PARR

It has been about a month since the last earnings report for Par Petroleum (PARR). Shares have added about 14.7% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Par Petroleum due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers. Par Pacificreported second-quarter 2026 adjusted earnings of $10.10 per share, surging 555.8% from $1.54 a year ago. The figure beat the Zacks Consensus Estimate of $8.20 by 23.2%. Quarterly revenues jumped 56.8% year over year to $2.97 billion and topped the consensus estimate of $2.48 billion by 19.9%. The strong quarterly results were driven by strong refining economics and commercial execution as the refining adjusted gross margin reached $680.4 million despite total throughput declining 2.8% to 181.4 thousand barrels per day (Mbpd). The Refining segment generated operating income of $629.9 million, up sharply from $81.3 million in the prior-year quarter. Segment adjusted EBITDA rose to $552 million from $108.4 million, underscoring the stronger margin environment across the refining system. The adjusted gross margin per throughput barrel climbed to $41.22 from $13.65. The combined market index increased to $32.94 per barrel from $13.76, while production costs grew to $7.71 per barrel from $7.20. The Hawaii Index averaged $46.06 per barrel compared with $8.57 a year earlier. Hawaii throughput declined to 73.2 Mbpd from 88.1 Mbpd, but the refinery's adjusted gross margin expanded to $57 per barrel from $10.18. The quarterly margin included a favorable net price lag impact of $76.5 million, or $11.49 per barrel, as lower June product prices benefited volumes sold using prior-period pricing. Production costs increased to $6.43 per barrel from $4.18. Management said that the Hawaii turnaround was substantially complete, with most processing units online. Montana throughput increased to 52.7 Mbpd from 44.2 Mbpd. Its adjusted gross margin rose to $37.22 per barrel from $22.30, while production costs fell to $10.16 per barrel from $14.18. Washington throughput was 41.2 Mbpd compared with 40.8 Mbpd, and adjusted gross margin advanced to $20.31 per barrel from $11.47. Wyoming throughput increased to 14.3 Mbpd from 13.5 Mbpd, while the adjusted gross margin reached $34.03 per barrel versus $18.57. Wyoming's results included a negative first-in, first-out (FIFO) inventory impact of $3.2 million, or $2.48 per barrel. The Retail segment reported operating income of $14.6 million, down from $20.8 million. Adjusted EBITDA declined to $17.3 million from $23.3 million, while fuel sales volume was nearly flat at 30.7 million gallons versus 30.8 million gallons. Same-store fuel volumes decreased 0.8%, though inside sales revenues improved 1.0%. Logistics operating income slipped to $22.5 million from $23.7 million. The adjusted gross margin increased to $35.1 million from $34.4 million, while adjusted EBITDA remained steady at $29.8 million. Consolidated adjusted EBITDA was $571.3 million compared with $137.8 million in the year-ago quarter. GAAP net income attributable to Par Pacific stockholders rose to $462.1 million, or $9.35 per diluted share, from $59.5 million, or $1.17 per share. Operating income increased to $634.6 million from $96.8 million. Interest expenses and financing costs declined to $14.3 million from $22.1 million, though the quarter included $11.5 million in debt extinguishment and commitment costs, and $144 million in income tax expenses. Net cash provided by operations totaled $282.6 million, including working capital outflows of $312.2 million and deferred turnaround spending of $19.5 million. Excluding those items, the operating cash flow was $614.3 million. Investing activities used $39.7 million, while financing activities used $223 million. Par Pacific ended June with $185 million in cash, gross term debt of $505.7 million, and net term debt of $320.7 million. Total liquidity stood at $1.4 billion. The company also completed a $500-million senior unsecured notes offering and reduced term debt by more than $130 million. In the past month, investors have witnessed a upward trend in fresh estimates. The consensus estimate has shifted -9.53% due to these changes. Currently, Par Petroleum has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. However, the stock has a score of A on the value side, putting it in the top quintile for value investors. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. It comes with little surprise Par Petroleum has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months. Par Petroleum is part of the Zacks Oil and Gas - Refining and Marketing industry. Over the past month, Equinor (EQNR), a stock from the same industry, has gained 14.3%. The company reported its results for the quarter ended June 2026 more than a month ago. Equinor reported revenues of $35.18 billion in the last reported quarter, representing a year-over-year change of +39.9%. EPS of $1.33 for the same period compares with $0.64 a year ago. Equinor is expected to post earnings of $1.46 per share for the current quarter, representing a year-over-year change of +294.6%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Equinor. Also, the stock has a VGM Score of A. