PARR
Par Pacific Holdings, Inc.38.95
-1.40-3.47%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A clarifies captures, cap alloc
Q&A largely reaffirmed prepared remarks, detailing Q4 Rockies capture misses—Montana coker downtime cost $10M in margins from lighter crudes and asphalt, Wyoming power outage trimmed $4M diesel sales—yet normalizing to 90-100% mid-cycle targets. Management stuck to dynamic capital allocation, eyeing share repurchases, small retail tuck-ins, and synergistic M&A while shying from pricier large deals versus rivals. Hawaii land is multi-year; Laramie E&P noncore, aligned with partners. WCS sensitivity: $15M-$16M per $1 widening, aided by Venezuelan crude flows. No shocks surfaced. Steady tone; watch RIN cash uses.
Key Stats
Market Cap
1.98BP/E (TTM)
8.39Basic EPS (TTM)
4.64Dividend Yield
0%Recent Filings
10-K
FY2025 results
Par Pacific swung to $369M net income for FY2025 ended December 31, 2025, from a $33M loss in 2024, propelled by a $470M refining operating income surge to $487M despite lower crude prices (Brent averaged $68/bbl vs $80). Q4 momentum shone through with throughput rebounding to full capacity post-Wyoming refinery's February incident downtime, yielding $1B Adjusted Gross Margin (up 62% y/y) on stronger cracks across all sites—Wyoming at $31/bbl, Montana $16/bbl—bolstered by $200M SRE gain for 2019-2024 RFS relief. Margins expanded sequentially as Q4 cracks accelerated; logistics hit $98M operating income (up 9%). Repurchased $124M in shares; $0.8B debt at year-end. Yet crude volatility threatens quarterly swings.
8-K
Strong Q4, FY turnaround
8-K
PARR cuts term loan rates 50 bps
Par Pacific slashed its term loan rates via Amendment No. 3 on December 17, 2025, cutting the Applicable Margin by 50 basis points to base rate +2.25% and SOFR +3.25%. Non-converted loans were prepaid with new Amendment No. 3 Loans and cash on hand. Hawaii Renewables amended its pledge agreement to secure new swap and $25M LC facilities for renewable fuel feedstocks. Cheaper debt eases interest burden.
10-Q
Q3 FY2025 results
Par Pacific posted Q3 revenue down 6% y/y to $2.0B yet operating income exploded 884% to $359M, fueled by a $199.5M EPA small refinery exemption gain across mainland refineries and stronger crack spreads. Diluted EPS leaped to $5.16 from $0.13, confirmed against 50.9M shares with mild dilution. Cash fell to $159M while debt dropped to $980M principal; ABL revolver offers $576M availability. Free cash flow not disclosed in the 10-Q. Wyoming refinery idled 66 days earlier but recovered. Tariffs threaten feedstock costs.
8-K
Q3 net income $263M
IPO
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