Par Pacific Holdings Reports Second Quarter 2025 Results
HOUSTON, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE:PARR) ("Par Pacific" or the "Company") today reported its financial results for the quarter ended June 30, 2025.
Net Income of $59.5 million, or $1.17 per diluted share
Adjusted Net Income of $78.3 million, or $1.54 per diluted share
Adjusted EBITDA of $137.8 million
Repurchased $28 million of common stock at an average price of $17.36 per share during the second quarter
Successful completion of the Montana turnaround
Record Hawaii refining quarterly throughput of 88 mbpd
Announced Hawaii Renewables joint venture with expected cash proceeds of $100 million
Par Pacific reported net income of $59.5 million, or $1.17 per diluted share, for the quarter ended June 30, 2025, compared to $18.6 million, or $0.32 per diluted share, for the same quarter in 2024. Second quarter 2025 Adjusted Net Income was $78.3 million, compared to $28.5 million in the second quarter of 2024. Second quarter 2025 Adjusted EBITDA was $137.8 million, a 69% improvement compared to $81.6 million in the second quarter of 2024. 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.
"Second quarter results reflected strong operational and commercial execution," said Will Monteleone, President and Chief Executive Officer. "We advanced key strategic priorities, including completing the Montana turnaround and progressing construction of the Hawaii SAF project. We also announced the Hawaii Renewables joint venture at an attractive implied valuation with strategic partners who bring strong commercial capabilities and expanded market access. In addition, we opportunistically reduced shares outstanding by 3% during the quarter, bringing total reductions to 8% year-to-date."
Refining
The Refining segment reported operating income of $81.3 million in the second quarter of 2025, compared to $41.2 million in the second quarter of 2024. Adjusted Gross Margin for the Refining segment was $231.8 million in the second quarter of 2025, compared to $176.6 million in the second quarter of 2024.
Refining segment Adjusted EBITDA was $108.4 million in the second quarter of 2025, compared to $60.1 million in the second quarter of 2024.
HawaiiThe Hawaii Index averaged $8.57 per barrel in the second quarter of 2025, compared to $7.41 per barrel in the second quarter of 2024. Throughput in the second quarter of 2025 was 88 thousand barrels per day (Mbpd), compared to 81 Mbpd for the same quarter in 2024. Production costs were $4.18 per throughput barrel in the second quarter of 2025, compared to $4.50 per throughput barrel in the same period of 2024.
The Hawaii refinery's Adjusted Gross Margin was $10.18 per barrel during the second quarter of 2025, including a net price lag impact of approximately $(3.7) million, or $(0.46) per barrel, compared to $10.07 per barrel during the second quarter of 2024.
MontanaThe Montana Index averaged $20.29 per barrel in the second quarter of 2025, compared to $19.15 per barrel in the second quarter of 2024. The Montana refinery's throughput in the second quarter of 2025 was 44 Mbpd, compared to 38 Mbpd for the same quarter in 2024. Production costs were $14.18 per throughput barrel in the second quarter of 2025, compared to $16.18 per throughput barrel in the same period of 2024.
The Montana refinery's Adjusted Gross Margin was $22.30 per barrel during the second quarter of 2025, compared to $16.89 per barrel during the second quarter of 2024.
WashingtonThe Washington Index averaged $15.37 per barrel in the second quarter of 2025, compared to $7.25 per barrel in the second quarter of 2024. The Washington refinery's throughput was 41 Mbpd in the second quarter of 2025, consistent with the second quarter of 2024. Production costs were $3.73 per throughput barrel in the second quarter of 2025, compared to $3.66 per throughput barrel in the same period of 2024.
The Washington refinery's Adjusted Gross Margin was $11.47 per barrel during the second quarter of 2025, compared to $4.67 per barrel during the second quarter of 2024.
Wyoming
The Wyoming Index averaged $21.41 per barrel in the second quarter of 2025, compared to $17.45 per barrel in the second quarter of 2024. The Wyoming refinery's throughput was 13 Mbpd in the second quarter of 2025, compared to 20 Mbpd in the second quarter of 2024. Production costs were $14.50 per throughput barrel in the second quarter of 2025, compared to $7.08 per throughput barrel in the same period of 2024.
