Par Pacific Q2 Earnings Call Highlights

Par 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. The 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. 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.

At 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%.

The Hawaii refinery began a plant-wide turnaround in late June. Creamer said the ...