Par Pacific Holdings Earnings Call Transcripts
Fiscal Year 2026
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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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Delivered record annual profits and throughput, strengthened liquidity, and reduced debt and share count. Operational reliability and cost discipline drove segment records, while strategic initiatives like the Hawaii renewables JV and RIN monetization enhanced financial flexibility.
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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 a net loss of $0.94 per share, reflecting off-season and outage impacts. Strategic progress included a 5% share reduction, strong retail performance, and improving market conditions, with the Wyoming refinery returning ahead of schedule.
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 strong logistics and retail performance. Strategic cost reductions and growth projects, including the Hawaii SAF initiative, are underway, while liquidity and capital allocation remain robust.
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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.