Par Pacific Holdings, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 4 November 2026: press release. Guidance figures: 3 new. The quarter’s numbers.

Read the filing

Key takeaways

• Net income up on prior-year quarter: Net income attributable to Par Pacific stockholders was $353.3 million, or $7.11 per diluted share, against $262.6 million, or $5.16 per diluted share, a year earlier. Source
• Adjusted diluted EPS reached $10.70: Adjusted Net Income attributable to Par Pacific stockholders was $531.5 million, or $10.70 per diluted share, compared with $302.6 million and $5.95 per diluted share in the third quarter of 2025. Source
• Adjusted EBITDA up year on year: Adjusted EBITDA was $646.0 million, compared to $372.5 million in the third quarter of 2025. The company included the SRE impact in this figure. Source
• SRE adds to company-level results: The SRE impact was $187.2 million in Adjusted Net Income attributable to Par Pacific stockholders and $222.0 million in Adjusted EBITDA for the third quarter of 2026. Source
• Hawaii margin up despite price lag: Hawaii Adjusted Gross Margin was $20.69 per barrel against $11.40, including a net price lag impact of approximately $(52.2) million, or $(10.03) per barrel. Source
• Renewables first profitable quarter: The Renewables segment reported operating income of $8.7 million, with Adjusted EBITDA of $5.1 million, on throughput of 78 Mgpd and sales volumes of 72 Mgpd. Source
• Operating cash flow rose sharply: Net cash provided by operations was $838.9 million, including working capital inflows of $387.0 million and deferred turnaround expenditures of $(50.0) million. Source
• Net term debt moved to net cash: Gross term debt was $505.4 million and net term debt was $(225.7) million, against net term debt of $320.7 million at June 30, 2026. Source

“our newly created Renewables segment delivered its first profitable quarter, and we agreed to divest our interest in Laramie Energy”

Will Monteleone, President and Chief Executive Officer

Guidance

What changed from last quarter

• New: Laramie agreed in August 2026 to sell substantially all of its oil and gas assets, and Par Pacific is divesting its 46% equity interest. Source
• New: The Renewable Fuels Facility began commercial operations in April 2026, and the Renewables segment now reports results separately. Source

Results and revenue growth

• Net income up on prior-year quarter: Net income attributable to Par Pacific stockholders was $353.3 million, or $7.11 per diluted share, against $262.6 million, or $5.16 per diluted share, a year earlier. Source
• Adjusted diluted EPS reached $10.70: Adjusted Net Income attributable to Par Pacific stockholders was $531.5 million, or $10.70 per diluted share, compared with $302.6 million and $5.95 per diluted share in the third quarter of 2025. Source
• Adjusted EBITDA up year on year: Adjusted EBITDA was $646.0 million, compared to $372.5 million in the third quarter of 2025. The company included the SRE impact in this figure. Source
• Revenues higher than prior year: Revenues were $3,052.4 million, against $2,012.9 million in the third quarter of 2025, while cost of revenues was $2,337.1 million. Source
• Nine-month net income higher: For the nine months, net income attributable to Par Pacific stockholders was $869.9 million, or $17.54 per diluted share, against $291.7 million, or $5.62 per diluted share, a year earlier. Source

Refining segment and SRE

• Refining operating income higher: Refining operating income was $454.4 million, including an SRE impact of $142.4 million, against $340.8 million in the third quarter of 2025. Source
• Refining margin and EBITDA rose: Refining Adjusted Gross Margin was $752.4 million and Adjusted EBITDA was $618.0 million, against $450.3 million and $337.6 million a year earlier. Source
• SRE adds to company-level results: The SRE impact was $187.2 million in Adjusted Net Income attributable to Par Pacific stockholders and $222.0 million in Adjusted EBITDA for the third quarter of 2026. Source
• Exemptions cover 2025 compliance year: In August 2026 the EPA granted the mainland refineries a mix of full and partial small refinery exemptions from the Renewable Fuel Standard for the 2025 compliance year. Source
• Refining throughput below prior year: Refining throughput was lower than the 198 Mbpd of the third quarter of 2025, with Hawaii rates reduced during the turnaround. Source

“we remain focused on serving our customers and maintaining reliable operations”

Will Monteleone, President and Chief Executive Officer

Hawaii, Montana, Washington and Wyoming

• Hawaii margin up despite price lag: Hawaii Adjusted Gross Margin was $20.69 per barrel against $11.40, including a net price lag impact of approximately $(52.2) million, or $(10.03) per barrel. Source
• Hawaii throughput and costs changed: Hawaii throughput was 57 Mbpd against 82 Mbpd, and production costs were $8.45 per throughput barrel against $4.66, reflecting reduced rates during the turnaround. Source
• Montana margin lifted by SRE benefit: Montana Adjusted Gross Margin was $75.92 per barrel against $27.41, including an SRE benefit of $167.2 million, or $31.12 per barrel. Throughput was 58 Mbpd in both periods. Source
• Washington margin with SRE benefit: Washington Adjusted Gross Margin was $35.95 per barrel against $32.46, including an SRE benefit of $32.2 million, or $8.66 per barrel. Throughput was 40 Mbpd. Source
• Wyoming margin with SRE and FIFO: Wyoming Adjusted Gross Margin was $64.98 per barrel against $58.22, including an SRE benefit of $22.6 million, or $13.07 per barrel, and a FIFO impact of about $8.8 million. Source

