Financial Data and Key Metrics Changes - Full-year Adjusted EBITDA was $634 million, with Adjusted net income at $7.56 per share, indicating a strong performance for the year [3][13] - Fourth quarter Adjusted EBITDA was $113 million, and Adjusted net income was $60 million, or $1.17 per share [13] - Liquidity improved by 49% to approximately $915 million, with shares outstanding reduced by 10% [7][19] Business Line Data and Key Metrics Changes - The refining segment generated $88 million of Adjusted EBITDA in the fourth quarter, down from $135 million in the third quarter [13][14] - Logistics segment Adjusted EBITDA was $30 million in the fourth quarter, compared to $37 million in the third quarter, with full-year logistics Adjusted EBITDA reaching a record $126 million [17] - Retail achieved a record $86 million in Adjusted EBITDA for the full year, up from $76 million in 2024 [18] Market Data and Key Metrics Changes - Combined refining index averaged $13.13 per barrel in the fourth quarter, down approximately $1.60 from the prior quarter [14] - Hawaii throughput averaged 84,000 barrels per day, approximately 4% above the prior three-year average [4] - Fourth quarter throughput in Hawaii was strong at 87,000 barrels per day, while Washington throughput was 37,000 barrels per day [10] Company Strategy and Development Direction - The company aims to improve mid-cycle earnings contribution through targeted high-return projects and maintain disciplined capital allocation [8] - Focus on safe startup and operational stability of the Hawaii renewables unit, with expectations for steady-state performance [6][8] - Strategy includes enhancing logistics integration, increasing distillate yield, and lowering cost structure to strengthen durability [8] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive medium-term economic outlook, citing improvements in policy backdrop [7] - The company is positioned to expand earnings power and drive long-term shareholder value, despite cyclical refining markets [8] - Management emphasized the importance of operational reliability and safety as foundational to financial success [4] Other Important Information - The company executed a successful turnaround in Montana and restored Wyoming operations ahead of schedule [4][10] - Cash from operations for the full year was $568 million, with significant cash generation supporting liquidity [19] - The company plans to monetize excess RIN inventory and is progressing on the redevelopment of Hawaii land [19][31] Q&A Session Summary Question: Capital allocation and share repurchases - Management indicated a flexible approach to capital allocation, considering both share repurchases and internal growth opportunities [23] Question: Q4 capture rates and outlook - Management explained that lower capture rates in the Rockies were due to coker downtime and a regional power outage impacting Wyoming [24][25] Question: External growth opportunities - Management discussed potential for retail integration and small acquisitions, emphasizing a disciplined approach to growth [28] Question: Sensitivity to WCS differential - Management noted that every dollar of WCS differential is worth around $15 million to $16 million annually, with favorable conditions expected [35][36]

