Par Pacific Holdings — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income attributable to Par Pacific stockholders was $353.3 million ($7.11 per diluted share) for the quarter ended September 30, 2026, compared to $262.6 million ($5.16 per diluted share) in the same period of 2025.
• Adjusted Net Income attributable to Par Pacific stockholders was $531.5 million ($10.70 per diluted share), including an SRE impact of $187.2 million, compared to $302.6 million in the third quarter of 2025.
• Adjusted EBITDA was $646.0 million, including an SRE impact of $222.0 million, compared to $372.5 million in the third quarter of 2025.
• Revenues for the quarter were $3,052.4 million, compared to $2,012.9 million in the third quarter of 2025.
• Net cash provided by operations was $838.9 million for the three months ended September 30, 2026, compared to $219.4 million in the same period of 2025.
• Net cash used in investing activities was $37.4 million, compared to $32.3 million in the prior year period.
• Net cash used in financing activities was $255.4 million, compared to $197.2 million in the prior year period.
• Cash balance totaled $731.1 million at September 30, 2026.
• Gross term debt was $505.4 million and net term debt was $(225.7) million at September 30, 2026.
• Total liquidity was $2.4 billion at September 30, 2026.

Guidance and Future Outlook:

• The Company expects to monetize its excess RIN position by year-end 2026.
• The divestment of the 46% equity interest in Laramie Energy is expected to close by year-end 2026, with near-term cash proceeds of approximately $120 million expected by year-end.
• Management stated it remains focused on serving customers and maintaining reliable operations during a strong margin environment.

Business Segments and Product Lines:

• Refining: Operating income was $454.4 million (including an SRE impact of $142.4 million), compared to $340.8 million in the prior year. Adjusted Gross Margin was $752.4 million, compared to $450.3 million. Adjusted EBITDA was $618.0 million, compared to $337.6 million. Throughput was 174 Mbpd, compared to 198 Mbpd in the prior year.
• Hawaii: Throughput was 57 Mbpd (down from 82 Mbpd), and production costs were $8.45 per barrel (up from $4.66). Adjusted Gross Margin was $20.69 per barrel, including a negative net price lag impact of $(52.2) million.
• Montana: Throughput was 58 Mbpd (flat with prior year). Production costs were $10.41 per barrel. Adjusted Gross Margin was $75.92 per barrel, including an SRE benefit of $167.2 million.
• Washington: Throughput was 40 Mbpd (up from 39 Mbpd). Production costs were $4.68 per barrel. Adjusted Gross Margin was $35.95 per barrel, including an SRE benefit of $32.2 million.
• Wyoming: Throughput was 19 Mbpd (flat with prior year). Production costs were $9.27 per barrel. Adjusted Gross Margin was $64.98 per barrel, including an SRE benefit of $22.6 million and a FIFO impact of $8.8 million.
• Retail: Operating income was $16.0 million, compared to $19.1 million. Adjusted Gross Margin was $42.4 million. Fuel sales volumes were 33.6 million gallons, with same-store fuel volumes increasing 2.1% and inside sales revenue increasing 1.9%.
• Logistics: Operating income was $23.7 million, compared to $30.2 million. Adjusted Gross Margin was $35.9 million. Results were impacted by reduced utilization due to the Hawaii turnaround.
• Renewables: Reported its first profitable quarter with operating income of $8.7 million. Adjusted Gross Margin was $7.8 million and Adjusted EBITDA was $5.1 million. Throughput was 78 Mgpd and sales volumes were 72 Mgpd.

Market and Competitive Landscape:

• Hawaii Index averaged $38.31 per barrel in Q3 2026, compared to $10.27 in Q3 2025.
• Montana Index averaged $40.30 per barrel in Q3 2026, compared to $17.99 in Q3 2025.
• Washington Index averaged $30.68 per barrel in Q3 2026, compared to $16.66 in Q3 2025.
• Wyoming Index averaged $49.83 per barrel in Q3 2026, compared to $19.87 in Q3 2025.
• Singapore 3.1.2 Product Crack averaged $51.69 per barrel in Q3 2026, compared to $16.34 in Q3 2025.
• Brent crude averaged $91.29 per barrel in Q3 2026, compared to $68.17 in Q3 2025.

Risks and Challenges:

• Hawaii refinery throughput and production costs reflected reduced rates during a turnaround.
• Logistics results were impacted by reduced utilization due to the Hawaii turnaround.
• Net price lag impact was negative ($52.2 million) in Hawaii due to rising refined product prices in September relative to June.
• Laramie Energy recorded a net loss of $(3.9) million in Q3 2026, including unrealized losses on derivatives of $11.1 million.

Management Commentary and Tone:

• Will Monteleone, President and CEO, stated that third-quarter results reflect strong operating performance from all businesses.
• Management highlighted two strategic milestones: the Renewables segment delivering its first profitable quarter and the agreement to divest Laramie Energy on attractive terms.
• The tone emphasized maintaining reliable operations during a strong margin environment.

Other Key Points:

• The U.S. EPA granted Par Pacific's mainland refineries a combination of full (100%) and partial (50%) small refinery exemptions (SRE) from the Renewable Fuel Standard for the 2025 compliance year in August 2026.
• The Company repurchased $10.0 million of common stock during the third quarter of 2026.
• Laramie Energy entered into an agreement to sell substantially all of its oil and gas assets; Par Pacific expects to receive approximately $148 million in total cash proceeds for its 46% equity interest, with $28 million payable on the fifth anniversary and up to $30 million in earn-out potential.
• The Renewable Fuels Facility began commercial operations in April 2026.