Par Pacific Holdings, Inc.

Second quarter adjusted EBITDA was $571 million and adjusted net income was $499 million, or $10.10 per share. Refining adjusted EBITDA was $552 million versus $69 million in Q1; logistics adjusted EBITDA was $30 million versus $32 million; retail adjusted EBITDA was $17 million versus $15 million. The combined refining index averaged approximately $33 per barrel, up roughly $14 per barrel from Q1, and system-wide refining capture was 125% (112% normalized). Cash from operations totaled $614 million before $312 million of working capital outflows and $19 million of deferred turnaround costs. Capital expenditures, including deferred turnaround costs, were about $59 million. For Q3, management expects Hawaii conventional throughput of 59.1 thousand barrels per day and renewable throughput of 1.5 thousand to 2,000 barrels per day, Mainland Washington at 40-42 thousand barrels per day, Wyoming at 17-20 thousand, and Montana at 56-61 thousand; Q3 midpoint throughput guidance is 182 thousand barrels per day. Management also said July consolidated refining index was $31.34 per barrel, about $1.60 below the Q2 average.

Will Monteleone emphasized that the company’s results came from “excellent operational and commercial execution” amid extreme volatility, with each business unit using the flexibility of the asset base to capture market conditions. He highlighted strong market conditions, tight global refined-product inventories, and structural factors that still support margins, while noting retail trends and early renewable diesel commercialization. His tone was confident but disciplined, repeatedly stressing per-share value creation, balance-sheet strength, and capital allocation through cycles.

Shawn Flores said the quarter benefited from a sharp step-up in refining markets and detailed the drivers by asset: Hawaii capture of 124% with a net price-lag benefit of about $77 million or $11.49 per barrel, Montana capture of 144%, Wyoming capture of 118%, and Washington capture of 100%. He also noted logistics EBITDA of $30 million and retail EBITDA of $17 million, plus cash from operations of $614 million before $312 million of working capital outflows and $19 million of deferred turnaround costs. He said capital expenditures were about $59 million, the company completed a $500 million senior unsecured notes offering, reduced gross term debt by more than $130 million, reduced ABL borrowings by $78 million, and ended with $185 million of cash and about $1.4 billion of total liquidity. He added that a substantial portion of the working-capital outflows should reverse as inventories normalize after the Hawaii turnaround and commodity prices stabilize.

Analysts focused on Hawaii turnaround timing, price lag, inventory cost flow, and whether turnaround expenses would create an OpEx or capture headwind in Q3. Management said the turnaround was tracking near plan, with the crude and reforming units back in the early part of the window and the hydrocracker in catalyst activation/startup, while most turnaround spending is capitalized and the main Q3 impact will be lower throughput and imported barrels being costed in the quarter. On China and Singapore, management said it has not seen material increases in refined-product exports despite some reported refinery utilization changes, and it is mainly watching vessel movements rather than headlines. On tax and RINs, management said the year-end NOL balance was about $700 million, expects to use a substantial portion this year, sees a more typical federal tax position beginning in 2027 if margins hold, and said a full 2025 SRE exemption at current RIN prices would be about $300 million, with a partial exemption roughly half that.