PAR PACIFIC HOLDINGS REPORTS THIRD QUARTER 2026 RESULTS
PAR PACIFIC HOLDINGS, INC. (PARR) filed an SEC Form 8-K — Results of Operations and Financial Condition. NEWS RELEASE PAR PACIFIC HOLDINGS REPORTS THIRD QUARTER 2026 RESULTS HOUSTON, November 3, 2026 - Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the quarter ended September 30, 2026. • Net income attributable to Pa
How this was made
The 30-second read
Why it matters
The earnings beat and cash proceeds could trigger short‑term buying, while segment margins and throughput trends provide nuance for longer‑term positioning.
Market read
Primary earnings release for a mid‑cap energy company; relevant for traders focused on energy stocks and short‑term earnings momentum.
What to watch
Potential downside from reduced throughput in Hawaii and higher production costs in some refineries.
PAR PACIFIC HOLDINGS REPORTS THIRD QUARTER 2026 RESULTS
Third-quarter net income attributable to Par Pacific stockholders, Adjusted Net Income attributable to Par Pacific stockholders, and Adjusted EBITDA were all above their respective third-quarter 2025 figures. Refining profitability was supported by higher market indices and a $222.0 million SRE impact, while operating cash flow reached $838.9 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30GAAP | $3.05B | – | – |
| Operating income, three months ended September 30GAAP | $472.1M | – | – |
| Net income, three months ended September 30GAAP | $354.9M | – | – |
| Net income attributable to Par Pacific stockholders, three months ended September 30GAAP | $353.3M | – | – |
| Diluted income attributable to Par Pacific stockholders per share, three months ended September 30GAAP | $7.11 | – | – |
| Adjusted Net Income attributable to Par Pacific stockholders, three months ended September 30non-GAAP | $531.5M | – | – |
| Diluted Adjusted Net Income attributable to Par Pacific stockholders per common share, three months ended September 30non-GAAP | $10.70 | – | – |
| Adjusted EBITDA, three months ended September 30non-GAAP | $646M | – | – |
| Total Refining Segment Adjusted Gross Margin, three months ended September 30non-GAAP | $752.4M | – | – |
| Total Refining Segment Adjusted Gross Margin per bbl, three months ended September 30non-GAAP | $ 46.95 | – | – |
| Total Refining Segment Feedstocks Throughput, three months ended September 30other | 174.2 Mbpd | – | – |
| Net cash provided by operations, three months ended September 30GAAP | $838.9M | – | – |
| Net cash provided by operations excluding working capital inflows and deferred turnaround expenditures, three months ended September 30other | $501.9M | – | – |
| Net cash used in investing activities, three months ended September 30GAAP | −$37.4M | – | – |
| Net cash used in financing activities, three months ended September 30GAAP | −$255.4M | – | – |
| Revenue, nine months ended September 30GAAP | $7.85B | – | – |
| Operating income, nine months ended September 30GAAP | $1.17B | – | – |
| Net income attributable to Par Pacific stockholders, nine months ended September 30GAAP | $869.9M | – | – |
| Diluted income attributable to Par Pacific stockholders per share, nine months ended September 30GAAP | $ 17.54 | – | – |
| Adjusted EBITDA, nine months ended September 30non-GAAP | $1.31B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| RefiningOperating income was $454.4 million, Adjusted Gross Margin was $752.4 million, and Adjusted EBITDA was $618.0 million. Third quarter 2026 Adjusted Gross Margin and Adjusted EBITDA included an SRE impact of $222.0 million. | Not reported | – | – |
| RetailOperating income was $16.0 million, Adjusted Gross Margin was $42.4 million, and Adjusted EBITDA was $18.6 million. Same store fuel volumes and inside sales revenue increased by 2.1% and 1.9%, respectively, compared to the third quarter of 2025. | Not reported | – | – |
| LogisticsOperating income was $23.7 million, Adjusted Gross Margin was $35.9 million, and Adjusted EBITDA was $30.7 million. Results were impacted by reduced logistics utilization due to the Hawaii turnaround. | Not reported | – | – |
| RenewablesOperating income was $8.7 million, Adjusted Gross Margin was $7.8 million, and Adjusted EBITDA was $5.1 million. Renewable feedstocks throughput was 77.7 Mgpd and renewable product sales volume was 71.9 Mgpd. | Not reported | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
by year end 2026 outlook
- NoteDivestment of 46% equity interest in Laramie Energy expected to close by year end for near term cash proceeds of approximately $120 million.
