13&type=chunk) [Retail Segment](index=2&type=section&id=Retail%20Segment) The Retail segment experienced solid growth in Q2 2025, with increased operating income, Adjusted Gross Margin, and Adjusted EBITDA, supported by higher sales volumes and improved same-store metrics | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------- | :---------- | :---------- | :----------- | | Operating Income | $20.8 million | $16.1 million | +29.2% | | Adjusted Gross Margin | $43.6 million | $41.6 million | +4.8% | | Adjusted EBITDA | $23.3 million | $18.7 million | +24.6% | | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Sales volumes (million gallons)| 30.8 | 30.5 | +1.0% | | Same store fuel volumes | +1.8% | N/A | N/A | | Inside sales revenue | +3.0% | N/A | N/A | [Logistics Segment](index=3&type=section&id=Logistics%20Segment) The Logistics segment also showed strong performance in Q2 2025, with notable increases in operating income, Adjusted Gross Margin, and Adjusted EBITDA compared to the prior year | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------- | :---------- | :---------- | :----------- | | Operating Income | $23.7 million | $18.0 million | +31.7% | | Adjusted Gross Margin | $34.4 million | $30.8 million | +11.7% | | Adjusted EBITDA | $29.8 million | $26.1 million | +14.2% | [Liquidity and Capital Allocation](index=3&type=section&id=Liquidity%20and%20Capital%20Allocation) This section outlines Par Pacific's cash flow, balance sheet position, and share repurchase activities, reflecting its financial health and capital management strategy [Cash Flow and Balance Sheet](index=3&type=section&id=Cash%20Flow%20and%20Balance%20Sheet) Par Pacific significantly improved its cash flow from operations in Q2 2025, moving from a net cash outflow in the prior year to a substantial inflow, while also increasing total liquidity and managing its debt | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :---------- | :---------- | :----------- | | Net cash provided by operations | $133.6 million| $(4.7) million| +$138.3 million| | Net cash used in investing activities| $(45.9) million| $(35.4) million| +$10.5 million| | Net cash used in financing activities| $(52.3) million| $(8.6) million| +$43.7 million| | Cash balance (as of June 30) | $169.2 million| N/A | N/A | | Gross term debt (as of June 30) | $640.7 million| N/A | N/A | | Net term debt (as of June 30) | $471.5 million| N/A | N/A | | Total liquidity (as of June 30) | $647.0 million| N/A | +23% (QoQ) | - Net cash provided by operations for Q2 2025 included working capital inflows of **$122.9 million** and deferred turnaround expenditures of **$(72.3) million**[17](index=17&type=chunk) [Share Repurchases](index=3&type=section&id=Share%20Repurchases) The company continued its share repurchase program, buying back $28 million of common stock during Q2 2025, contributing to a year-to-date reduction of 8% in shares outstanding - Repurchased **$28 million of common stock** at a weighted average price of **$17.36 per share** during the second quarter of 2025[6](index=6&type=chunk)[18](index=18&type=chunk) - Total shares outstanding reductions reached **8% year-to-date**[4](index=4&type=chunk) [Laramie Energy Performance](index=3&type=section&id=Laramie%20Energy%20Performance) This section reviews the financial contribution and operational metrics of Par Pacific's equity investment in Laramie Energy, LLC [Laramie Energy Performance](index=3&type=section&id=Laramie%20Energy%20Performance) Par Pacific's equity earnings from Laramie Energy, LLC improved significantly in Q2 2025, with Laramie Energy reporting net income compared to a net loss in the prior year, and an increase in Adjusted EBITDAX | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------- | :---------- | :---------- | :----------- | | Par Pacific Equity Earnings | $1.9 million | $(1.4) million| +$3.3 million| | Laramie Net Income | $0.5 million | $(6.5) million| +$7.0 million| | Laramie Adjusted EBITDAX| $12.4 million | $10.0 million | +24.0% | - Laramie's total net income in Q2 2025 included unrealized losses on derivatives of **$(0.9) million**[19](index=19&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of Par Pacific Holdings, including its business operations, upcoming conference call details, and important forward-looking statements [About Par Pacific](index=3&type=section&id=About%20Par%20Pacific) Par Pacific Holdings, Inc. is a Houston-based energy company focused on providing renewable and conventional fuels to the western United States, operating refining capacity across four locations and an extensive energy infrastructure network It also holds a significant stake in a natural gas production company - Headquartered in Houston, Texas, Par Pacific Holdings, Inc. is a growing energy company providing both renewable and conventional fuels to the western United States[21](index=21&type=chunk) - Owns and operates **219,000 bpd** of combined refining capacity across four locations: Hawaii, the Pacific Northwest, and the Rockies[21](index=21&type=chunk) - Manages an extensive energy infrastructure network, including **13 million barrels of storage**, and marine, rail, rack, and pipeline assets[21](index=21&type=chunk) - Operates the Hele retail brand in Hawaii and the 'nomnom' convenience store chain in the Pacific Northwest[21](index=21&type=chunk) - Owns **46%** of Laramie Energy, LLC, a natural gas production company with operations concentrated in Western Colorado[21](index=21&type=chunk)[22](index=22&type=chunk) [Conference Call Details](index=3&type=section&id=Conference%20Call%20Details) Par Pacific scheduled a conference call for August 6, 2025, to discuss its Q2 2025 financial results, with details provided for live access and replay - A conference call is scheduled for Wednesday, August 6, 2025, at **9:00 a.m. Central Time (10:00 a.m. Eastern Time)**[20](index=20&type=chunk) - Access details for the call and webcast are provided, along with information for a telephone replay available until **August 20, 2025**[20](index=20&type=chunk) [Forward-Looking Statements & Contact](index=4&type=section&id=Forward-Looking%20Statements%20%26%20Contact) The report includes a standard disclaimer regarding forward-looking statements, outlining various risks and uncertainties that could cause actual results to differ materially Contact information for investor relations is also provided - The news release contains forward-looking statements subject to risks, trends, and uncertainties, including market conditions, operational disruptions, environmental risks, and political/regulatory changes[23](index=23&type=chunk) - Investors are cautioned not to place undue reliance on these statements, which are current only as of the report date, and the company does not intend to update or revise them[23](index=23&type=chunk) - Contact for Investor Relations & Sustainability: Ashimi Patel Vitter at **(832) 916-3355** or **apatel@parpacific.com**[24](index=24&type=chunk) [Financial Statements (GAAP)](index=5&type=section&id=Financial%20Statements%20(GAAP)) This section presents Par Pacific's condensed consolidated statements of operations and balance sheet data in accordance with GAAP for the reported periods [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The condensed consolidated statements of operations show a significant increase in operating income and net income for both the three and six months ended June 30, 2025, compared to the same periods in 2024, despite a decrease in total revenues | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | | Revenues | $1,893,438 | $2,017,468 | | Total operating expenses | $1,796,678 | $1,968,827 | | Operating income | $96,760 | $48,641 | | Total other expense, net | $(20,413) | $(23,336) | | Income before income taxes | $76,347 | $25,305 | | Income tax expense | $(16,887) | $(6,667) | | Net income | $59,460 | $18,638 | | Diluted Income per share | $1.17 | $0.32 | | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Revenues | $3,638,474 | $3,998,303 | | Total operating expenses | $3,557,490 | $3,940,147 | | Operating income | $80,984 | $58,156 | | Total other expense, net | $(41,931) | $(39,233) | | Income before income taxes | $39,053 | $18,923 | | Income tax expense | $(9,993) | $(4,036) | | Net income | $29,060 | $14,887 | | Diluted Income per share | $0.55 | $0.25 | [Balance Sheet Data](index=5&type=section&id=Balance%20Sheet%20Data) As of June 30, 2025, Par Pacific maintained a healthy cash balance and managed its debt levels, though working capital and total stockholders' equity saw a decrease compared to December 31, 2024 | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------ | :------------ | :---------------- | | Cash and cash equivalents | $169,195 | $191,921 | | Working capital | $347,968 | $488,940 | | ABL Credit Facility | $485,000 | $483,000 | | Term debt | $640,653 | $644,233 | | Total debt | $1,112,473 | $1,112,967 | | Total stockholders' equity| $1,148,415 | $1,191,302 | [Operating Statistics](index=7&type=section&id=Operating%20Statistics) This section provides detailed operational metrics for Par Pacific's refining and retail segments, along with market indices and crude oil prices [Total Refining Segment Statistics](index=7&type=section&id=Total%20Refining%20Segment%20Statistics) The total refining segment saw increased throughput and refined product sales volumes in Q2 2025, alongside a significant improvement in Adjusted Gross Margin per barrel, despite a slight rise in production costs | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Feedstocks throughput (Mbpd)| 186.6 | 179.8 | +3.8% | | Refined product sales (Mbpd)| 204.5 | 191.2 | +6.9% | | Adjusted Gross Margin ($/bbl)| $13.65 | $10.79 | +26.5% | | Production costs ($/bbl) | $7.20 | $7.04 | +2.3% | | D&A per bbl ($/throughput bbl)| $1.47 | $1.33 | +10.5% | [Refinery Specific Operating Data](index=7&type=section&id=Refinery%20Specific%20Operating%20Data) Detailed operating statistics for individual refineries show varied performance, with Hawaii and Montana increasing throughput and improving production costs, while Wyoming's throughput decreased and production costs rose significantly Washington maintained throughput with a substantial increase in Adjusted Gross Margin | Refinery | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :--------- | :-------------------------- | :------ | :------ | :----------- | | **Hawaii** | Feedstocks throughput (Mbpd)| 88.1 | 81.0 | +8.8% | | | Production costs ($/bbl) | $4.18 | $4.50 | -7.1% | | | Adjusted Gross Margin ($/bbl)| $10.18 | $10.07 | +1.1% | | **Montana**| Feedstocks Throughput (Mbpd)| 44.2 | 37.7 | +17.2% | | | Production costs ($/bbl) | $14.18 | $16.18 | -12.3% | | | Adjusted Gross Margin ($/bbl)| $22.30 | $16.89 | +32.0% | | **Washington**| Feedstocks throughput (Mbpd)| 40.8 | 41.2 | -1.0% | | | Production costs ($/bbl) | $3.73 | $3.66 | +1.9% | | | Adjusted Gross Margin ($/bbl)| $11.47 | $4.67 | +145.6% | | **Wyoming**| Feedstocks throughput (Mbpd)| 13.5 | 19.9 | -32.1% | | | Production costs ($/bbl) | $14.50 | $7.08 | +104.8% | | | Adjusted Gross Margin ($/bbl)| $18.57 | $14.74 | +26.0% | [Market Indices and Crude Oil Prices](index=8&type=section&id=Market%20Indices%20and%20Crude%20Oil%20Prices) Par Pacific's regional indices and market cracks generally improved in Q2 2025 compared to Q2 2024, indicating stronger market conditions for refined products, while benchmark crude oil prices (Brent and WTI) decreased | Index | Q2 2025 ($/bbl) | Q2 2024 ($/bbl) | Change (YoY) | | :---------------- | :-------------- | :-------------- | :----------- | | Hawaii Index | $8.57 | $7.41 | +15.6% | | Montana Index | $20.29 | $19.15 | +6.0% | | Washington Index | $15.37 | $7.25 | +112.0% | | Wyoming Index | $21.41 | $17.45 | +22.7% | | Combined Index | $13.76 | $10.95 | +25.7% | | Market Crack | Q2 2025 ($/bbl) | Q2 2024 ($/bbl) | Change (YoY) | | :----------------------- | :-------------- | :-------------- | :----------- | | Singapore 3.1.2 