Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Par Petroleum (PARR) - Par Petroleum currently holds a Momentum Style Score of A, indicating strong momentum potential [3] - The company has a Zacks Rank of 1 (Strong Buy), suggesting it is expected to outperform the market [4] Price Performance - PARR shares have increased by 2.93% over the past week, outperforming the Zacks Oil and Gas - Refining and Marketing industry, which rose by 1.3% [6] - Over the past month, PARR's price change is 22.03%, significantly higher than the industry's 7.65% [6] - In the last quarter, PARR shares have surged by 46.48%, and over the past year, they have gained 163.22%, while the S&P 500 has only increased by 7.7% and 15.35%, respectively [7] Trading Volume - PARR's average 20-day trading volume is 1,098,409 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, four earnings estimates for PARR have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $2.28 to $6.13 [10] - For the next fiscal year, four estimates have also moved upwards without any downward revisions [10] Conclusion - Given the strong price performance, positive earnings outlook, and high momentum score, PARR is positioned as a strong buy candidate for investors seeking momentum stocks [12]

Core Viewpoint - Par Pacific (PARR) is identified as a strong investment opportunity, currently holding a Zacks Rank 1 (Strong Buy) and a Value grade of A, indicating it is likely undervalued in the market [3][6]. Valuation Metrics - PARR has a P/E ratio of 9.61, which is lower than the industry average of 10.90. Over the past year, PARR's Forward P/E has fluctuated between 5.93 and 33.91, with a median of 15.56 [3]. - The P/B ratio for PARR is 1.57, compared to the industry's average P/B of 1.98. PARR's P/B has ranged from 0.58 to 1.63 over the past year, with a median of 0.80 [4]. - PARR's P/S ratio stands at 0.29, which is significantly lower than the industry's average P/S of 0.44, indicating strong revenue performance relative to its price [5]. Investment Outlook - The combination of PARR's attractive valuation metrics and a strong earnings outlook suggests that it is an impressive value stock at the moment, making it a compelling option for value investors [6].

Group 1: Market Overview - The third-quarter 2025 earnings season has positively impacted broader equity markets despite a prolonged government shutdown [1] - The Federal Reserve's recent rate cut marks the second reduction this year, which is expected to enhance borrowing and market liquidity, driving deal volumes and trading opportunities [1] - Concerns remain regarding the increasing valuations of AI firms [1] Group 2: Stock Recommendations - Individual investors may find it challenging to select appropriate stocks for impressive returns; thus, broker advice is recommended [2] - Broker-friendly stocks to monitor for healthy returns include Par Pacific Holdings (PARR), General Motors (GM), American Airlines (AAL), Allegiant Travel Company (ALGT), and Dana Incorporated (DAN) [2][7] Group 3: Stock Screening Methodology - A screening process has been designed to shortlist stocks based on improving analyst recommendations and upward estimate revisions over the last four weeks [3] - The price/sales ratio is included as a complementary valuation metric, focusing on the company's top line [3] Group 4: Screening Parameters - The screening parameters include net upgrades in analyst ratings, percentage change in earnings estimates, and price-to-sales ratio [4][5] - Stocks must have a current price greater than $5, an average daily volume exceeding 100,000 shares, and be among the top 3000 in market capitalization [5] Group 5: Company Highlights - Par Pacific operates an integrated energy platform with a refining capacity of 219,000 barrels per day and serves key western U.S. markets [6] - General Motors holds a 17% market share in the U.S. and has consistently beaten earnings estimates, with an average beat of 9% over the last four quarters [8][9] - American Airlines is benefiting from increased air travel demand and low fuel costs, expecting a 1% revenue increase in 2025 [10] - Allegiant Travel is capitalizing on buoyant air travel demand and aims to expand its fleet to 123 by the end of 2025 [11] - Dana Incorporated is focused on cost-reduction measures and efficiency gains, with an 84.2% upward revision in current-quarter earnings estimates [12]

Financial Performance - Net income for the three months ended September 30, 2025, increased to $262.6 million from $7.5 million for the same period in 2024, driven by a $321.8 million increase in refining segment operating income[164]. - Adjusted EBITDA for the three months ended September 30, 2025, was $372.5 million, a significant increase from $51.4 million in the same period of 2024, primarily due to a $308.1 million increase in refining segment Adjusted Gross Margin[165]. - For the nine months ended September 30, 2025, net income rose to $291.7 million from $22.4 million for the same period in 2024, reflecting a $314.6 million increase in refining segment operating income[167]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $520.5 million, compared to $227.7 million for the same period in 2024, with a $260.5 million increase in refining segment Adjusted Gross Margin contributing to this growth[168]. - Total revenues for the three months ended September 30, 2025, were $2.01 billion, a