PAR Pacific Holdings, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 5 May 2026: press release. The quarter’s numbers.

Read the filing

Key takeaways

• Adjusted EBITDA rose to $91.5 million: Adjusted EBITDA was $91.5 million, against $10.1 million a year earlier. Adjusted net income attributable to Par Pacific stockholders was $38.5 million, or $0.78 per diluted share. Source
• Refining gross margin rose: Refining Adjusted Gross Margin was $185.1 million, against $104.3 million a year earlier. Refining throughput was 184 Mbpd, compared with 176 Mbpd. Source
• Hawaii throughput reached a record: Hawaii refinery throughput was 89.8 Mbpd, up from 79.4 Mbpd. Hawaii refinery Adjusted Gross Margin was $13.10 per barrel, against $8.90 per barrel. Source
• Hawaii price lag reduced margin: The net price lag impact at the Hawaii refinery was approximately $(125.5) million, or $(15.52) per barrel. The lag arose from sales structured on prior month and prior week average pricing. Source
• Operations used cash on working capital: Net cash used in operations was $(40.7) million, including working capital outflows of $(184.8) million and turnaround spending of $(17.9) million. Excluding these items, operations provided $162.0 million. Source
• Buybacks totaled $28.0 million: The company repurchased $28.0 million of common stock at a weighted average price of $37.96 per share in the quarter. Source
• Renewable fuels facility started operations: The Hawaii renewable fuels facility achieved commercial operations in April, which management called a major milestone for the project. Source

“During April, the Hawaii renewable fuels facility successfully achieved commercial operations, a major milestone for the project.”

Will Monteleone, President and Chief Executive Officer

What changed from last quarter

• New: The Hawaii renewable fuels facility began commercial operations in April, after the February release described the project as advancing toward startup. Source

Results and earnings

• Net income turned to a profit: The company reported net income attributable to Par Pacific stockholders of $54.5 million, or $1.10 per diluted share, compared with a $(30.4) million loss, or $(0.57), in the first quarter of 2025. Source
• Adjusted EBITDA rose to $91.5 million: Adjusted EBITDA was $91.5 million, against $10.1 million a year earlier. Adjusted net income attributable to Par Pacific stockholders was $38.5 million, or $0.78 per diluted share. Source
• Operating income turned positive: Operating income was $65.3 million, against an operating loss of $(15.8) million a year earlier. Income before income taxes was $58.5 million, against a loss of $(37.3) million. Source

Refining and Hawaii

• Refining gross margin rose: Refining Adjusted Gross Margin was $185.1 million, against $104.3 million a year earlier. Refining throughput was 184 Mbpd, compared with 176 Mbpd. Source
• Hawaii throughput reached a record: Hawaii refinery throughput was 89.8 Mbpd, up from 79.4 Mbpd. Hawaii refinery Adjusted Gross Margin was $13.10 per barrel, against $8.90 per barrel. Source
• Hawaii price lag reduced margin: The net price lag impact at the Hawaii refinery was approximately $(125.5) million, or $(15.52) per barrel. The lag arose from sales structured on prior month and prior week average pricing. Source
• Hawaii production costs eased: Hawaii production costs were $4.67 per throughput barrel, against $4.81 a year earlier. The Hawaii Index averaged $31.11 per barrel, against $8.13. Source

“we are well positioned to capitalize on the elevated margin environment across our system.”

Will Monteleone, President and Chief Executive Officer

Montana, Washington and Wyoming refineries

• Montana margin and costs improved: Montana throughput was 57 Mbpd, up from 52 Mbpd. Adjusted Gross Margin was $6.93 per barrel, against $5.04, and production costs were $9.05 per throughput barrel, against $10.56. Source
• Washington throughput fell: Washington throughput was 23 Mbpd, against 39 Mbpd. Production costs were $7.53 per throughput barrel, up from $4.16, and Adjusted Gross Margin was $8.17 per barrel, against $2.09. Source
• Wyoming throughput more than doubled: Wyoming throughput was 15 Mbpd, against 6 Mbpd. Production costs were $11.68 per throughput barrel, against $34.35. The FIFO impact was approximately $18.4 million. Source

Retail and logistics

• Retail fuel volumes declined: Retail fuel sales were 28.1 million gallons, against 29.4 million gallons. Same store fuel volumes fell 3.3% and same store inside sales revenue fell 1.0%. Source
• Logistics earnings rose modestly: Logistics Adjusted EBITDA was $31.5 million, against $29.7 million a year earlier. Logistics operating income was $24.5 million, against $21.9 million. Source

Market prices and unit costs

• Singapore product crack widened: The Singapore 3.1.2 product crack averaged $36.01 per barrel, against $13.12. Brent averaged $78.38 per barrel, against $74.98, and WTI averaged $72.67, against $71.42. Source
• Refining unit production costs fell: Production costs across the refining segment were $6.93 per throughput barrel, against $7.41. D&A per throughput barrel was $1.53, against $1.67. Source
• Operating expense slightly lower: Operating expense excluding depreciation was $142.5 million, against $144.2 million in the first quarter of 2025. Source

Cash flow, debt and buybacks

• Operations used cash on working capital: Net cash used in operations was $(40.7) million, including working capital outflows of $(184.8) million and turnaround spending of $(17.9) million. Excluding these items, operations provided $162.0 million. Source
• Buybacks totaled $28.0 million: The company repurchased $28.0 million of common stock at a weighted average price of $37.96 per share in the quarter. Source
• Buyback authorization of $250 million: The February 2026 authorization permits repurchases of up to $250 million of common stock, with no specified end date.
• ABL borrowings rose: ABL Credit Facility borrowings were $321.0 million at March 31, 2026, against $175.0 million at December 31, 2025. Cash was $172.2 million and total liquidity was $937.7 million. Source
• Investing outflow mainly capital spending: Net cash used in investing activities was $(43.1) million, against $(40.9) million a year earlier. Financing activities provided $91.8 million. Source

Laramie Energy equity earnings

• Laramie equity earnings rose: Par recorded $9.2 million of equity earnings from Laramie, against $0.7 million. Laramie's net income was $16.9 million, including unrealized derivative gains of $12.0 million. Source
• Laramie EBITDAX increased: Laramie's Adjusted EBITDAX was $19.9 million, up from $14.1 million in the first quarter of 2025. Source
• Laramie 2026 production largely hedged: As reported in February, about 73% of Laramie's existing 2026 production was hedged at $3.46 per MMBtu.

Hawaii renewable fuels and strategy

• Renewable fuels facility started operations: The Hawaii renewable fuels facility achieved commercial operations in April, which management called a major milestone for the project. Source
• Positioned for elevated margins: Management said the company is well positioned to take advantage of the elevated margin environment across its refining system. Source
• Noncontrolling interest loss lifted attributable income: A noncontrolling interest loss of $(8.3) million was included in net income of $46.2 million, so net income attributable to Par Pacific stockholders was $54.5 million. Source

Coming up, as management said on 5 May 2026

• Hawaii price lag expected to reverse: Management expects the Hawaii net price lag impact to reverse if refined product prices decline. Source

Figures management reported

Earlier plans management reported on

• Met: The February release said the Hawaii renewable fuels project was advancing toward startup. Management said the facility achieved commercial operations in April.
• Met: The February release said the Montana turnaround had been successfully executed.

Other quarters

• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.