PARR · Par Pacific Holdings, Inc.
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AI Brief
Q2 FY26 earnings call · Aug 5, 2026TL;DR. Par Pacific reported sharply higher Q2 2026 results on exceptional refining margins, with adjusted EBITDA of $571.3 million and adjusted EPS of $10.10, while reducing term debt by over $130 million via a $500 million senior unsecured notes issuance; Q3 will be impacted by the Hawaii turnaround, with consolidated July refining index running ~$1.60/bbl below the Q2 average and expected lower Hawaii capture.
- + Q2 adjusted EBITDA jumped to $571.3 million from $137.8 million year-over-year on record-high refining margins.
- + Q2 adjusted net income of $499.2 million and adjusted diluted EPS of $10.10 materially exceeded prior-year period.
- + Washington refinery achieved a record quarterly throughput of 41.2 Mbpd at 98.1% utilization, with capture supported by West Coast jet-to-diesel strength.
- + Montana posted monthly throughput and OPEX records in May/June (~62 Mbpd at $7.56/bbl), with Q2 capture of 144% and index of $25.76/bbl.
- + Hawaii renewables progressed with renewable diesel throughput reaching ~3,000 bpd in June before the turnaround, and first commercial renewable diesel sales were completed.
- − Hawaii turnaround concentrates financial drag in Q3, with Hawaii capture expected below the typical 100–110% normalized guidance range and crude differentials projected at $11.50–$13.50/bbl.
- − Q3 throughput will be pressured by the Hawaii turnaround and Montana Coker maintenance, with Hawaii Q3 throughput guided to 59–65 Mbpd conventional and Montana Coker-related incremental OPEX of $6–8 million.
- − Retail same-store fuel volumes declined 0.8% year-over-year on a higher-price environment, and Retail operating income fell to $14.6 million from $20.8 million.
- − NOL balance is being rapidly consumed and the company expects to transition to a more typical federal tax position beginning in 2027, increasing cash taxes going forward.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Oil & Gas Refining & Marketing — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
PARR
this stock
Par Pacific Holdings, Inc.
|
$3.88B | +145.3% | +31.0% | — | 9.1% |
|
VLO
Valero Energy Corp/Tx
|
$111.48B | +150.9% | -5.5% | 16.1 | 3.4% |
|
MPC
Marathon Petroleum Corp
|
$110.51B | +158.3% | +25.8% | 13.6 | 2.7% |
|
PSX
Phillips 66
|
$102.05B | +104.8% | -7.5% | 14.6 | 1.7% |
|
DINO
HF Sinclair Corp
|
$18.97B | +144.6% | +64.4% | 10.2 | 5.5% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| PARR | +12.3% | +7.6% | +37.3% | +5.6% | +145.3% |
| SPY | -0.4% | -0.2% | +12.4% | +0.2% | +12.0% |
| vs SPY | +12.7% | +7.7% | +24.9% | +5.4% | +133.3% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.