Par Pacific (PARR) investor relations material

Executive summary

• Net income attributable to stockholders was $54.5 million for Q1 2026, up from a $30.4 million loss in Q1 2025, driven by higher refining segment operating income, increased equity earnings from Laramie Energy, and lower interest expense.

• Adjusted EBITDA reached $91.5 million, a significant increase from $10.1 million in Q1 2025, reflecting improved refining margins and operational recovery.

• Adjusted net income was $38.5 million ($0.78 per diluted share), compared to a loss of $50.3 million in the prior year.

• Achieved record Hawaii refining throughput and commenced commercial operations at the Hawaii renewable fuels facility in April.

• Repurchased $28.0 million of common stock at an average price of $37.96 per share.

Financial highlights

• Revenues for Q1 2026 were $1.82 billion, up from $1.75 billion in Q1 2025.

• Net income: $54.5 million, compared to a net loss of $30.4 million year-over-year.

• Adjusted EBITDA: $91.5 million, up from $10.1 million.

• Adjusted Net Income: $38.5 million, compared to an adjusted net loss of $50.3 million.

• Net cash used in operations was $(40.7) million, primarily due to working capital outflows and deferred turnaround expenditures; excluding these, net cash provided by operations was $162.0 million.

Outlook and guidance

• Management expects cash flows from operations and available capital resources to be sufficient for capital, turnaround, working capital, and debt service needs over the next 12 months.

• Q2 system-wide throughput guidance: midpoint of 182,000 barrels per day.

• Hawaii Q2 throughput expected at 77,000–81,000 barrels per day due to planned turnaround.

• Renewables segment to see modest Q2 contribution, with ramp-up expected post-Hawaii turnaround.

• Management anticipates reversal of the Hawaii refinery's net price lag impact if refined product prices decline.