decrease of 6% compared to $2.14 billion for the same period in 2024[171]. - Revenues for the nine months ended September 30, 2025, decreased to $5,651.41 million, down 8% from $6,142.24 million in 2024[172]. - Operating income for the three months ended September 30, 2025, was $358.5 million, a significant increase from $36.4 million in the same period in 2024[171]. - Operating income for the nine months ended September 30, 2025, increased significantly to $439.50 million, compared to $94.59 million in 2024[172]. - Adjusted Gross Margin for the three months ended September 30, 2025, was $43,492 thousand, compared to $42,615 thousand in 2024, indicating an increase of 2.05%[194]. - Adjusted Gross Margin for the nine months ended September 30, 2025, reached $126,874 thousand, up from $121,295 thousand in 2024, marking a growth of 4.73%[195]. Costs and Expenses - The company recorded a $451.5 million decrease in the cost of revenues (excluding depreciation) for the three months ended September 30, 2025, compared to the same period in 2024[171]. - Cost of revenues (excluding depreciation) for the same period fell to $4,606.54 million, a decrease of 15% compared to $5,422.88 million in 2024[172]. - General and administrative expenses (excluding depreciation) decreased to $72.13 million in the nine months ended September 30, 2025, down 17% from $87.32 million in 2024[172]. - The company experienced a significant increase in income tax expense, which rose to $92.70 million for the nine months ended September 30, 2025, compared to $10.50 million in 2024, reflecting a 783% increase[172]. - Acquisition and integration costs surged to $1.97 million in the nine months ended September 30, 2025, compared to only $0.068 million in 2024, marking a 2801% increase[172]. - Interest expense and financing costs for the three months ended September 30, 2025, were $21.3 million, a decrease of $2.1 million compared to $23.4 million for the same period in 2024[231]. - Interest expense and financing costs for the nine months ended September 30, 2025, were $65.2 million, an increase of $3.5 million compared to $61.7 million for the same period in 2024[244]. Refining Segment Performance - Operating income for the refining segment for the three months ended September 30, 2025, was $340.77 million, compared to $19.01 million in 2024[173]. - Adjusted Gross Margin for refining for the three months ended September 30, 2025, was $450.3 million, an increase of $308.1 million compared to $142.2 million for the same period in 2024[214]. - Total refining segment feedstocks throughput for Q3 2025 was 197.7 Mbpd, a slight decrease from 198.4 Mbpd in Q3 2024[182]. - Adjusted gross margin per barrel for Q3 2025 increased to $24.76 from $7.79 in Q3 2024, reflecting a significant improvement[182]. - The total refined product sales volume for the refining segment in Q3 2025 was 208.6 Mbpd, down from 216.2 Mbpd in Q3 2024[182]. - The production costs per barrel for the total refining segment decreased to $8.76 in Q3 2025 from $11.61 in Q3 2024, reflecting cost management efforts[183]. Retail Segment Performance - Retail sales volumes for the three months ended September 30, 2025, were 31,755 thousand gallons, up from 31,232 thousand gallons in 2024, representing a growth of 1.67%[186]. - For the nine months ended September 30, 2025, retail sales volumes increased to 92,034 thousand gallons from 91,186 thousand gallons in 2024, reflecting a growth of 0.93%[186]. - Operating Income for the retail segment for the three months ended September 30, 2025, was $19,093 thousand, compared to $18,274 thousand in 2024, showing an increase of 4.48%[194]. - Operating Income for the retail segment for the nine months ended September 30, 2025, was $55,847 thousand, up from $45,323 thousand in 2024, representing a growth of 23.25%[195]. - Retail Adjusted Gross Margin for the nine months ended September 30, 2025, was $126.9 million, an increase of $5.6 million compared to $121.3 million for the same period in 2024[221]. Joint Ventures and Investments - The company formed a joint venture, Hawaii Renewables, LLC, with a 63.5% equity interest to develop a renewable fuels manufacturing facility, with a $100 million cash contribution from Alohi Renewable Energy LLC[157]. - Acquisition and integration costs for the nine months ended September 30, 2025, were $2.0 million, primarily related to the establishment of the renewable fuel facility joint venture[241]. Market Conditions - The average Brent crude oil price decreased to $69.93 per barrel for the nine months ended September 30, 2025, down from $81.82 per barrel for the same period in 2024[159]. - The average Brent crude oil price for Q3 2025 was $68.17, down from $78.71 in Q3 2024, reflecting market volatility[184]. - The combined market index for Q3 2025 was $14.72, significantly higher than $8.89 in Q3 2024, indicating improved market conditions[184]. Liquidity and Capital Structure - Liquidity position as of September 30, 2025, was $735.2 million, consisting of $159.1 million in cash and cash equivalents and $576.1 million available under the ABL Credit Facility[266]. - The company may seek to raise additional debt or equity capital to fund acquisitions and refinance existing debt[267]. - Total assets increased to $4,076,582 million as of September 30, 2025, up from $3,829,371 million as of December 31, 2024, representing a growth of approximately 