Par Pacific Reports Fourth Quarter and 2025 Results

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 year
• Adjusted Net Income attributable to Par Pacific stockholders of $59.5 million, or $1.17 per diluted share, for the fourth quarter and $390.1 million, or $7.56 per diluted share, for the full year
• Adjusted EBITDA of $113.1 million for the fourth quarter and $633.5 million for the full year
• Repurchased 0.7 million shares in the fourth quarter, bringing total 2025 repurchases to 6.5 million shares at an average price of approximately $19 per share, reducing shares outstanding by 10%

Par Pacific reported Net income attributable to Par Pacific stockholders of $369.4 million, or $7.16 per diluted share, for the twelve months ended December 31, 2025, compared to a Net loss attributable to Par Pacific stockholders of $(33.3) million, or $(0.59) per diluted share, for the twelve months ended December 31, 2024. Adjusted Net Income attributable to Par Pacific stockholders for 2025 was $390.1 million, compared to $21.2 million for 2024. 2025 Adjusted EBITDA was $633.5 million, compared to $238.7 million for 2024.

Par Pacific reported Net income attributable to Par Pacific stockholders of $77.7 million, or $1.53 per diluted share, for the quarter ended December 31, 2025, compared to a Net loss attributable to Par Pacific stockholders of $(55.7) million, or $(1.01) per diluted share, for the same quarter in 2024. Fourth quarter 2025 Adjusted Net Income attributable to Par Pacific stockholders was $59.5 million, compared to an Adjusted Net Loss attributable to Par Pacific stockholders of $(43.4) million in the fourth quarter of 2024. Fourth quarter 2025 Adjusted EBITDA was $113.1 million, compared to $10.9 million in the fourth quarter of 2024. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.

“We made meaningful progress on our strategic initiatives and delivered strong 2025 financial results,” said Will Monteleone, President and Chief Executive Officer. “We successfully executed the Montana turnaround, advanced the Hawaii renewable fuels project towards startup, and reduced shares outstanding by 10%.”

Refining

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 for the year ended December 31, 2024. Adjusted Gross Margin for the Refining segment in the year ended December 31, 2025 was $1.0 billion, compared to $618.3 million in the year ended December 31, 2024.

Refining segment Adjusted EBITDA for the year ended December 31, 2025 was $519.2 million, compared to $139.2 million for the year ended December 31, 2024. Full year 2025 Adjusted Gross Margin and Adjusted EBITDA for the Refining segment include a SRE impact of $202.6 million. Refining segment throughput was 188 thousand barrels per day (Mbpd) for the year ended December 31, 2025, compared to 187 Mbpd for the year ended December 31, 2024.

The Refining segment reported operating income of $89.7 million in the fourth quarter of 2025, compared to an operating loss of $(65.4) million in the fourth quarter of 2024. Adjusted Gross Margin for the Refining segment was $214.2 million in the fourth quarter of 2025, compared to $92.4 million in the fourth quarter of 2024.

Refining segment Adjusted EBITDA was $87.6 million in the fourth quarter of 2025, compared to $(22.3) million in the fourth quarter of 2024. Refining segment throughput was 191 Mbpd for the fourth quarter of 2025, compared to 188 Mbpd for the fourth quarter of 2024.

Hawaii
The Hawaii Index averaged $15.38 per barrel in the fourth quarter of 2025, compared to $5.52 per barrel in the fourth quarter of 2024. Throughput in the fourth quarter of 2025 was 87 Mbpd, compared to 83 Mbpd for the same quarter in 2024. Production costs were $4.15 per throughput barrel in the fourth quarter of 2025, compared to $4.42 per throughput barrel in the same period of 2024.

The Hawaii refinery’s Adjusted Gross Margin was $15.95 per barrel during the fourth quarter of 2025, including a net price lag impact of approximately $3.2 million, or $0.40 per barrel, compared to $7.36 per barrel during the fourth quarter of 2024.

Montana
The Montana Index averaged $11.14 per barrel in the fourth quarter of 2025, compared to $5.75 per barrel in the fourth quarter of 2024. The Montana refinery’s throughput in the fourth quarter of 2025 was 52 Mbpd, consistent with the same quarter in 2024. Production costs were $11.74 per throughput barrel in the fourth quarter of 2025, compared to $10.48 per throughput barrel in the same period of 2024.

The Montana refinery’s Adjusted Gross Margin was $8.03 per barrel during the fourth quarter of 2025, compared to $3.70 per barrel during the fourth quarter of 2024.

Washington
The Washington Index averaged $8.60 per barrel in the fourth quarter of 2025, compared to $(0.62) per barrel in the fourth quarter of 2024. The Washington refinery’s throughput was 37 Mbpd in the fourth quarter of 2025, compared to 39 Mbpd in the fourth quarter of 2024. Production costs were $4.57 per throughput barrel in the fourth quarter of 2025, compared to $4.34 per throughput barrel in the same period of 2024.

The Washington refinery’s Adjusted Gross Margin was $8.32 per barrel during the fourth quarter of 2025, compared to $1.05 per barrel during the fourth quarter of 2024.

