Par Pacific(US:PARR) Globenewswire·2025-11-04 21:15Core 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]