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Par Pacific Holdings, Inc. (PARR) : Free Stock Analysis Report Equinor ASA (EQNR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 10 a.m. ET Senior Vice President, General Counsel and Secretary - Jeffrey R. Hollis President and Chief Executive Officer - William Monteleone Executive Vice President of Refining and Logistics - Richard Creamer Chief Financial Officer - Shawn Flores Operator: Good day, and welcome to the Par Pacific Second Quarter 26 Earnings Conference Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Jeffrey R. Hollis, Senior Vice President, General Counsel and Secretary. Please go ahead. Jeffrey R. Hollis: Thank you, operator. Welcome to Par Pacific's earnings conference call. Joining me today are William Monteleone, President and CEO Richard Creamer, EVP of Refining and Logistics and Shawn Flores, CFO. Before we begin, note that our comments today may include forward looking statements. Any forward looking statements are subject to change. They are not guarantees of future performance or events. And actual results may differ materially from these forward looking statements. Accordingly, investors should not place undue reliance on forward looking statements and we disclaim any obligation to update or revise them. I refer you to our investor presentation on our website, and to our filings with the SEC for additional information. I will now turn the call over to our President and CEO, William Monteleone. William Monteleone: Thank you, Jeffrey, and good morning, everyone. We are pleased to report strong second quarter financial results driven by excellent operational and commercial execution. Amidst extreme volatility, each of our business units executed crisply, used the full commercial flexibility of our asset base to capture market conditions. System-throughput ran at elevated levels through the peak margin window. And our commercial team optimized crude sourcing and product placement. Generating excellent capture rates. Refined product cracks remained materially above historical norms for the quarter. Our combined market index averaged approximately $33 per barrel, well above the 2025 average of $12.40 per barrel and exceeding the second quarter of 2022 when the Russia Ukraine conflict was intensifying. Reduced Persian Gulf and Russian origin refined product exports, Asian refiners running conservatively, to preserve crude supply chain duration, and protectionist policies restricting free trade drove these favorable market conditions. Looking forward, global refined product inventories remain tight, and the structural factors supporting margins remain. Turning to retail, same-store fuel volumes declined by 0.8% while in store sales increased by 1% compared to the second quarter of 25. Despite pressure on fuel margins and a higher price environment, the merchandising and food programs continue to advance strengthening the underlying earnings power of the segment. On the strategic front, our Hawaii Renewables business made steady progress. Renewable diesel production ramped through the quarter, with June throughput reaching approximately 3 thousand barrels per day before we commence the Hawaii plant wide turnaround. In addition, we completed first commercial renewable diesel sales during the quarter, Volumes were small and reflect the early stage nature of the commercial ramp. But they established the operational pathway from production to sales. On the capital allocation front, we meaningfully strengthened the sheet during the quarter, reducing our term debt balance by over 20% via the inaugural senior unsecured notes issuance. We ended the quarter with total liquidity of approximately $1.4 billion, placed our balance sheet in a very strong position to pursue growth and continue to allocate capital thoughtfully through cycles. In closing, our through cycle discipline on operations commercial positioning and capital allocation is what allowed us to convert an exceptional market environment into a durably stronger balance sheet and strong per share earnings. We remain focused on maintaining that discipline as market conditions evolve. With that, I will hand the call to Richard, who will walk through our refining and logistics results. Richard Creamer: Thank you, Will. I want to begin by congratulating the Wyoming and Montana teams for the safe and efficient completion of their scheduled outages in April. In addition, the Tacoma team achieved a new record quarterly production rate of 41.2 thousand barrels per day or 98.1% utilization through the second quarter. In Hawaii, the Q2 throughput was 73.2 thousand barrels per day and production costs were $6.43 per barrel. The lower production versus plan was the result of the refinery experiencing end of cycle conditions. The team delivered on all customer fuel requirements despite challenges associated with the ongoing conflict in The Middle East. The turnaround in Hawaii began in late June, and I am pleased to report that the team executed the turnaround safely and cleanly. While also delivering cost and schedules near-target. At this point, the Hawaii turnaround is substantially complete and major units have been safely restarted. As I stated, Washington throughput set a new quarterly record 41.2 thousand barrels per day and production costs were $4.21 per barrel. Capturing market conditions following the Q1 planned outage. Shifting to Wyoming, throughput was 