Contradictions Uncovered: Par Pacific's 2025 Q1 Earnings Call Reveals Mixed Signals on SAF Project, Refinery Outages, and Strategic Direction

SAF project confidence and timing, Wyoming refinery outage and turnaround planning, strategic review and divestiture plans, crude differential market outlook are the key contradictions discussed in Par Pacific's latest 2025Q1 earnings call.



Improving Market Conditions and Reduced Outages:
- First quarter combined index is up by $6 per barrel so far this quarter, with the Asian market remaining narrowly balanced.
- Market conditions are improving due to a more balanced supply and demand situation, and the return of the Wyoming refinery to normal operations a month earlier than planned.

Refining Segment Performance:
- First quarter combined throughput was 176,000 barrels per day, with notable contributions from Hawaii and Washington refineries.
- The Wyoming refinery safely returned to normal operations in late April, ahead of schedule, despite a previous furnace incident.

Retail Business Growth and Strategic Objectives:
- Quarterly same-store fuel and in-store revenue increased by 0.5% and 1.8% compared to the first quarter of 2024.
- Progress in achieving strategic priorities includes reducing shares outstanding by 5% compared to the end of 2024.

Capital Allocation and Share Repurchases:
- The company repurchased $51 million of common stock in the first quarter, reducing basic shares outstanding by 5%.
- This opportunistic approach to capital allocation reflects an excess capital position and improving outlook, allowing for flexibility in future investments.