PARR 10-K & 10-Q changes, risk factors and insider trading
Par Pacific Holdings, Inc. · NYSE · Crude Petroleum & Natural Gas · CIK 821483 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on our business, results of operations, and financial condition.”
New heading “The development of alternative and competing products could adversely impact our business.”
New heading “Our renewable fuels manufacturing facility co-located with our Hawaii refinery (the “Renewable Fuels Facility”) may not commence operations when we expect, or at all, and, if completed, we may not be able to successfully integrate the Renewable Fuels Facility into our business or realize the anticipated benefits of this investment.”
Removed heading “Tariffs may adversely affect our financial condition, results of operations, and cash flows.”
Largest changes
“Our business may be adversely affected by uncertainty and changes in U.S. trade policies. For example, effective August 1, 2025, the U.S. adopted new and increased tariffs on countries and specific goods, subject to evolving exemptions. In October 2025, the U.S. government announced a series of new and expanded tariffs on imports from China and other countries, including a 100% tariff on certain categories of goods and increased duties. On November 1, 2025, the U.S. …”see in full comparison
“Our renewable fuels manufacturing facility co-located with our Hawaii refinery (the “Renewable Fuels Facility”) may not commence operations when we expect, or at all, and, if completed, we may not be able to successfully integrate the Renewable Fuels Facility into our business or realize the anticipated benefits of this investment.”see in full comparison
“Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on our business, results of operations, and financial condition.”see in full comparison
“Tariffs may adversely affect our financial condition, results of operations, and cash flows.”see in full comparison
In February 2022, following Russia’s invasion of Ukraine, the U.S. and other countries announced sanctions against Russia, including restrictions on the importation of Russian crude oil. On March 3, 2022, we suspended purchases of Russian crude oil for our Hawaii refinery in response to the Russia-Ukraine conflict. The U.S. and other countries have imposed additional sanctions as the conflict has escalated. Any further sanctions imposed or actions taken by the U.S. or other countries, and any retaliatory measures by Russia in response, such as restrictions on energy supplies from Russia, may increase our costs, reduce our sales and earnings, or otherwise have an adverse effect on our operations. Additionally, geopolitical conflicts likesee in full comparisonRussia’stheinvasionRussia-Ukraineofwar,UkrainetheandIsrael-Palestinerecentconflict,attackstheonpoliticalshippingactivity in Venezuela, Houthi-related disruptions in the RedSeaSea, and tensions involving Iran and the Strait of Hormuz may exacerbate inflationary pressures, including with respect to commodity prices and energy costs, and disrupt global supply chains. Rapid and significant changes in commodity costs may increase the cost of our crude oil feedstocks and affect the demand for our products.
“Additionally, non-traditional retailers such as supermarkets, club stores, and mass merchants are also in the retail business, and these non-traditional gasoline retailers have obtained a significant share of the transportation fuels market. These retailers may use integration of operations, greater financial resources, promotional pricing or discounts, or other advantages to withstand volatile market conditions or levels of no or low profitability. The development of alternative and competing fuels in the retail market could also adversely impact our business. …”see in full comparison
Full comparison: every changed paragraph (36)
Our businesses involve a high degree of risk. You should consider and read carefully the risks and uncertainties described below together with all of the other information contained in this Annual Report on Form 10-K. If any of the following risks, or any risk described elsewhere in this Annual Report on Form 10-K, actually occur, our business, prospects, financial condition, results of operations, or cash flows could be materially adversely affected. In any such case, the trading price of our common stock could decline. The risks described below are not the only ones facing our company. Additional risks not currently known to us or that we currently deem immaterial may also adversely affect us. These disclosures reflect the Company’s beliefs and opinions as to factors that could materially and adversely affect the Company and its securities in the future. Any references to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future.
Earnings and cash flows from our refining segment depend on a number of factors, including to a large extent the cost of crude oil and other refinery feedstocks which has fluctuated significantly in recent years. While prices for refined products are influenced by the price of crude oil, the constantly changing margin between the price we pay for crude oil and other refinery feedstocks and the prices we receive for refined products, the crack spread, also fluctuates significantly. The prices we pay and prices we receive depend on numerous factors beyond our control, including the global supply and demand for crude oil,oil gasoline,and renewable feedstocks, as well as gasoline and other conventional and renewable refined products, which are subject to, among other things:
•availability of crudeconventional oiland renewable feedstocks and refined products and the infrastructure to transport crude oil and refined productsthem;
•changes in U.S. trade policy and the impact of tariffs;
•government regulations or mandated production curtailments or limitations; and
•changes in the price or availability of certain environmental compliance credits; and
These actions could result in an increase in the price we pay for crude oil,oil and renewable feedstocks, which may result in a decrease in the expected earnings and cash flows generated by our refining business. Periods of elevated renewable feedstock costs combined with declining renewable product or environmental credit prices may materially compress renewable margins and adversely affect our renewable operations.
In addition, we purchase our refinery feedstocks before manufacturing and selling the refined products. Price level changes during the periods between purchasing and selling these refined products could also have a material adverse effect on our business, financial condition, and results of operations. We similarly procure renewable feedstocks prior to processing and sale of renewable fuels, and fluctuations in environmental credit prices during these periods may increase earnings volatility.
Geopolitical conflicts, including the conflictRussia-Ukraine between Russia and Ukraine,war, could increase the cost of our crude oil feedstocks and affect the demand for our products.
In February 2022, following Russia’s invasion of Ukraine, the U.S. and other countries announced sanctions against Russia, including restrictions on the importation of Russian crude oil. On March 3, 2022, we suspended purchases of Russian crude oil for our Hawaii refinery in response to the Russia-Ukraine conflict. The U.S. and other countries have imposed additional sanctions as the conflict has escalated. Any further sanctions imposed or actions taken by the U.S. or other countries, and any retaliatory measures by Russia in response, such as restrictions on energy supplies from Russia, may increase our costs, reduce our sales and earnings, or otherwise have an adverse effect on our operations. Additionally, geopolitical conflicts like Russia’sthe invasionRussia-Ukraine ofwar, Ukrainethe andIsrael-Palestine recentconflict, attacksthe onpolitical shippingactivity in Venezuela, Houthi-related disruptions in the Red SeaSea, and tensions involving Iran and the Strait of Hormuz may exacerbate inflationary pressures, including with respect to commodity prices and energy costs, and disrupt global supply chains. Rapid and significant changes in commodity costs may increase the cost of our crude oil feedstocks and affect the demand for our products.
Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on our business, results of operations, and financial condition.
Our business may be adversely affected by uncertainty and changes in U.S. trade policies. For example, effective August 1, 2025, the U.S. adopted new and increased tariffs on countries and specific goods, subject to evolving exemptions. In October 2025, the U.S. government announced a series of new and expanded tariffs on imports from China and other countries, including a 100% tariff on certain categories of goods and increased duties. On November 1, 2025, the U.S. government announced a deal with China that retained heightened reciprocal tariffs and suspended (retaining a 10% baseline) and reduced certain China-specific tariffs, effective November 10, 2025. Separately, previously announced tariffs on imports from other countries went into effect on November 1, 2025. Our business requires access to crude oil and other feedstocks to refine conventional and renewable fuels. Any imposition of, or increase in, tariffs on imports of feedstocks or other materials could increase our production costs and the cost to maintain our assets. To the extent we are unable to pass these cost increases on to our customers, such cost increases could adversely affect our business, results of operations, and financial condition. Tariffs or other trade restrictions may also lead to continuing uncertainty and volatility in U.S. and global financial and economic conditions and commodity markets, increased inflation, diminished economic expectations, and reduced demand for our products. While the impact of these factors is difficult to predict, any one or more of these factors could have a material adverse impact on our business, results of operations, and financial condition.
We are subject to interruptions of supply and increased costs as a result of our reliance on third-party transportation of crudeconventional oiland renewable feedstocks and refined products to and from our refineries.
Our refineries receive and transport crudeconventional oiland renewable feedstocks and refined products via tankers, barges, pipelines, and railcars. In addition to environmental risks, we could experience an interruption of supply or an increased cost to deliver refined products to market if such transportation is disrupted because of adverse weather, accidents, governmental regulation or sanctions, or third-party action. A prolonged disruption could have a material adverse effect on our business, financial condition, and results of operations.
