Par Pacific Holdings, Inc. Q1 2026 Earnings Recap

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.