6.5%[253][254]. - Cash and cash equivalents decreased to $159,055 million from $191,921 million, a decline of about 17%[253][254]. - Total stockholders' equity increased to $1,396,062 million from $1,191,302 million, reflecting a growth of approximately 17.2%[253][254]. Tax and Regulatory Matters - The company received a gain of $199.5 million in net income due to small refinery exemptions granted by the EPA for compliance years 2019 through 2024[156]. - The company recognized a non-cash deferred tax expense of $72.7 million for Q3 2025, compared to $5.7 million in Q3 2024, indicating a substantial increase in tax liabilities[197]. - Income tax expense for the nine months ended September 30, 2025, was $92.7 million, an increase of $82.2 million compared to $10.5 million for the same period in 2024, primarily related to higher pre-tax net income[249].

Financial Data and Key Metrics Changes - The company reported strong third quarter results with Adjusted EBITDA of $372 million and adjusted net income of $5.95 per share, reflecting a significant increase from previous quarters [3][11] - The refining segment generated Adjusted EBITDA of $338 million, a substantial rise from $108 million in the second quarter, driven by small refinery exemptions that contributed approximately $203 million [11][3] - Cash provided by operations was $219 million, with a working capital outflow of $147 million primarily due to higher RIN inventory [15] Business Line Data and Key Metrics Changes - The retail segment achieved Adjusted EBITDA of $22 million, slightly down from $23 million in the second quarter, but continues to outperform mid-cycle targets [14] - The logistics segment reached a record Adjusted EBITDA of $37 million, up $7 million from the second quarter, reflecting improved operations in Montana and Wyoming [14] Market Data and Key Metrics Changes - The combined throughput for the third quarter was 198,000 barrels per day, with Hawaii throughput at 82,000 barrels per day and a new monthly record of nearly 90,000 barrels per day set in September [8][9] - The fourth quarter combined index averaged $15.55 per barrel in October, an increase from the third quarter, driven by strong market conditions [3][13] Company Strategy and Development Direction - The company is expanding its development pipeline with new store openings in the Pacific Northwest and redevelopment opportunities in Hawaii [4] - Focus on low-capital, high-return projects to enhance mid-cycle earnings power, particularly in Montana [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market outlook, citing strong product margins due to tight supply and demand balances and geopolitical disruptions [3] - The company anticipates lower throughput and increased costs in the fourth quarter due to routine maintenance, with expected system-wide throughput between 184,000 and 193,000 barrels per day [9][10] Other Important Information - The company closed a joint venture with Mitsubishi and Neste for Hawaii Renewables, receiving $100 million in proceeds [6] - The balance sheet is strengthening, with gross term debt at $642 million, positioning the company at the low end of its leverage target [16] Q&A Session Summary Question: Washington capture lower than expectations - Management confirmed that the lower capture was primarily due to jet versus diesel dynamics, with expectations for improvement in the fourth quarter [19] Question: Turnaround schedule for 2026 - Management indicated planned turnarounds in Hawaii and Washington, with Wyoming's turnaround deferred [20] Question: Cash usage priorities - Management highlighted a focus on completing the Hawaii Renewables project while considering share repurchases [24] Question: Sustainability of Singapore margin strength - Management noted strong Singapore margins driven by tight inventories and geopolitical disruptions, with expectations for continued strength [26] Question: Q4 capture expectations - Management provided guidance for refining index and capture levels, with expectations for seasonal dynamics to impact results [30] Question: RINs and small refinery exemptions - Management stated they will pursue all opportunities for exemptions consistent with the law and are prepared for a range of outcomes [38][41] Question: Montana operating costs sustainability - Management expects seasonal improvements in operating costs but maintains a target of $10 per barrel for the Montana team [43]

Financial Data and Key Metrics Changes - The company reported strong third quarter results with adjusted EBITDA of $372 million and adjusted net income of $5.95 per share, reflecting a significant increase from previous quarters [3][10] - The earnings boost included approximately $200 million from small refinery exemptions, contributing to the overall financial performance [3][10] - Cash provided by operations was $219 million, with a working capital outflow of $147 million primarily due to higher RIN inventory [14] Business Line Data and Key Metrics Changes - The refining segment generated adjusted EBITDA of $338 million, a substantial increase from $108 million in the second quarter [10] - The logistics segment achieved a record adjusted EBITDA of $37 million, up $7 million from the second quarter, driven by higher system utilization [12] - The retail segment's adjusted EBITDA was $22 million, slightly down from $23 million in the second quarter, but