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Key Takeaways PARR reduced total net debt by more than $220 million in Q2'26, strengthening its balance sheet & liquidity.Par Pacific had $1.4B in liquidity as of June 30, 2026, with $185M in cash and about $1.2B under ABL.PARR seeks low-20% unlevered returns on smaller refining & logistics projects while pursuing M&A, & buybacks. Par Pacific Holdings, Inc. (PARR - Free Report) operates an integrated energy platform spanning refining, logistics, retail and renewable fuels, with 219,000 barrels per day of refining capacity and 13 million barrels of storage. Given the capital-intensive nature of these operations, maintaining ample liquidity is essential to fund maintenance, working capital and investments that support long-term cash-flow generation. PARR has strengthened its financial position by reducing gross term debt by more than $130 million, lowering asset-based lending (ABL) borrowings by $78 million and cutting total net debt by more than $220 million during the second quarter.

As of June 30, 2026, Par Pacific has $1.4 billion in liquidity, including $185 million in cash and roughly $1.2 billion in availability under its ABL facility. The liquidity provides funding capacity for debt service, capital expenditures, refinery turnarounds and other operating requirements without constraining strategic investments. The company extended its ABL maturity to 2031 and increased the revolver commitment to $1.8 billion, expanding financial flexibility for capital spending and general corporate needs.

Backed by a stronger balance sheet, PARR is focusing on smaller-scale refining and logistics projects with targeted unlevered returns in the low-20% range. Its capital-allocation framework includes internal investments, bolt-on mergers and acquisitions (M&A) and share repurchases, while Hawaii Renewables adds another long-term growth avenue through its 61-million-gallon-per-year renewable-fuels facility. Therefore, Par Pacific’s financial position supports a more flexible capital-allocation strategy focused on profitable growth and long-term shareholder value.

Are DVN & PSX Focused on Strengthening Their Balance Sheets?Devon Energy (DVN - Free Report) completed its $1.25 billion debt-reduction target for 2026, including the retirement of $250 million of senior notes and $250 million of term debt in the second quarter, followed by repayment of the remaining $750 million term loan in July. DVN exited the quarter with $4 billion of liquidity, including $1 billion of cash, while management targets total debt of about $9 billion by year-end 2027 and leverage at or below 1X through the commodity cycle. The stronger balance sheet gives Devon greater flexibility to maintain disciplined reinvestment, advance its expanded Permian inventory and capture at least $1 billion in targeted annual merger synergies by the end of 2027, supporting stronger long-term free cash flow.

Phillips 66 (PSX - Free Report) continued to strengthen its balance sheet, repaying all outstanding commercial paper and $1 billion of its March 2027 term loan in the second quarter, followed by repayment of the remaining $1.25 billion of the term loan in July. The company ended June with $4.1 billion in cash and $6.4 billion of committed capacity, while management expects net debt to fall below $16 billion by year-end. With its financial position improving, PSX is directing capital toward organic growth opportunities in Midstream and Chemicals, including the Iron Mesa gas plant, Coastal Bend natural gas liquid pipeline expansion and two world-scale chemical crackers expected to contribute meaningfully in 2027.

Therefore, sustained deleveraging and ample liquidity are strengthening the financial foundations of DVN and PSX. The improved balance sheets provide both companies with greater flexibility to fund high-return growth projects while maintaining financial discipline and positioning them for stronger long-term cash generation.

PARR’s Price Performance, Valuation & EstimatesPar Pacific shares have gained 126.1% over the past year compared with the industry’s 104.7% growth.

Image Source: Zacks Investment Research

From a valuation standpoint, PARR trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 3.36X. This is below the broader industry average of 5.48X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PARR's 2026 earnings has remained constant over the past seven days.

Image Source: Zacks Investment Research

PARR currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways Par Pacific is advancing "singles and doubles" projects targeting low-20% unlevered returns.PARR's refining and logistics are projected to contribute $365-$395M and about $125M in adjusted EBITDA.PARR's $1.4B liquidity provides room to fund internal growth projects and pursue flexible capital allocation. Par Pacific Holdings, Inc. (PARR - Free Report) operates four refineries with a combined capacity of 219,000 barrels per day, supported by an integrated logistics network that includes storage, marine, rail and pipeline assets across the western United States. Management is increasingly focused on smaller internal refining and logistics projects, described as “singles and doubles,” which are designed to generate unlevered returns in the low-20% range. These projects are likely to strengthen PARR’s growth pipeline because management has greater control over their execution than over mergers and acquisitions or other opportunities influenced by external market conditions.

The refiner’s mid-cycle framework highlights the earnings potential of these businesses, with logistics expected to contribute about $125 million of adjusted EBITDA and refining projected at $365-$395 million, excluding benefits from small refinery exemption. Par Pacific’s financial position provides room to pursue these investments, with total liquidity of approximately $1.4 billion as of June 30, 2026. Management’s emphasis on disciplined capital allocation is likely to ensure that project selection remains focused on investments that enhance PARR's long-term per-share value.

Par Pacific has historically allocated capital across acquisitions, internal growth projects and share repurchases depending on relative returns and management expects this flexible framework to remain central to future decisions. If the current refining and logistics opportunities achieve their targeted low-20% unlevered returns, they are likely to deepen the company’s earnings base without relying primarily on large external transactions. With existing infrastructure, ample liquidity and a pipeline of internally controlled projects, refining and logistics are positioned to play an important role in PARR’s next phase of growth.

MPC & PSX Target High-Return Growth ProjectsBeyond Par Pacific, Marathon Petroleum Corporation (MPC - Free Report) and Phillips 66 (PSX - Free Report) are also directing capital toward high-return refining and logistics investments that are expected to strengthen their integrated operations and increase long-term earnings capacity.