We are exposed to the volatility in the market price of RINs and are unable to predict the future prices of RINs. RINs prices are dependent upon a variety of factors, including EPA regulations, the availability of RINs for purchase, and levels of transportation fuels produced, which can vary significantly from quarter to quarter. If sufficient RINs are unavailable for purchase, if we have to pay a significantly higher price for RINs, or if we are otherwise unable to meet the EPA’s RFS mandates, our results of operations and cash flows could be adversely affected. The current administration has also been critical of exemptions from the RFS mandates granted to small refineries during the previous administration. While litigation over the issue is currently before various courts, the EPA under the current administration may be less willing to grant such waivers going forward and may increase the RVO in future years. To the extent fewer waivers are granted in the future or the RVO is increased, the demand for and the price of RINs would likely also increase, and our results of operations and cash flows could be adversely affected. In addition, the EPA is considering changes to the existing RFS program regulations and other regulatory initiatives under the RFS program that could impact future standards. Although uncertain, any of these events may cause the price of RINs to rise and result in additional costs in connection with RFS compliance. Such increased costs could be material and may have a material adverse impact on our business, financial condition, and results of operations. All RIN transactions are recorded in the EPA Moderated Transaction System (“EMTS”). Under this system, purchasers of RINs are required to self-certify their validity without verification by the EPA, and are responsible for any invalid RINs submitted to the EPA for compliance. We believe that the RINs we purchase are from reputable sources, are valid, and serve to demonstrate compliance with applicable RFS requirements. However, if this belief proves incorrect and the RINs that we purchase are not valid or in compliance with applicable RFS requirements, our financial condition and cash flows may be adversely affected. In addition, renewable diesel and other renewable fuel prices are influenced by petroleum fuel prices, renewable fuel production levels and environmental credit markets, which may experience significant volatility. Sustained declines in renewable product or credit prices could adversely affect the profitability of our renewable operations.
Federal, regional, and state climate change and air emissions goals and regulatory programs under the Clean Air Act are complex, subject to change, and create uncertainty due to a number of factors including technological feasibility, legal challenges, and potential changes in federal policy. Nevertheless, stricter regulation can be expected in the future and any of these or similar changes, including a switch to alternative fuels such as liquified natural gas for power generation, or regulatory enforcement in connection with such requirements, may have a material adverse impact on our business, results of operations, and financial condition. For more information, please read “Note 1819—Commitments and Contingencies” to our consolidated financial statements under Item 8 of this Form 10-K.
As is typical of older, small refineries like the Wyoming refinery, the largest cost component arising from these various decrees relates to the investigation, monitoring, and remediation of soil, groundwater, surface water, and sediment contamination associated with the facility’s historic operations. Investigative work by Wyoming Refining and negotiations with the relevant agencies as to remedial approaches remain ongoing on a number of aspects of the contamination, meaning that investigation, monitoring, and remediation costs are not reasonably estimable for some elements of these efforts. As of December 31, 2024,2025, we have accrued $13.1$15.8 million for the well-understood components of these efforts based on current information, approximately one-third of which we expect to incur in the next five years and the remainder to be incurred over approximately 3025 years. Additionally, we believe the Wyoming refinery will need to modify or close a series of wastewater impoundments in the next several yearsyears, which will include remediation of soil in the impoundments to increase capacity and bring them to replace those impoundments with a newusable wastewater treatment system.state. Based on current information, reasonable estimates we have received suggest costs of approximately $11.6 million to designcomplete andthese construct a new wastewater treatment system.projects.
We are subject to extensive tax liabilities imposed by multiple jurisdictions including, without limitation, income taxes, indirect taxes (excise/duty, sales/use, gross receipts, GHG emissions), payroll taxes, franchise taxes, withholding taxes, and ad valorem taxes. New tax laws and regulations and changes in existing tax laws and regulations are continuously being enacted or proposed that could result in increased expenditures for tax liabilities in the future. Many of these liabilities are subject to periodic audits by the respective taxing authority. Although we believe we have used reasonable interpretations and assumptions in calculating our tax liabilities, the final determination of these tax audits and any related proceedings cannot be predicted with certainty. Any adverse outcome of such tax audits or related proceedings could result in unforeseen tax-related liabilities that may, individually or in the aggregate, materially affect our cash tax liabilities, results of operations, and financial condition. Additionally, tax rates or tax interpretations in the various jurisdictions in which we operate may change significantly as a result of political or economic factors beyond our control. For more information, please read “Note 1819—Commitments and Contingencies” to our consolidated financial statements under Item 8 of this Form 10-K. Additionally, our renewable fuels operations may be eligible for certain federal or state tax credits or incentives, and any modification, reduction, or elimination of such credits, or changes in their availability, could adversely affect or results of operations and cash flows.
Tariffs may adversely affect our financial condition, results of operations, and cash flows.
President Trump has threatened to implement tariffs on certain foreign goods, such as crude oil from Canada. Tariffs against Canadian crude oil would increase our input costs, resulting in higher production costs and lower gross margins, and could make our products less competitive and reduce consumer demand. Any such tariffs or, if enacted, any further executive or legislative action that affects trade, including retaliatory tariffs, could subject us to additional risks. We cannot predict whether, or to what extent, tariff or other trade protections may affect our financial condition, results of operations, or cash flows.
The retail market is diverse and highly competitive. Aggressive competition and the development of alternative fuels could adversely impact our business.
We face strong competition in the market for the sale of retail gasoline, diesel fuel, and merchandise. Our competitors include outlets owned or operated by fully integrated major oil companies or their dealers and other well-recognized national or regional retail outlets, often selling products at very competitive prices. We compete with a number of integrated national and international oil companies who produce crude oil, some of which is used in their refining operations. Unlike these oil companies, we must purchase all of our crude oil from unaffiliated sources. Because these oil companies benefit from increased commodity prices, have greater access to capital, and have stronger capital structures, they are able to better withstand poor and volatile market conditions, such as a lower refining margin environment, shortages of crude oil and other feedstocks, or extreme price fluctuations. Non-traditional retailers such as supermarkets, club stores, and mass merchants are also in the retail business, and these non-traditional gasoline retailers have obtained a significant share of the transportation fuels market. These retailers may use integration of operations, greater financial resources, promotional pricing or discounts, or other advantages to withstand volatile market conditions or levels of no or low profitability.
The development of alternative and competing products could adversely impact our business.
The development of alternative and competing products, including a switch to fuels such as liquified natural gas for power generation, could adversely impact our business. Increased competition from these alternatives as a result of governmental regulations, technological advances, and consumer demand could have an impact on demand for our products and could change the way in which we operate our assets.
Additionally, non-traditional retailers such as supermarkets, club stores, and mass merchants are also in the retail business, and these non-traditional gasoline retailers have obtained a significant share of the transportation fuels market. These retailers may use integration of operations, greater financial resources, promotional pricing or discounts, or other advantages to withstand volatile market conditions or levels of no or low profitability. The development of alternative and competing fuels in the retail market could also adversely impact our business. Increased competition from these alternatives as a result of governmental regulations, technological advances, and consumer demand could have an impact on pricing and demand for our products and our profitability.
We have the Inventory Intermediation Agreement with Citi,Citigroup Energy Inc. (“Citi”), pursuant to which Citi will purchase and deliver crude oil to our Hawaii refinery. Upon termination of the Inventory Intermediation Agreement, we are obligated to repurchase all crude oil inventories then owned by Citi. This repurchase obligation could have a material adverse effect on our business, results of operations, or financial condition. Our agreement with Citi also requires us to pay interest expense associated with the facility, which will increase in a rising crude oil price and interest rate environment. An adverse change in the business, results of operations, liquidity, or financial condition of one of our counterparties could adversely affect the ability of such counterparty to perform its obligations, which could consequently have a material adverse effect on our business, results of operations, or liquidity and, as a result, our business and operating results.
Our renewable fuels manufacturing facility co-located with our Hawaii refinery (the “Renewable Fuels Facility”) may not commence operations when we expect, or at all, and, if completed, we may not be able to successfully integrate the Renewable Fuels Facility into our business or realize the anticipated benefits of this investment.
On October 21, 2025, we established a joint venture with Alohi Renewable Energy LLC (“Alohi”), for the development, construction, ownership, and operation of the Renewable Fuels Facility. There can be no assurance that we will complete the Renewable Fuels Facility on the timeframe that we anticipate, or at all. Failure to complete the Renewable Fuels Facility or any delays in completing it could have an adverse impact on our future business and operations. In addition, we will have incurred significant capital and investment-related expenses without realizing all of the expected benefits.
Additionally, if the Renewable Fuels Facility is completed, we will have certain obligations and liabilities to the joint venture, as a subsidiary of the Company will serve as the construction manager, operator and provider of services. Further, the joint venture will be operated as a separate entity, and we will not fully control its operations. There can be no assurance that we will realize the anticipated benefits and operating synergies of the Renewable Fuels Facility or the joint venture. Our estimates regarding the earnings, operating cash flow, capital expenditures, and liabilities resulting from this investment may prove to be incorrect. This project involves risks, including:
•diversion of management time and attention from our existing business;
•reliance on our joint venture partner and its financial condition;
•risk that our joint venture partner does not always share our goals and objectives; and
•certain obligations that we have to fund capital expenditures relating to the Renewable Fuels Facility.
As of December 31, 2024,2025, we employed 1,787a people, 403total of whom1,758 areemployees. coveredOf bythis collectivetotal, bargaining395 agreements.employees, Atrepresenting approximately 22% of our workforce, were employed at our Hawaii, Washington, and Montana refineries,refineries alland 403were employees coveredrepresented by the United Steelworkers Union under collective bargaining agreements arethat represented by the USW with collective bargaining agreements effective throughexpired January 31, 2026.2026, Weand alsoare employcurrently subject to 24-hour extension periods while the parties continue their negotiations. In addition, three employees in Montanaour Mainland Logistics business in ourMontana Rocky Mountain Pipeline & Terminals business that arewere represented by the Rocky Mountain Union (“RMU”)under with a collective bargainingan agreement effective through October 1, 2025.2026. However, we may not be able to prevent a strike or work stoppage in the future and any such work stoppage could cause disruptions in our business and have a material adverse effect on our business, financial condition, results of operations, and cash flows.