Financial Data and Key Metrics Changes - Full-year adjusted EBITDA was $634 million, with adjusted net income at $7.56 per share, indicating a strong performance for the year [3][13] - Fourth quarter adjusted EBITDA was $113 million, and adjusted net income was $60 million, or $1.17 per share [13] - Liquidity improved by 49% to approximately $915 million, with shares outstanding reduced by 10% [7][19] Business Line Data and Key Metrics Changes - The refining segment generated $88 million of adjusted EBITDA in the fourth quarter, down from $135 million in the third quarter [13][14] - Logistics segment adjusted EBITDA was $30 million in the fourth quarter, compared to $37 million in the third quarter, with full-year logistics adjusted EBITDA reaching a record $126 million [17][18] - Retail achieved a record $86 million in adjusted EBITDA for the full year, up from $76 million in 2024 [18] Market Data and Key Metrics Changes - The combined refining index averaged $13.13 per barrel in the fourth quarter, down approximately $1.60 from the prior quarter [14] - Hawaii's throughput averaged 84,000 barrels per day, approximately 4% above the prior 3-year average [4] - In Wyoming, throughput was 14,000 barrels per day, with production costs elevated at $13.27 per barrel due to a third-party power outage [11] Company Strategy and Development Direction - The company aims to improve mid-cycle earnings contribution through targeted high-return projects and maintain disciplined capital allocation [8][19] - Strategic priorities include executing the Hawaii turnaround safely, starting up the renewable fuels unit, and enhancing logistics integration [8][19] - The company is focused on structural improvements rather than predicting short-term market movements [8] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive view on the medium-term economic outlook, citing an improving policy backdrop [7] - The company highlighted the importance of operational reliability and safety as foundational to financial success [4] - Management emphasized the need for disciplined growth and the potential for external growth opportunities, including retail integration and refinery acquisitions [29][30] Other Important Information - The company reported a significant operational recovery following the Wyoming heater outage, restoring operations more than one month ahead of schedule [10] - Cash from operations for the full year was $568 million, excluding working capital outflows [18] - The company has monetized less than half of the SRE-related excess RIN inventory, providing favorable working capital visibility into 2026 [19] Q&A Session Summary Question: Capital allocation and share repurchases - Management indicated a flexible approach to capital allocation, considering both share repurchases and internal growth opportunities [23] Question: Q4 capture rates and outlook - Management explained that lower capture rates in the Rockies were due to coker downtime and a regional power outage impacting operations [24][25] Question: External growth opportunities - Management discussed the focus on synergistic growth opportunities, including small retail acquisitions and new builds, while being disciplined in larger M&A [28][29] Question: Sensitivity to WCS differential - Management clarified that every dollar of WCS differential is worth around $15 million to $16 million annually, with favorable conditions expected due to increased Venezuelan crude [35][36]

Delek US Holdings Inc (NYSE:DK) is among the best oil & gas refinery stocks to buy now. On February 18, Delek US Holdings Inc (NYSE:DK) announced that it plans to pay a quarterly dividend of $0.255 per share on March 9. This announcement came as the company prepares to release its Q4 2025 results on February 27. Delek US Holdings Inc (DK) in Focus Before Upcoming Earnings and Analyst Moves In its Q3 2025 report, which was released in November, Delek posted adjusted EPS of $7.13. Wall Street was expecting ...

HOUSTON, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the fourth quarter and twelve months ended December 31, 2025. Net income attributable to Par Pacific stockholders of $77.7 million, or $1.53 per diluted share, for the fourth quarter and $369.4 million, or $7.16 per diluted share, for the full yearAdjusted Net Income attributable to Par Pacific stockholders of $59.5 million, or $1.17 per diluted share, ...

The share price of CVR Energy, Inc. (NYSE:CVI) fell by 8.47% between February 11 and February 18, 2026, putting it among the Energy Stocks that Lost the Most This Week. CVR Energy (CVI) Posts Results for Q4 2025 CVR Energy, Inc. (NYSE:CVI) is primarily engaged in renewable fuels, petroleum refining and marketing, and nitrogen fertilizer manufacturing in North America. CVR Energy, Inc. (NYSE:CVI) posted its Q4 2025 results on February 18. The company reported an adjusted loss per share of $0.80, slightly ...

1 Lake James Gas Plant GOLDSMITH, TX Cautionary Statement In the third quarter of 2024, we began presenting the line item "Capital expenditures and investments" on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability. Phillips 66 and Refining results included herein through September 30, 2025, includes our proportional share of WRB Refining LP equity earnings and beginning October 1, 2025, incl ...