- NoteThe transaction is expected to close during the fourth quarter of 2026, subject to customary closing conditions.
- NoteThe Company expects to monetize its excess RIN position by year end 2026.
- NotePar Pacific expects to receive approximately $148 million in cash proceeds for its 46% equity interest in Laramie, of which approximately $28 million is payable on the fifth anniversary of the closing date, and is eligible to receive up to a $30 million earn-out.
Capital returns
- The Company repurchased $10.0 million of common stock during the third quarter of 2026.
What drove it
- The Hawaii Index averaged $38.31 per barrel, compared to $10.27 per barrel in the third quarter of 2025.
- The Montana Index averaged $40.30 per barrel, compared to $17.99 per barrel in the third quarter of 2025.
- The Washington Index averaged $30.68 per barrel, compared to $16.66 per barrel in the third quarter of 2025.
- The Wyoming Index averaged $49.83 per barrel, compared to $19.87 per barrel in the third quarter of 2025.
- The EPA granted mainland refineries a combination of full (100%) and partial (50%) small refinery exemptions for the 2025 compliance year.
- The Company recorded a gain of $187.2 million in Adjusted Net Income and $222.0 million in Adjusted EBITDA from SRE actions during the third quarter of 2026.
- The newly created Renewables segment delivered its first profitable quarter.
Concerns
- Total Refining Segment Feedstocks Throughput was 174.2 Mbpd, compared to 197.7 Mbpd in the third quarter of 2025.
- Hawaii refinery throughput was 56.6 Mbpd, compared to 81.7 Mbpd, and production costs were $8.45 per throughput barrel, compared to $4.66 per throughput barrel. The release attributes both to reduced rates during the Hawaii turnaround.
- The Hawaii refinery recorded a net price lag impact of approximately $(52.2) million, or $(10.03) per barrel.
- Retail operating income was $16.0 million, compared to $19.1 million; Retail Adjusted EBITDA was $18.6 million, compared to $21.9 million.
- Logistics operating income was $23.7 million, compared to $30.2 million; Logistics Adjusted EBITDA was $30.7 million, compared to $37.3 million.
- Laramie’s total net loss was $(3.9) million, compared to net income of $14.3 million in the third quarter of 2025.
What to watch
- Expected closing during the fourth quarter of 2026 of Laramie’s sale of substantially all of its oil and gas assets.
- Expected cash proceeds of approximately $120 million by year end from Par Pacific’s 46% equity interest in Laramie.
- Monetization of the Company’s excess RIN position by year end 2026.
- Hawaii refinery operations following the turnaround and the effect of refined product price movements on the net price lag impact.
- Renewables segment ramp-up following the Renewable Fuels Facility beginning commercial operations in April 2026.
Balance sheet and cash flow
- Cash and cash equivalents were $ 731,060 (in thousands) at September 30, 2026, compared to $ 164,113 (in thousands) at December 31, 2025.
- Gross term debt was $505.4 million and net term debt was $(225.7) million at September 30, 2026.
- Total debt, including current portion, was $ 496,158 (in thousands) at September 30, 2026, compared to $ 802,870 (in thousands) at December 31, 2025.
- Total liquidity was $2.4 billion at September 30, 2026.
- Working capital was $ 491,208 (in thousands) at September 30, 2026, compared to $ 510,772 (in thousands) at December 31, 2025.
- Total stockholders’ equity was $ 2,330,176 (in thousands) at September 30, 2026, compared to $ 1,511,540 (in thousands) at December 31, 2025.
- Net cash provided by operations included working capital inflows of $387.0 million and deferred turnaround expenditures of $(50.0) million.
Analysis
Par Pacific reported a strong third quarter. Revenue was $ 3,052,435 (in thousands), compared with $ 2,012,936 (in thousands) in the third quarter of 2025. Operating income was $ 472,140 (in thousands), compared with $ 358,516 (in thousands), while net income attributable to Par Pacific stockholders was $353.3 million, or $7.11 per diluted share, compared with $262.6 million, or $5.16 per diluted share. Adjusted Net Income attributable to Par Pacific stockholders was $531.5 million and Adjusted EBITDA was $646.0 million, compared with $302.6 million and $372.5 million, respectively.
