Did Par Pacific beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Par Pacific year over year?

What were the key takeaways from Par Pacific’s earnings call?

What is Par Pacific's latest dividend and current dividend yield?

What does Par Pacific do and what are its main business segments?

What is the market's earnings forecast for Par Pacific next quarter?

What is Par Pacific's gross profit margin?

What guidance did Par Pacific's management provide for the next earnings period?

- **Record 2025 Financials**: $634 million adjusted EBITDA and $7.56 per share net income, driven by operational efficiency and cost control.
- **Hawaii Renewables Progress**: Project nearing start-up, with on-specification feedstock achieved.
- **Balance Sheet Strength**: $915 million liquidity and 10% share reduction, enabling flexibility for growth and buybacks.
- **WCS Market Outlook**: Sensitivity of $15 million/year per $1 differential, with favorable mid-cycle pricing expectations.
- **Strategic Priorities**: 2026 focuses on Rocky Mountain expansion and renewables optimization, supported by strong cash flow and disciplined capital allocation.

**【CEO Summary Section】**
- Full year 2025 adjusted EBITDA of $634 million and adjusted net income of $7.56 per share, reflecting operational excellence and strategic execution.
- Achieved key 2025 priorities: successful Montana turnaround, Wyoming recovery, Hawaii Renewables project commissioning, and 10% share reduction through buybacks.
- Operational highlights include 4% increase in Hawaii throughput and record annual refining throughput.
- 2026 priorities focus on Rocky Mountain expansion, Hawaii turnaround, renewables optimization, and disciplined capital allocation.

**【Refining & Logistics Update】**
- Fourth quarter combined throughput of 191,000 barrels per day, with Hawaii at 87,000 bpd and Montana at 52,000 bpd.
- Production costs: Hawaii ($4.15/bbl), Washington ($4.57/bbl), Wyoming ($13.27/bbl), Montana ($11.74/bbl).
- First quarter 2026 expectations: Hawaii 85-89k bpd, Washington 24-28k bpd, Wyoming 13-16k bpd, Montana 52-56k bpd.

**【CFO Financial Commentary】**
- Fourth quarter adjusted EBITDA of $113 million, with full year $634 million.
- Refining capture rates: Hawaii 104%, Montana 72%, Wyoming 70% (excluding one-time impacts).
- Logistics segment EBITDA reached $126 million annually, Retail EBITDA up 13% to $86 million.
- Cash flow from operations $568 million, ending with $915 million liquidity and 10% lower share count.
- Term loan repricing reduced annual interest by $3 million.

**【Q&A Key Highlights】**
- Capital allocation prioritizes share buybacks, small retail acquisitions, and internal growth projects.
- Rockies capture softness due to Montana coker downtime ($10 million margin impact).
- Long-term Hawaii land redevelopment and Laramie E&P value maximization.
- WCS differential sensitivity: $15 million/year per $1, expecting mid-cycle $15-16 under WTI.

Par Pacific Holdings, Inc. (PARR) Q4 2025 Earnings Call Transcript

- **Record Financials**: Q3 EBITDA of $372 million and net income of $5.95/share, boosted by $200 million from small refinery exemptions.
- **Strategic Growth**: $100 million joint venture in Hawaii and new store in Pacific Northwest, with $735 million liquidity for expansion.
- **Retail Excellence**: 1.8% YoY fuel sales growth and 0.9% in-store growth, outperforming mid-cycle targets.
- **Market Resilience**: Singapore margins at 2023 levels, driven by tight supply and geopolitical risks, supporting distillate-focused refineries.
- **Operational Efficiency**: Montana OpEx at $8.76/barrel (target $10/year) and Hawaii Refinery nearing mechanical completion.