Product Crack | $13.56 | $12.49 | +8.6% | | Montana 6.3.2.1 Product Crack | $29.00 | $25.50 | +13.7% | | Washington 3.1.1.1 Product Crack| $24.16 | $15.76 | +53.3% | | Wyoming 2.1.1 Product Crack | $22.68 | $19.33 | +17.3% | | Crude Oil Price | Q2 2025 ($/bbl) | Q2 2024 ($/bbl) | Change (YoY) | | :---------------- | :-------------- | :-------------- | :----------- | | Brent | $66.71 | $85.03 | -21.5% | | WTI | $63.68 | $80.66 | -21.1% | - Beginning in 2025, new regional indices (Hawaii, Montana, Washington, Wyoming, Combined) and updated crude oil prices/differentials were established to better reflect key drivers impacting refinery financial performance and feedstock costs[30](index=30&type=chunk)[31](index=31&type=chunk)[37](index=37&type=chunk) [Retail Sales Volumes](index=9&type=section&id=Retail%20Sales%20Volumes) Retail sales volumes showed a modest increase for both the three and six months ended June 30, 2025, compared to the prior year | Metric | Q2 2025 (thousands of gallons) | Q2 2024 (thousands of gallons) | Change (YoY) | | :-------------------- | :----------------------------- | :----------------------------- | :----------- | | Retail sales volumes | 30,848 | 30,523 | +1.1% | | Metric | H1 2025 (thousands of gallons) | H1 2024 (thousands of gallons) | Change (YoY) | | :-------------------- | :----------------------------- | :----------------------------- | :----------- | | Retail sales volumes | 60,279 | 59,953 | +0.5% | [Non-GAAP Financial Measures & Reconciliations](index=10&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section defines and reconciles Par Pacific's non-GAAP financial measures, offering a clearer view of underlying operational performance [Non-GAAP Definitions and Rationale](index=10&type=section&id=Non-GAAP%20Definitions%20and%20Rationale) Par Pacific utilizes several non-GAAP financial measures, including Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA, to provide investors with a clearer view of operational performance by excluding volatile commodity prices, non-cash items, and certain non-operating expenses Definitions and calculation methodologies have been updated for improved comparability - Non-GAAP measures are used to evaluate operating performance and allocate resources, providing supplemental information to GAAP measures[32](index=32&type=chunk) - Adjusted Gross Margin eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences to demonstrate earnings potential[33](index=33&type=chunk) - Adjusted Net Income (Loss) and Adjusted EBITDA assess financial performance without regard to financing methods, capital structure, or historical cost basis[34](index=34&type=chunk) - Effective Q1 2024, Adjusted Net Income (loss) excludes other non-operating income and expenses for better comparability[35](index=35&type=chunk) - Effective Q4 2024, definitions of Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA were modified to align accounting treatment for deferred turnaround costs from refining and logistics investments[36](index=36&type=chunk) [Adjusted Gross Margin Reconciliation](index=11&type=section&id=Adjusted%20Gross%20Margin%20Reconciliation) Reconciliations show how Adjusted Gross Margin is derived from Operating Income for the Refining, Logistics, and Retail segments, highlighting adjustments for operating expenses, D&A, inventory valuation, and unrealized gains/losses on derivatives | Metric (in thousands) | Refining (Q2 2025) | Logistics (Q2 2025) | Retail (Q2 2025) | | :-------------------------------- | :------------------- | :------------------ | :--------------- | | Operating income | $81,320 | $23,741 | $20,793 | | Operating expense (excl. D&A) | $123,597 | $4,797 | $20,286 | | Depreciation and amortization | $24,919 | $6,530 | $2,510 | | Inventory valuation adjustment | $28,530 | — | — | | Unrealized gain on commodity derivatives| $(28,815) | — | — | | **Adjusted Gross Margin** | **$231,780** | **$34,402** | **$43,589** | | Metric (in thousands) | Refining (Q2 2024) | Logistics (Q2 2024) | Retail (Q2 2024) | | :-------------------------------- | :------------------- | :------------------ | :--------------- | | Operating income | $41,206 | $18,041 | $16,053 | | Operating expense (excl. D&A) | $116,509 | $4,701 | $22,870 | | Depreciation and amortization | $21,691 | $7,193 | $2,675 | | Inventory valuation adjustment | $(21,101) | — | — | | Unrealized loss on commodity derivatives| $21,141 | — | — | | **Adjusted Gross Margin** | **$176,603** | **$30,759** | **$41,598** | [Adjusted Net Income (Loss) and Adjusted EBITDA Reconciliation](index=14&type=section&id=Adjusted%20Net%20Income%20(Loss)%20and%20Adjusted%20EBITDA%20Reconciliation) The reconciliation tables demonstrate the calculation of Adjusted Net Income and Adjusted EBITDA from GAAP Net Income, adjusting for various non-cash items, non-operating expenses, and timing differences to provide a clearer view of core profitability | Metric (in thousands) | Q2 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | | Net income | $59,460 | $18,638 | | Inventory valuation adjustment | $28,530 | $(21,101)| | Unrealized loss (gain) on derivatives| $(28,166)| $21,104 | | Par West redevelopment and other costs| $4,690 | $3,071 | | Changes in valuation allowance and other deferred tax items| $15,473 | $6,162 | | **Adjusted Net Income** | **$78,291**| **$28,544**| | Depreciation and amortization | $34,712 | $32,144 | | Interest expense and financing costs, net| $21,457 | $20,471 | | **Adjusted EBITDA** | **$137,829**| **$81,601**| | Metric (in thousands) | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | | Net income | $29,060 | $14,887 | | Inventory valuation adjustment | $16,843 | $(20,476)| | Unrealized loss (gain) on derivatives| $(37,523)| $64,952 | | Par West redevelopment and other costs| $8,672 | $5,042 | | Changes in valuation allowance and other deferred tax items| $8,579 | $3,531 | | **Adjusted Net Income** | **$27,970**| **$70,212**| | Depreciation and amortization | $71,298 | $64,800 | | Interest expense and financing costs, net| $43,220 | $39,199 | | **Adjusted EBITDA** | **$147,975**| **$176,299**| | Metric | Q2 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | | Basic Adjusted Net Income per share| $1.55 | $0.50 | | Diluted Adjusted Net Income per share| $1.54 | $0.49 | [Adjusted EBITDA by Segment Reconciliation](index=17&type=section&id=Adjusted%20EBITDA%20by%20Segment%20Reconciliation) Segment-specific Adjusted EBITDA reconciliations provide a detailed view of each segment's economic performance by adjusting operating income for D&A, inventory valuation, environmental obligations, and other non-operating items | Metric (in thousands) | Refining (Q2 2025) | Logistics (Q2 2025) | Retail (Q2 2025) | Corporate and Other (Q2 2025) | | :-------------------------------- | :------------------- | :------------------ | :--------------- | :---------------------------- | | Operating income (loss) by segment| $81,320 | $23,741 | $20,793 | $(29,094) | | Depreciation and amortization | $24,919 | $6,530 | $2,510 | $753 | | Inventory valuation adjustment | $28,530 | — | — | — | | Unrealized gain on commodity derivatives| $(28,815) | — | — | — | | Par West redevelopment and other costs| — | — | — | $4,690 | | **Adjusted EBITDA** | **$108,384** | **$29,798** | **$23,347** | **$(23,700)** | | Metric (in thousands) | Refining (Q2 2024) | Logistics (Q2 2024) | Retail (Q2 2024) | Corporate and Other (Q2 2024) | | :-------------------------------- | :------------------- | :------------------ | :--------------- | :---------------------------- | | Operating income (loss) by segment| $41,206 | $18,041 | $16,053 | $(26,659) | | Depreciation and amortization | $21,691 | $7,193 | $2,675 | $585 | | Inventory valuation adjustment | $(21,101) | — | — | — | | Unrealized loss on commodity derivatives| $21,141 | — | — | — | | Par West redevelopment and other costs| — | — | — | $3,071 | | **Adjusted EBITDA** | **$60,094** | **$26,058** | **$18,728** | **$(23,279)** | [Laramie Energy Adjusted