Par Pacific Holdings, Inc. Earnings Recaps
Q2 2026
Aug 8, 2026
Shares dropped 16.9% as investors reacted negatively to the clear deceleration in Hawaii refinery throughput due to an extended turnaround, coupled with disappointing margin capture normalized for price lag and cautious third-quarter throughput guidance.
Key takeaways
- Hawaii refinery throughput fell below plan, with June throughput at just 3,000 barrels per day ahead of the plant-wide turnaround starting late June and extending into early August.
- Normalized Hawaii margin capture was 99%, below the overall strong segment average, indicating margin compression once price lag effects are excluded.
- Mainland refineries delivered solid throughput rates and margin capture, including a record quarterly production in Washington (41.2k bpd at $4.21/boe) and strong Montana capture (144%) supported by favorable product mix and inventory draws.
- System-wide adjusted EBITDA rose sharply to $571 million in Q2, driven by elevated market conditions, but investors questioned sustainability given operational disruptions and elevated production costs in Wyoming and Hawaii.
- Guidance for Q3 throughput has built-in conservatism, reflecting ongoing turnaround impact in Hawaii and maintenance downtime in Montana, signaling deceleration ahead and pressuring near-term earnings visibility.
Q1 2026
May 7, 2026
Shares fell 10% as investors reacted negatively to visible deceleration in refining segment EBITDA and cautious second-quarter throughput outlook amid planned outages and seasonally lower volumes.
Key takeaways
- Adjusted EBITDA declined to $91 million with refining segment EBITDA down to $69 million from $88 million in the prior quarter, signaling operational and margin pressures.
- Planned maintenance in Washington and the upcoming Hawaii turnaround are expected to reduce second-quarter throughput materially, with system-wide midpoint guidance falling to 182,000 barrels per day from a first-quarter record of 184,000 barrels per day.
- Retail segment same-store fuel and in-store sales declined 3.3% and 1% respectively, reflecting consumer hesitation amid rising flat fuel prices and state-level retail closures due to flooding.
- Despite exceptionally strong crack spreads in Asia and robust market conditions, exposure remains limited with no hedges in place and some margin pressure on production costs—especially in Washington and Wyoming.
- Capital allocation included $28 million in share repurchases during the quarter, supporting shareholder returns even as near-term operational headwinds weigh on growth momentum.