marked the third consecutive quarter of record LTM retail adjusted EBITDA at $86 million [13] Market Data and Key Metrics Changes - The combined throughput for the third quarter was 198,000 barrels per day, with Hawaii throughput at 82,000 barrels per day and a new monthly record of nearly 90,000 barrels per day set in September [3][7] - The fourth quarter combined index averaged $15.55 per barrel in October, up from the third quarter, primarily driven by strength in the Singapore market [3][11] - Margin capture in Hawaii was reported at 111%, while Montana and Wyoming captured 93% and 91% respectively, reflecting a return to normal operations [10][11] Company Strategy and Development Direction - The company is expanding its development pipeline with new store openings and redevelopment opportunities, particularly in the Pacific Northwest and Hawaii [4][5] - Strategic objectives include low-capital, high-return projects to enhance the mid-cycle earnings power of the Billings asset [5] - The company is focused on completing the Hawaii SAF project and has formed a joint venture with Mitsubishi and Neste, receiving $100 million in proceeds [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market outlook, citing tight supply and demand balances and geopolitical disruptions driving product margins [3] - The company anticipates lower throughput and increased costs in the fourth quarter due to routine maintenance, with expected system-wide throughput between 184,000 and 193,000 barrels per day [8][9] - Management highlighted the strong balance sheet and operational momentum as key factors for pursuing growth and opportunistic share repurchases [6][15] Other Important Information - The company has a gross term debt of $642 million, positioning it at the low end of its leverage target [15] - The Hawaii Renewables joint venture is expected to bolster liquidity, alongside future monetization of excess RINs [15] Q&A Session Summary Question: Washington capture lower than expected - Management confirmed that the lower capture was primarily due to jet versus diesel dynamics, with expectations for improvement in the fourth quarter [18][19] Question: Turnaround schedule for 2026 - Management indicated planned turnarounds in Hawaii and Washington, with a deferral of the Wyoming turnaround [19] Question: Cash usage priorities - Management stated that the improving balance sheet allows for growth pursuits and share repurchases, with a focus on completing the Hawaii Renewables project [22][23] Question: Sustainability of Singapore margin strength - Management noted strong Singapore margins driven by tight inventories and geopolitical disruptions, with expectations for continued strength [25][26] Question: RINs from small refinery exemptions - Management expressed willingness to pursue additional opportunities for exemptions and emphasized flexibility in managing RIN lot liability [37][39] Question: Montana operating costs sustainability - Management expects seasonal improvements in operating costs but anticipates a return to the $10 per barrel target in the long term [41]

Core Insights - The company is experiencing strong operational and financial performance, with record throughput and improved margins driven by favorable market conditions and strategic initiatives [3][6][11]. Operational Performance - Third quarter throughput reached a record high of 198,000 barrels per day, with adjusted EBITDA of $372 million and adjusted net income of $5.95 per share [3][9]. - The refining segment generated adjusted EBITDA of $338 million, significantly up from $108 million in the previous quarter, aided by small refinery exemptions contributing approximately $200 million [9][10]. - The company achieved a new record low in refining production costs at $6.13 per barrel, with specific performance metrics in Hawaii, Wyoming, and Montana showing strong throughput and low production costs [6][7]. Market Conditions - Product margins are improving due to tight supply and demand balances, with the combined index averaging $15.55 per barrel in October, up nearly $1 from the third quarter [2][11]. - The Singapore 3-1-2 average was $20.52 per barrel in October, reflecting a significant increase of over $4 per barrel compared to the previous quarter [11][21]. Strategic Initiatives - The company is expanding its development pipeline with new projects in the Pacific Northwest and Hawaii, focusing on logistics flexibility, efficiency, and enhanced production capabilities [1][4]. - A joint venture with Mitsubishi and Ennios in Hawaii was closed, generating $100 million in proceeds, which is expected to bolster the company's financial position [4][15]. Financial Position - The balance sheet is strengthening, with quarter-end liquidity increasing by 14% to $735 million, positioning the company well for growth and opportunistic share repurchases [5][15]. - Cash provided by operations was $219 million, with expectations for further cash inflow from the Hawaii Renewables joint venture and monetization of excess RINs [13][19]. Future Outlook - The company anticipates lower throughput and increased costs in the fourth quarter due to routine maintenance, with expected system-wide throughput between 184,000 and 193,000 barrels per day [7][8]. - The market outlook remains optimistic, with strong demand for distillates and a focus on maximizing distillate yield across refineries [21][28].

