Par Pacific (PARR) investor relations material

Executive summary

• Net income attributable to stockholders rose to $462.1 million ($9.35 per diluted share), up from $59.5 million ($1.17 per share) year-over-year, driven by a $548.6 million increase in refining segment operating income and lower interest expense, partially offset by higher income tax and debt extinguishment costs.

• Adjusted Net Income was $499.2 million ($10.10 per diluted share), compared to $78.3 million last year.

• Adjusted EBITDA reached $571.3 million, up from $137.8 million year-over-year, mainly due to a $448.6 million increase in refining segment Adjusted Gross Margin.

• Hawaii refinery turnaround is nearly complete, positioning for favorable market margins and ramping up renewable diesel sales.

• Completed $500 million Senior Unsecured Notes offering, reducing term debt by over $130 million and ABL borrowings by $78 million.

Financial highlights

• Revenues for Q2 2026 were $2.97 billion, up from $1.89 billion in Q2 2025; six months ended June 30, 2026: $4.79 billion (2025: $3.64 billion).

• Operating income was $634.6 million, up from $96.8 million year-over-year.

• Net cash provided by operations was $282.6 million, with $614.3 million excluding working capital outflows and deferred turnaround expenditures.

• Capital expenditures for H1 2026 were $82.8 million, focused on refinery maintenance and renewables projects.

• Cash balance at quarter-end was $185.0 million; total liquidity was $1.4 billion.

Outlook and guidance

• Q3 refining throughput guidance midpoint is 182,000 bbl per day.

• Hawaii Q3 throughput expected at 59,000–65,000 bbl/day (conventional) and 1,500–2,000 bbl/day (renewable) due to turnaround.

• Montana coker maintenance in Q3 to add $6–$8 million OpEx and shift sales mix.

• Management expects sufficient cash flows and capital resources to meet capital, turnaround, working capital, and debt service requirements for the next 12 months.

• Working capital outflows are expected to reverse as commodity prices normalize and Hawaii inventory stabilizes.