second quarter 2026
Filed Aug 4, 2026PAR PACIFIC HOLDINGS REPORTS SECOND QUARTER 2026 RESULTS
Net income attributable to Par Pacific stockholders, Adjusted Net Income, Adjusted EBITDA and Refining operating income increased substantially from the second quarter of 2025, supported by a constructive market, Hawaii turnaround progress and stronger refinery margins. Retail profitability declined and operating cash flow included substantial working-capital outflows.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net income attributable to Par Pacific stockholdersGAAP | $462.1 million | – | – |
| Net income attributable to Par Pacific stockholders per diluted shareGAAP | $9.35 per diluted share | – | – |
| Adjusted Net Income attributable to Par Pacific stockholdersnon-GAAP | $499.2 million | – | – |
| Adjusted Net Income attributable to Par Pacific stockholders per diluted sharenon-GAAP | $10.10 per diluted share | – | – |
| Adjusted EBITDAnon-GAAP | $571.3 million | – | – |
| Refining segment operating incomeGAAP | $629.9 million | – | – |
| Refining segment Adjusted Gross Marginnon-GAAP | $680.4 million | – | – |
| Refining segment Adjusted EBITDAnon-GAAP | $552.0 million | – | – |
| Refining segment throughputother | 181 thousand barrels per day (Mbpd) | – | – |
| Hawaii Indexother | $46.06 per barrel | – | – |
| Hawaii throughputother | 73 Mbpd | – | – |
| Hawaii production costsother | $6.43 per throughput barrel | – | – |
| Hawaii refinery Adjusted Gross Marginnon-GAAP | $57.00 per barrel | – | – |
| Hawaii net price lag impactother | approximately $76.5 million, or $11.49 per barrel | – | – |
| Montana Indexother | $25.76 per barrel | – | – |
| Montana refinery throughputother | 53 Mbpd | – | – |
| Montana production costsother | $10.16 per throughput barrel | – | – |
| Montana refinery Adjusted Gross Marginnon-GAAP | $37.22 per barrel | – | – |
| Washington Indexother | $20.27 per barrel | – | – |
| Washington refinery throughputother | 41 Mbpd | – | – |
| Washington production costsother | $4.21 per throughput barrel | – | – |
| Washington refinery Adjusted Gross Marginnon-GAAP | $20.31 per barrel | – | – |
| Wyoming Indexother | $28.73 per barrel | – | – |
| Wyoming refinery throughputother | 14 Mbpd | – | – |
| Wyoming production costsother | $15.28 per throughput barrel | – | – |
| Wyoming refinery Adjusted Gross Marginnon-GAAP | $34.03 per barrel | – | – |
| Wyoming FIFO impactother | approximately $(3.2) million, or $(2.48) per barrel | – | – |
| Retail segment operating incomeGAAP | $14.6 million | – | – |
| Retail segment Adjusted Gross Marginnon-GAAP | $40.7 million | – | – |
| Retail segment Adjusted EBITDAnon-GAAP | $17.3 million | – | – |
| Retail fuel sales volumesother | 30.7 million gallons | – | – |
| Retail same store fuel volumesother | declined by 0.8% | – | declined by 0.8% |
| Retail inside sales revenueother | increased by 1.0% | – | increased by 1.0% |
| Logistics segment operating incomeGAAP | $22.5 million | – | – |
| Logistics segment Adjusted Gross Marginnon-GAAP | $35.1 million | – | – |
| Logistics segment Adjusted EBITDAnon-GAAP | $29.8 million | – | – |
| Laramie equity lossesGAAP | $(1.7) million | – | – |
| Laramie total net lossGAAP | $(6.7) million | – | – |
| Laramie unrealized losses on derivativesother | $(7.2) million | – | – |
| Laramie total Adjusted EBITDAXnon-GAAP | $17.9 million | – | – |
What drove it
- The Hawaii turnaround was substantially complete, with the majority of processing units now online.
- The Hawaii refinery's net price lag benefit was driven by lower refined product prices in June relative to March.
- The Hawaii Index averaged $46.06 per barrel, compared to $8.57 per barrel in the second quarter of 2025.
- The Montana, Washington and Wyoming refinery Adjusted Gross Margins were higher than in the second quarter of 2025.
- Management cited strong operational and commercial execution in a constructive market.
Concerns
- Hawaii throughput was 73 Mbpd, compared to 88 Mbpd in the second quarter of 2025.
- Hawaii production costs were $6.43 per throughput barrel, compared to $4.18 per throughput barrel in the same period of 2025.
- Retail operating income was $14.6 million, compared to $20.8 million in the second quarter of 2025.
- Retail same store fuel volumes declined by 0.8%.
- Net cash provided by operations included working capital outflows of $(312.2) million and deferred turnaround expenditures of $(19.5) million.
- Wyoming Adjusted Gross Margin included a FIFO impact of approximately $(3.2) million, or $(2.48) per barrel.
- Laramie’s total net loss was $(6.7) million, including unrealized losses on derivatives of $(7.2) million.