The market price for our common stock has varied between a high of $40.34$47.20 on FebruaryDecember 26,1, 2024,2025, and a low of $15.09$12.23 on DecemberApril 20,15, 2024,2025, during the year ended December 31, 2024.2025. This volatility may affect the price at which you could sell your common stock. Our stock price is likely to continue to be volatile and subject to significant price and volume fluctuations in response to market and other factors; variations in our quarterly operating results from our expectations or those of securities analysts or investors; downward revisions in securities analysts’ estimates; and announcements by us or our competitors of significant acquisitions, strategic partnerships, joint ventures, or capital commitments.
Based on Schedule 13G filed on FebruaryApril 5,30, 2025, Blackrock, Inc., together with its affiliates, owns or had the right to acquire approximately 17.1%13.8% of our outstanding common stock. Based on Schedule 13G filed on November 5, 2025, The Vanguard Group, together with its affiliates, owns or had the right to acquire approximately 10.3% of our outstanding common stock. This level of ownership of shares of our common stock could have the effect of discouraging or impeding an unsolicited acquisition proposal.
Management's Discussion & Analysis (MD&A)
New heading “Cash flows for the year ended December 31, 2025”
Removed heading “Other Sources of Liquidity”
Removed heading “Cash flows for the year ended December 31, 2022”
Largest changes
Geopolitical Conflicts. Given the nature of our operations, including sourcing crude oil and feedstocks, geopolitical conflicts may affect our business and results of operations. The Russia-Ukraine war, the Israel-Palestine conflict,see in full comparisonHouthitheattackspolitical activity in Venezuela, Houthi-related disruptions in the Red Sea, andIraniantensionsactivitiesinvolvinginIran and the Strait of Hormuz have all continued to disrupt global trade patterns, increase crude oil price volatility,andand, at times, increase freight costs and delivery times.TheSanctions,overallpriceeffectcaps, and related restrictions on Russian crude oil and petroleum products, as well as evolving U.S. sanctions and licensing regimes affecting Venezuela’s petroleum sector, have further reshaped crude and refined product trade patterns, which may indirectly affect our business through changes in the availability and pricing ofthesecrudeconflictsoil andactionsfeedstocks,takenandtoincreasedlimitvolatilitytheinpurchaserefining margins. Further escalation, renewed maritime disruptions, or additional sanctions could adversely affect our supply economics, operating costs, and results ofRussian petroleum products in response to the Russia-Ukraine war have raised the operating costs of many European and other refineries.operations.
“Debt Refinancing. On February 28, 2023, we entered into the Term Loan Credit Agreement. The proceeds were used to repurchase and cancel the then-outstanding 7.75% Senior Secured Notes and 12.875% Senior Secured Notes and terminate and repay all amounts outstanding under the Term Loan B Facility. As a result of this refinancing, our debt maturity was extended from 2026 to 2030 and, using interest rates that were in effect at December 31, 2023, our estimated undiscounted future interest payments increased to $310 million. …”see in full comparison
“Tariffs. Effective August 1, 2025, the U.S. adopted new and increased tariffs on countries and specific goods, subject to evolving exemptions. In October 2025, the U.S. government announced a series of new and expanded tariffs on imports from China and other countries, including a 100% tariff on certain categories of goods and increased duties. On November 1, 2025, the U.S. government announced a deal with China that retained heightened reciprocal tariffs and suspended (retaining a 10% baseline) and reduced certain China-specific tariffs, effective November 10, 2025. …”see in full comparison
“Under the Renewables Intermediation Agreement, Hawaii Renewables and Wells Fargo enter into a series of Swap Transactions on a monthly basis and Wells Fargo agrees to prepay a fixed amount to Hawaii Renewables, which is not to exceed $100 million. Hawaii Renewables utilizes the funding received from the Swap Transactions to support our Renewable Fuels Facility’s operations. Hawaii Renewables receives the title to and risk of loss of the renewable feedstocks beginning at the transfer point designated by the sourcing contracts. …”see in full comparison
“Small Refinery Exemption. In August 2025, the U.S. Environmental Protection Agency (“EPA”) granted our mainland refineries a combination of full (100%) and partial (50%) small refinery exemptions (“SREs”) from the Renewable Fuel Standard (the “RFS”) program for the 2019 through 2024 compliance years. …”see in full comparison
Full comparison: every changed paragraph (170)
Operational Update. Our Wyoming refinery experienced an operational incident on the evening of February 12, 2025, and remained safely idled during repair and recovery work through late April 2025, when the refinery returned to full crude operations. The 66 days of idle time impacted comparability between the year ended December 31, 2025, and December 31, 2024.
Small Refinery Exemption. In August 2025, the U.S. Environmental Protection Agency (“EPA”) granted our mainland refineries a combination of full (100%) and partial (50%) small refinery exemptions (“SREs”) from the Renewable Fuel Standard (the “RFS”) program for the 2019 through 2024 compliance years. As a result of our historical compliance with the RFS program, we received previously retired Renewable Identification Numbers (“RINs”) related to the 2019 through 2023 compliance years from the EPA and relieved a portion of our 2024 RVO, recording a corresponding gain of $199.5 million in Net Income on our consolidated statements of operations for the year ended December 31, 2025. This also resulted in gains of $195.9 million in Adjusted Net Income (Loss) attributable to Par Pacific stockholders and $202.6 million in Adjusted EBITDA for the year ended December 31, 2025. As of December 31, 2025, the EPA has not made a determination with respect to small refinery exemptions for the 2025 compliance year. Accordingly, our recorded RFS obligation for the year ended December 31, 2025, reflects 100% of the RFS obligation for the period with no assumption of SRE relief.
Renewable Fuels Facility Joint Venture. On July 21, 2025, we and Hawaii Renewables, LLC (“Hawaii Renewables”), entered into a definitive Equity Contribution Agreement (the “Equity Contribution Agreement”) with Alohi Renewable Energy LLC (“Alohi”), an entity owned by Mitsubishi Corporation and ENEOS Corporation, to establish Hawaii Renewables as a joint venture. The joint venture was formed for the development, construction, ownership, and operation of the renewable fuels manufacturing facility co-located with our Hawaii refinery (“Renewable Fuels Facility”).
On October 21, 2025, we completed the transaction to form the Hawaii Renewables joint venture. Following the closing of the transaction, we held a 63.5% ownership interest in Hawaii Renewables and Alohi held the remaining 36.5% ownership interest. We will operate and manage the day-to-day operations at the Renewable Fuels Facility on behalf of Hawaii Renewables and provide certain services, such as construction management services, operating and corporate services, and terminalling services, to Hawaii Renewables. In addition, at the closing of the transaction, we contributed certain assets to Hawaii Renewables and Alohi contributed $100.0 million in cash in exchange for a minority interest. In connection with the transaction, Hawaii Renewables distributed $83.0 million to Par and approximately $17.0 million of Alohi’s contribution was retained by Hawaii Renewables to fund remaining construction and initial working capital. The Renewable Fuels Facility is expected to commence operations in the first half of 2026.
Inflation. Energy prices are, among other factors, indicators of inflation, and the U.S. Federal Reserve (the “Fed”) has taken significant steps to curb inflation. After aggressively raising interest rates in 2022 and early 2023 to bring down inflation, the Fed cut interest rates in 2024 and 2025 in response to positive indicators of economic growth, including easing labor market conditions and lower inflation. Interest rates decreased to a range of 3.50% to 3.75% in December 2025 from 4.25% to 4.50% in December 2024 from 5.25% to 5.50% in December 2023.2024. Crude oil pricingprices decreased in 20242025 compared to 2023.2024. Brent crude oil pricingprices averaged $68.19 per barrel in 2025 compared to $79.86 per barrel in 2024 compared to $82.17 per barrel in 2023.2024. The U.S. retail price for regular-grade gasoline averaged $3.10 per gallon in 2025 compared to $3.30 per gallon in 2024 compared to $3.52 per gallon in 2023.2024. This decline was due, in part, to lower crude oil prices in 20242025 compared to 2023,2024, as noted above,above. asThe welldecrease asin lowercrude prices in 2025 was primarily due to increased global demandoil primarilyinventories driven by decreasedincreased demandproduction by the Organization of the Petroleum Exporting Countries (“OPEC”) in China. The International Energy Agency (“IEA”) revised its forecast in its February 2025 Oil Market Report, which projected higher global oil demand in 2025 citing China, India, and other emerging Asian economies as the primarysecond sourceshalf of growth.2025. The overall energy index increased to 3.6%7.7% year over year as of December 2024.2025. While inflation has improved relative to prior years, we do not believe that inflation has had a material effect on our business, financial condition or results of operations in 2024.2025. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases, or price increases could lead to a decline in demand for our products, which could have a material effect on our business, financial condition, or results of operations.
