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What factors drove the changes in Par Pacific's revenue and profit?

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PARR

PARR fundamentals

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