Par Pacific Holdings, Inc. (PARR)

Par Pacific reported third-quarter 2026 net income attributable to stockholders of $353.3 million, or $7.11 per diluted share, against $262.6 million a year earlier 1.

A federal exemption drove much of the gain 1. In August 2026 the Environmental Protection Agency excused the company's mainland refineries, in full or in part, from a 2025 renewable fuel blending duty, and the company booked $222.0 million of Adjusted EBITDA from it 1.

Adjusted EBITDA, a profit measure before interest, taxes and wear-and-tear charges that the company adjusts for one-off items, was $646.0 million against $372.5 million 1. Refinery throughput fell to 174 thousand barrels a day from 198 because the Hawaii refinery ran at reduced rates during a turnaround, a planned shutdown for inspection and repair 13.

The open item is the exit from Laramie Energy, a Colorado natural gas producer in which Par owns 46 percent 4. Laramie agreed on 25 August 2026 to sell substantially all its oil and gas assets for $485 million in cash 4. Par expects about $120 million in cash by year end 1.

Par Pacific describes itself as a growth-oriented energy company that supplies renewable and conventional fuels to the western United States 3. It owns four refineries with a combined crude oil capacity of 219 thousand barrels a day 3.

The company's biggest recent step came on 1 June 2023, when it completed the Billings Acquisition in Montana for a total price of about $625.4 million 3. It brought a refinery, a 65 percent stake in a cogeneration plant and a 40 percent stake in the Yellowstone pipeline 3.

Revenue was $8.2 billion in 2023 and $8.0 billion in 2024 3. The 2024 dip came mostly from lower crack spreads, the gap between what refined fuels sell for and what crude costs, which cut about $0.5 billion of revenue 3.

Profit swung with those margins 3. Net income attributable to stockholders was $728.6 million in 2023, a loss of $33.3 million in 2024 and $369.4 million in 2025 3.

In 2025 revenue fell to $7.5 billion on lower crude oil prices, yet refining operating income rose by $469.6 million 3. The Wyoming refinery had an operational incident on 12 February 2025 and sat idle for 66 days 2.

On 21 October 2025 the company closed a renewable fuels joint venture with Alohi, a company owned by Mitsubishi and ENEOS, which put in $100.0 million in cash for a 36.5 percent stake 3.

In 2026 the Strait of Hormuz effectively closed in early March, according to the company, and Brent crude averaged $91.29 a barrel in the third quarter against $68.17 a year before 2. On 14 May 2026 a subsidiary issued $500 million of 7.375 percent senior notes due 2034 6.

Refining

Refining is the core 3. The four refineries are Kapolei in Hawaii (94 thousand barrels a day), Billings in Montana (63), Tacoma in Washington (42) and Newcastle in Wyoming (20) 3.

In the third quarter refining operating income was $454.4 million against $340.8 million, including $142.4 million from the small refinery exemption 1. Montana ran 58 thousand barrels a day, Washington 40 and Wyoming 19 1.

Competitors are major integrated, national and independent energy companies, many with greater financial resources, the annual report says 3.

Retail

Retail runs fuel stations and convenience stores in Hawaii, Washington and Idaho under the proprietary Hele and nomnom brands, plus the 76 brand in Hawaii under a licence that expires on 31 October 2031 3. Third-quarter retail operating income was $16.0 million against $19.1 million 1.

Named rivals in Hawaii include Shell, Texaco, Costco, Safeway and Sam's Club 3.

Logistics

Logistics moves crude oil and fuel by pipeline, ship, rail and truck, including a single point mooring buoy 1.7 miles off the Hawaii refinery 3. Third-quarter operating income was $23.7 million against $30.2 million, with less use during the Hawaii turnaround 1.

Renewables

Hawaii Renewables began commercial operations in April 2026 at a plant designed to make about 61 million gallons a year of renewable diesel and sustainable aviation fuel 2. It posted operating income of $8.7 million in the third quarter, which the chief executive called its first profitable quarter 1.

People and labor

Will Monteleone is President and Chief Executive Officer 1. The company had 1,758 employees at the end of 2025, of whom 395 were in the United Steelworkers union 3.

Richard Creamer plans to retire around 1 April 2027 as head of refining and logistics, and the board named Jerry Stumbo, 55, formerly of Valero's Port Arthur refinery, to the role on 28 September 2026 5. New union contracts for Hawaii and Tacoma run to 31 January 2030 2.

Open questions

As of 30 September 2026 the EPA had not decided on small refinery exemptions for the 2026 compliance year 2.

The umbrella, in words

Par Petroleum, LLC, Par Hawaii Refining, LLC, Par Montana, LLC and Par Tacoma, LLC are among the subsidiaries listed in the annual report's Exhibit 21.1 7. Hawaii Renewables, LLC is the renewable fuels subsidiary 7.

The company owns 46 percent of Laramie Energy, 65 percent of Yellowstone Energy Limited Partnership, 40 percent of Yellowstone Pipeline Company and 63.5 percent of Hawaii Renewables 2. Laramie's gas assets lie in Garfield, Mesa and Rio Blanco counties, Colorado 3.

Per Schedules 13G cited in the annual report, BlackRock owns about 13.8 percent of the common stock and Vanguard about 10.3 percent 3.

Laramie's sale is expected to close by the end of 2026, subject to regulatory approvals and customary conditions, after which Par exits the investment 4. Par expects about $148 million in total proceeds, of which about $28 million is payable on the fifth anniversary, plus up to $30 million in earn-out payments 1.

The company expects to monetize its excess RIN position by year end 2026 1. A RIN is a credit refiners use to show compliance with the federal renewable fuel rules 2.

The 2026 budget for capital spending and deferred turnaround costs is about $190 to $220 million, mostly for the planned Hawaii and Wyoming turnarounds 3.

On 20 February 2026 the board authorized a share repurchase program of up to $250 million, with $238.3 million remaining on 30 September 2026 2. Creamer's retirement as an officer takes effect around April 2027 5.