Marathon Petroleum operates an integrated downstream and midstream platform, combining a large U.S. refining system with logistics and natural gas infrastructure through MPLX LP (MPLX). MPC has a $1.5 billion 2026 capital-spending outlook, with roughly 65% directed toward value-enhancing investments. High-return projects at El Paso and Robinson entered service in the second quarter and are designed to improve product yield and flexibility. MPC is likely to benefit from MPLX’s expanded $2.9-billion growth-capital program, with more than 90% of organic growth spending targeted at natural gas and natural gas liquid ("NGL") infrastructure projects expected to generate mid-teens returns.

Phillips 66 is expanding its integrated midstream network alongside a refining system that operated at 96% utilization and achieved an 86% clean-product yield in the second quarter of 2026. The company fully commissioned its Dos Picos II facility with a capacity of 220 million cubic feet per day (MMcf/d), driving immediate volume growth. This comes alongside the final investment decision to construct the 300-MMcf/d Zeus Gas Plant and a 100,000-barrel-per-day Coastal Bend NGL fractionator. PSX expects these additions to expand processing and fractionation capacity across its integrated system, while disciplined capital investment remains a key component of management’s strategy for creating shareholder value.

PARR’s Price Performance, Valuation & EstimatesPar Pacific shares have gained 127.6% over the past year compared with the industry’s 102.7% growth.

Image Source: Zacks Investment Research

From a valuation standpoint, PARR trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 3.33X. This is below the broader industry average of 5.38X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PARR's 2026 earnings has remained constant over the past seven days.

Image Source: Zacks Investment Research

PARR currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways PARR entered the third quarter with a $31.34-per-barrel combined refining index in July.Tight global product inventories and resilient refined-product demand are expected to support margins.Limited Persian Gulf, Russian and Chinese exports are helping sustain favorable refining conditions. Par Pacific Holdings (PARR - Free Report) operates an integrated downstream network spanning refining, logistics, retail and renewable fuels. The integrated platform covers everything from sourcing crude to converting it into refined fuels and distributing the products through its retail and logistics channels. The downstream energy firm has a combined refining capacity of 219,000 barrels per day across Hawaii, Montana, Washington and Wyoming. This integrated setup provides the company with the operational flexibility to capitalize on favorable refining market conditions.

Par Pacific reported strong second-quarter results, driven by strong refining gains and effective commercial execution. The company optimized refinery utilization and product placement to maximize margin capture. Management also stated that lower product exports from the Persian Gulf and Russia, along with conservative refinery operations by Asian refiners, supported its results. The company expects to benefit from favorable market conditions in the third quarter as well.

In its second-quarter earnings call, management mentioned that the company’s combined refining index totaled $31.34 per barrel in July, indicating a strong refining environment at the beginning of the third quarter. Moreover, tight product inventories globally are expected to support refining fundamentals. The company also closely monitors refinery utilization in China, where refined-product exports have seen limited growth. Tight product inventories amid resilient demand for refined products are expected to keep refining margins steady, while the flexibility of PARR’s asset base should support its profitability in the near term.

Downstream Players That Can Benefit From the Current Market EnvironmentPBF Energy (PBF - Free Report) has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries — Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery — with a combined throughput capacity of 1 million barrels per day and can process a wide range of feedstocks. The company’s large-scale refining network enables it to capitalize on favorable refining market conditions. 

Valero Energy (VLO - Free Report) is among the largest independent refiners in the United States, with a combined high-complexity throughput capacity of nearly 3 million barrels per day across its refineries. Its refining footprint is heavily concentrated along the U.S. Gulf Coast and the Midcontinent, offering feedstock sourcing flexibility. Moreover, its Gulf Coast access enables it to sell its refined products in high-demand markets and benefit from elevated refining margins and strong international demand.

PARR’s Price Performance, Valuation & EstimatesPar Pacific’s shares have surged 103.8% over the past six months compared with the 78% improvement of the composite stocks belonging to the industry.

Image Source: Zacks Investment Research

From a valuation standpoint, PARR trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 3.33X. This is below the broader industry average of 5.38X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PARR’s 2026 earnings has not seen any revisions over the past seven days.

Image Source: Zacks Investment Research

PARR, PBF and VLO each currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

3 Refiners Benefiting From Oil Volatility and Tight Fuel SupplyPar Pacific NYSE: PARR reported second-quarter results that management said were driven by elevated refining margins, high system throughput and commercial execution during a volatile market environment.

Adjusted EBITDA totaled $571 million in the quarter, while adjusted net income was $499 million, or $10.10 per share, CFO Shawn Flores said. Refining adjusted EBITDA rose to $552 million from $69 million in the first quarter as crude and refined-product supply disruptions supported market conditions.

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This Energy Stock Has Quietly Soared 130% in a YearThe company’s combined refining index averaged about $33 per barrel, compared with $12.40 per barrel for the full year 2025 and roughly $14 per barrel higher than in the first quarter. System-wide refining capture was 125%, or 112% after normalizing for Hawaii price-lag effects and Wyoming FIFO impacts.

Refining performance varied by region President and CEO Will Monteleone said refined-product cracks remained materially above historical norms during the quarter. He attributed the favorable environment to reduced Persian Gulf and Russian refined-product exports, conservative refining runs in Asia and policies that restricted free trade. He added that global refined-product inventories remain tight.

3 Stocks to Own If Gas Prices Keep RisingAt the Hawaii refinery, second-quarter throughput was 73,200 barrels per day and production costs were $6.43 per barrel. The refinery’s Hawaii index was approximately $46 per barrel, based on a Singapore 3-1-2 benchmark of about $50 per barrel and a landed crude differential of $3.93 per barrel.

Hawaii capture was 124%, including a net price-lag benefit of approximately $77 million, or $11.49 per barrel. Excluding that impact, Hawaii capture was 99%.

Par Pacific’s Tacoma, Washington, refinery set a quarterly production record, processing 41,200 barrels per day at 98.1% utilization. Washington production costs were $4.21 per barrel, while its refining index averaged $20.27 per barrel and capture was 100%.