Geopolitical Conflicts. Given the nature of our operations, including sourcing crude oil and feedstocks, geopolitical conflicts may affect our business and results of operations. The Russia-Ukraine war, the Israel-Palestine conflict, Houthithe attackspolitical activity in Venezuela, Houthi-related disruptions in the Red Sea, and Iraniantensions activitiesinvolving inIran and the Strait of Hormuz have all continued to disrupt global trade patterns, increase crude oil price volatility, andand, at times, increase freight costs and delivery times. TheSanctions, overallprice effectcaps, and related restrictions on Russian crude oil and petroleum products, as well as evolving U.S. sanctions and licensing regimes affecting Venezuela’s petroleum sector, have further reshaped crude and refined product trade patterns, which may indirectly affect our business through changes in the availability and pricing of thesecrude conflictsoil and actionsfeedstocks, takenand toincreased limitvolatility thein purchaserefining margins. Further escalation, renewed maritime disruptions, or additional sanctions could adversely affect our supply economics, operating costs, and results of Russian petroleum products in response to the Russia-Ukraine war have raised the operating costs of many European and other refineries.operations.
Tariffs. Effective August 1, 2025, the U.S. adopted new and increased tariffs on countries and specific goods, subject to evolving exemptions. In October 2025, the U.S. government announced a series of new and expanded tariffs on imports from China and other countries, including a 100% tariff on certain categories of goods and increased duties. On November 1, 2025, the U.S. government announced a deal with China that retained heightened reciprocal tariffs and suspended (retaining a 10% baseline) and reduced certain China-specific tariffs, effective November 10, 2025. Separately, previously announced tariffs on imports from other countries went into effect on November 1, 2025. In January 2026, the U.S. government announced that an additional 25% tariff would be imposed on countries purchasing Iranian oil. On February 20, 2026, the U.S Supreme Court ruled that the International Emergency Powers Act (“IEEPA”) does not authorize presidential tariff actions and invalidated prior IEEPA-based global duties. In response, the U.S. government imposed a temporary 10% global tariff under Section 122 of the Trade Act of 1974 that was increased to 15% prior to becoming effective on February 24, 2026. Those policies, along with retaliatory actions by some trading partners, increased US-China trade tensions, and ongoing negotiations around trade policy, have led to increased volatility, upward pressure on prices of a wide range of goods, and unpredictability for global trade.
Net Income (Loss). Attributable to Par Pacific Stockholders. Our financial results for the year ended December 31, 2024,2025, declinedimproved from anet Netloss income of $728.6 million for the year ended December 31, 2023,attributable to aPar NetPacific lossstockholders of $33.3 million for the year ended December 31, 2024.2024, to net income attributable to Par Pacific stockholders of $369.4 million for the year ended December 31, 2025. The decreaseincrease was driven by a $658.8$469.6 million decreaseincrease in refining segment Operatingoperating income, a $109.6$23.6 million decreaseincrease in Income tax benefit, a $25.3 million decrease in Equityequity earnings from Laramie Energy, LLC, and a $17.4$10.3 million increasedecrease in general and administrative expenses, and a $9.9 million increase in retail segment operating income, partially offset by a $19.7$116.5 million increase in logisticsincome segmenttax Operating income, a $17.5 million decrease in Debt extinguishment and commitment costs, and a $17.4 million decrease in Acquisition and integration costs related to our Billings Acquisition.expense. Please read the discussions of segment and consolidated results below for additional information.
Adjusted EBITDA and Adjusted Net Income.Income Attributable to Par Pacific Stockholders. For the year ended December 31, 2024,2025, Adjusted EBITDA was $238.7$633.5 million compared to $696.2$238.7 million for the year ended December 31, 2023.2024. The decrease$394.8 million improvement was primarily related to a $376.7$382.3 million decreaseincrease in our refining segment Adjusted Gross Margin and aan $98.7$11.8 million increase in operating expenses, partially offset by increases of $14.6 million and $9.4 million in our logistics and retail segment Adjusted Gross Margins, respectively.Margin. Please read the discussion of Adjusted Gross Margin by Segment and the Discussion of Consolidated Results below for additional information.
For the year ended December 31, 2024, Adjusted Net Income was $21.2 million compared to $501.2 million for the year ended December 31, 2023. The decline was primarily related to the same factors described above for the decrease in Adjusted EBITDA, as well as a $12.0 million increase in interest expense and financing costs, excluding unrealized interest rate derivative losses (gains), an $11.8 million increase in Depreciation and amortization, and a $9.2 million decrease in cash distributions received from Laramie Energy, LLC, partially offset by a decrease in Income tax expense, net of impacts due to changes in the valuation allowance and other deferred tax items of $13.3 million.
Net Income. Our financial results for the year ended December 31, 2023, improved from a Net income of $364.2 million for the year ended December 31, 2022, to $728.6 million for the year ended December 31, 2023. The increase was driven by a $274.3 million increase in refining segment Operating income, an increase of $116.0 million in Income tax benefit, and a $15.7 million increase in logistics segment Operating income, partially offset by a $29.0 million increase in general and administrative expenses, a $13.8 million increase in Acquisition and integration costs related to our Billings Acquisition, and a $2.4 million increase in expenses related to Par West redevelopment. Please read the discussions of segment and consolidated results below for additional information.
Adjusted EBITDA and Adjusted Net Income. For the year ended December 31, 2023, Adjusted EBITDA was $696.2 million compared to $643.4 million for the year ended December 31, 2022. The improvement was primarily related to an increase of $54.7 million in our refining segment, an increase of $22.3 million in our logistics segment, and an increase of $8.0 million in our retail segment, partially offset by a decrease of $32.3 million in our corporate segment. Please read the discussion of segment results below for additional information.
For the year ended December 31, 2023,2025, Adjusted Net Income attributable to Par Pacific stockholders was $501.2$390.1 million compared to an Adjusted Net Income of $474.7$21.2 million for the year ended December 31, 2022.2024. The $368.9 million improvement was primarily related to the same factors described above for the increase in Adjusted EBITDA, partially offset by a $20.0$12.7 million increase in Depreciationincome tax expense, net of impacts due to changes in the valuation allowance and amortization.other deferred tax items, and a $12.7 million increase in D&A.
Net Income (Loss) Attributable to Par Pacific Stockholders. Our financial results for the year ended December 31, 2024, declined from net income attributable to Par Pacific stockholders of $728.6 million for the year ended December 31, 2023, to net loss attributable to Par Pacific stockholders of $33.3 million for the year ended December 31, 2024. The decrease was driven by a $658.8 million decrease in refining segment Operating income, a $109.6 million decrease in Income tax benefit, a $25.3 million decrease in Equity earnings from Laramie Energy, LLC, and a $17.4 million increase in general and administrative expenses, partially offset by a $19.7 million increase in logistics segment Operating income, a $17.5 million decrease in Debt extinguishment and commitment costs, and a $17.4 million decrease in Acquisition and integration costs related to our Billings Acquisition. Please read the discussions of segment and consolidated results below for additional information.
Adjusted EBITDA and Adjusted Net Income Attributable to Par Pacific Stockholders. For the year ended December 31, 2024, Adjusted EBITDA was $238.7 million compared to $696.2 million for the year ended December 31, 2023. The decrease was primarily related to a $376.7 million decrease in our refining segment Adjusted Gross Margin and a $98.7 million increase in operating expenses, partially offset by increases of $14.6 million and $9.4 million in our logistics and retail segment Adjusted Gross Margins, respectively. Please read the discussion of Adjusted Gross Margin by Segment and the Discussion of Consolidated Results below for additional information.
For the year ended December 31, 2024, Adjusted Net Income attributable to Par Pacific stockholders was $21.2 million compared to $501.2 million for the year ended December 31, 2023. The decline was primarily related to the same factors described above for the decrease in Adjusted EBITDA, as well as a $12.0 million increase in interest expense and financing costs, excluding unrealized interest rate derivative losses (gains), an $11.8 million increase in Depreciation and amortization, and a $9.2 million decrease in cash distributions received from Laramie Energy, LLC, partially offset by a decrease in Income tax expense, net of impacts due to changes in the valuation allowance and other deferred tax items of $13.3 million.
(1)The 2025 and 2024 amounts for the total refining segment represent the sum of the Hawaii, Montana, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the year ended December 31, 2024.2025 and 2024, respectively. Feedstocks throughput and sales volumes per day for the Montana refinery for the year ended December 31, 2023, are calculated based on the 214-day period for which we owned the Montana refinery in 2023. As such, the amounts for the total refining segment represent the sum of the Hawaii, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the year ended December 31, 2023, plus the Montana refinery’s throughput or sales volumes averaged over the period from June 1, 2023, to December 31, 2023. The 2022 amounts for the total refining segment represent the sum of the Hawaii, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the year ended December 31, 2022.
(2)We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method. TheTotal definitionRefining ofSegment Adjusted Gross Margin wasper modifiedbarrel beginningis withpresented net of intercompany profit in inventory per barrel, which represents margin on intercompany sales where the financialinventory resultsremains reportedon our consolidated balance sheet at period end. Intercompany profit in inventory per barrel for periodsthe inyears fiscalended December 31, 2025, 2024, and 2023 was immaterial. For the year 2022.ended WeDecember have31, recast2025, Adjusted Gross Margin forper priorbarrel periodsincludes whenthe reportedSRE toimpact conformrelated to the modified2019 presentation.through Please2024 seecompliance discussion of Adjusted Gross Margin below.years.
