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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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.