Wyoming
The Wyoming Index averaged $18.31 per barrel in the fourth quarter of 2025, compared to $13.36 per barrel in the fourth quarter of 2024. The Wyoming refinery’s throughput was 14 Mbpd in the fourth quarter of 2025, consistent with the fourth quarter of 2024. Production costs were $13.27 per throughput barrel in the fourth quarter of 2025, compared to $11.49 per throughput barrel in the same period of 2024.

The Wyoming refinery’s Adjusted Gross Margin was $10.41 per barrel during the fourth quarter of 2025, including a FIFO impact of approximately $(3.3) million, or $(2.49) per barrel, compared to $11.11 per barrel during the fourth quarter of 2024.

Retail

The Retail segment reported operating income of $74.7 million for the twelve months ended December 31, 2025, compared to $64.8 million in the twelve months ended December 31, 2024. Adjusted Gross Margin for the Retail segment was $170.4 million for the twelve months ended December 31, 2025, compared to $164.7 million in the twelve months ended December 31, 2024.

For the twelve months ended December 31, 2025, Retail segment Adjusted EBITDA was $85.9 million, compared to $76.0 million for the twelve months ended December 31, 2024. For the twelve months ended December 31, 2025, the Retail segment reported fuel sales volumes of 122.8 million gallons, compared to 121.5 million gallons for the twelve months ended December 31, 2024. 2025 same store fuel volumes and inside sales revenue increased by 1.6% and 1.5%, respectively, compared to 2024.

The Retail segment reported operating income of $18.9 million in the fourth quarter of 2025, compared to $19.5 million in the fourth quarter of 2024. Adjusted Gross Margin for the Retail segment was $43.6 million in the fourth quarter of 2025, compared to $43.4 million in the same quarter of 2024.

Retail segment Adjusted EBITDA was $22.0 million in the fourth quarter of 2025, compared to $22.2 million in the fourth quarter of 2024. The Retail segment reported fuel sales volumes of 30.8 million gallons in the fourth quarter of 2025, compared to 30.3 million gallons in the same quarter of 2024. Fourth quarter 2025 same store fuel volumes and inside sales revenue increased by 2.2% and 0.2%, respectively, compared to the fourth quarter of 2024.

Logistics

The Logistics segment generated operating income of $97.6 million for the twelve months ended December 31, 2025, compared to $89.4 million for the twelve months ended December 31, 2024. Adjusted Gross Margin for the Logistics segment was $147.6 million for the twelve months ended December 31, 2025, compared to $135.8 million for the twelve months ended December 31, 2024.

Adjusted EBITDA for the Logistics segment was $126.3 million for the twelve months ended December 31, 2025, compared to $120.2 million for the twelve months ended December 31, 2024.

The Logistics segment reported operating income of $21.7 million in the fourth quarter of 2025, compared to $24.8 million in the fourth quarter of 2024. Adjusted Gross Margin for the Logistics segment was $36.2 million in the fourth quarter of 2025, compared to $36.8 million in the same quarter of 2024.

Logistics segment Adjusted EBITDA was $29.6 million in the fourth quarter of 2025, compared to $33.0 million in the fourth quarter of 2024.

Liquidity

Net cash provided by operations totaled $445.3 million for the twelve months ended December 31, 2025, including working capital outflows of $(21.3) million and deferred turnaround expenditures of $(101.2) million. Excluding these items, net cash provided by operations totaled $567.8 million for the twelve months ended December 31, 2025. Net cash provided by operations totaled $83.8 million for the twelve months ended December 31, 2024.

Net cash provided by operations totaled $93.8 million for the three months ended December 31, 2025, including working capital outflows of $(40.0) million and deferred turnaround expenditures of $(1.2) million. Excluding these items, net cash provided by operations totaled $135.0 million for the three months ended December 31, 2025. Net cash used in operations totaled $(15.5) million for the three months ended December 31, 2024.

Net cash used in investing activities totaled $(23.7) million and $(142.8) million for the three and twelve months ended December 31, 2025, respectively, compared to $(47.7) million and $(134.0) million for the three and twelve months ended December 31, 2024, respectively. Net cash used in investing activities for the three and twelve months ended December 31, 2025 includes $(27.5) million and $(148.9) million in capital expenditures, respectively.

Net cash used in financing activities totaled $(65.0) million and $(330.4) million for the three and twelve months ended December 31, 2025, respectively, compared to net cash provided by (used in) financing activities of $72.1 million and $(37.0) million for the three and twelve months ended December 31, 2024, respectively.

At December 31, 2025, Par Pacific’s cash balance totaled $164.1 million, gross term debt was $639.8 million, and total liquidity was $914.6 million. Net term debt was $475.7 million at December 31, 2025.

The Company repurchased $27.8 million of common stock at a weighted average price of $38.49 per share during the fourth quarter of 2025. In February 2026, the Company’s Board of Directors authorized management to repurchase up to $250 million of common stock, with no specified end date. This replaces the prior authorization to repurchase up to $250 million of common stock.