**【CEO Summary Section】**
- **Record Q3 Performance**: Adjusted EBITDA of $372 million and net income of $5.95 per share, driven by near-record throughput of 198,000 barrels per day and $200 million boost from small refinery exemptions.
- **Retail Growth**: Same-store fuel and in-store revenue up 1.8% and 0.9% YoY, with food sales improving.
- **Strategic Expansion**: Groundbreaking on a new Pacific Northwest store and $100 million joint venture with Mitsubishi and ENEOS for Hawaii Renewables.
- **Balance Sheet Strength**: $735 million liquidity and plans for share buybacks and growth projects.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of $303 million, Refining segment EBITDA of $338 million, and Logistics segment record EBITDA of $37 million.
- **Margin Capture**: 111% in Hawaii (125% excluding hedging), 93% in Montana/Wyoming, and 69% in Washington (impacted by jet-diesel spreads).
- **Cash Flow**: $219 million from operations, $80 million tax savings, and $204 million year-to-date capex.
- **Liquidity Outlook**: $100 million JV proceeds and RIN monetization to bolster liquidity.

**【Q&A Key Highlights】**
- **Cash Utilization**: Prioritize growth projects (e.g., Montana mid-cycle upgrades) and share buybacks, with $16 million repurchased in Q3.
- **Market Dynamics**: Singapore margins at 2023 levels due to tight OECD inventories and geopolitical disruptions; distillate focus sustained.
- **Operational Efficiency**: Montana OpEx at $8.76/barrel (target $10/year), and Wyoming back to normalized costs post-turnaround.
- **RIN Management**: Flexible strategy to capture SRE benefits while managing tail risks.


Par Pacific Holdings, Inc. (PARR) Q3 2025 Earnings Call Transcript

- **Record Performance**: Q2 EBITDA of $138M and net income of $1.54/share, driven by Hawaii's 88k bpd throughput record and 3% in-store sales growth.
- **Strategic JV**: $100M investment from Mitsubishi/ENEOS for SAF project, targeting Q4 2025 start-up and Q1 2026 EBITDA contribution.
- **Cash Generation**: $83M operating cash flow, $100M share buybacks YTD, and $647M liquidity supporting 3x leverage ratio.
- **Market Strength**: Tight Rockies distillate margins ($15.13/bbl in Montana) and elevated Hawaii capture rates (125% ex-headwinds) reflect strong demand and operational efficiency.
- **RIN Recovery Potential**: $140M upside if EPA grants small refinery exemptions for mainland refineries.


**【CEO Summary Section】**
- Q2 2025 adjusted EBITDA: $138 million; adjusted net income: $1.54 per share. Hawaii set a quarterly operational throughput record at 88,000 barrels per day, with same-store fuel and in-store revenue up 1.8% and 3% year-over-year.
- Montana turnaround completed, with $100 million JV investment from Mitsubishi and ENEOS for SAF project, targeting Q4 2025 start-up. Year-to-date share buybacks reduced outstanding shares by 8% to ~50 million.
- Balance sheet strength: $647 million liquidity, 3x leverage ratio (vs. 3-4x target), and $211 million LTM EBITDA for retail/logistics.

**【Richard Creamer - Refining & Logistics】**
- Q2 throughput: 187,000 bpd (Hawaii: 88,000 bpd record; Washington: 41,000 bpd; Wyoming: 13,000 bpd; Montana: 44,000 bpd). Hawaii production costs: $4.18/bbl; Washington: $3.73/bbl; Wyoming: $14.50/bbl (impacted by outage); Montana: $14.18/bbl.
- Q3 guidance: Hawaii 78-81k bpd (weather-impacted), Montana 54-56k bpd, system-wide 190-205k bpd.

**【Shawn Flores - Financial Results】**
- Refining segment EBITDA: $108M (vs. Q1 loss of $14M). Hawaii margin capture: 119% (125% ex-headwinds), driven by elevated clean product freight rates and throughput efficiency.
- Logistics EBITDA: $30M (mid-cycle). Retail EBITDA: $23M (vs. Q1 $19M), with 3% in-store sales growth.
- Cash flows: $83M from operations; CapEx guidance $240M (upper end). Share buybacks: $28M in Q2, $100M year-to-date.