In Montana, throughput was 53,000 barrels per day and production costs were $10.16 per barrel. The refinery completed an April crude-unit outage safely, on time and on budget, according to EVP of Refining and Logistics Richard Creamer. During May and June, the Montana operation reached monthly throughput of approximately 62,000 barrels per day and operating expenses of $7.56 per barrel.

Wyoming throughput was 14,000 barrels per day, reflecting an April outage, and production costs were $15.28 per barrel. Its refining index averaged $28.73 per barrel, with margin capture of 118%.

Hawaii turnaround largely complete The Hawaii refinery began a plant-wide turnaround in late June. Creamer said the work was substantially complete, with the crude unit and reformer returning on a roughly 30-day schedule. Mechanical work on the hydrocracker was completed, with catalyst activation and startup underway during the call.

“The cost and schedule all came in close range to target,” Creamer said, adding that there were no significant issues.

The company expects the turnaround’s financial impact to be concentrated in the third quarter. Flores said the company built refined-product inventories through imports late in the second quarter, but most of those barrels will be costed in the third quarter. Hawaii capture is expected to fall below the company’s typical normalized range of 100% to 110%, and operating expenses should rise marginally, though most turnaround expenditures are capitalized.

For the third quarter, Par Pacific projected Hawaii conventional throughput of 59,000 to 65,000 barrels per day and renewable throughput of 1,500 to 2,000 barrels per day. Mainland guidance calls for throughput of 40,000 to 42,000 barrels per day in Washington, 17,000 to 20,000 barrels per day in Wyoming, and 56,000 to 61,000 barrels per day in Montana. The Montana coker was down in July for routine maintenance and was expected to return by mid-August.

The company’s third-quarter midpoint throughput guidance was 182,000 barrels per day. Flores said the July consolidated refining index was $31.34 per barrel, about $1.60 below the second-quarter average.

Renewables, retail and cash flow Par Pacific’s renewable diesel business ramped during the quarter, with June throughput reaching approximately 3,000 barrels per day before the Hawaii turnaround. The company also completed its first commercial renewable diesel sales, although Monteleone said volumes were small and reflected the early stage of the commercial ramp.

Retail adjusted EBITDA rose to $17 million from $15 million in the first quarter, helped by a partial recovery in fuel margins and continued food-service sales growth. Same-store fuel volumes declined 0.8% from the second quarter of 2025, while in-store sales increased 1%.

Cash from operations totaled $614 million, excluding working-capital outflows of $312 million and deferred turnaround costs of $19 million. About half of the working-capital outflow was related to building refined-product inventories in Hawaii ahead of the turnaround, Flores said. The company expects a substantial portion of the outflows to reverse as inventory levels normalize and commodity prices stabilize.

Debt reduction and capital allocation During the quarter, Par Pacific completed a $500 million senior unsecured notes offering. The transaction reduced gross term debt by more than $130 million, while the company also reduced asset-based lending borrowings by $78 million. Total net debt declined by more than $220 million.

As of June 30, the company had approximately $1.4 billion of total liquidity and $185 million of cash. Par Pacific repurchased about $48 million of common stock year to date through the second quarter, including cash-settled options, but management said it moderated share repurchases during the quarter in favor of debt reduction.

Monteleone said the company’s capital-allocation approach remains dynamic, spanning acquisitions, internal growth investments and share repurchases. He said Par Pacific is developing smaller refining and logistics projects that could produce unlevered returns in the low-20% range.

Flores also said the company had an approximately $700 million net operating loss balance at the end of 2025 and expects to use a substantial portion of it during 2026. If current margins persist, Par Pacific could move to a more typical federal tax position beginning in 2027.

About Par Pacific (NYSE:PARR)Par Pacific Holdings, Inc NYSE: PARR is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of Oʻahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution.

In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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HOUSTON, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the quarter ended June 30, 2026.

Net income attributable to Par Pacific stockholders of $462.1 million, or $9.35 per diluted shareAdjusted Net Income attributable to Par Pacific stockholders of $499.2 million, or $10.10 per diluted shareAdjusted EBITDA of $571.3 millionHawaii turnaround substantially complete, with the majority of processing units now onlineCompleted $500 million Senior Unsecured Notes offering, reducing term debt by more than $130 million The Company reported net income attributable to Par Pacific stockholders of $462.1 million, or $9.35 per diluted share, for the quarter ended June 30, 2026, compared to $59.5 million, or $1.17 per diluted share, for the same quarter in 2025. Second quarter 2026 Adjusted Net Income attributable to Par Pacific stockholders was $499.2 million, compared to $78.3 million in the second quarter of 2025. Second quarter 2026 Adjusted EBITDA was $571.3 million, compared to $137.8 million in the second quarter of 2025. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.

“Our second quarter financial results reflect strong operational and commercial execution in a constructive market,” said Will Monteleone, President and Chief Executive Officer. “With our annual turnaround maintenance substantially complete, we are well positioned to capitalize on the current favorable margin environment.”

Refining

The Refining segment reported operating income of $629.9 million in the second quarter of 2026, compared to $81.3 million in the second quarter of 2025. Adjusted Gross Margin for the Refining segment was $680.4 million in the second quarter of 2026, compared to $231.8 million in the second quarter of 2025.

Refining segment Adjusted EBITDA was $552.0 million in the second quarter of 2026, compared to $108.4 million in the second quarter of 2025. Refining segment throughput was 181 thousand barrels per day (Mbpd) for the second quarter of 2026, compared to 187 Mbpd for the second quarter of 2025.

Hawaii
The Hawaii Index averaged $46.06 per barrel in the second quarter of 2026, compared to $8.57 per barrel in the second quarter of 2025. Throughput in the second quarter of 2026 was 73 Mbpd, compared to 88 Mbpd for the same quarter in 2025. Production costs were $6.43 per throughput barrel in the second quarter of 2026, compared to $4.18 per throughput barrel in the same period of 2025.