(8)Beginning in 2025, we established the Combined Index as a new benchmark for our refining segment. The Combined Index provides a wholistic view of key drivers impacting our refining segment’s financial performance and is calculated as the throughput-weighted average of each regional index for periods under our ownership. As such, the throughput weighted index contemplates the Montana index following June 1, 2023.
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.
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 financial results reported for periods in fiscal year 2022, the inventory valuation adjustment was modified to include the first-in, first-out (“FIFO”) inventory gains (losses) associated with our titled manufactured inventory in Hawaii. This modification was made to better align Adjusted Net Income (Loss) and Adjusted EBITDA with the cash flow of the Hawaii refining business.
Beginning with financial results reported for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), attributable to Par Pacific stockholders, and Adjusted EBITDA exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments acquired on June 1, 2023, as part of the Billings Acquisition.
Beginning with financial results reported for the fourth quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), attributable to Par Pacific stockholders, and Adjusted EBITDA also exclude all hedge losses (gains) associated with our Washington ending inventory and LIFO layer increment impacts associated with our Washington inventory. In addition, we have modified our environmental obligation mark-to-market adjustment to include only 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. This modification was made as part of our change in how we estimate our environmental obligation liabilities.
Beginning with financial results reported for the fourth quarter of 2023, Adjusted Net Income (lossLoss) attributable to Par Pacific stockholders excludes unrealized interest rate derivative losses (gains) and all Laramie Energy related impacts with the exception of cash distributions. We have recast Adjusted Net Income (Loss) attributable to Par Pacific stockholders for prior periods when reported to conform to the modified presentation. Please read “Note 2—Summary of Significant Accounting Policies,Policies”, Environmental Credits and Obligations section, for a discussion of the change in estimate.
Beginning with financial results reported for the first quarter of 2024, Adjusted Net Income (lossLoss) attributable to Par Pacific stockholders also excludes other non-operating income and expenses. This modification improves comparability between periods by excluding income and expenses resulting from non-operating activities.
Effective as of the fourth quarter of 2024, we have modified our definition of Adjusted Gross Margin, Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA to align the accounting treatment for deferred turnaround costs from our refining and logistics investments with our accounting policy. Under this approach, we exclude our share of their turnaround expenses, which are recorded as period costs in their financial statements, and instead defer and amortize these costs on a straight-line basis over the period estimated until the next planned turnaround. This modification enhances consistency and comparability across reporting periods.
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 Loss attributable to noncontrolling interests associated with our joint venture established on October 21, 2025.
•other operating (gain) loss, net (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities);
•loss (gain) on sale of assets, net;
(2) For the yearsyear ended December 31, 2023 and 2022,2023, there was no impact in Operating Income from accounting policy differences at our refining and logistics investments.
Adjusted 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:
•(gain) loss on sale of assets;
•Par’s share of equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions; and
•Par’s portion of accounting policy differences from refining and logistics investments.investments;
•other operating (gain) loss, net (which primarily included 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:
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):
(1)For the year ended December 31, 2025, we recognized a non-cash deferred tax expense of $100.4 million. For the years ended December 31, 2024 and 2023, we recognized a non-cash deferred tax benefitbenefits of $3.3 million and $126.2 million, respectively. ThisThese tax benefitimpacts isare included in Income tax benefit (expense) on our consolidated statements of operations.
(2)For the years ended December 31, 2025 and 2024, we incurred $0.8 million and $13.1 million of stock-based compensation expenses associated with equity awards modifications, respectively. For the year ended December 31, 2024, we incurred $13.1 million of stock-based compensation expenses associated with accelerated vesting of equity awards and modification of vested equity awards related to our CEO transition and $0.8 million for a legal settlement unrelated to current operating activities.
(3)For the years ended December 31, 2025, 2024, 2023 and 2022,2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) and Adjusted EBITDA made during 2024.
(4)For the yearsyear ended December 31, 2023 and 2022,2023, there was no impact in Net Income (Loss) from accounting policy differences at our refining and logistics investments.
•other operating loss (gain), net (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities);
•(gain) loss on sale of assets;
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 directdirectly comparable GAAP financial measure, Operating income (loss) by segment, on a historical basis, for our operating segments, for the periods indicated (in thousands):
(2)For the yearsyear ended December 31, 2023 and 2022,2023, there was no impact in Operating Income from accounting policy differences at our refining and logistics investments.
Refining. Operating income for our refining segment was $487.0 million for the year ended December 31, 2025, an increase of $469.6 million compared to $17.4 million for the year ended December 31, 2024. The increase in operating income was primarily driven by:
Logistics. Operating income for our logistics segment was $97.6 million for the year ended December 31, 2025, an increase of $8.2 million compared to $89.4 million for the year ended December 31, 2024. The increase was primarily due to decreases of $11.2 million in repair and maintenance costs, $6.6 million in environmental expenses, and $5.7 million in other expenses, and an increase of $4.0 million in third party revenue. These improvements were partially offset by an $11.8 million in rent expense, $5.5 million related to lower throughput, and $4.1 million of reduced gross margin related to the Wyoming refinery incident in the first half of the year. Other impacts include a $1.5 million decrease in losses on sale and a $1.0 million decrease in depreciation and amortization.
Retail. Operating income for our retail segment was $74.7 million for the year ended December 31, 2025, an increase of $9.9 million compared to $64.8 million for the year ended December 31, 2024. The increase in operating income was primarily due to a $2.0 million increase driven by 1% higher fuel sales volumes, a $1.9 million increase in merchandise margins, a $1.7 million increase related to a 2% increase in fuel margins, and a $1.7 million decrease in repairs and maintenance costs. Other impacts include a $0.7 million decrease in employee expenses, a $0.7 million decrease in other operating costs and a $0.6 million decrease in outside services expenses.
•a decrease of $532.5 million related to declining crack spreads at refineries in our legacy portfolio,
•a decrease of $134.7 million in environmental credit and related obligations income across refineries in our legacy portfolio, primarily associated with RIN settlement gains recorded in 2023 with no similar gains in 2024, and
•a decrease of $38.8 million driven by a 1% decrease in refined product sales volumes at our refineries in our legacy portfolio, partially offset by:
•an increase of $58.3 million related to a favorable change in crude oil differentials at refineries in our legacy portfolio, and
•a favorable impact of $20.8 million related to our derivatives in Hawaii and Washington.
Refining. Operating income for our refining segment was $676.2 million for the year ended December 31, 2023, an improvement of $274.3 million compared to $401.9 million for the year ended December 31, 2022. The increase in operating income was primarily driven by:
•a decrease of $140.0 million in environmental credit and related obligations costs across our refineries in our legacy portfolio driven by favorable mark-to-market adjustments and a gain on retirement of prior year RINs,
What changed in the latest 10-Q
Risk Factors
There have been no material changes from the risks factors included under Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. You should carefully consider the risk factors discussed in our 2025 Form 10-K, which could materially affect our business, financial condition, or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.
Full comparison: every changed paragraph (1)
Other than the following risk factors, thereThere have been no material changes from the risks factors included under Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. You should carefully consider the risk factors discussed in our 2025 Form 10-K, which could materially affect our business, financial condition, or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.
Management's Discussion & Analysis (MD&A)
New heading “Cash flows for the six months ended June 30, 2025”
Removed heading “Non-GAAP Financial Measures”
Removed heading “Cash flows for the three months ended March 31, 2025”
Largest changes
see in full comparisonInterestOperating Expenseand(ExcludingFinancing Costs, Net.Depreciation). For the three months endedMarchJune31,30, 2026,our interestoperating expenseand(excludingfinancingdepreciation)costswaswere $15.9$157.1 million,aandecreaseincrease of$5.9$8.4 million compared to$21.8$148.7 million for the three months endedMarchJune31,30,2025,2025. The increase was primarily due toaincreaseddecreaseemployee costs, utilities expense, outside services costs, and rent expense. These were partially offset by $8 million lower other operating costs driven by repair and maintenance work done at our Montana refinery ininterest2025expensewithrelatednotosimilarlowerworkoutstandinginbalances under our ABL Credit Facility and lower Term Loan Credit Agreement interest rates.2026.