Refining was the principal source of quarterly profitability. Refining operating income was $454.4 million, Adjusted Gross Margin was $752.4 million, and Adjusted EBITDA was $618.0 million, compared with $340.8 million, $450.3 million, and $337.6 million, respectively. Total refining Adjusted Gross Margin per bbl was $ 46.95, compared with $ 24.76. The quarter included a $222.0 million SRE impact in Refining Adjusted Gross Margin and Adjusted EBITDA, and a $187.2 million SRE impact in Adjusted Net Income attributable to Par Pacific stockholders.
The refining result was achieved with lower total throughput. Total Refining Segment Feedstocks Throughput was 174.2 Mbpd, compared with 197.7 Mbpd, as Hawaii throughput was 56.6 Mbpd compared with 81.7 Mbpd during a turnaround. Hawaii Adjusted Gross Margin per bbl was $20.69 and included a net price lag impact of approximately $(52.2) million, or $(10.03) per barrel. Montana, Washington, and Wyoming Adjusted Gross Margin per bbl were $75.92, $35.95, and $64.98, respectively, with stated SRE benefits of $167.2 million, $32.2 million, and $22.6 million, respectively.
Other operating businesses were comparatively softer, although Renewables produced its first profitable quarter. Retail operating income was $16.0 million compared with $19.1 million, and Logistics operating income was $23.7 million compared with $30.2 million. Logistics results were impacted by reduced utilization due to the Hawaii turnaround. Renewables reported operating income of $8.7 million, Adjusted Gross Margin of $7.8 million, and Adjusted EBITDA of $5.1 million. Retail same store fuel volumes and inside sales revenue increased by 2.1% and 1.9%, respectively.
Cash generation and liquidity were substantial. Net cash provided by operations was $838.9 million, including working capital inflows of $387.0 million and deferred turnaround expenditures of $(50.0) million. Cash and cash equivalents were $ 731,060 (in thousands), total liquidity was $2.4 billion, and net term debt was $(225.7) million at September 30, 2026. The Company repurchased $10.0 million of common stock. Management also expects the Laramie transaction to close during the fourth quarter of 2026 and expects cash proceeds of approximately $120 million by year end, while expecting to monetize its excess RIN position by year end 2026.
Management, verbatim
Third quarter financial results reflect strong operating performance from each of our businesses.
Will Monteleone, President and Chief Executive Officer
We also reached two important strategic milestones: our newly created Renewables segment delivered its first profitable quarter, and we agreed to divest our interest in Laramie Energy on attractive terms.
Will Monteleone, President and Chief Executive Officer
Looking ahead, we remain focused on serving our customers and maintaining reliable operations during this strong margin environment.
Will Monteleone, President and Chief Executive Officer
Not in the filing
stated, not guessed- Formal revenue guidance
- Formal gross margin guidance
- Formal operating expense guidance
- Formal tax-rate guidance
- Prior-release outlook for comparison
- Free cash flow
- Cash dividend declaration or payment
- Segment revenue
- GAAP gross margin
- Consolidated gross margin
- Quarter-over-quarter comparisons
- Reported percentage changes for consolidated revenue, operating income, net income, EPS, Adjusted Net Income, and Adjusted EBITDA
- Effective tax rate
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Par Pacific Holdings (NYSE:PARR) filed a Form 8‑K reporting its third‑quarter 2026 financial results, including a divestiture of a 46% stake in Laramie Energy.
Ticker impact
Par Pacific Holdings reported Q3 2026 earnings with net income of $353.3M, adjusted EBITDA $646M and a $120M cash proceeds from divesting Laramie Energy.
likely upward pressure as market prices in stronger earnings and cash proceeds
Revenue and profit beat prior year, plus a $120M cash inflow, typically drive short-term buying.
Market effects
Refining sector may see modest uplift as Par Pacific's results highlight strong margins.
West Coast energy markets could react to higher cash flow from divestiture.
Limited to U.S. energy equities; no broad market effect.
Counterpoint
If the SRE adjustments are viewed as non-recurring, the earnings quality may be questioned.
Key entities
- companyPar Pacific Holdings
U.S. energy refining and retail firm reporting Q3 2026 results.
- companyLaramie Energy
Energy partner from which Par Pacific is divesting a 46% stake.
