Par Pacific Holdings Earnings Call Transcripts
Fiscal Year 2026
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Strong Q2 results featured record refining margins, robust EBITDA, and disciplined capital allocation, with significant debt reduction and progress in renewables. Hawaii turnaround was executed on schedule, with Q3 guidance reflecting temporary impacts.
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Q1 2026 saw strong operational performance, record throughput, and the successful startup of the Hawaii Renewable unit. Adjusted EBITDA was $91 million, with robust cash flow and continued share repurchases, while market conditions remain favorable for refined products.
Fiscal Year 2025
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2025 saw record profits, improved liquidity, and operational milestones, including a successful Hawaii renewables start-up and major turnarounds. The company enters 2026 with strong financial flexibility, disciplined capital allocation, and a focus on expanding mid-cycle earnings.
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Third quarter results featured record throughput, strong Adjusted EBITDA, and a $203 million gain from small refinery exemptions. Liquidity and balance sheet strength support growth, with positive Q4 margin trends and ongoing capital returns.
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Q2 adjusted EBITDA reached $138 million with strong segment performance, record Hawaii throughput, and robust retail growth. A $100 million JV with Mitsubishi and INEOS will boost renewables, while share buybacks reduced outstanding shares by 8%.
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Adjusted EBITDA reached $10 million with an adjusted net loss of $0.94 per share, reflecting off-season and outage impacts. Strategic progress included a 5% share reduction, early Wyoming restart, and strong liquidity of $525 million. Market conditions and demand are improving.
Fiscal Year 2024
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Adjusted EBITDA for 2024 was $239 million, with strong retail and logistics performance and record refining throughput. Operational challenges in Wyoming are being managed, while the Hawaii SAF project remains on track. Share repurchases and a strong balance sheet support ongoing growth.
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Adjusted EBITDA reached $51 million in Q3, with record refining throughput and logistics EBITDA despite challenging market conditions. The company targets $30-$40 million in 2025 OpEx reductions and continues to invest in growth projects like the Hawaii SAF initiative.
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Q2 saw $82M adjusted EBITDA and $0.49 EPS, with strong operational execution and major Billings turnaround completed. Retail and logistics segments grew, while strategic projects in Hawaii advanced. Liquidity remains robust, supporting share repurchases and growth.