Par Pacific Reports Fourth Quarter and 2025 Results

Financial Performance - Par Pacific reported a net income of $369.4 million, or $7.16 per diluted share, for the year ended December 31, 2025, a significant recovery from a net loss of $(33.3) million, or $(0.59) per diluted share, for 2024 [2][9] - Adjusted net income for 2025 was $390.1 million compared to $21.2 million in 2024, with adjusted EBITDA rising to $633.5 million from $238.7 million [2][9] - For the fourth quarter of 2025, net income was $77.7 million, or $1.53 per diluted share, compared to a net loss of $(55.7) million, or $(1.01) per diluted share, in the same quarter of 2024 [3][9] Refining Segment - The refining segment generated operating income of $487.0 million for the year ended December 31, 2025, including a Small Refinery Exemption (SRE) impact of $199.5 million, compared to $17.4 million in 2024 [4][5] - Adjusted gross margin for the refining segment was $1.0 billion in 2025, up from $618.3 million in 2024 [4][5] - Fourth quarter 2025 adjusted EBITDA for the refining segment was $87.6 million, compared to an adjusted net loss of $(22.3) million in the fourth quarter of 2024 [6][7] Hawaii Operations - The Hawaii Index averaged $15.38 per barrel in the fourth quarter of 2025, significantly higher than $5.52 per barrel in the same quarter of 2024 [8][10] - Hawaii refinery's throughput was 87 Mbpd in the fourth quarter of 2025, up from 83 Mbpd in the same quarter of 2024 [8] Retail Segment - The retail segment reported operating income of $74.7 million for the year ended December 31, 2025, compared to $64.8 million in 2024 [17] - Retail segment adjusted EBITDA was $85.9 million for 2025, an increase from $76.0 million in 2024 [18] - Fuel sales volumes for the retail segment were 122.8 million gallons in 2025, compared to 121.5 million gallons in 2024, with same store fuel volumes increasing by 1.6% [18] Logistics Segment - The logistics segment generated operating income of $97.6 million for the year ended December 31, 2025, compared to $89.4 million in 2024 [21][22] - Adjusted EBITDA for the logistics segment was $126.3 million for 2025, up from $120.2 million in 2024 [22] Liquidity and Capital Management - Net cash provided by operations totaled $445.3 million for the year ended December 31, 2025, compared to $83.8 million in 2024 [24] - The company repurchased 6.5 million shares in 2025, reducing shares outstanding by 10% [9][29] - As of December 31, 2025, Par Pacific's cash balance was $164.1 million, with total liquidity of $914.6 million [28]