Par Pacific Holdings, Inc. Q3 2026 Earnings Recap

Par Pacific’s shares fell 2.3% after earnings, a roughly flat reaction. The quarter included a record market index and a net-cash balance sheet, but adjusted EBITDA included a substantial $222 million small-refinery exemption benefit, while Hawaii’s throughput was reduced by turnaround work.

Key Takeaways

• Adjusted net income was $10.70 per share and adjusted EBITDA was $646 million, including the $222 million exemption benefit.
• The combined market index averaged a quarterly record $38.45 per barrel, versus $12.40 per barrel for the 2025 average.
• Total refining throughput was 174,000 barrels per day. Hawaii throughput was 57,000 barrels per day, with lower volume attributed to extended turnaround discovery work; the refinery has since returned to full operations.
• Retail same-store fuel volumes rose 2.1% and in-store sales rose 1.9% year over year; food sales increased 11% and exceeded 10% of in-store sales.
• The company ended the quarter with approximately $2.4 billion of liquidity and a net-cash position. Hawaii renewables generated a profit, and the Laramie Energy sale remains on track to close in Q4.