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About

Par Pacific Holdings, Inc., an energy company, provides renewable and conventional fuels in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding PARR

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	513.8K	$32.2M	0.05%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management leads with 'solid profits', 'record throughput' in Hawaii, and 'strong operations'. They quantify achievements (e.g., $138M EBITDA, 88k bpd throughput) and describe the JV as a 'home run' with specific terms.

Q3 2025

Confident Specific

Management used decisive language like 'fired on all cylinders', 'exceptionally strong', 'record throughput', and 'record low production costs'. They provided specific numbers for throughput, EBITDA, EPS, and regional margin capture, and gave explicit Q4 guidance ranges.

Q4 2025

Confident Specific

The tone was assured and data-driven. Management highlighted specific achievements like record annual refining throughput and liquidity of $915M. They directly addressed prior objectives and claimed they largely met them, using precise figures throughout.

Q1 2026 latest

Confident Specific

Management uses phrases like "strong start to 2026", "record first-quarter throughput", "robust forward cash flow outlook". Specific numbers provided throughout, including adjusted EBITDA of $91 million, throughput records, and detailed capture percentage explanations.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is strengthened after this call. Par Pacific delivered a record first quarter throughput, with all refineries running well and planned outages completed on time. The macro backdrop has dramatically improved with Singapore cracks surging to historic levels, and the company has no hedges, allowing full capture of the strong margins. The successful startup of the Hawaii Renewable unit adds a long-term growth catalyst, though near-term contribution will be small. Financially, the balance sheet is under-levered with substantial liquidity, and the aggressive share repurchase program continues. Key risks to monitor: the impact of the Hawaii turnaround in late Q2/early Q3, the timing of the price lag reversal, and execution on renewable fuel sales volumes in the second half of 2026.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Par Pacific Q1 adj EBITDA $91M; throughput record; renewables startup

Revenue & Profitability

First quarter adjusted EBITDA was $91 million, and adjusted net income was $39 million or $0.78 per share. Cash from operations totaled $162 million, excluding working capital outflows of $185 million. The company repurchased $28 million of common stock at an average price of $38 per share. Gross term debt at quarter end was $638 million.

Outlook

Management sees global refined product inventory buffers drawing down aggressively, setting up for meaningful tightness over the summer months. Asian refiners are reducing run rates and protectionist policies are restricting free trade of waterborne products, driving Singapore cracks to all-time highs. The April Singapore 3-1-2 index averaged over $72 per barrel, compared with the 2025 average of $16 per barrel.

Growth Drivers

Key growth drivers include the successful startup of the Hawaii Renewable Fuels unit, which achieved on-spec renewable diesel and is transitioning to sustainable aviation fuel mode. The company is also maximizing jet yields, particularly in the Pacific, given strong jet versus diesel spreads. Opportunistic share repurchases are another component of growth in earnings per share.

Balance Sheet & CapEx

First quarter capital expenditures, including deferred turnaround costs, totaled $61 million. The Hawaii refinery has a planned turnaround starting in late June, expected to last 30 to 45 days, during which the renewable fuels unit will also be offline. The Wyoming and Montana refineries completed their April outages on time and are operating normally.

Margins

Refining segment adjusted EBITDA was $69 million in Q1. Hawaii capture was 42% (92% normalized for a $125 million price lag headwind). Montana capture was 143%, Wyoming 139% (including $18M FIFO benefit), and Washington 100%. In April, the consolidated refining index averaged $42 per barrel, up $23 from Q1. Management expects robust cash flow in the current margin environment.

Key Risks

Risks flagged include the price lag headwind in Hawaii (estimated $125 million in Q1) from rapidly rising prices, which can reverse during declines. The company faces consumer refueling pattern shifts due to rising fuel prices and three state-level closures from Hawaii flooding. Planned turnaround execution (Hawaii in late June) and volatility in Singapore cracks and crude differentials are also noted.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-05

Strong Q2 results featured record refining margins, robust EBITDA, and disciplined capital allocation, with significant debt reduction and progress in renewables. Hawaii turnaround was executed on schedule, with Q3 guidance reflecting temporary impacts.

Q1 2026 Q1 2026 2026-05-06

Q1 2026 saw strong operational performance, record throughput, and the successful startup of the Hawaii Renewable unit. Adjusted EBITDA was $91 million, with robust cash flow and continued share repurchases, while market conditions remain favorable for refined products.

Q4 2025 Q4 2025 2026-02-25

2025 saw record profits, improved liquidity, and operational milestones, including a successful Hawaii renewables start-up and major turnarounds. The company enters 2026 with strong financial flexibility, disciplined capital allocation, and a focus on expanding mid-cycle earnings.

Q3 2025 Q3 2025 2025-11-05

Third quarter results featured record throughput, strong Adjusted EBITDA, and a $203 million gain from small refinery exemptions. Liquidity and balance sheet strength support growth, with positive Q4 margin trends and ongoing capital returns.

Q2 2025 Q2 2025 2025-08-06

Q2 adjusted EBITDA reached $138 million with strong segment performance, record Hawaii throughput, and robust retail growth. A $100 million JV with Mitsubishi and INEOS will boost renewables, while share buybacks reduced outstanding shares by 8%.

📊 Analysis Methodology

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