**【Q&A Highlights】**
- **Hawaii Capture Rates**: 125% ex-headwinds, driven by freight rates and throughput efficiency. Management expects sustained mid-80s bpd rates.
- **SAF JV**: $100M investment from Mitsubishi/ENEOS for 36.5% stake. EBITDA contribution expected Q1 2026 after commissioning.
- **Rockies Market**: Tight distillate supply due to export demand and reduced biofuels production. Q3 Montana index: $15.13/bbl.
- **Cash Allocation**: Prioritize buybacks (shares down 8% YTD) and strategic projects. M&A focus on small-scale bolt-ons.
- **Small Refinery Exemptions**: Potential $140M RIN recovery if EPA grants exemptions for mainland refineries.
- **Asian Market**: Chinese exports constrained by policy; Singapore margins supported by global distillate demand.


Par Pacific Holdings, Inc. (PARR) Q2 2025 Earnings Call Transcript

- **Operational Excellence**: Wyoming refinery restarted 1 month early; Montana turnaround on track for mid-May restart.
- **Retail Strength**: 12-month EBITDA exceeds $80M; same-store fuel revenue growth 0.5% YoY.
- **SAF Project Momentum**: $1.50/gallon capital cost; major equipment set; Asia-Pacific airline interest.
- **Liquidity & Buybacks**: $525M liquidity; $51M shares repurchased in Q1; 5% reduction in outstanding shares.
- **Cost Control**: $30-40M annual savings target on track; OpEx reduction of $22M YoY.

**【CEO Opening Remarks】**
- Q1 2025 adjusted EBITDA: $10 million; adjusted net loss: $0.94 per share.
- Key highlights:
  - **Wyoming Refinery**: Restarted 1 month ahead of schedule post-mid-February outage.
  - **Hawaii SAF Project**: On track for H2 2025 startup; major equipment set; on-site work progressing.
  - **Retail Segment**: Same-store fuel revenue +0.5% YoY; in-store revenue +1.8% YoY; 12-month EBITDA >$80 million.
  - **Montana Refinery**: Near mechanical completion of FCC/alky turnaround; restart mid-May.
- Strategic progress: 5% share buyback; 2025 cost reduction target on track.

**【Richard Creamer - Refining & Logistics】**
- Q1 throughput: 176,000 bpd (Hawaii: 79,000 bpd; Washington: 39,000 bpd; Wyoming: 6,000 bpd; Montana: 52,000 bpd).
- Wyoming OpEx elevated by $6M in Q1, with additional $4M expected in Q2.
- Montana turnaround on budget/schedule; FCC/alky restart mid-May.
- Q2 guidance: 178,000-189,000 bpd system-wide.

**【Shawn Flores - Financial Results】**
- Q1 adjusted EBITDA: $10M; Refining segment loss: $14M (vs. $22M in Q4 2024).
- Hawaii index: $8.13/bbl (capture 109%); Wyoming index: $20.31/bbl (capture 98%); Montana index: $7.07/bbl (capture 71%).
- Logistics EBITDA: $30M (mid-cycle run rate); Retail EBITDA: $19M.
- Cost reduction initiatives: $30-40M annual savings target.
- Cash flow: $525M liquidity; $51M share buyback in Q1.

**【Q&A Highlights】**
1. **Wyoming Restart Success**: Team efficiency, third-party contractor support, and cold-weather stabilization drove 1-month early return.
2. **West Coast Market Dynamics**: Tight supply/demand benefiting West Coast and Rockies; potential Hawaii knock-on effects from Asian imports.
3. **SAF Project Outlook**: Competitive $1.50/gallon capital cost; strong interest from Asia-Pacific airlines; flexible logistics advantage.
4. **Capital Allocation**: Share buybacks prioritized over M&A; 2025 free cash flow outlook improving.
5. **Oil Price Sensitivity**: Tailwinds from lower fuel burn costs, asphalt netbacks; hedged inventory mitigates contango risk.

