Par Pacific Posts First Profitable Renewables Quarter

The Tip Desk · November 11, 2026 · 3 min read

Adjusted EBITDA reached $646.0 million, including a $222.0 million small-refinery-exemption gain, as the company booked $531.5 million of adjusted net income.

Par Pacific Holdings (PARR), a western U.S. refiner of conventional and renewable fuels, reported adjusted EBITDA of $646.0 million for the quarter ended September 30, 2026, including a $222.0 million small refinery exemption (SRE) impact. Adjusted net income attributable to stockholders was $531.5 million, or $10.70 a share, including an $187.2 million SRE gain.

Net income attributable to Par Pacific stockholders was $353.3 million, or $7.11 a share, compared with $262.6 million, or $5.16 a share, a year earlier.

The company said the U.S. Environmental Protection Agency in August granted its mainland refineries a combination of full and partial SREs for the 2025 compliance year, producing the $187.2 million gain in adjusted net income and the $222.0 million gain in adjusted EBITDA. Par Pacific expects to monetize its excess RIN position by year-end 2026.

Refining remained the profit engine. The segment reported operating income of $454.4 million, including a $142.4 million SRE impact, and adjusted EBITDA of $618.0 million. Adjusted gross margin was $752.4 million. Throughput was 174 thousand barrels per day.

Hawaii throughput fell to 57 thousand barrels per day from 82 thousand barrels per day a year earlier, which the company said reflected reduced rates during the Hawaii turnaround. Production costs were $8.45 per throughput barrel. The Hawaii refinery’s adjusted gross margin was $20.69 a barrel, including a net price-lag impact of about $(52.2) million, or $(10.03) a barrel, versus a $76.5 million, or $11.49 a barrel, benefit in the second quarter. The company said the third-quarter lag was driven by higher refined product prices in September relative to June.

Montana throughput held at 58 thousand barrels per day. Adjusted gross margin was $75.92 a barrel, including an SRE benefit of $167.2 million, or $31.12 a barrel. Washington throughput was 40 thousand barrels per day, with adjusted gross margin of $35.95 a barrel, including an $8.66 a barrel SRE benefit. Wyoming throughput was 19 thousand barrels per day, with adjusted gross margin of $64.98 a barrel, including a $13.07 a barrel SRE benefit and a FIFO impact of about $5.11 a barrel.

Retail operating income was $16.0 million. Adjusted EBITDA was $18.6 million. Fuel sales volumes were 33.6 million gallons. Same-store fuel volumes and inside sales revenue increased 2.1% and 1.9%, respectively. Logistics operating income was $23.7 million and adjusted EBITDA was $30.7 million; the company said results were impacted by reduced logistics utilization due to the Hawaii turnaround.

The newly created Renewables segment reported operating income of $8.7 million, adjusted gross margin of $7.8 million, and adjusted EBITDA of $5.1 million, its first profitable quarter. Throughput was 78 thousand gallons per day and sales volumes were 72 thousand gallons per day. President and Chief Executive Officer Will Monteleone said the segment delivered its first profitable quarter.

Net cash provided by operations totaled $838.9 million for the three months ended September 30, 2026, including working-capital inflows of $387.0 million and deferred turnaround expenditures of $(50.0) million. Excluding those items, operating cash flow was $501.9 million. Cash was $731.1 million at quarter-end. Gross term debt was $505.4 million and net term debt was $(225.7) million. Total liquidity was $2.4 billion. The company repurchased $10.0 million of common stock.

In August, Laramie Energy agreed to sell substantially all of its oil and gas assets. Par Pacific expects about $148 million in cash for its 46% interest, of which about $28 million is payable on the fifth anniversary of closing, and is eligible for up to a $30 million earn-out. The company expects to receive about $120 million of near-term cash proceeds by year-end.