EBITDAX Reconciliation](index=19&type=section&id=Laramie%20Energy%20Adjusted%20EBITDAX%20Reconciliation) The reconciliation for Laramie Energy's Adjusted EBITDAX from net income (loss) highlights adjustments for commodity derivatives, interest expense, and DDA, providing insight into the operational performance of the natural gas production company | Metric (in thousands) | Q2 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | | Net income (loss) | $527 | $(6,466)| | Commodity derivative (income) loss| $(3,356)| $(4,560)| | Gain (loss) on settled derivative instruments| $4,243 | $7,815 | | Interest expense and loan fees | $4,712 | $4,908 | | Depreciation, depletion, amortization, and accretion| $8,171 | $8,788 | | **Total Adjusted EBITDAX** | **$12,379**| **$10,024**| | Metric (in thousands) | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | | Net income (loss) | $(539) | $(57) |\ | Commodity derivative (income) loss| $6,501 | $(10,587)|\ | Gain (loss) on settled derivative instruments| $(1,455)| $8,636 |\ | Interest expense and loan fees | $9,323 | $10,038 |\n| Depreciation, depletion, amortization, and accretion| $15,970 | $16,555 |\ | **Total Adjusted EBITDAX** | **$26,464**| **$24,864**|

Core Insights - Par Petroleum (PARR) reported quarterly earnings of $1.54 per share, significantly exceeding the Zacks Consensus Estimate of $0.74 per share, and up from $0.49 per share a year ago, representing an earnings surprise of +108.11% [1] - The company achieved revenues of $1.89 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 17.17%, although this is a decrease from $2.02 billion in the same quarter last year [2] - Par Petroleum's stock has increased approximately 86.3% year-to-date, outperforming the S&P 500's gain of 7.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.07 on revenues of $1.73 billion, while for the current fiscal year, the estimate is $1.47 on revenues of $6.78 billion [7] - The earnings outlook will be influenced by management's commentary during the earnings call, which is crucial for assessing future stock performance [3][4] Industry Context - The Oil and Gas - Refining and Marketing industry, to which Par Petroleum belongs, is currently ranked in the bottom 39% of over 250 Zacks industries, indicating potential challenges ahead [8] - Historical data suggests that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than a factor of 2 to 1, highlighting the importance of industry performance on individual stock outcomes [8]

Financial Performance - Par Pacific reported net income of $59.5 million, or $1.17 per diluted share, for Q2 2025, compared to $18.6 million, or $0.32 per diluted share, in Q2 2024 [2][10] - Adjusted Net Income for Q2 2025 was $78.3 million, up from $28.5 million in Q2 2024 [2] - Adjusted EBITDA for Q2 2025 was $137.8 million, a 69% increase from $81.6 million in Q2 2024 [2] Operational Highlights - The Refining segment reported operating income of $81.3 million in Q2 2025, compared to $41.2 million in Q2 2024 [4] - Adjusted Gross Margin for the Refining segment was $231.8 million in Q2 2025, up from $176.6 million in Q2 2024 [4] - Hawaii refinery achieved record throughput of 88 thousand barrels per day (Mbpd) in Q2 2025, compared to 81 Mbpd in Q2 2024 [10] Segment Performance - Hawaii Index averaged $8.57 per barrel in Q2 2025, compared to $7.41 per barrel in Q2 2024 [5][29] - Montana Index averaged $20.29 per barrel in Q2 2025, up from $19.15 per barrel in Q2 2024 [7][29] - Washington Index averaged $15.37 per barrel in Q2 2025, compared to $7.25 per barrel in Q2 2024 [9][29] - Wyoming Index averaged $21.41 per barrel in Q2 2025, up from $17.45 per barrel in Q2 2024 [12][29] Strategic Initiatives - Successful completion of the Montana turnaround and progress on the Hawaii SAF project [3] - Announcement of the Hawaii Renewables joint venture with expected cash proceeds of $100 million [10] - Opportunistic reduction of shares outstanding by 3% during the quarter, totaling 8% year-to-date [3] Liquidity and Capital Management - Net cash provided by operations totaled $133.6 million for Q2 2025, including working capital inflows of $122.9 million [17] - Total liquidity increased by 23% during the quarter to $647.0 million at June 30, 2025 [18] - Company repurchased $28 million of common stock at an average price of $17.36 per share during Q2 2025 [10][18]