Par Pacific (PARR)-7 May 25-2025 Q1 Earnings call transcript

- **Record 2024 Performance**: $239M adjusted EBITDA driven by Logistics/Retail and Hawaii refining.
- **Wyoming Recovery**: 50% capacity by April, full restart by Memorial Day post-crude heater repair.
- **SAF Project Momentum**: $92M Hawaii SAF unit on track for H2 2025 startup; unique logistics advantage.
- **West Coast Tightness**: Competitor outages in CA/PNW could boost Washington refinery margins.
- **Share Buybacks**: 5M shares (9% of float) repurchased in 2024; $250M authorization reapproved.
- **Cost Savings**: Targeting $30-40M annual savings; Q4 operating costs down $9M vs. Q3.


**【CEO Opening Remarks】**
- 2024 adjusted EBITDA: $239 million; adjusted net income: $0.37 per share.
- Record refining throughput and Logistics/Retail EBITDA highlight operational resilience.
- Wyoming refinery incident: No serious injuries; targeting 50% utilization by mid-April, full restart pre-Memorial Day.
- 2025 priorities: Montana FCC/alky turnaround, Wyoming restart, Hawaii SAF unit startup, $30-40M cost savings.

**【CFO Financial Highlights】**
- Q4 2024: Adjusted EBITDA $11M, loss $0.79 per share; full year EBITDA $239M, EPS $0.37.
- Hawaii margin capture 133% (Q4), Montana capture 64%, Washington index -0.62/bbl.
- Logistics segment Q4 EBITDA $33M (record); Retail EBITDA $22M (up 10% YoY).
- 2024 share buybacks: 5M shares (9% of outstanding) at attractive prices.

**【Richard Creamer Operations Update】**
- 2024 system-wide throughput: 187,000 bpd.
- Hawaii: Q4 throughput 83,000 bpd, costs $4.42/bbl; 2026 debottleneck project planned.
- Washington: Q4 throughput 39,000 bpd, costs $4.34/bbl; low-cost producer in West Coast.
- Billings: Q4 throughput 52,000 bpd, costs $10.48/bbl; FCC/alky turnaround begins April.
- Wyoming: Q4 throughput 14,000 bbl/d; targeting 79-82K bpd in Q1 post-maintenance.

**【Q&A Key Takeaways】**
- **Share Repurchases**: $250M authorization reapproved; balance sheet strength supports opportunistic buybacks.
- **Hawaii SAF Project**: $92M investment; inside-fence-line costs, existing logistics give competitive edge.
- **Wyoming Recovery**: Partial operations (50%) by mid-April; full restart by Memorial Day.
- **West Coast Tightness**: Competitor outages in California/Pacific NW could drive margin expansion for Washington refinery.
- **Laramie Asset**: Non-core but generating $100M/yr cash flow; potential monetization under consideration.
- **M&A Outlook**: Focused on internal execution; high bar for external deals.


Par Pacific (PARR)-26 Feb 25-2024 Q4 Earnings call transcript

Par Pacific (PARR)-5 Nov 24-2024 Q3 Earnings call transcript

Par Pacific (PARR)-7 Aug 24-2024 Q2 Earnings call transcript

Par Pacific (PARR)-7 May 24-2024 Q1 Earnings call transcript

- **Record 2023 Financials**: $696M EBITDA, $8.21 EPS, and $1B+ cash flow over two years. 
- **Strategic Acquisitions**: Billings ($310M) and stock buybacks ($68M) highlight capital discipline. 
- **Sustainability Push**: $90M Hawaii SAF project to begin in 2025, with focus on low-capital renewable projects. 
- **Market Strength**: Optimistic on 2024, with Q1 throughput guidance: Hawaii 84k bpd, Montana 50-55k bpd, Washington 30-32k bpd. 
- **Safety & Efficiency**: 40% safety metric improvement, ENERGY STAR certification, and 15% cost reduction per barrel. 