Core Insights - Par Petroleum (PARR) reported quarterly earnings of $5.95 per share, significantly exceeding the Zacks Consensus Estimate of $1.98 per share, and compared to a loss of $0.1 per share a year ago, representing an earnings surprise of +200.51% [1] - The company posted revenues of $2.01 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 5.40%, although this is a decrease from year-ago revenues of $2.14 billion [2] - Par Petroleum shares have increased by approximately 151.4% since the beginning of the year, outperforming the S&P 500's gain of 16.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.43 on revenues of $1.81 billion, and for the current fiscal year, it is $3.89 on revenues of $7.36 billion [7] - The estimate revisions trend for Par Petroleum was favorable ahead of the earnings release, resulting in a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Oil and Gas - Refining and Marketing industry is currently ranked in the top 18% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - Another company in the same industry, Delek US Holdings (DK), is expected to report quarterly earnings of $0.14 per share, reflecting a year-over-year change of +109.7%, with a consensus EPS estimate revised 36.9% higher over the last 30 days [9]

Financial Performance - Par Pacific reported net income of $262.6 million, or $5.16 per diluted share, for Q3 2025, compared to $7.5 million, or $0.13 per diluted share, in Q3 2024[3]. - Adjusted Net Income for Q3 2025 was $302.6 million, including a small refinery exemption (SRE) impact of $195.9 million, compared to an Adjusted Net Loss of $(5.5) million in Q3 2024[3][7]. - Adjusted EBITDA for Q3 2025 was $372.5 million, including an SRE impact of $202.6 million, compared to $51.4 million in Q3 2024[3][7]. - Revenues for Q3 2025 were $2,012,936, a decrease of 6.1% from $2,143,933 in Q3 2024[29]. - Operating income increased significantly to $358,516 in Q3 2025, compared to $36,431 in Q3 2024, reflecting a substantial improvement in operational efficiency[29]. - Net income for the nine months ended September 30, 2025, was $291,691, up from $22,373 in the same period of 2024, indicating a strong recovery[29]. - Adjusted EBITDA for the nine months ended September 30, 2025, reached $520,456, compared to $227,727 for the same period in 2024, reflecting strong operational performance[46]. - Basic Adjusted Net Income per common share for the three months ended September 30, 2025, was $6.10, compared to a loss of $0.10 in the same period of 2024[49]. Segment Performance - The Refining segment reported operating income of $340.8 million in Q3 2025, including an SRE impact of $199.5 million, compared to $19.0 million in Q3 2024[5]. - Adjusted Gross Margin per barrel for the refining segment was $24.76 in Q3 2025, significantly higher than $7.79 in Q3 2024, indicating enhanced profitability[30]. - Adjusted Gross Margin for Refining, Logistics, and Retail segments for the three months ended September 30, 2025, was $450,315, $42,995, and $43,492 respectively, compared to $142,193, $36,284, and $42,615 for the same period in 2024, indicating significant growth[43]. - Operating Income for the Refining segment for the nine months ended September 30, 2025, was $397,368, up from $82,811 in 2024, showcasing a robust increase[44]. - The operating income for the Logistics segment for the nine months ended September 30, 2025, was $75,817, up from $64,579 in the same period of 2024, indicating an increase of about 19%[53]. Liquidity and Debt - Total liquidity increased by approximately 14% during the quarter to $735.2 million at September 30, 2025[20]. - Total debt decreased to $967,093 as of September 30, 2025, from $1,112,967 at the end of 2024, showing improved financial health[29]. - Working capital increased to $519,548 as of September 30, 2025, compared to $488,940 at the end of 2024, indicating better liquidity[29]. Market Conditions - The Hawaii Index averaged $10.27 per barrel in Q3 2025, compared to $4.49 per barrel in Q3 2024[8]. - The Montana Index, also introduced in 2025, showed an average of $17.99 in Q3 2025, up from $15.32 in Q3 2024, reflecting