The Wyoming refinery's Adjusted Gross Margin was $18.57 per barrel during the second quarter of 2025, including a FIFO impact of approximately $0.9 million, or $0.74 per barrel, compared to $14.74 per barrel during the second quarter of 2024.
Retail
The Retail segment reported operating income of $20.8 million in the second quarter of 2025, compared to $16.1 million in the second quarter of 2024. Adjusted Gross Margin for the Retail segment was $43.6 million in the second quarter of 2025, compared to $41.6 million in the same quarter of 2024.
Retail segment Adjusted EBITDA was $23.3 million in the second quarter of 2025, compared to $18.7 million in the second quarter of 2024. The Retail segment reported sales volumes of 30.8 million gallons in the second quarter of 2025, compared to 30.5 million gallons in the same quarter of 2024. Second quarter 2025 same store fuel volumes and inside sales revenue increased by 1.8% and 3.0%, respectively, compared to the second quarter of 2024.
Logistics
The Logistics segment reported operating income of $23.7 million in the second quarter of 2025, compared to $18.0 million in the second quarter of 2024. Adjusted Gross Margin for the Logistics segment was $34.4 million in the second quarter of 2025, compared to $30.8 million in the same quarter of 2024.
Logistics segment Adjusted EBITDA was $29.8 million in the second quarter of 2025, compared to $26.1 million in the second quarter of 2024.
Liquidity
Net cash provided by operations totaled $133.6 million for the three months ended June 30, 2025, including working capital inflows of $122.9 million and deferred turnaround expenditures of $(72.3) million. Excluding these items, net cash provided by operations was $83.0 million for the three months ended June 30, 2025. Net cash used in operations was $(4.7) million for the three months ended June 30, 2024. Net cash used in investing activities totaled $(45.9) million for the three months ended June 30, 2025, consisting primarily of capital expenditures, compared to $(35.4) million for the three months ended June 30, 2024. Net cash used in financing activities totaled $(52.3) million for the three months ended June 30, 2025, compared to $(8.6) million for the three months ended June 30, 2024.
At June 30, 2025, Par Pacific's cash balance totaled $169.2 million and gross term debt was $640.7 million. Net term debt was $471.5 million at June 30, 2025. Total liquidity increased 23% during the quarter to $647.0 million at June 30, 2025.
The Company repurchased $28 million of common stock at a weighted average price of $17.36 per share during the second quarter of 2025.
Laramie Energy
During the second quarter of 2025, Par Pacific recorded $1.9 million of equity earnings related to Laramie Energy, LLC ("Laramie"). Laramie's total net income was $0.5 million in the second quarter of 2025, including unrealized losses on derivatives of $(0.9) million, compared to a net loss of $(6.5) million in the second quarter of 2024. Laramie's total Adjusted EBITDAX was $12.4 million in the second quarter of 2025, compared to $10.0 million in the second quarter of 2024.
Conference Call Information
A conference call is scheduled for Wednesday, August 6, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-833-974-2377 inside the U.S. or 1-412-317-5782 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 20, 2025, and may be accessed by calling 1-877-344-7529 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 7519957.