The Hawaii refinery’s Adjusted Gross Margin was $57.00 per barrel during the second quarter of 2026, including a net price lag impact of approximately $76.5 million, or $11.49 per barrel, compared to Adjusted Gross Margin of $10.18 per barrel during the second quarter of 2025.

The net price lag impact reflects the Hawaii refinery's contractual sales volumes that are priced based on prior-month and prior-week average market prices. The second quarter 2026 net price lag benefit was driven by lower refined product prices in June relative to March, partially reversing the negative net price lag impact recognized in the first quarter of 2026 as refined product prices increased rapidly. In general, declining refined product prices produce a positive net price lag impact, while rising prices produce a negative net price lag impact.

Montana
The Montana Index averaged $25.76 per barrel in the second quarter of 2026, compared to $20.29 per barrel in the second quarter of 2025. The Montana refinery’s throughput in the second quarter of 2026 was 53 Mbpd, compared to 44 Mbpd for the same quarter in 2025. Production costs were $10.16 per throughput barrel in the second quarter of 2026, compared to $14.18 per throughput barrel in the same period of 2025.

The Montana refinery’s Adjusted Gross Margin was $37.22 per barrel during the second quarter of 2026, compared to $22.30 per barrel during the second quarter of 2025.

Washington
The Washington Index averaged $20.27 per barrel in the second quarter of 2026, compared to $15.37 per barrel in the second quarter of 2025. The Washington refinery’s throughput was 41 Mbpd in the second quarter of 2026, compared to 41 Mbpd in the second quarter of 2025. Production costs were $4.21 per throughput barrel in the second quarter of 2026, compared to $3.73 per throughput barrel in the same period of 2025.

The Washington refinery’s Adjusted Gross Margin was $20.31 per barrel during the second quarter of 2026, compared to $11.47 per barrel during the second quarter of 2025.

Wyoming

The Wyoming Index averaged $28.73 per barrel in the second quarter of 2026, compared to $21.41 per barrel in the second quarter of 2025. The Wyoming refinery’s throughput was 14 Mbpd in the second quarter of 2026, compared to 13 Mbpd in the second quarter of 2025. Production costs were $15.28 per throughput barrel in the second quarter of 2026, compared to $14.50 per throughput barrel in the same period of 2025.

The Wyoming refinery's Adjusted Gross Margin was $34.03 per barrel during the second quarter of 2026, including a FIFO impact of approximately $(3.2) million, or $(2.48) per barrel, compared to Adjusted Gross Margin of $18.57 per barrel during the second quarter of 2025.

Retail

The Retail segment reported operating income of $14.6 million in the second quarter of 2026, compared to $20.8 million in the second quarter of 2025. Adjusted Gross Margin for the Retail segment was $40.7 million in the second quarter of 2026, compared to $43.6 million in the same quarter of 2025.

Retail segment Adjusted EBITDA was $17.3 million in the second quarter of 2026, compared to $23.3 million in the second quarter of 2025. The Retail segment reported fuel sales volumes of 30.7 million gallons in the second quarter of 2026, compared to 30.8 million gallons in the same quarter of 2025. Second quarter 2026 same store fuel volumes declined by 0.8% and inside sales revenue increased by 1.0% compared to the second quarter of 2025.

Logistics

The Logistics segment reported operating income of $22.5 million in the second quarter of 2026, compared to $23.7 million in the second quarter of 2025. Adjusted Gross Margin for the Logistics segment was $35.1 million in the second quarter of 2026, compared to $34.4 million in the same quarter of 2025.

Logistics segment Adjusted EBITDA was $29.8 million in the second quarter of 2026, compared to $29.8 million in the second quarter of 2025.

Liquidity

Net cash provided by operations totaled $282.6 million for the three months ended June 30, 2026, including working capital outflows of $(312.2) million and deferred turnaround expenditures of $(19.5) million. Excluding these items, net cash provided by operations was $614.3 million for the three months ended June 30, 2026. We expect a substantial portion of these working capital outflows to reverse as commodity prices normalize and Hawaii inventory returns to more typical levels following the turnaround. Net cash provided by operations was $133.6 million for the three months ended June 30, 2025. Net cash used in investing activities totaled $(39.7) million for the three months ended June 30, 2026, consisting primarily of capital expenditures, compared to $(45.9) million for the three months ended June 30, 2025. Net cash used in financing activities totaled $(223.0) million for the three months ended June 30, 2026, compared to net cash used in financing activities of $(52.3) million for the three months ended June 30, 2025.

At June 30, 2026, Par Pacific’s cash balance totaled $185.0 million. Gross term debt was $505.7 million and net term debt was $320.7 million at June 30, 2026. Total liquidity was $1.4 billion at June 30, 2026.

Laramie Energy

During the second quarter of 2026, Par Pacific recorded $(1.7) million of equity losses related to Laramie Energy, LLC (“Laramie”). Laramie’s total net loss was $(6.7) million in the second quarter of 2026, including unrealized losses on derivatives of $(7.2) million, compared to a net income of $0.5 million in the second quarter of 2025. Laramie’s total Adjusted EBITDAX was $17.9 million in the second quarter of 2026, compared to $12.4 million in the second quarter of 2025.

Conference Call Information

A conference call is scheduled for Wednesday, August 5, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-800-715-9871 inside the U.S. or 1-646-307-1963 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until August 19, 2026, and may be accessed by calling 1-800-770-2030 inside the U.S. or 1-609-800-9909 outside the U.S. and using the conference ID 5483514.

About Par Pacific

Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

Forward-Looking Statements

This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the commercial and other benefits anticipated from the Hawaii renewable fuels joint venture; and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, military conflicts in the Middle East, the political activity in Venezuela, Houthi related disruptions in the Red Sea, the ongoing military conflict with Iran and disruptions in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; the impacts of tariffs; potential operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should any of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.