“The labor contracts with our United Steelworkers represented employees for our Hawaii and Tacoma refineries were signed on June 30, 2026, and June 9, 2026, respectively, and expire on January 31, 2030. Additionally, on May 4, 2026, our Rocky Mountain Union was deemed defunct, and the formerly represented employees are no longer represented by a collective bargaining agreement.”see in full comparison
“On May 14, 2026, Par Petroleum, LLC and its consolidated subsidiaries (“Issuer and its Restricted Subsidiaries”) issued $500.0 million aggregate principal amount of 7.375% Senior Notes due 2034 ( the “2034 Notes”) under an indenture dated as of May 14, 2026 (the Indenture”). The 2034 Notes are guaranteed on a senior unsecured basis by Par Pacific Holdings, Inc. (the “Parent Guarantor”) and each of the Issuer’s subsidiaries that is a guarantor under the Indenture. Under the Indenture, the Parent Guarantor’s SEC filings generally satisfy the Notes reporting covenant. …”see in full comparison
“Logistics. Operating income for our logistics segment was $47.0 million for the six months ended June 30, 2026, an increase of $1.4 million compared to $45.6 million for the six months ended June 30, 2025. The increase was primarily due to an increase of $8.3 million related to higher throughput across our logistics assets, partially offset by increased employee and repair and maintenance costs of $5.8 million and the absence of a $1.2 million gain related to the sale of property in Hawaii in the first six months of 2025. …”see in full comparison
Full comparison: every changed paragraph (103)
Our Wyoming refinery experienced an operational incident on the evening of February 12, 2025, and remained safely idled during repair and recovery work through late April 2025, when the refinery returned to full crude operations. The 4766 days of idle time in 2025 impacted comparability between the threesix months ended MarchJune 31,30, 2026, and MarchJune 31,30, 2025.
Geopolitical tensions in the Middle East and Red Sea region continue in 2026, putting upward pressure on prices induring Marchthe first half of 2026. The effective closure of the Strait of Hormuz effectively closed in early March 20262026, which has disrupted global trade patterns and increased crude oil price volatility worldwide. Crude oil prices increased during the three and six months ended MarchJune 31,30, 2026, compared to the threesix months ended MarchJune 31,30, 2025. Brent crude oil prices averagedspiked $99.60late in the first quarter and remained elevated through the first half of 2026, reflecting constrained supply and averaging $96.68 and $87.58 per barrel during March, raisingfor the quarterlythree averageand six months ended June 30, 2026, respectively, compared to $78.38$66.71 and $70.82 per barrel during the three monthsand ended March 31, 2026, compared to $74.98 per barrel during the threesix months ended MarchJune 31,30, 2025.2025, respectively. Average U.S. retail gasoline prices spikedincreased to $3.48$3.80 per gallon in March, raising the quarterlyfirst averagehalf of 2026, compared to $2.99$3.25 per gallon duringin the threefirst monthshalf ended March 31, 2026, consistent with the average cost per gallon during the three months ended March 31,of 2025. On MarchJuly 1,5, 2026, OPEC agreed to increase output by 206,000188,000 barrels per day beginning in AprilAugust 2026. The overall energy price index increased 12.5%15.7% and the total consumer price index increased 3.3%3.5% year over year as of MarchJune 31,30, 2026.
The labor contracts with our United Steelworkers represented employees for our Hawaii and Tacoma refineries were signed on June 30, 2026, and June 9, 2026, respectively, and expire on January 31, 2030. Additionally, on May 4, 2026, our Rocky Mountain Union was deemed defunct, and the formerly represented employees are no longer represented by a collective bargaining agreement.
Approximately 49% of the workforce at our Hawaii and Tacoma refineries are represented by the United Steelworkers Union under a collective bargaining agreement that expired January 31, 2026, and is currently subject to 24-hour extension periods while the parties continue their negotiations.
Net Income (Loss) Attributable to Par Pacific Stockholders. Our financial results for the firstsecond quarter of 2026 improved from a net lossincome attributable to Par Pacific stockholders of $30.4$59.5 million for the three months ended MarchJune 31,30, 2025, to net income attributable to Par Pacific Stockholders of $54.5$462.1 million for the three months ended MarchJune 31,30, 2026. The $84.9$402.6 million increase was primarily driven by ana $81.0$548.6 million increase in our refining segment operating income, an $8.5 million increase in Equity earnings from Laramie Energy, LLC,income and a $5.9$7.8 million decrease in Interest expense and financing costs, net, partially offset by a $19.2$127.1 million increase in income tax expense.expense, an $11.5 million increase in debt extinguishment and commitment costs and a $6.2 million decrease in our retail segment operating income. Please read the discussions of segment and consolidated results below for additional information.
Adjusted EBITDA and Adjusted Net Income Attributable to Par Pacific Stockholders. For the three months ended MarchJune 31,30, 2026, Adjusted EBITDA was $91.5$571.3 million compared to $10.1$137.8 million for the three months ended MarchJune 31,30, 2025. The $81.4$433.5 million increase was primarily due to ana $80.8$448.6 million increase in refining segment Adjusted Gross Margin, partially offset by a $9.0 million increase in operating expenses, excluding severance, and a $2.9 million decrease in our retail segment Adjusted Gross Margin.
For the three months ended MarchJune 31,30, 2026, Adjusted Net Income attributable to Par Pacific stockholders was $38.5$499.2 million compared to Adjusted Net Loss attributable to Par Pacific stockholders of $50.3$78.3 million for the three months ended MarchJune 31,30, 2025. The $88.8$420.9 million improvementincrease was primarily related to the factors described above for the increase in Adjusted EBITDA and a $5.8$6.6 million decrease in Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain)., partially offset by a $20.3 million increase in Income tax expense, net of impacts due to changes in the valuation allowance and other deferred tax items.
Net Income Attributable to Par Pacific Stockholders. Our financial results improved from net income attributable to Par Pacific stockholders of $29.1 million for the six months ended June 30, 2025, to $516.6 million for the six months ended June 30, 2026. The $487.5 million increase was driven by a $629.6 million increase in refining segment operating income and a $13.8 million decrease in Interest expense and financing costs, net, partially offset by a $146.4 million increase in income tax expense and an $11.5 million increase in debt extinguishment and commitment costs. Please read the discussions of segment and consolidated results below for additional information.
Adjusted EBITDA and Adjusted Net Income Attributable to Par Pacific Stockholders. For the six months ended June 30, 2026, Adjusted EBITDA was $662.8 million compared to $148.0 million for the six months ended June 30, 2025. The $514.8 million increase was primarily due to a $529.4 million increase in our refining segment Adjusted Gross Margin, partially offset by a $7.1 million increase in operating expenses, excluding severance, and a $6.5 million decrease in our retail segment Adjusted Gross Margin. Please read the discussion of Adjusted Gross Margin by Segment and the Discussion of Consolidated Results below for additional information.
For the six months ended June 30, 2026, Adjusted Net Income attributable to Par Pacific stockholders was $537.7 million compared to $28.0 million for the six months ended June 30, 2025. The $509.7 million increase was primarily related to the same factors described above for the increase in Adjusted EBITDA and a $12.4 million decrease in interest expense and financing costs, excluding unrealized interest rate derivative losses (gains), partially offset by a $22.0 million increase in Income tax expense, net of impacts due to changes in the valuation allowance and other deferred tax items.
The following tables summarize our consolidated results of operations for the three and six months ended MarchJune 31,30, 2026, compared to the three and six months ended MarchJune 31,30, 2025 (in thousands).
(1)NM - Not meaningful
The following tables summarize our operating income (loss) by segment for the three and six months ended MarchJune 31,30, 2026 and 2025 (in thousands).
(2)Includes eliminations of intersegment Revenues and Cost of revenues (excluding depreciation) of $158.7$197.3 million and $148.9$152.8 million for the three months ended MarchJune 31,30, 2026 and 2025, respectively.
(1)Our logistics operations consist primarily of intercompany transactions which eliminate on a consolidated basis.
(2)Includes eliminations of intersegment Revenues and Cost of revenues (excluding depreciation) of $356.1 million and $301.7 million for the six months ended June 30, 2026 and 2025, respectively.
Below is a summary of key operating statistics for the refining segment for the three and six months ended MarchJune 31,30, 2026 and 2025:
(1)We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method. Total Refining Segment Adjusted Gross Margin per barrel is presented net of intercompany profit in inventory of $0.50($0.11) per barrel and $0.08$0.29 per barrel for the three months ended MarchJune 31,30, 2026,2026 and March2025, 31,respectively, and $0.20 per barrel and $0.19 per barrel for the six months ended June 30, 2026 and 2025, respectively, which represents margin on intercompany sales where the inventory remains on our condensed consolidated balance sheet at period end.
Below is a summary of key operating statistics for the retail segment for the three and six months ended MarchJune 31,30, 2026 and 2025:
____________________________________________________________________________ (1)For the three and six months ended MarchJune 31,30, 2026 and 2025, there was no impairment expense in Operating income (loss).income.
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):
________________________________________ (1)For the three and six months ended MarchJune 31,30, 2026 and 2025,2026, we recognized a non-cash deferred tax expense of $10.6$122.3 million and a deferred tax benefit of $6.9$133.0 million, respectively, driven by an increase in our 2026 taxable income. For the three and six months ended June 30, 2025, we recognized a non-cash deferred tax expense of $15.5 million and $8.6 million, respectively, related to deferred state and federal tax liabilities. This tax expense (benefit) is included in Income tax expense (benefit) on our condensed consolidated statements of operations.
(2)For the threesix months ended MarchJune 31,30, 2025, we incurred $0.3 million of stock-based compensation expenses associated with equity awards modifications.
(3)For the three and six months ended MarchJune 31,30, 2026 and 2025, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, cash distributions from Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA made during the reporting periods.