What to watch
- Whether working capital outflows reverse as commodity prices normalize and Hawaii inventory returns to more typical levels following the turnaround.
- Hawaii processing-unit availability following substantial completion of annual turnaround maintenance.
- The persistence of the current favorable margin environment.
- The effect of refined-product price movements on Hawaii net price lag impacts.
- Retail fuel volumes and inside sales revenue.
- Laramie Energy operating results and derivative-related unrealized gains or losses.
Balance sheet and cash flow
- Net cash provided by operations totaled $282.6 million for the three months ended June 30, 2026, including working capital outflows of $(312.2) million and deferred turnaround expenditures of $(19.5) million.
- Excluding these items, net cash provided by operations was $614.3 million for the three months ended June 30, 2026.
- Net cash provided by operations was $133.6 million for the three months ended June 30, 2025.
- Net cash used in investing activities totaled $(39.7) million for the three months ended June 30, 2026, compared to $(45.9) million for the three months ended June 30, 2025.
- Net cash used in financing activities totaled $(223.0) million for the three months ended June 30, 2026, compared to net cash used in financing activities of $(52.3) million for the three months ended June 30, 2025.
- At June 30, 2026, Par Pacific’s cash balance totaled $185.0 million.
- Gross term debt was $505.7 million and net term debt was $320.7 million at June 30, 2026.
- Total liquidity was $1.4 billion at June 30, 2026.
- Completed $500 million Senior Unsecured Notes offering, reducing term debt by more than $130 million.
Analysis
Par Pacific reported a sharply stronger second quarter of 2026. Net income attributable to Par Pacific stockholders was $462.1 million, or $9.35 per diluted share, compared with $59.5 million, or $1.17 per diluted share, in the second quarter of 2025. Adjusted Net Income attributable to Par Pacific stockholders was $499.2 million versus $78.3 million, while Adjusted EBITDA was $571.3 million versus $137.8 million.
Refining was the principal earnings driver. Segment operating income was $629.9 million, compared with $81.3 million, and Refining Adjusted EBITDA was $552.0 million, compared with $108.4 million. Segment throughput was lower at 181 thousand barrels per day (Mbpd), compared with 187 Mbpd, reflecting Hawaii throughput of 73 Mbpd versus 88 Mbpd while the annual turnaround was substantially completed. The majority of Hawaii processing units were online at quarter end.
Reported refinery economics improved across all four locations. Hawaii Adjusted Gross Margin was $57.00 per barrel versus $10.18 per barrel, including a net price lag impact of approximately $76.5 million, or $11.49 per barrel. Montana, Washington and Wyoming Adjusted Gross Margin were $37.22 per barrel, $20.31 per barrel and $34.03 per barrel, respectively, each above the corresponding second-quarter 2025 amount. Hawaii production costs increased to $6.43 per throughput barrel, while Montana production costs declined to $10.16 per throughput barrel.
Retail and Logistics were comparatively softer. Retail operating income declined to $14.6 million from $20.8 million, with fuel sales volumes of 30.7 million gallons compared with 30.8 million gallons and same store fuel volumes declining by 0.8%. Logistics operating income was $22.5 million compared with $23.7 million, although Logistics Adjusted Gross Margin increased to $35.1 million from $34.4 million and Adjusted EBITDA was unchanged at $29.8 million.
Operating cash flow was $282.6 million and included working capital outflows of $(312.2) million and deferred turnaround expenditures of $(19.5) million. The company stated that it expects a substantial portion of the working-capital outflows to reverse as commodity prices normalize and Hawaii inventory returns to more typical levels. Cash totaled $185.0 million, gross term debt was $505.7 million, net term debt was $320.7 million and total liquidity was $1.4 billion. The company completed a $500 million Senior Unsecured Notes offering, reducing term debt by more than $130 million. No forward financial guidance was provided in the supplied filing text.
Management, verbatim
Our second quarter financial results reflect strong operational and commercial execution in a constructive market.
Will Monteleone, President and Chief Executive Officer
With our annual turnaround maintenance substantially complete, we are well positioned to capitalize on the current favorable margin environment.
Will Monteleone, President and Chief Executive Officer
Not in the filing
stated, not guessed- Total revenue and prior-year total revenue
- Consolidated gross profit or gross margin
- Consolidated operating income and prior-year consolidated operating income
- Consolidated income-tax expense or effective tax rate
- Total net income line item excluding attribution to Par Pacific stockholders
- Prior-year Adjusted Net Income per diluted share
- Prior-quarter comparisons for reported financial and operating metrics
- Segment revenue for Refining, Retail and Logistics
- Forward financial guidance for revenue, gross margin, operating expenses, tax rate, capital expenditures, throughput, retail volumes, or other metrics
- Share repurchases, dividends and other capital-return amounts
- Free cash flow
- Cash-flow statement balance such as depreciation, working-capital detail beyond reported outflows, and capital expenditure amount
- Complete financial statement tables and non-GAAP reconciliations, which were not included in the supplied filing text
AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.