Contact:
Ashimi Patel Vitter
VP, Investor Relations & Sustainability
(832) 916-3355
[email protected]

Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)

  Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 Revenues $2,968,869  $1,893,438  $4,792,619  $3,638,474 Operating expenses        Cost of revenues (excluding depreciation)  2,116,189   1,593,479   3,674,693   3,152,839 Operating expense (excluding depreciation)  157,122   148,680   299,640   292,834 Depreciation and amortization  36,454   34,712   70,914   71,298 General and administrative expense (excluding depreciation)  28,047   23,648   52,922   47,891 Equity earnings from refining and logistics investments  (7,468)  (7,305)  (13,297)  (14,819)Acquisition and integration costs  —   —   64   — Par West redevelopment and other costs  3,676   4,690   6,661   8,672 Other operating loss (gain), net  296   (1,226)  1,147   (1,225)     Total operating expenses  2,334,316   1,796,678   4,092,744   3,557,490 Operating income  634,553   96,760   699,875   80,984 Other income (expense)        Interest expense and financing costs, net  (14,268)  (22,106)  (30,202)  (43,954)Debt extinguishment and commitment costs  (11,461)  —   (11,523)  (25)Other expense, net  (171)  (163)  (185)  (534)Equity earnings (losses) from Laramie Energy, LLC  (1,666)  1,856   7,513   2,582      Total other expense, net  (27,566)  (20,413)  (34,397)  (41,931)     Income before income taxes  606,987   76,347   665,478   39,053 Income tax expense  (144,046)  (16,887)  (156,386)  (9,993)     Net income  462,941   59,460   509,092   29,060 Less:          Net income (loss) attributable to noncontrolling interest  810   —   (7,489)  — Net income attributable to Par Pacific stockholders $462,131  $59,460  $516,581  $29,060                  Weighted-average shares outstanding
                Basic
  48,509   50,373   48,460   52,052 Diluted  49,444   50,836   49,544   52,390                  Income attributable to Par Pacific stockholders per share                Basic $9.53  $1.18  $10.66  $0.56 Diluted  $9.35  $1.17  $10.43  $0.55                                    Balance Sheet Data
(Unaudited)
(in thousands)

  June 30, 2026 December 31, 2025Balance Sheet Data    Cash and cash equivalents $184,997 $164,113Working capital (1)  936,710  510,772ABL Credit Facility  243,000  175,000Term debt (2)  505,692  639,830Total debt, including current portion  739,198  802,870Total stockholders’ equity  1,982,441  1,511,540        (1)Working capital is calculated as (i) total current assets excluding cash and cash equivalents less (ii) total current liabilities excluding current portion of long-term debt. Total current assets include inventories stated at the lower of cost or net realizable value.(2)Term debt includes the Senior Notes, Term Loan Credit Agreement, and other long-term debt.               Operating Statistics

The following table summarizes key operational data:

  Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 Total Refining Segment        Feedstocks Throughput (Mbpd)  181.4   186.6   182.7   181.4 Refined product sales volume (Mbpd)  201.3   204.5   195.1   194.6          Adjusted Gross Margin per bbl ($/throughput bbl) (1) $41.22  $13.65  $26.17  $10.24 Production costs per bbl ($/throughput bbl)  7.71   7.20   7.32   7.30 D&A per bbl ($/throughput bbl)  1.61   1.47   1.57   1.56          Hawaii Refinery        Feedstocks Throughput (Mbpd)  73.2   88.1   81.4   83.8 Yield (% of total throughput)        Gasoline and gasoline blendstocks  27.2%  26.9%  28.0%  26.4%Distillates  33.3%  40.4%  34.8%  37.6%Fuel oils  34.3%  29.1%  32.2%  30.6%Other products  2.6%  1.0%  2.3%  2.4%Total yield  97.4%  97.4%  97.3%  97.0%         Refined product sales volume (Mbpd)  85.3   88.5   87.8   88.6                  Adjusted Gross Margin per bbl ($/throughput bbl) (1) $57.00  $10.18  $32.96  $9.57 Production costs per bbl ($/throughput bbl)  6.43   4.18   5.47   4.48 D&A per bbl ($/throughput bbl)  0.64   0.25   0.43   0.24          Montana Refinery        Feedstocks Throughput (Mbpd)  52.7   44.2   54.8   48.0 Yield (% of total throughput)        Gasoline and gasoline blendstocks  47.5%  45.3%  47.1%  45.3%Distillates  36.0%  30.4%  35.7%  31.5%Asphalt  7.9%  13.9%  8.6%  12.5%Other products  3.6%  4.3%  3.4%  3.7%Total yield  95.0%  93.9%  94.8%  93.0%         Refined product sales volume (Mbpd)  56.2   55.6   53.5   51.5          Adjusted Gross Margin per bbl ($/throughput bbl) (1) $37.22  $22.30  $21.57  $13.02 Production costs per bbl ($/throughput bbl)  10.16   14.18   9.58   12.22 D&A per bbl ($/throughput bbl)  2.66   2.83   2.61   2.56          Washington Refinery        Feedstocks Throughput (Mbpd)  41.2   40.8   32.1   39.7 Yield (% of total throughput)        Gasoline and gasoline blendstocks  24.2%  23.1%  24.1%  23.7%Distillates  34.7%  35.2%  34.1%  35.5%Asphalt  19.9%  18.8%  19.2%  17.1%Other products  18.2%  19.5%  19.4%  20.1%Total yield  97.0%  96.6%  96.8%  96.4%         Refined product sales volume (Mbpd)  40.7   45.7   35.6   41.1          Adjusted Gross Margin per bbl ($/throughput bbl) (1) $20.31  $11.47  $16.02  $6.94 Production costs per bbl ($/throughput bbl)  4.21   3.73   5.40   3.94 D&A per bbl ($/throughput bbl)  1.43   1.91   1.99   1.96          Wyoming Refinery        Feedstocks Throughput (Mbpd)  14.3   13.5   14.4   9.9 Yield (% of total throughput)        Gasoline and gasoline blendstocks  46.2%  44.1%  47.5%  46.1%Distillates  44.2%  47.3%  44.1%  46.8%Fuel oils  3.8%  3.5%  3.0%  3.1%Other products  2.8%  3.1%  2.4%  2.4%Total yield  97.0%  98.0%  97.0%  98.4%                 Refined product sales volume (Mbpd)  19.1   14.7   18.2   13.4          Adjusted Gross Margin per bbl ($/throughput bbl) (1) $34.03  $18.57  $30.49  $19.01 Production costs per bbl ($/throughput bbl)  15.28   14.50   13.52   20.81 D&A per bbl ($/throughput bbl)  3.27   3.64   3.16   6.37          Market Indices (average $ per barrel)        Hawaii Index $46.06  $8.57  $38.62  $8.35 Montana Index  25.76   20.29   15.36   13.72 Washington Index  20.27   15.37   14.27   9.79 Wyoming Index  28.73   21.41   24.04   20.86 Combined Index  32.94   13.76   26.11   10.59          Market Cracks (average $ per barrel)        Singapore 3.1.2 Product Crack $49.99  $13.56  $43.04  $13.34 Montana 6.3.2.1 Product Crack  36.64   29.00   25.92   23.04 Washington 3.1.1.1 Product Crack  33.75   24.16   25.20   18.12 Wyoming 2.1.1 Product Crack  36.77   22.68   29.54   22.21          Crude Oil Prices (average $ per barrel)        Brent $96.68  $66.71  $87.58  $70.82 WTI  92.70   63.68   82.74   67.53 ANS (-) Brent  13.07   3.67   8.02   2.93 Bakken Guernsey (-) WTI  4.03   (1.00)  2.12   (1.40)Bakken Williston (-) WTI  4.63   (2.20)  1.56   (2.64)WCS Hardisty (-) WTI  (14.15)  (9.41)  (13.95)  (10.92)MSW (-) WTI  1.78   (1.67)  (0.62)  (3.42)Syncrude (-) WTI  8.93   2.17   4.80   0.11 Brent M1-M3  6.76   1.42   5.33   1.32          Retail Segment        Retail sales volumes (thousands of gallons)  30,709   30,848   58,773   60,279            (1)We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method. Total Refining Segment Adjusted Gross Margin per barrel is presented net of intercompany profit in inventory of ($0.11) per barrel and $0.29 per barrel for the three months ended June 30, 2026 and 2025, respectively, and $0.20 per barrel and $0.19 per barrel for the six months ended June 30, 2026 and 2025, respectively, which represents margin on intercompany sales where the inventory remains on our condensed consolidated balance sheet at period end.                     Non-GAAP Performance Measures 