________________________________________ (1)For the three and six months ended MarchJune 31,30, 2026 and 2025, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference.
Refining. Operating income for our refining segment was $56.3 million for the three months ended March 31, 2026, an increase of $81.0 million compared to an operating loss of $24.7 million for the three months ended March 31, 2025. Please read the Adjusted Gross Margin discussion below for additional information. The increase in operating income was primarily driven by:
Logistics. Operating income for our logistics segment was $24.5 million for the three months ended March 31, 2026, an increase of $2.6 million compared to $21.9 million for the three months ended March 31, 2025. $5.4 million of the increase was driven by higher throughput activity across our Wyoming, Hawaii, and Montana logistics assets, partially offset by increased repair and maintenance costs of $2.7 million in Hawaii related to planned maintenance activities. Our Wyoming refinery was idle for 47 days in the first quarter of 2025 as a result of an operational incident.
Retail.Refining. Operating income for our retailrefining segment was $13.0$629.9 million for the three months ended MarchJune 31,30, 2026, aan decreaseincrease of $3.0$548.6 million compared to $16.0$81.3 million for the three months ended MarchJune 31,30, 2025. Please read the Adjusted Gross Margin discussion below for additional information. The decreaseincrease in operating income was primarily due to a $2.5 million decrease driven by loweran fuelincrease marginsof $557.1 million primarily related to higher crack spreads and a $1.4favorable FIFO benefit of $186.7 million, partially offset by unfavorable purchased product and feedstock differentials of $186.9 million declinein relatedHawaii toand 5% lower fuel sales volumes.Washington.
Logistics. Operating income for our logistics segment was $22.5 million for the three months ended June 30, 2026, a decrease of $1.2 million compared to $23.7 million for the three months ended June 30, 2025. The decrease was primarily due to higher transportation costs and a $1.2 million gain related to the sale of property in Hawaii in 2025 with no corresponding gain in the same period in 2026, partially offset by an increase in earnings from our logistics equity investment of $0.9 million.
Retail. Operating income for our retail segment was $14.6 million for the three months ended June 30, 2026, a decrease of $6.2 million compared to $20.8 million for the three months ended June 30, 2025. The decrease was primarily due to a $3.1 million decrease driven by lower fuel margins and an increase in operating expenses of $3.1 million driven by increases in employee costs, credit card processing fees, outside services costs, repairs and maintenance expenses, and other operating costs.
Refining. Operating income for our refining segment was $686.2 million for the six months ended June 30, 2026, an improvement of $629.6 million compared to $56.6 million for the six months ended June 30, 2025. The increase in operating income was primarily driven by:
Logistics. Operating income for our logistics segment was $47.0 million for the six months ended June 30, 2026, an increase of $1.4 million compared to $45.6 million for the six months ended June 30, 2025. The increase was primarily due to an increase of $8.3 million related to higher throughput across our logistics assets, partially offset by increased employee and repair and maintenance costs of $5.8 million and the absence of a $1.2 million gain related to the sale of property in Hawaii in the first six months of 2025. Our Wyoming refinery was idle for 66 days in the first six months of 2025 as a result of an operational incident.
Retail. Operating income for our retail segment was $27.6 million for the six months ended June 30, 2026, a decrease of $9.2 million compared to $36.8 million for the six months ended June 30, 2025. The decrease in operating income was primarily due to a $5.9 million decrease in fuel margins, an increase in operating expenses, excluding D&A of $2.6 million driven by increased employee and other operating costs and a 2% decrease in sales volumes .
Refining. For the three months ended MarchJune 31,30, 2026, our refining Adjusted Gross Margin was $185.1$680.4 million, an increase of $80.8$448.6 million compared to $104.3$231.8 million for the three months ended MarchJune 31,30, 2025. The increase was primarily driven by a $60.7 millionan increase relatedof to favorable feedstock costs, and $79.3$566.1 million related to higher crack spreads,spreads partially offset by $70.6a $94.2 million relateddecrease due to unfavorable impactsfeedstock from realized derivatives and a $32.1 million increase in environmental costs.differentials. Our combined index improved $11.83$19.18 per barrel, or 160%,139%, in the firstsecond quarter of 2026 compared to the comparable period in 2025.
Logistics. For the three months ended March 31, 2026, our logistics Adjusted Gross Margin was $37.4 million, an increase of $3.4 million compared to $34.0 million for the three months ended March 31, 2025. The increase is primarily due to higher throughput activity across our Hawaii, Montana and Wyoming logistics assets, partially offset by a $2.7 million increase in repair and maintenance costs in Hawaii related to planned maintenance activities.
Retail.Logistics. For the three months ended MarchJune 31,30, 2026, our retaillogistics Adjusted Gross Margin was $36.1$35.1 million, awhich decreasewas ofrelatively $3.7consistent millionwith compared to $39.8$34.4 million for the three months ended MarchJune 31,30, 2025. The decrease was primarily due to a $2.5 million decrease driven by fuel margins and a $1.4 million decrease related to lower fuel sales volumes.
Retail. For the three months ended June 30, 2026, our retail Adjusted Gross Margin was $40.7 million, a decrease of $2.9 million compared to $43.6 million for the three months ended June 30, 2025. The decrease was primarily due to a decrease in fuel margins, which reduced Adjusted Gross Margin by $3.1 million.
Refining. For the six months ended June 30, 2026, our refining Adjusted Gross Margin was $865.5 million, an increase of $529.4 million compared to $336.1 million for the six months ended June 30, 2025. The increase was primarily driven by an increase of $666.2 million related to higher crack spreads, partially offset by $76.9 million related to unfavorable impacts from realized derivatives and a $68.2 million increase in environmental costs.
Logistics. For the six months ended June 30, 2026, our logistics Adjusted Gross Margin was $72.5 million, an increase of $4.1 million compared to $68.4 million for the six months ended June 30, 2025. The increase was primarily due to higher throughput across our logistics assets and an increase in equity earnings from our logistics investments, excluding our share of interest, taxes, and D&A of $2.3 million, partially offset by increased employee and repair and maintenance costs.
Retail. For the six months ended June 30, 2026, our retail Adjusted Gross Margin was $76.9 million, a decrease of $6.5 million compared to $83.4 million for the six months ended June 30, 2025. The decrease was primarily due to a $5.9 million decrease in fuel margins and a $1.5 million decrease due to lower sales volumes, partially offset by a $0.6 million increase in merchandise margins.
Revenues. For the three months ended MarchJune 31,30, 2026, revenues were $1.8$3.0 billion, a $0.1$1.1 billion increase compared to $1.7$1.9 billion for the three months ended MarchJune 31,30, 2025. The increase was primarily driven by higher refining revenue duerelated to higher crude oil prices and higher average product crack spreads and a 2% increase in product sales volumes.spreads. Average Brent crude oil prices increased 5%45% and average WTI crude oil prices increased 2%46% as compared to the prior period. The Combined Index increased 160%139% compared to the firstsecond quarter of 2025. Revenues at our retail segment decreasedincreased $3.3$34.8 million primarily due to a 5% decline in fuel sales volumes related to a 2%30% increase in prices. Please read our key operating statistics for further information.
Cost of Revenues (Excluding Depreciation). For the three months ended March 31, 2026, and the three months ended March 31, 2025, cost of revenues (excluding depreciation) was $1.6 billion.
Operating Expense (Excluding Depreciation). For the three months ended March 31, 2026, operating expense (excluding depreciation) was $142.5 million, relatively consistent with $144.2 million for the three months ended March 31, 2025.
Cost of Revenues (Excluding Depreciation and Amortization.). For the three months ended MarchJune 31,30, 2026, D&Acost of revenues (excluding depreciation) was $34.5$2.1 million,billion, aan decreaseincrease of $2.1$0.5 millionbillion compared to $36.6$1.6 millionbillion for the three months ended MarchJune 31,30, 2025. The decreaseincrease was primarily due to Wyominghigher equipmentcrude damagedoil inprices theas 2025discussed operationalabove, incidentpartially andoffset noby similarfavorable eventsfeedstock in 2026.costs.
General and Administrative Expense (Excluding Depreciation). For the three months ended March 31, 2026, general and administrative expense (excluding depreciation) was $24.9 million, relatively consistent with $24.2 million for the three months ended March 31, 2025.
Equity Earnings From Refining and Logistics Investments. During the three months ended March 31, 2026, Equity earnings from refining and logistics investments were $5.8 million, a decrease of $1.7 million compared to $7.5 million for the three months ended March 31, 2025. The decrease was primarily due to a $1.9 million decrease in our proportionate share of YELP’s net income. Please read “Note 3—Refining and Logistics Equity Investments” for further information.
Acquisition and Integration Costs. For the three months ended March 31, 2026, we incurred an immaterial amount of acquisition and integration costs, which was relatively consistent with the three months ended March 31, 2025, in which we incurred no acquisition and integration costs.
Par West Redevelopment and Other Costs. For the three months ended March 31, 2026, Par West redevelopment and other costs were $3.0 million, a decrease of $1.0 million compared to $4.0 million for the three months ended March 31, 2025, primarily due to a decrease in redevelopment activities.
