PARR · Par Pacific Holdings, Inc.

Par Pacific Holdings delivered strong Q1 2026 results with GAAP net income of $54.5 million and diluted EPS of $1.10, a sharp turnaround from a $30.4 million loss in Q1 2025. Adjusted EBITDA surged to $91.5 million from $10.1 million year-over-year, reflecting robust refining performance amid elevated crack spreads. The Refining segment drove this with $56.3 million operating income and $185.1 million Adjusted Gross Margin, up significantly from prior year losses, supported by total throughput of 184 Mbpd versus 176 Mbpd. Hawaii stood out with record 89.8 Mbpd throughput (90 Mbpd reported), Hawaii Index at $31.11/bbl (vs $8.13), though Adjusted Gross Margin of $13.10/bbl included a $15.52/bbl net price lag from rising product prices. Montana, Washington, and Wyoming also contributed positively with improved margins and utilization. Retail operating income dipped to $13.0 million from $16.0 million on lower volumes, while Logistics grew to $24.5 million operating income. Liquidity remains solid at $937.7 million, with $172.2 million cash, enabling $28.0 million stock repurchase at $37.96/share. The Hawaii renewable fuels facility achieving commercial operations in April marks a key milestone, positioning the company for renewable growth. Management highlighted reliability and commercial execution, expressing confidence in capitalizing on strong margins. Laramie Energy added $9.2 million equity earnings. Operating cash flow adjusted for working capital was $162.0 million, underscoring underlying cash generation despite seasonal outflows.