Management uses certain financial measures and forecasts to evaluate our operating performance and allocate resources that are considered non-GAAP financial measures. The chief operating decision-maker (“CODM”) is the Chief Executive Officer (“CEO”), who uses certain non-GAAP financial measures and forecasts to allocate resources and evaluate our operating performance. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.

We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Operating expense includes certain shared costs such as finance, accounting, tax, human resources, information technology, and legal costs that are not directly attributable to specific operating segments. The criteria used to determine the allocation of these expenses generally reflect the time and resources required to provide the applicable service to other internal stakeholders. Remaining expenses are included in the reconciliation of reportable segment Adjusted EBITDA to consolidated pre-tax income (loss) as unallocated corporate general and administrative expenses.

Management, including the CODM, uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) attributable to Par Pacific stockholders, Adjusted EBITDA (as defined below) and Adjusted EBITDA by segment (as defined below) are useful supplemental financial measures that allow management and investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure.

Beginning with the financial results reported for the fourth quarter of 2025, Adjusted Net Income (Loss) attributable to Par Pacific stockholders excludes the portion of non-GAAP adjustments associated with the noncontrolling interest in our joint venture established on October 21, 2025. Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA by segment also excludes other operating gains and losses (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities). This modification improves comparability between periods by excluding non-cash gains and losses that do not reflect ongoing underlying business operations.

Beginning with the financial results reported for the fourth quarter of 2025, Adjusted EBITDA includes the Adjusted Net Income (Loss) attributable to noncontrolling interests associated with our joint venture established on October 21, 2025.

Adjusted Gross Margin

Adjusted Gross Margin is defined as Operating income (loss) excluding:

• operating expense (excluding depreciation);• depreciation and amortization (“D&A”);• Par’s portion of interest, taxes, and D&A expense from refining and logistics investments;• impairment expense;• other operating (gain) loss, net (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities);• Par's portion of accounting policy differences from refining and logistics investments;• inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);• Environmental obligation mark-to-market adjustment (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act ("Washington CCA") and Clean Fuel Standard); and• unrealized loss (gain) on derivatives.    The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):