Company Overview - Par Petroleum (PARR) is expected to report a year-over-year increase in earnings of +51% with an EPS of $0.74, despite a revenue decline of 19.9% to $1.62 billion for the quarter ended June 2025 [3][12] - The consensus EPS estimate has been revised 42.03% higher over the last 30 days, indicating a positive reassessment by analysts [4] Earnings Expectations - The upcoming earnings report is anticipated to be released on August 5, with stock movement likely depending on whether actual results exceed or fall short of expectations [2][12] - A positive Earnings ESP reading is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank of 1, 2, or 3 [10] Historical Performance - Par Petroleum has beaten consensus EPS estimates three out of the last four quarters, although it recently reported a loss of -$0.94 per share against an expected loss of -$0.77, resulting in a surprise of -22.08% [13][14] Industry Context - HF Sinclair (DINO), another player in the oil and gas refining and marketing industry, is expected to report an EPS of $1.09, reflecting a year-over-year change of +39.7%, with revenues projected at $7.2 billion, down 8.2% [18][19] - Similar to Par Petroleum, HF Sinclair has an Earnings ESP of 0% and a Zacks Rank of 3, making it difficult to predict an earnings beat [20]

Core Viewpoint - Par Pacific Holdings, Mitsubishi Corporation, and ENEOS Corporation have established a joint venture named Hawaii Renewables to produce renewable fuels at Par Pacific's refinery in Kapolei, Hawaii, with Mitsubishi and ENEOS acquiring a 36.5% stake for $100 million [1][2][4]. Group 1: Joint Venture Details - Hawaii Renewables will utilize Par Pacific's existing refining and logistics infrastructure and advanced pretreatment technology from Lutros, LLC, with construction underway and expected completion by the end of the year [2][3]. - The facility will be the largest renewable fuels manufacturing site in Hawaii, projected to produce approximately 61 million gallons per year of renewable diesel, sustainable aviation fuel, renewable naphtha, and low carbon liquefied petroleum gases [2][3]. Group 2: Production and Environmental Impact - The facility is designed to produce up to 60% sustainable aviation fuel as an initial step towards decarbonizing Hawaii's air travel market, with the capability to process various feedstocks and adjust yields based on market conditions [3]. - The renewable fuels produced will help reduce greenhouse gas emissions while ensuring a reliable supply of transportation and utility fuels for Hawaii consumers [3]. Group 3: Strategic Partnership Benefits - The partnership combines Par Pacific's West Coast and Pacific asset base with Mitsubishi's global business capabilities, including access to its Petro-Diamond Inc. Terminal in Long Beach, California, and expertise in global feedstock procurement [4]. - ENEOS will enhance the partnership by leveraging its experience in fuel refining and trading across Asia-Pacific and North America, contributing to the initiative's success [4][5]. Group 4: Company Backgrounds - Par Pacific Holdings operates 219,000 barrels per day of refining capacity across four locations and has an extensive energy infrastructure network, including 13 million barrels of storage [6]. - Mitsubishi Corporation is a global integrated business enterprise with operations across various industries, including Environmental Energy and Power Solution [7][8]. - ENEOS Corporation is Japan's leading energy company, focusing on refining and marketing petroleum products while aiming for a carbon-neutral society through energy transition [9].

