Par Pacific (PARR) Q2 2025 earnings summary

Executive summary

• Adjusted EBITDA for Q2 2025 was $137.8 million, with adjusted net income of $78.3 million ($1.54 per share), reflecting strong operations and favorable market conditions.

• Net income for Q2 2025 rose to $59.5 million ($1.17 per diluted share), up from $18.6 million year-over-year, driven by higher refining, logistics, and retail segment operating income.

• Record Hawaii refining throughput achieved at 88,000 bbls/day, with strong retail segment growth in same-store fuel and in-store revenue.

• Strategic joint venture for a renewable fuels facility in Hawaii announced with $100 million investment, expected to be operational by year-end 2025.

• Share repurchases reduced outstanding shares by 8% year-to-date, with $28 million repurchased in Q2 2025.

Financial highlights

• Q2 2025 revenues were $1.89 billion, down 6% year-over-year, mainly due to lower crude oil prices.

• Q2 2025 operating income was $96.8 million, up from $48.6 million in Q2 2024.

• Cash from operations in Q2 2025 was $83 million, excluding working capital inflows and deferred turnaround expenditures; total liquidity increased 23% to $647 million.

• Q2 2025 adjusted gross margin per barrel for total refining was $13.65, with production costs at $7.20 per barrel.

• Share repurchases in Q2 2025 totaled 1.6 million shares for $28.2 million, with $181.3 million remaining under current authorization.

Outlook and guidance

• Hawaii throughput expected between 78,000 and 81,000 bbls/day in Q3, with July impacted by weather delays.

• System-wide Q3 throughput guidance: 190,000–205,000 bbls/day.

• Renewable fuels facility joint venture in Hawaii expected to be operational by end of 2025, with $100 million partner investment.

• CapEx expected to decline in the second half of the year, trending toward the upper end of $240 million guidance.

• Management expects sufficient liquidity and capital resources to meet obligations for the next 12 months.