Other Operating Loss, Net. For the three months ended March 31, 2026, there was a $0.9 million other operating loss, net, related to the disposal of refinery and logistics property and equipment. For the three months ended March 31, 2025, other operating loss, net, was immaterial.
InterestOperating Expense and(Excluding Financing Costs, Net.Depreciation). For the three months ended MarchJune 31,30, 2026, our interestoperating expense and(excluding financingdepreciation) costswas were $15.9$157.1 million, aan decreaseincrease of $5.9$8.4 million compared to $21.8$148.7 million for the three months ended MarchJune 31,30, 2025,2025. The increase was primarily due to aincreased decreaseemployee costs, utilities expense, outside services costs, and rent expense. These were partially offset by $8 million lower other operating costs driven by repair and maintenance work done at our Montana refinery in interest2025 expensewith relatedno tosimilar lowerwork outstandingin balances under our ABL Credit Facility and lower Term Loan Credit Agreement interest rates.2026.
Equity earnings from Laramie Energy, LLC. For the three months ended March 31, 2026, Equity earnings from Laramie Energy, LLC were $9.2 million compared to Equity earnings from Laramie Energy, LLC of $0.7 million for the three months ended March 31, 2025. The increase was primarily due to an $8.7 million increase in our proportionate share of Laramie Energy’s net income. Please read “Note 4—Investment in Laramie Energy” for further discussion.
IncomeDepreciation Taxes.and Amortization. For the three months ended MarchJune 31,30, 2026, our income tax expenseD&A was $12.3$36.5 million, an increase of $19.2$1.8 million compared to a $6.9$34.7 million incomefor tax benefit forthe three months ended MarchJune 31,30, 2025,2025. The increase was primarily driven by additional D&A related to our pre-taxnew netrenewables incomefuels inmanufacturing the first quarter of 2026 as compared to our pre-tax net loss in the first quarter of 2025. Please read “Note 18—Income Taxes” for further discussion.facility.
General and Administrative Expense (Excluding Depreciation). For the three months ended June 30, 2026, general and administrative expense (excluding depreciation) was $28.0 million, an increase of $4.4 million compared to $23.6 million for the three months ended June 30, 2025. The increase was primarily due to a $4.6 million increase in employee costs.
Equity Earnings From Refining and Logistics Investments. During the three months ended June 30, 2026, Equity earnings from refining and logistics investments were $7.5 million, relatively consistent with $7.3 million for the three months ended June 30, 2025. Please read “Note 3—Refining and Logistics Equity Investments” for further information.
Par West Redevelopment and Other Costs. For the three months ended June 30, 2026, Par West redevelopment and other costs were $3.7 million, a decrease of $1.0 million compared to $4.7 million for the three months ended June 30, 2025, primarily due to a decrease in redevelopment activities.
Other Operating Loss (Gain), Net. For the three months ended June 30, 2026, there was a $0.3 million other operating loss, net, related to the disposal of equipment. For the three months ended June 30, 2025, the other operating gain, net, of $1.2 million was primarily related to the sale of property in Hawaii.
Interest Expense and Financing Costs, Net. For the three months ended June 30, 2026, our interest expense and financing costs were $14.3 million, a decrease of $7.8 million compared to $22.1 million for the three months ended June 30, 2025, primarily due to a decrease in interest expense related to lower Term Loan Credit Agreement interest rates, lower outstanding balances under our ABL Credit Facility and a decrease in costs associated with our interest rate derivatives, partially offset by an increase in interest expense related to our new 7.375% unsecured senior notes due June 1, 2034 (“2034 Notes”). In December 2025, we amended our Term Loan Credit Agreement to, among other things, reduce our interest rate by 50 basis points. Please read “Note 11—Debt” for further information.
NetDebt LossExtinguishment Attributableand toCommitment Noncontrolling Interests.Costs. For the three months ended MarchJune 31,30, 2026, losseswe attributableincurred to noncontrolling interests were $8.3$11.5 million of debt extinguishment and commitment costs related to the termination of our HawaiiTerm RenewablesLoan jointCredit venture.Agreement and our ABL amendment. For the three months ended MarchJune 31,30, 2025,2025 therewe wasincurred no incomedebt orextinguishment lossand attributablecommitment to noncontrolling interests.costs. Please read “Note 511—Joint VentureDebt” for further discussion.information.
Equity earnings (losses) from Laramie Energy, LLC. For the three months ended June 30, 2026, Equity losses from Laramie Energy, LLC were $1.7 million compared to equity earnings of $1.9 million for the three months ended June 30, 2025. The decrease was primarily due to a $3.3 million decrease in our proportionate share of Laramie Energy’s earnings. Please read “Note 4—Investment in Laramie Energy” for further discussion.
Income Taxes. For the three months ended June 30, 2026, our income tax expense was $144.0 million, an increase of $127.1 million compared to $16.9 million for the three months ended June 30, 2025, primarily related to our higher 2026 pre-tax net income. Please read “Note 18—Income Taxes” for further discussion.
PARR insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 8 filings (7 insiders, 9 trade dates, 204,072 shares, about $16.4M). Net open-market shares: -204,072 (purchases minus sales); net value about -$16.4M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-05 | Anastasio Curt |
Other | 659 | $87.52 | $57.7K |
| 2026-10-05 | Anastasio Curt |
Grant/award | 314 | $87.52 | $27.5K |
| 2026-10-05 | Clossey Timothy |
Grant/award | 314 | $87.52 | $27.5K |
| 2026-10-05 | Davidson Phillip S |
Other | 385 | $87.52 | $33.7K |
| 2026-10-05 | Hatcher Katherine |
Grant/award | 314 | $87.52 | $27.5K |
| 2026-09-28 | Stumbo Jerry Dale |
Grant/award | 25,651 | $77.97 | $2.0M |
| 2026-09-11 | Pitkin Terrill |
Open-market sale | 3,815 | $84.50 | $322.4K |
| 2026-09-10 | Clossey Timothy |
Open-market sale | 10,970 | $84.00 | $921.5K |
| 2026-09-03 | Monteleone William |
Option exercise | 26,801 | $14.91 | $399.6K |
| 2026-09-03 | Monteleone William |
Open-market sale | 26,801 | $83.00 | $2.2M |
| 2026-09-02 | Monteleone William |
Open-market sale | 40,000 | $81.30 | $3.3M |
| 2026-09-02 | Monteleone William |
Option exercise | 40,000 | $14.91 | $596.4K |
| 2026-08-18 | Pate William |
Open-market sale | 41,811 | $80.44 | $3.4M |
| 2026-08-18 | Pate William |
Open-market sale | 21,006 | $80.97 | $1.7M |
| 2026-08-18 | Pate William |
Open-market sale | 6,035 | $82.17 | $495.9K |
| 2026-08-17 | Pate William |
Open-market sale | 20,648 | $82.32 | $1.7M |
| 2026-08-17 | Clossey Timothy |
Open-market sale | 5,421 | $83.02 | $450.1K |
| 2026-08-17 | Guerra Ivan Daniel |
Open-market sale | 2,133 | $82.37 | $175.7K |
| 2026-08-14 | Clossey Timothy |
Open-market sale | 8,015 | $81.50 | $653.2K |
| 2026-08-07 | Mattiussi Danielle |
Open-market sale | 3,278 | $67.29 | $220.6K |
| 2026-08-06 | Creamer Richard |
Open-market sale | 14,139 | $67.67 | $956.8K |
| 2026-07-05 | Hatcher Katherine |
Grant/award | 470 | $58.49 | $27.5K |
| 2026-07-05 | Davidson Phillip S |
Other | 461 | $58.49 | $27.0K |
| 2026-07-05 | Clossey Timothy |
Grant/award | 470 | $58.49 | $27.5K |
| 2026-07-05 | Anastasio Curt |
Other | 507 | $58.49 | $29.7K |
| 2026-07-05 | Anastasio Curt |
Grant/award | 470 | $58.49 | $27.5K |
| 2026-06-30 | Pitkin Terrill |
Grant/award | 212 | $47.67 | $10.1K |
| 2026-06-30 | Creamer Richard |
Grant/award | 314 | $47.67 | $15.0K |
| 2026-04-25 | Creamer Richard |
Shares withheld for tax | 1,690 | $64.19 | $108.5K |
Well-known investors holding PARR (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Two Sigma Investments | 2026-06-30 | 827,014 | $46.4M | 0.03% | Added 44% |
| Renaissance Technologies | 2026-06-30 | 523,964 | $29.4M | 0.04% | Added 2% |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 362,026 | $20.3M | 0.01% | No change |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 194,757 | $10.9M | 0.01% | Reduced 73% |
| Millennium Management (Israel Englander) | 2026-06-30 | 180,815 | $10.1M | 0.01% | Reduced 63% |
| D. E. Shaw & Co. | 2026-06-30 | 136,320 | $7.6M | 0.0% | Reduced 2% |
| Bridgewater Associates | 2026-06-30 | 52,323 | $2.9M | 0.01% | Added 138% |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 25,794 | $1.4M | 0.0% | Reduced 27% |