better local market conditions[36]. - The Washington Index reported an average of $16.66 in Q3 2025, compared to $4.47 in Q3 2024, highlighting improved market dynamics[36]. - The Wyoming Index averaged $19.87 in Q3 2025, an increase from $17.56 in Q3 2024, indicating positive trends in the Wyoming market[36]. - Crude oil prices for Brent averaged $68.17 in Q3 2025, down from $78.71 in Q3 2024, while WTI averaged $64.97 compared to $75.27 in the same period[33]. Operational Efficiency - The Hawaii Refinery achieved a total yield of 96.8% in Q3 2025, compared to 96.6% in Q3 2024, demonstrating consistent operational performance[32]. - Feedstocks throughput for the total refining segment was 197.7 Mbpd in Q3 2025, slightly down from 198.4 Mbpd in Q3 2024[30]. - Adjusted Gross Margin excluding SRE impact for the Montana Refinery was $16.66 in Q3 2025, up from $12.42 in Q3 2024, reflecting improved operational efficiency[32]. - The company recognized a non-cash deferred tax expense of $72.7 million for the three months ended September 30, 2025, related to deferred state and federal tax liabilities[46]. Stock and Acquisitions - Par Pacific repurchased $16.4 million of common stock at a weighted average price of $31.57 per share during Q3 2025[20]. - Par Pacific closed the Hawaii Renewables joint venture in October 2025, receiving cash proceeds of $100 million[4][7]. - The company incurred $1,973 in acquisition and integration costs for the three months ended September 30, 2025, compared to a loss of $23 in the same period of 2024[46]. - The acquisition and integration costs for Corporate and Other for the nine months ended September 30, 2025, were $1,973, compared to $68 in the same period of 2024, showing a substantial increase in expenses[53].

Core Insights - Par Pacific Holdings, Inc. reported a significant increase in net income for Q3 2025, reaching $262.6 million or $5.16 per diluted share, compared to $7.5 million or $0.13 per diluted share in Q3 2024 [2][10] - The company's Adjusted Net Income for Q3 2025 was $302.6 million, including a small refinery exemption (SRE) impact of $195.9 million, contrasting with an Adjusted Net Loss of $(5.5) million in the same quarter of 2024 [2][21] - The company achieved an Adjusted EBITDA of $372.5 million in Q3 2025, significantly up from $51.4 million in Q3 2024, driven by strong refining operations and retail contributions [2][3] Financial Performance - The Refining segment reported operating income of $340.8 million in Q3 2025, including an SRE impact of $199.5 million, compared to $19.0 million in Q3 2024 [4][5] - Adjusted Gross Margin for the Refining segment was $450.3 million in Q3 2025, up from $142.2 million in Q3 2024 [4] - The Retail segment reported operating income of $19.1 million in Q3 2025, slightly up from $18.3 million in Q3 2024, with Adjusted Gross Margin increasing to $43.5 million [15][16] Operational Highlights - The Hawaii Index averaged $10.27 per barrel in Q3 2025, significantly higher than $4.49 per barrel in Q3 2024, with throughput of 82 thousand barrels per day [6][7] - The Montana Index averaged $17.99 per barrel in Q3 2025, compared to $15.32 per barrel in Q3 2024, with throughput of 58 thousand barrels per day [8][9] - The Washington Index averaged $16.66 per barrel in Q3 2025, up from $4.47 per barrel in Q3 2024, with throughput of 39 thousand barrels per day [11][12] Cash Flow and Liquidity - Net cash provided by operations totaled $219.4 million for Q3 2025, with a significant increase from $78.5 million in Q3 2024 [18] - Total liquidity increased by approximately 14% during the quarter to $735.2 million as of September 30, 2025 [19] - The company repurchased $16.4 million of common stock at a weighted average price of $31.57 per share during Q3 2025 [20] Strategic Developments - The company closed on the Hawaii Renewables joint venture for $100 million in proceeds and is on track to complete construction of the renewable fuels unit this year [3] - Par Pacific's common stock will be dual listed on NYSE Texas effective November 5, 2025, while continuing to trade under the ticker symbol "PARR" on both exchanges [23]