Three months ended June 30, 2026 Refining Logistics RetailOperating Income $629,916  $22,519 $14,553Operating expense (excluding depreciation)  128,452   5,262  23,408Depreciation, depletion, and amortization  26,652   6,142  2,759Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  684   1,170  —Inventory valuation adjustment  (35,704)  —  —Environmental obligation mark-to-market adjustments  (41,243)  —  —Unrealized gain on derivatives  (28,290)  —  —Par's portion of accounting policy differences from refining and logistics investments  (183)  —  —Other operating loss, net  144   —  —Adjusted Gross Margin (1) $680,428  $35,093 $40,720 Three months ended June 30, 2025 Refining Logistics RetailOperating Income $81,320  $23,741  $20,793Operating expense (excluding depreciation)  123,597   4,797   20,286Depreciation, depletion, and amortization  24,919   6,530   2,510Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  1,204   751   —Inventory valuation adjustment  28,530   —   —Environmental obligation mark-to-market adjustments  1,360   —   —Unrealized gain on derivatives  (28,815)  —   —Par's portion of accounting policy differences from refining and logistics investments  (526)  —   —Other operating loss (gain), net  191   (1,417)  —Adjusted Gross Margin (1) $231,780  $34,402  $43,589 Six months ended June 30, 2026 Refining Logistics RetailOperating Income $686,232  $47,039 $27,558Operating expense (excluding depreciation)  244,372   11,154  44,114Depreciation, depletion, and amortization  52,073   11,942  5,194Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  1,611   2,252  —Inventory valuation adjustment  (96,930)  —  —Environmental obligation mark-to-market adjustments  (70,751)  —  —Unrealized loss on derivatives  48,621   —  —Par's portion of accounting policy differences from refining and logistics investments  (595)  —  —Other operating loss, net  870   125  —Adjusted Gross Margin (1) $865,503  $72,512 $76,866 Six months ended June 30, 2025 Refining Logistics RetailOperating Income $56,599  $45,630  $36,754Operating expense (excluding depreciation)  242,217   9,162   41,455Depreciation, depletion, and amortization  51,316   13,349   5,172Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  2,356   1,717   —Inventory valuation adjustment  16,843   —   —Environmental obligation mark-to-market adjustments  6,314   —   —Unrealized gain on derivatives  (38,257)  —   —Par's portion of accounting policy differences from refining and logistics investments  (1,471)  —   —Other operating loss (gain), net  191   (1,417)  1Adjusted Gross Margin (1) $336,108  $68,441  $83,382           (1)For the three and six months ended June 30, 2026 and 2025, there was no impairment expense in Operating income.                     Adjusted Net Income (Loss) Attributable to Par Pacific Stockholders and Adjusted EBITDA

Adjusted Net Income (Loss) attributable to Par Pacific stockholders is defined as Net income (loss) attributable to Par Pacific stockholders excluding:

• inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);• Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);• unrealized (gain) loss on derivatives;• acquisition and integration costs;• redevelopment and other costs related to Par West;• debt extinguishment and commitment costs;• increase in (release of) tax valuation allowance and other deferred tax items;• changes in the value of contingent consideration and common stock warrants;• severance costs and other non-operating expense (income);• impairment expense;• impairment expense associated with our investment in Laramie Energy;• Par’s share of equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions;• Par's portion of accounting policy differences from refining and logistics investments;• other operating (gain) loss, net (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities); and• noncontrolling interest impact of non GAAP adjustments.    Adjusted EBITDA is defined as Adjusted Net Income (Loss) attributable to Par Pacific stockholders plus Adjusted Net Loss attributable to noncontrolling interests excluding:

• D&A;• interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain);• cash distributions from Laramie Energy, LLC to Par;• Par's portion of interest, taxes, and D&A expense from refining and logistics investments; and• income tax expense (benefit) excluding the increase in (release of) tax valuation allowance.    The following table presents a reconciliation of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA to the most directly comparable GAAP financial measure, Net income (loss) attributable to Par Pacific stockholders, on a historical basis for the periods indicated (in thousands):        

  Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 Net income attributable to Par Pacific stockholders $462,131  $59,460  $516,581  $29,060 Inventory valuation adjustment  (35,704)  28,530   (96,930)  16,843 Environmental obligation mark-to-market adjustments  (41,243)  1,360   (70,751)  6,314 Unrealized loss (gain) on derivatives  (28,892)  (28,166)  47,987   (37,523)Acquisition and integration costs  —   —   64   — Par West redevelopment and other costs  3,676   4,690   6,661   8,672 Debt extinguishment and commitment costs  11,461   —   11,523   25 Changes in valuation allowance and other deferred tax items (1)  122,340   15,473   132,968   8,579 Severance costs and other non-operating expense (2)  13   552   66   1,278 Equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions  1,666   (1,856)  (7,513)  (2,582)Par's portion of accounting policy differences from refining and logistics investments  (183)  (526)  (595)  (1,471)Other operating loss (gain), net  296   (1,226)  1,147   (1,225)Noncontrolling interest impact of non-GAAP adjustments  3,630   —   (3,475)  — Adjusted Net Income attributable to Par Pacific stockholders (3)   499,191   78,291   537,733   27,970 Adjusted Net Loss attributable to noncontrolling interests (4)  (2,820)  —   (4,014)  — Depreciation, depletion, and amortization  36,454   34,712   70,914   71,298 Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain)  14,870   21,457   30,836   43,220 Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  1,854   1,955   3,863   4,073 Income tax expense  21,706   1,414   23,418   1,414 Adjusted EBITDA (3) $571,255  $137,829  $662,750  $147,975            (1)For the three and six months ended June 30, 2026, we recognized a non-cash deferred tax expense of $122.3 million and $133.0 million, respectively, driven by an increase in our 2026 taxable income. For the three and six months ended June 30, 2025, we recognized a non-cash deferred tax expense of $15.5 million and $8.6 million, respectively, related to deferred state and federal tax liabilities.(2)For the six months ended June 30, 2025, we incurred $0.3 million of stock-based compensation expenses associated with equity awards modifications.(3)For the three and six months ended June 30, 2026 and 2025, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, cash distributions from Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA made during the reporting periods.(4)Represents the amount necessary to reconcile Adjusted Net Income (Loss) attributable to Par Pacific stockholders to consolidated adjusted net income (loss) used in calculating Adjusted EBITDA. The amount equals net income (loss) attributable to noncontrolling interest minus the noncontrolling interest impact of non-GAAP adjustments.                     The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) attributable to Par Pacific stockholders per share (in thousands, except per share amounts):