Laramie Energy

During the three and twelve months ended December 31, 2025, we recorded equity earnings of $12.5 million and $23.3 million, respectively, for Laramie Energy LLC (“Laramie”). Laramie’s total net income was $23.7 million and $37.5 million for the three and twelve months ended December 31, 2025, respectively, compared to a net loss of $(11.3) million and $(15.5) million for the three and twelve months ended December 31, 2024, respectively.

Laramie’s total Adjusted EBITDAX was $21.3 million and $67.5 million for the three and twelve months ended December 31, 2025, respectively, compared to $11.0 million and $45.8 million for the three and twelve months ended December 31, 2024, respectively.

Laramie’s balance sheet position is strong with $39 million of cash and $160 million of debt at December 31, 2025. Laramie’s net 2025 production was 108 million cubic feet of gas equivalent per day (MMcfe/d). Approximately 73% of Laramie’s existing 2026 production is hedged at $3.46 per million British thermal unit (MMBtu).

Conference Call Information

A conference call is scheduled for Wednesday, February 25, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-833-974-2377 inside the U.S. or 1-412-317-5782 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until March 11, 2026, and may be accessed by calling 1-855-669-9658 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 5756285.

About Par Pacific

Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

Forward-Looking Statements

This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the timing of renewable fuels production in Hawaii through the Hawaii Renewables, LLC joint venture as well as the commercial and other benefits anticipated from the joint venture; and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, Israel-Palestine conflict, Houthi attacks in the Red Sea, Iranian activities in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; the impacts of tariffs; potential operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should any of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.

Contact:
Ashimi Patel Vitter
VP, Investor Relations & Sustainability
(832) 916-3355
ir@parpacific.com

Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)

Balance Sheet Data
(Unaudited)
(in thousands)

Operating Statistics

The following table summarizes key operational data:

Non-GAAP Performance Measures

Management uses certain financial measures and forecasts to evaluate our operating performance and allocate resources that are considered non-GAAP financial measures. The chief operating decision-maker (“CODM”) is the Chief Executive Officer (“CEO”), who uses certain non-GAAP financial measures and forecasts to allocate resources and evaluate our operating performance. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.

We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Operating expense includes certain shared costs such as finance, accounting, tax, human resources, information technology, and legal costs that are not directly attributable to specific operating segments. The criteria used to determine the allocation of these expenses generally reflect the time and resources required to provide the applicable service to other internal stakeholders. Remaining expenses are included in the reconciliation of reportable segment Adjusted EBITDA to consolidated pre-tax income (loss) as unallocated corporate general and administrative expenses.

Management, including the CODM, uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) attributable to Par Pacific stockholders, Adjusted EBITDA (as defined below) and Adjusted EBITDA by segment (as defined below) are useful supplemental financial measures that allow management and investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure.

Beginning with financial results reported for the first quarter of 2024, Adjusted Net Income (Loss) attributable to Par Pacific stockholders also excludes other non-operating income and expenses. This modification improves comparability between periods by excluding income and expenses resulting from non-operating activities.

Effective as of the fourth quarter of 2024, we have modified our definition of Adjusted Gross Margin, Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA to align the accounting treatment for deferred turnaround costs from our refining and logistics investments with our accounting policy. Under this approach, we exclude our share of their turnaround expenses, which are recorded as period costs in their financial statements, and instead defer and amortize these costs on a straight-line basis over the period estimated until the next planned turnaround. This modification enhances consistency and comparability across reporting periods.

Beginning with the financial results reported for the fourth quarter of 2025, Adjusted Net Income (Loss) attributable to Par Pacific stockholders excludes the portion of non-GAAP adjustments associated with the noncontrolling interest in our joint venture established on October 21, 2025. Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA by segment also excludes other operating gains and losses (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities). This modification improves comparability between periods by excluding non-cash gains and losses that do not reflect ongoing underlying business operations.

Beginning with the financial results reported for the fourth quarter of 2025, Adjusted EBITDA includes the Adjusted Net Loss attributable to noncontrolling interests associated with our joint venture established on October 21, 2025.

Adjusted Gross Margin

Adjusted Gross Margin is defined as Operating income (loss) excluding:

The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):

Adjusted Net Income (Loss) Attributable to Par Pacific Stockholders and Adjusted EBITDA

Adjusted Net Income (Loss) attributable to Par Pacific stockholders is defined as Net income (loss) attributable to Par Pacific stockholders excluding:

Adjusted EBITDA is defined as Adjusted Net Income (Loss) attributable to Par Pacific stockholders plus Adjusted Net Loss attributable to noncontrolling interests excluding:

The following table presents a reconciliation of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA to the most directly comparable GAAP financial measure, Net income (loss) attributable to Par Pacific stockholders, on a historical basis for the periods indicated (in thousands):        

The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) attributable to Par Pacific stockholders per share (in thousands, except per share amounts):

Adjusted EBITDA by Segment

Adjusted EBITDA by segment is defined as Operating income (loss) excluding:

Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations.

The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands):

Laramie Energy Adjusted EBITDAX

Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative (income) loss, gain (loss) on settled derivative instruments, interest expense (income) and loan fees, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, bonus accrual, equity-based compensation expense, phantom units, expired acreage (non-cash), and other non-operating expenses. We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.

The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):