Retail, logistics and Renewables

• Retail fuel volumes higher: Retail fuel sales volumes were 33.6 million gallons against 31.8 million. Same-store fuel volumes rose 2.1% and inside sales revenue rose 1.9%. Source
• Retail operating income slightly lower: Retail operating income was $16.0 million, against $19.1 million, and Retail Adjusted EBITDA was $18.6 million, against $21.9 million. Source
• Logistics income lower on turnaround: Logistics operating income was $23.7 million against $30.2 million, and Logistics Adjusted EBITDA was $30.7 million against $37.3 million. Source
• Renewables first profitable quarter: The Renewables segment reported operating income of $8.7 million, with Adjusted EBITDA of $5.1 million, on throughput of 78 Mgpd and sales volumes of 72 Mgpd. Source

Costs, pricing and market indices

• Operating expense higher year on year: Operating expense excluding depreciation was $166.1 million, against $140.0 million, and general and administrative expense was $26.7 million, against $24.2 million. Source
• Refining unit production costs up: Refining production costs were higher per throughput barrel than in the third quarter of 2025, while D&A per barrel was $1.64 against $1.46. Source
• Hawaii index well above prior year: The Hawaii Index averaged $38.31 per barrel, against $10.27. The Montana, Washington and Wyoming indices averaged $40.30, $30.68 and $49.83 per barrel. Source
• Price lag follows product price moves: The Hawaii net price lag was positive in the quarter in the sense of management's description: September product prices rose relative to June, which is the stated cause of the negative impact. Source
• Refining margin per throughput barrel: Total refining Adjusted Gross Margin per throughput barrel was $46.95, against $24.76, and was $33.10 excluding the SRE impact. Source

Operating cash flow and working capital

• Operating cash flow rose sharply: Net cash provided by operations was $838.9 million, including working capital inflows of $387.0 million and deferred turnaround expenditures of $(50.0) million. Source
• Cash flow excluding working capital items: Excluding working capital and deferred turnaround items, net cash provided by operations was $501.9 million. Operating cash flow in the third quarter of 2025 was $219.4 million. Source
• Investing outflow mainly capital spending: Net cash used in investing activities was $(37.4) million, consisting primarily of capital expenditures, against $(32.3) million a year earlier. Source

Debt, liquidity and equity

• Cash balance and total liquidity: The cash balance was $731.1 million and total liquidity was $2.4 billion at September 30, 2026. Source
• Net term debt moved to net cash: Gross term debt was $505.4 million and net term debt was $(225.7) million, against net term debt of $320.7 million at June 30, 2026. Source
• Financing outflow larger than prior year: Net cash used in financing activities was $(255.4) million, against $(197.2) million a year earlier. Source
• Stockholders’ equity higher than year-end: Total stockholders’ equity was $2,330.2 million at September 30, 2026, against $1,511.5 million at December 31, 2025. Source

Laramie Energy results and sale

• Laramie reported a net loss: Laramie’s total net loss was $(3.9) million in the third quarter of 2026, including unrealized derivative losses of $11.1 million, against net income of $14.3 million a year earlier. Source
• Equity loss from Laramie stake: Par Pacific recorded $(0.2) million of equity losses related to Laramie in the third quarter of 2026. Source
• Laramie Adjusted EBITDAX compared with prior year: Laramie Adjusted EBITDAX was $19.2 million in the third quarter of 2026, against $19.8 million in the third quarter of 2025. Source
• Deferred consideration timing: About $28 million of the proceeds is payable on the fifth anniversary of the closing date, separate from the earn-out. Source

Coming up, as management said on 4 November 2026

• Laramie sale expected to close: The Laramie transaction is expected to close during the fourth quarter of 2026, subject to customary closing conditions. Source
• RIN position to be monetized: The company expects to monetize its excess RIN position by year end 2026. Source

Figures management reported

Risks management discussed

• Operational: Reduced rates during the Hawaii turnaround affected throughput and unit production costs in the quarter. Source
• External: Net price lag moves against the company when refined product prices rise, which affected Hawaii margin this quarter. Source
• Financial: Deferred tax expense rose as the company used up its remaining federal net operating loss during the period. Source

Earlier plans management reported on

• Not stated: The second-quarter release expected working capital outflows to reverse; the third-quarter release reports working capital inflows instead.
• Not stated: The second-quarter release described the Hawaii turnaround as substantially complete; the third-quarter release refers to reduced rates during the turnaround.

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 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.