  Three Months Ended
June 30, Six Months Ended
June 30,   2026  2025  2026  2025Adjusted Net Income attributable to Par Pacific stockholders $499,191 $78,291 $537,733 $27,970         Numerator for diluted income per common share $499,191 $78,291 $537,733 $27,970         Basic weighted-average common shares outstanding  48,509  50,373  48,460  52,052Add dilutive effects of common stock equivalents (1)  935  463  1,084  338             Diluted weighted-average common shares outstanding  49,444  50,836  49,544  52,390         Basic Adjusted Net Income attributable to Par Pacific stockholders per common share $10.29 $1.55 $11.10 $0.54Diluted Adjusted Net Income attributable to Par Pacific stockholders per common share $10.10 $1.54 $10.85 $0.53                           Adjusted EBITDA by Segment

Adjusted EBITDA by segment is defined as Operating income (loss) excluding:

• D&A;• inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);• Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);• unrealized (gain) loss on derivatives;• acquisition and integration costs;• redevelopment and other costs related to Par West;• severance costs and other non-operating expense (income);• other operating loss (gain), net (which includes the impacts of the noncash remeasurement of our environmental liabilities);• impairment expense;• Par's portion of interest, taxes, and D&A expense from refining and logistics investments; and• Par's portion of accounting policy differences from refining and logistics investments.    Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations.

The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands):

Three Months Ended June 30, 2026 Refining Logistics Retail Corporate
and OtherOperating income (loss) by segment $629,916  $22,519 $14,553 $(32,435)Depreciation, depletion and amortization  26,652   6,142  2,759  901 Inventory valuation adjustment  (35,704)  —  —  — Environmental obligation mark-to-market adjustments  (41,243)  —  —  — Unrealized gain on commodity derivatives  (28,290)  —  —  — Acquisition and integration costs  —   —  —  — Par West redevelopment and other costs  —   —  —  3,676 Severance costs and other non-operating expense  —   13  —  — Par's portion of accounting policy differences from refining and logistics investments  (183)  —  —  — Other operating loss, net  144   —  —  152 Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  684   1,170  —  — Other loss, net  —   —  —  (171)Adjusted EBITDA (1) $551,976  $29,844 $17,312 $(27,877) Three Months Ended June 30, 2025 Refining Logistics Retail Corporate
and OtherOperating income (loss) by segment $81,320  $23,741  $20,793 $(29,094)Depreciation, depletion and amortization  24,919   6,530   2,510  753 Inventory valuation adjustment  28,530   —   —  — Environmental obligation mark-to-market adjustments  1,360   —   —  — Unrealized gain on derivatives  (28,815)  —   —  — Acquisition and integration costs  —   —   —  — Par West redevelopment and other costs  —   —   —  4,690 Severance costs and other non-operating expense  201   193   44  114 Par's portion of accounting policy differences from refining and logistics investments  (526)  —   —  — Other operating loss (gain), net  191   (1,417)  —  — Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  1,204   751   —  — Other loss, net  —   —   —  (163)Adjusted EBITDA (1) $108,384  $29,798  $23,347 $(23,700) Six months ended June 30, 2026 Refining Logistics Retail Corporate
and OtherOperating income (loss) by segment $686,232  $47,039 $27,558 $(60,954)Depreciation, depletion and amortization  52,073   11,942  5,194  1,705 Inventory valuation adjustment  (96,930)  —  —  — Environmental obligation mark-to-market adjustments  (70,751)  —  —  — Unrealized loss on derivatives  48,621   —  —  — Acquisition and integration costs  —   —  —  64 Par West redevelopment and other costs  —   —  —  6,661 Severance costs and other non-operating expense  —   13  53  — Par's portion of accounting policy differences from refining and logistics investments  (595)  —  —  — Other operating loss, net  870   125  —  152 Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  1,611   2,252  —  — Other loss, net  —   —  —  (185)Adjusted EBITDA (1) $621,131  $61,371 $32,805 $(52,557) Six months ended June 30, 2025 Refining Logistics Retail Corporate
and OtherOperating income (loss) by segment $56,599  $45,630  $36,754 $(57,999)Depreciation, depletion and amortization  51,316   13,349   5,172  1,461 Inventory valuation adjustment  16,843   —   —  — Environmental obligation mark-to-market adjustments  6,314   —   —  — Unrealized gain on derivatives  (38,257)  —   —  — Acquisition and integration costs  —   —   —  — Par West redevelopment and other costs  —   —   —  8,672 Severance costs and other non-operating expense  201   193   44  840 Par's portion of accounting policy differences from refining and logistics investments  (1,471)  —   —  — Other operating loss (gain), net  191   (1,417)  1  — Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments  2,356   1,717   —  — Other loss, net  —   —   —  (534)Adjusted EBITDA (1) $94,092  $59,472  $41,971 $(47,560)           (1) For the three and six months ended June 30, 2026 and 2025, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference.                     Laramie Energy Adjusted EBITDAX

Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative (income) loss, gain (loss) on settled derivative instruments, interest expense (income) and loan fees, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, bonus accrual, equity-based compensation expense, phantom units, expired acreage (non-cash), and other non-operating expenses. We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.

The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):

  Three Months Ended
June 30, Six Months Ended
June 30,   2026   2025   2026   2025 Net income (loss) $(6,677) $527  $10,222  $(539)Commodity derivative (income) loss  (6,593)  (3,356)  (21,320)  6,501 Gain (loss) on settled derivative instruments  13,777   4,243   16,467   (1,455)Interest expense and loan fees  4,695   4,712   9,333   9,323 Gain on contingency  —   (294)  —   (294)Depreciation, depletion, amortization, and accretion  11,142   8,171   20,355   15,970 Phantom units  1,333   (1,756)  2,070   (3,270)Expired acreage (non-cash)  207   132   655   228 Other non-operating expenses  26   —   26   — Total Adjusted EBITDAX (1) $17,910  $12,379  $37,808  $26,464            (1)For the three and six months ended June 30, 2026 and 2025, there was no gain on extinguishment of debt, non-cash preferred dividend, bonus accrual, or equity-based compensation expense.