Company Overview - Par Pacific Holdings, Inc. is a growing energy company headquartered in Houston, Texas, providing both renewable and conventional fuels to the western United States [4] - The company owns and operates 219,000 barrels per day (bpd) of combined refining capacity across four locations in Hawaii, the Pacific Northwest, and the Rockies [4] - Par Pacific has an extensive energy infrastructure network, including 13 million barrels of storage and various transportation assets such as marine, rail, rack, and pipeline [4] - The company operates the Hele retail brand in Hawaii and the "nomnom" convenience store chain in the Pacific Northwest [4] - Par Pacific also holds a 46% stake in Laramie Energy, LLC, a natural gas production company focused on Western Colorado [4] Upcoming Financial Events - Par Pacific will release its second quarter 2025 results after the New York Stock Exchange closes on August 5, 2025 [1] - A conference call for investors is scheduled for August 6, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern) [2] - The live audio webcast and related presentation materials will be available on Par Pacific's website [2] Replay Information - A replay of the conference call will be available shortly after the call, accessible by dialing the provided toll-free numbers [3] - The passcode for the replay is 7519957, and it will be available until August 20, 2025 [3]

Company Overview - Par Pacific is a growing energy company focused on renewable and conventional fuels in the western United States[10] - The company has an integrated logistics network with 13 million barrels (MMbbls) of storage capacity[10] - Par Pacific's system-wide refining capacity is 219,000 barrels per day (bpd)[10, 19] - The company owns a 46% interest in Laramie Energy, a natural gas E&P company[10] - As of December 31, 2024, Par Pacific had approximately $1 billion in federal tax attributes[10] Refining Segment - Par Pacific's system-wide distillate & low sulfur fuel oil (LSFO) yield is 52%[22, 25] - The company has up to 20% system-wide exposure to Western Canadian Select (WCS) heavy crude[22] - The Hawaii refinery has a crude capacity of 94,000 bpd, Montana 63,000 bpd, Washington 42,000 bpd, and Wyoming 20,000 bpd[19] Retail & Logistics Segments - The Retail & Logistics segments' Adjusted EBITDA has been growing, reaching $81 million and $122 million respectively for the Last Twelve Months (LTM) ending March 31, 2025[39, 40] - The company has 87 retail locations in Hawaii and 32 in the Pacific Northwest[38] Capital Expenditure and Turnarounds - The company's 2024 actual capital expenditures were $209 million[44] - The company is executing approximately $90 million investment in Hawaii to produce renewable fuels[48] Financial Position - As of March 31, 2025, Par Pacific's total liquidity was $525 million[50] - As of March 31, 2025, the Term Debt / LTM Retail & Logistics Adjusted EBITDA ratio was 32x, with a target of 3-4x[55]

After reaching an important support level, Par Pacific Holdings, Inc. (PARR) could be a good stock pick from a technical perspective. PARR recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-t ...

28 May 2025 | 4:05AM EDT Par Pacific Holdings (PARR) Lower to Neutral After Recent Relative and Absolute Performance; Prefer Buy-Rated VLO, MPC, DINO | PARR | | --- | | 6m Price Target: $19.00 | | Price: $22.47 | | Downside: 15.4% | Following recent share outperformance, we are downgrading Par Pacific Holdings (PARR) from Buy to Neutral. While we remain constructive on the refining sector (supported by increased OPEC+ production and tightening refining supply/demand dynamics), we continue to be selective in ...

Core Insights - Par Petroleum reported $1.75 billion in revenue for Q1 2025, a year-over-year decline of 11.9%, with an EPS of -$0.94 compared to $0.69 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $1.6 billion by 8.77%, while the EPS fell short of the consensus estimate of -$0.77 by 22.08% [1] Financial Performance - Total refining feedstocks throughput was 176,000 million barrels per day, surpassing the average estimate of 174,703.3 million barrels per day [4] - Hawaii refinery throughput was 79.4 million barrels per day, slightly below the estimate of 80.58 million barrels per day [4] - Montana refinery throughput was 51.7 million barrels per day, exceeding the estimate of 50.07 million barrels per day [4] - Wyoming refinery throughput was 6.3 million barrels per day, above the estimate of 6 million barrels per day [4] - Washington refinery throughput was 38.6 million barrels per day, slightly above the estimate of 38.07 million barrels per day [4] Revenue Breakdown - Refining revenues were $1.69 billion, exceeding the average estimate of $1.48 billion, representing a year-over-year decline of 12.5% [4] - Retail revenues were $136.43 million, below the average estimate of $142.34 million, with a year-over-year decline of 2.6% [4] - Logistics revenues were $71.42 million, surpassing the average estimate of $61.38 million, with a year-over-year change of -0.6% [4] EBITDA Metrics - Adjusted EBITDA for refining was -$14.29 million, significantly below the average estimate of $6.05 million [4] - Adjusted EBITDA for logistics was $29.67 million, slightly above the average estimate of $28 million [4] - Adjusted EBITDA for retail was $18.62 million, below the average estimate of $19.90 million [4] Stock Performance - Par Petroleum shares returned +31.1% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]