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 Company's plans to invest in renewable fuels production in Hawaii through the Hawaii Renewables, LLC 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, Israel-Palestine conflict, Houthi attacks in the Red Sea, Iranian activities 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 VitterVP, Investor Relations & Sustainability(832)
Condensed Consolidated Statements of Operations(Unaudited)(in thousands, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Revenues
$
1,893,438
$
2,017,468
$
3,638,474
$
3,998,303
Operating expenses
Cost of revenues (excluding depreciation)
1,593,479
1,770,197
3,152,839
3,517,675
Operating expense (excluding depreciation)
148,680
144,080
292,834
297,340
Depreciation and amortization
34,712
32,144
71,298
64,800
General and administrative expense (excluding depreciation)
23,648
23,168
47,891
64,923
Equity earnings from refining and logistics investments
(7,305
)
(3,744
)
(14,819
)
(9,838
)
Acquisition and integration costs
—
(152
)
—
91
Par West redevelopment and other costs
4,690
3,071
8,672
5,042
Loss (gain) on sale of assets, net
(1,226
)
63
(1,225
)
114
Total operating expenses
1,796,678
1,968,827
3,557,490
3,940,147
Operating income
96,760
48,641
80,984
58,156
Other income (expense)
Interest expense and financing costs, net
(22,106
)
(20,434
)
(43,954
)
(38,318
)
Debt extinguishment and commitment costs
—
(1,418
)
(25
)
(1,418
)
Other loss, net
(163
)
(124
)
(534
)
(2,700
)
Equity earnings (losses) from Laramie Energy, LLC
1,856
(1,360
)
2,582
3,203
Total other expense, net
(20,413
)
(23,336
)
(41,931
)
(39,233
)
Income before income taxes
76,347
25,305
39,053
18,923
Income tax expense
(16,887
)
(6,667
)
(9,993
)
(4,036
)
Net income
$
59,460
$
18,638
$
29,060
$
14,887
Weighted-average shares outstanding
Basic
50,373
57,239
52,052
57,936
Diluted
50,836
58,045
52,390
58,402
Income per share
Basic
$
1.18
$
0.33
$
0.56
$
0.26
Diluted
$
1.17
$
0.32
$
0.55
$
0.25
Balance Sheet Data(Unaudited)(in thousands)
June 30, 2025
December 31, 2024
Balance Sheet Data
Cash and cash equivalents
$
169,195
$
191,921
Working capital (1)
347,968
488,940
ABL Credit Facility
485,000
483,000
Term debt (2)
640,653
644,233
Total debt, including current portion
1,112,473
1,112,967
Total stockholders' equity
1,148,415
1,191,302
_______________________________________(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 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,
2025
2024
2025
2024
Total Refining Segment
Feedstocks throughput (Mbpd)
186.6
179.8
181.4
180.0
Refined product sales volume (Mbpd)
204.5
191.2
194.6
192.0
Adjusted Gross Margin per bbl ($/throughput bbl) (1)
$
13.65
$
10.79
$
10.24
$
11.71
Production costs per bbl ($/throughput bbl) (2)
7.20
7.04
7.30
7.32
D&A per bbl ($/throughput bbl)
1.47
1.33
1.56
1.34
Hawaii Refinery
Feedstocks throughput (Mbpd)
88.1
81.0
83.8
80.2
Yield (% of total throughput)
Gasoline and gasoline blendstocks
26.9
%
27.3
%
26.4
%
26.2
%
Distillates
40.4
%
37.9
%
37.6
%
38.0
%
Fuel oils
29.1
%
30.0
%
30.6
%
32.0
%
Other products
1.0
%
1.4
%
2.4
%
0.1
%
Total yield
97.4
%
96.6
%
97.0
%
96.3
%
Refined product sales volume (Mbpd)
88.5
82.2
88.6
84.9
Adjusted Gross Margin per bbl ($/throughput bbl) (1)
$
10.18
$
10.07
$
9.57
$
12.02
Production costs per bbl ($/throughput bbl) (2)
4.18
4.50
4.48
4.67
D&A per bbl ($/throughput bbl)
0.25
0.57
0.24
0.58
Montana Refinery
Feedstocks Throughput (Mbpd)
44.2
37.7
48.0
45.1
Yield (% of total throughput)
Gasoline and gasoline blendstocks
45.3
%
56.6
%
45.3
%
51.3
%
Distillates
30.4
%
25.2
%
31.5
%
29.6
%
Asphalt
13.9
%
6.9
%
12.5
%
8.7
%
Other products
4.3
%
5.0
%
3.7
%
4.5
%
Total yield
93.9
%
93.7
%
93.0
%
94.1
%
Refined product sales volume (Mbpd)
55.6
48.2
51.5
49.9
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Montana Refinery (cont.)
Adjusted Gross Margin per bbl ($/throughput bbl) (1)
$
22.30
$
16.89
$
13.02
$
15.20
Production costs per bbl ($/throughput bbl) (2)
14.18
16.18
12.22
14.09
D&A per bbl ($/throughput bbl)
2.83
1.84
2.56
1.59
Washington Refinery
Feedstocks throughput (Mbpd)
40.8
41.2
39.7
36.3
Yield (% of total throughput)
Gasoline and gasoline blendstocks
23.1
%
24.7
%
23.7
%
24.2
%
Distillate