**【CEO Summary Section】**
- **2023 Financial Highlights**: Achieved record adjusted EBITDA of $696 million, adjusted net income of $8.21 per share, and strong cash flow generation ($1 billion+ over two years). 
- **Strategic Acquisitions & Capital Allocation**: Completed the $310 million Billings acquisition, repurchased $68 million in stock, and reduced debt costs through refinancing. 
- **Sustainability & Growth Initiatives**: Launched the $90 million Hawaii SAF project (to begin production in 2025) and focused on low-capital, high-return opportunities. 
- **Operational Excellence**: 2023 saw 40% improvement in safety metrics, ENERGY STAR certification for two refineries, and a 15% decline in production costs per barrel. 
- **Market Outlook**: Optimistic on 2024 market strength, with focus on maintaining local market leadership and capitalizing on seasonal trends. 

**【CFO Financial Commentary】**
- **Q4 2023 Financials**: Adjusted EBITDA of $122 million, driven by net price lag benefits ($21M in Hawaii) and offset by FIFO impacts ($8M in Wyoming). 
- **Liquidity & Capital Structure**: Ended with $644 million liquidity (cash + credit facilities), supporting growth and shareholder returns. 
- **Cash Flow Management**: Generated $130M in Q4 cash from ops, excluding $132M working capital outflow (RIN settlements). 
- **Share Repurchases**: Repurchased $68M in stock at below-market prices, with plans to continue opportunistic buybacks. 

**【Q&A Highlights】**
- **M&A Strategy**: Actively pursuing deals in contiguous markets (e.g., Wyoming, Washington), focusing on low-capital, high-return projects. 
- **Billings Turnaround**: Planning 15-day outage in Washington to address heater constraints, impacting Q1 throughput by $5-8M. 
- **RIN Management**: Legacy obligations fully settled; now procuring RINs ratably. 
- **SAF Project Progress**: Groundbreaking in Hawaii, permits filed, and long-lead equipment ordered for the SAF unit. 
- **Market Dynamics**: High freight costs favor local production; Q1 2024 throughput guidance: Hawaii 84k bpd, Montana 50-55k bpd, Washington 30-32k bpd. 


Actual												-0.57	-1.7	-1.06	-1.41	-1.55	-0.81	0.76	-0.22	-0.53	3.31	2.88	2.2	2.25	1.73	3.15	1.08	0.69	0.49	-0.1	-0.79	-0.94	1.54	5.95	1.17
Forecast												-0.5873	-1.5726	-1.1462	-1.2627	-1.4208	-0.702	0.6945	-0.1488	-0.3217	1.957	2.0009	1.8897	1.9459	1.2081	3.1057	1.0629	0.9038	0.1822	-0.1227	-0.9742	-0.8144	0.8971	1.9658	1.2727
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+2.95%	-8.10%	+7.52%	-11.67%	-9.09%	-15.38%	+9.43%	-47.85%	-64.75%	+69.14%	+43.94%	+16.42%	+15.63%	+43.20%	+1.43%	+1.61%	-23.66%	+168.94%	+18.50%	+18.91%	-15.42%	+71.66%	+202.68%	-8.07%

PARR

PARR fundamentals

PARR Q4 2025 Earnings

Earnings Call

You can ask Aime

PARR

PARR fundamentals

PARR Q4 2025 Earnings

Earnings Call

PARR Earnings Call Summary for Q4/202510:00 AM on Feb 25, 2026

PARR Earnings Call Summary for Q3/202510:00 AM on Nov 5, 2025

PARR Earnings Call Summary for Q2/202510:00 AM on Aug 6, 2025

PARR Earnings Call Summary for Q1/202510:00 AM on May 7, 2025

PARR Earnings Call Summary for Q4/202410:00 AM on Feb 26, 2025

You can ask Aime