Par Pacific Net Income Rises to $462.1 Million
The energy company reported a refining segment operating income of $629.9 million for the second quarter of 2026.
Par Pacific Holdings (PARR), the energy company, reported net income attributable to stockholders of $462.1 million for the second quarter of 2026, up from $59.5 million in the same period last year.
The result followed a significant expansion in refining margins that offset a decline in overall throughput. Adjusted EBITDA for the quarter rose to $571.3 million from $137.8 million in the prior-year period.
Operating income for the refining segment rose to $629.9 million from $81.3 million in the second quarter of 2025. The segment's adjusted gross margin increased to $680.4 million from $231.8 million. Total refining throughput fell to 181 Mbpd from 187 Mbpd.
Performance varied across the company's refinery fleet. The Hawaii refinery saw its adjusted gross margin expand to $57.00 per barrel from $10.18 per barrel, though throughput declined to 73 Mbpd from 88.1 Mbpd. The Montana refinery increased throughput to 53 Mbpd from 44 Mbpd, while its adjusted gross margin rose to $37.22 per barrel from $22.30 per barrel. The Washington refinery's adjusted gross margin increased to $20.31 per barrel from $11.47 per barrel.
Other business units showed mixed results. Laramie Energy's total adjusted EBITDAX rose to $17.9 million from $12.4 million. Retail sales volumes decreased slightly to 30.7 million gallons from 30.8 million gallons.
Cash flow and debt management improved during the period. Net cash provided by operations increased to $282.6 million from $133.6 million. Gross term debt fell to $505.7 million as of June 30, 2026, from $639.8 million at the end of 2025, following a $500 million senior unsecured notes offering that reduced term debt by over $130 million.