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Par Pacific
Par Pacific (PARR) investor relations material
Par Pacific Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Net income for Q3 2025 surged to $262.6 million ($5.16 per diluted share), driven by a significant SRE gain and strong refining, retail, and logistics performance.
Adjusted EBITDA for Q3 2025 was $372.5 million, reflecting robust refining operations and SRE benefits.
Closed Hawaii Renewables joint venture, receiving $100 million in proceeds and advancing renewable fuels construction.
Development pipeline expanding with new store openings and redevelopment, especially in the Pacific Northwest and Hawaii.
Optimistic market outlook as product margins rally due to tight supply/demand and geopolitical disruptions.
Financial highlights
Q3 2025 revenues were $2.01 billion, down year-over-year due to lower crude prices, but offset by higher crack spreads.
Adjusted EBITDA was $372.5 million; adjusted net income was $302.6 million, with a $195.9 million SRE gain.
Operating income rose to $358.5 million from $36.4 million year-over-year.
Cash provided by operations was $219.4 million, with quarter-end liquidity up 14% to $735.2 million.
Repurchased $16.4 million of common stock at an average price of $31.57 per share.
Outlook and guidance
Construction of the Hawaii renewable fuels facility is on track for completion by end of 2025.
Q4 system-wide throughput expected between 184,000 and 193,000 barrels per day.
Management expects sufficient liquidity to meet capital, turnaround, and debt service needs for the next 12 months.
Hawaii margin capture guidance remains around 110%, with minor headwinds from crack hedges.
Montana OpEx target remains $10 per barrel annually, with seasonal improvements expected.
Growth project focus vs. share repurchases
Montana OpEx: Why $10/barrel target?
Impact of jet-diesel spreads on refinery capture
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Next Par Pacific earnings date
Q4 202525 Feb, 2026
Par Pacific
Next Par Pacific earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Par Pacific Holdings Inc. is an energy company that operates in refining, logistics, and retail sectors, primarily in the United States. The company owns and operates oil refineries, supplying refined products such as gasoline, diesel, and jet fuel. Par Pacific also manages logistics assets, including pipelines and storage facilities, to support its refining operations. Additionally, it runs a network of retail gas stations under various brand names, serving consumers with fuel and convenience products. The company focuses on integrated energy operations across its value chain. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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