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Par Pacific (PARR) investor relations material

Par Pacific Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Net income for Q2 2025 rose to $59.5M ($1.17 per share), with adjusted net income at $78.3M ($1.54 per share), driven by strong operations, record Hawaii throughput, and favorable market conditions.

  • Adjusted EBITDA for Q2 2025 was $137.8M, up 69% year-over-year, with gains in refining, logistics, and retail segments.

  • Completed Montana's largest turnaround and announced a Hawaii Renewables JV, expecting $100M in proceeds and enhancing renewable fuels capabilities.

  • Repurchased $28M in stock in Q2, reducing shares outstanding by 3% in the quarter and 8% year-to-date.

  • Expanded from a single refinery to a vertically integrated, multi-site platform with 219,000 bpd capacity and a leading retail position in Hawaii and the Pacific Northwest.

Financial highlights

  • Q2 2025 revenues were $1.89B, down from $2.02B in Q2 2024, mainly due to lower crude oil prices.

  • Q2 2025 operating income was $96.8M, up from $48.6M year-over-year.

  • Adjusted EBITDA for Q2 2025 was $137.8M; adjusted net income was $78.3M or $1.54 per share.

  • Cash and cash equivalents at June 30, 2025, were $169.2M; total liquidity rose 23% to $647M.

  • Share repurchases in Q2 2025 totaled $28M for 1.6M shares; $181.3M remains under current authorization.

Outlook and guidance

  • Hawaii Renewables JV is expected to be operational by end of 2025, with $100M partner investment and up to $21M from the company.

  • 2025 capital expenditure guidance is $210–240M, including $30–40M for Hawaii renewables and $10M for IT.

  • Management expects sufficient liquidity and capital resources for the next 12 months, with robust cash generation anticipated.

  • System-wide throughput guidance for Q3 is 190,000–205,000 bpd; Hawaii throughput expected at 78,000–81,000 bpd.

  • Major turnarounds scheduled for Montana (2025), Hawaii (2026), Wyoming (2026), and Washington (2028).

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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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