Core Insights - Phillips 66 (PSX) reported fourth-quarter 2025 adjusted earnings of $2.47 per share, exceeding the Zacks Consensus Estimate of $2.11, and improved from an adjusted loss of 15 cents per share in the same quarter last year [1][10] - Total quarterly revenues reached $36.3 billion, surpassing the Zacks Consensus Estimate of $30.2 billion, and increased from $34 billion year-over-year [1][10] Segmental Performance - **Midstream**: Adjusted pre-tax quarterly earnings were $717 million, slightly up from $708 million in the prior year, driven by higher volumes [3] - **Chemicals**: Adjusted pre-tax earnings fell to $19 million from $72 million in the previous year, primarily due to weaker margins [4] - **Refining**: Adjusted pre-tax earnings improved to $542 million from a loss of $759 million in the year-ago quarter, attributed to higher realized refining margins and the acquisition of WRB Refining [5] - **Marketing & Specialties**: Adjusted pre-tax earnings increased to $439 million from $185 million in the prior year, benefiting from higher marketing fuel margins [7] - **Renewable Fuels**: The segment reported an adjusted pre-tax loss of $19 million, down from adjusted pre-tax earnings of $28 million in the previous year [8] Refining Margins - Realized refining margins worldwide rose to $12.48 per barrel from $6.08 in the year-ago quarter, with significant increases in various regions: Central Corridor ($13.06 from $6.68), Gulf Coast ($12.48 from $5.58), West Coast ($8.85 from $5.74), and Atlantic Basin/Europe ($12.60 from $6.09) [6] Financial Overview - Total costs and expenses decreased to $32.9 billion from $34 billion year-over-year, mainly due to lower purchased crude oil and products [11] - The company generated $2.75 billion in net cash from operations, up from $1.2 billion in the previous year, with capital expenditures totaling $682 million and dividends paid out amounting to $482 million [12] - As of December 31, 2025, cash and cash equivalents stood at $1.1 billion, with total debt at $19.7 billion, reflecting a debt-to-capitalization ratio of 39% [12]

Group 1 - Par Pacific Holdings, Inc. will release its fourth quarter 2025 results on February 24, 2026, after the NYSE closes [1] - A conference call for investors is scheduled for February 25, 2026, at 9:00 a.m. Central Time [2] - The full text of the earnings release will be available on Par Pacific's website [1] Group 2 - Par Pacific is an energy company providing renewable and conventional fuels to the western United States [4] - The company has a refining capacity of 219,000 barrels per day across four locations [4] - Par Pacific operates an extensive energy infrastructure network, including 13 million barrels of storage [4] - The company owns 46% of Laramie Energy, LLC, which focuses on natural gas production in Western Colorado [4]

Core Viewpoint - CVR Energy, Inc. has experienced a significant decline in share price and is facing operational challenges, leading to projected net losses for Q4 2025, which contrasts sharply with the previous year's performance [1][3][4]. Group 1: Company Overview - CVR Energy, Inc. is involved in renewable fuels, petroleum refining, marketing, and nitrogen fertilizer manufacturing in North America [2]. Group 2: Financial Performance - For Q4 2025, CVR Energy estimates a net loss attributable to shareholders between $105 million and $120 million, compared to a net profit of $28 million in the same quarter last year [3]. - The company's refining throughput for Q4 2025 is projected to be between 210,000 and 220,000 barrels per day, slightly lower than the previous year's throughput of 214,000 bpd [3]. Group 3: Operational Challenges - The ammonia utilization rate for Q4 2025 is expected to be 60%-65%, a significant drop from 96% in the same period last year, due to operational challenges and a prolonged maintenance shutdown at the Coffeyville fertilizer plant [4]. Group 4: Analyst Ratings - On January 29, JPMorgan reduced its price target for CVR Energy from $22 to $21 while maintaining an 'Underweight' rating on the shares, following the company's earnings update [5].

Core Viewpoint - Calumet, Inc. has amended its asset-based loan facility, extending the maturity date to January 2031 and increasing total commitments to $500 million, enhancing its financial flexibility [1][2]. Group 1: Financial Update - The amended revolving credit facility extends the overall debt maturity profile and optimizes the borrowing base capacity following the divestiture of the industrial portion of the Royal Purple® business [2]. - The facility is led by Bank of America, N.A., acting as the agent for a group of lenders [1]. Group 2: Company Overview - Calumet, Inc. manufactures, formulates, and markets a diverse range of specialty branded products and renewable fuels for various consumer-facing and industrial markets [3]. - The company is headquartered in Indianapolis, Indiana, and operates twelve facilities across North America [3].