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 share
- Adjusted Net Income attributable to Par Pacific stockholders of $499.2 million, or $10.10 per diluted share
- Adjusted EBITDA of $571.3 million
- Hawaii turnaround substantially complete, with the majority of processing units now online
- Completed $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)
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 $0.55
Balance Sheet Data
(Unaudited)
(in thousands)
Operating Statistics
The following table summarizes key operational data:
Three Months EndedJune 30, Six Months Ended
June 30, 2026 2025 2026 2025 Total Refining Segment Feedstocks Throughput (Mbpd) 181.4 186.6 182.7 181.4 Refined product sales volume (Mbpd) 201.3 204.5 195.1 194.6 Adjusted Gross Margin per bbl ($/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
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 $40,720Adjusted 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 EndedJune 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
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 EndedJune 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 Corporateand 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)
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)
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)
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)
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 EndedJune 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