14 thousand barrels per day and production costs were $15.28 per barrel reflecting the April outage downtime and costs. Following the outage, the refinery shifted to routine supported by strong seasonal demand. Finally, in Montana, second quarter throughput was 53 thousand barrels per day and production costs were $10.16 per barrel. The team executed the April crude outage safely on time and on budget. In May and June, 62 thousand barrels per day at $7.56 per barrel. Looking ahead to the third quarter, we expect Hawaii conventional throughput between 59.1 thousand barrels per day and renewable throughput between 1.5 thousand and 2,000 barrels per day reflecting the turnaround event in July through early August. In the Mainland, Washington is expected between 40 thousand and 42 thousand barrels per day Wyoming between 17 and 20 thousand and Montana between 56 thousand and 61 thousand. The Montana coker was down in July for routine maintenance and is expected to return to service by mid August. From today's date, there are no significant planned downtime for the balance of the year. The Q3 midpoint throughput guidance is 182 thousand barrels per day. And now I will turn the call over to Sean to cover our financial results. Shawn Flores: Thank you, Richard. Second quarter adjusted EBITDA was $571 million and adjusted net income was $499 million or $10.10 per share. Our refining segment reported adjusted EBITDA of $552 million in the second quarter compared to $69 million in the first quarter. Reflecting a sharp step up in market conditions driven by the disruptions in crude and refined product supply. Our combined refining index averaged approximately $33 per barrel an increase of roughly $14 per barrel compared to the first quarter. System wide refining capture was 125%, or 112% on a normalized basis after adjusting for Hawaii price lag and Wyoming FIFO impacts. Starting in Hawaii, the Singapore 3-1-2 average approximately $50 per barrel and our landed crude differential was $3.93 resulting in a Hawaii index of approximately $46 per barrel. Hawaii capture was 124% including a net price lag benefit of approximately $77 million or $11.49 per barrel. Normalized for the price lag impact, Hawaii capture was 99%. In Montana, the second quarter index averaged $25.76 per barrel with margin capture of 144%. Capture was well above our target range driven by favorable clean product to ask asphalt sales mix, and refined product inventory drawdowns that sustained volumes during the April outage. In Wyoming, the second quarter index averaged $28.73 per barrel. Margin capture was 118% including the benefit of refined product inventory draws during the April outage, partially offset by a $3 million FIFO headwind from declining crude oil prices. In Washington, our index averaged $20.27 per barrel Margin capture was 100% supported by continued jet to diesel strength on the West Coast. Turning to the logistics segment, adjusted EBITDA was $30 million in the second quarter, compared to $32 million in the first quarter, reflecting reduced crude imports ahead of the Hawaii turnaround. In the Retail segment, adjusted EBITDA was $17 million compared to $15 million in the first quarter, The sequential improvement was driven by a partial recovery in fuel margins and continued growth in foodservice sales in both regions. Moving to cash flow, second quarter cash from operations totaled $614 million excluding working capital outflows of $312 million and deferred turnaround costs of $19 million. The working capital outflows were primarily driven by building refined product inventories ahead of the Hawaii turnaround and higher commodity prices, which increased the value of hydrocarbon inventories. We expect a substantial portion of these working capital outflows to reverse as inventory levels normalize after the Hawaii turnaround and commodity prices stabilize. Second quarter capital expenditures, including deferred turnaround costs, totaled approximately $59 million During the quarter, we continued to benefit from our excess RIN inventories, associated with the prior period small refinery exemptions. As a reminder, our adjusted EBITDA and adjusted net income reflect full RIN expense at current period RIN prices. Which does not reflect the benefit of our excess RIN position. Our GAAP results by contrast include approximately $35 million gain in the quarter representing the difference between current RIN prices and the book value of our RIN assets on our balance sheet. Shifting to the balance sheet, we completed a $500 million offering of senior unsecured notes reducing gross term debt by more than $130 million during the quarter. We also reduced ABL borrowings by $78 million resulting in a total net debt reduction of over $220 million. Given the heightened market volatility during the period, we moderated our opportunistic share repurchase activity in favor of strengthening the balance sheet through debt reduction. Year to date, through the second quarter, we have repurchased approximately $48 million of common stock including cash settled options. As of June 30, total liquidity was approximately 1.4 billion and our cash balance was $185 million. Looking to the third quarter, our July consolidated refining index was $31.34 per barrel or approximately $1.60 below the Q2 average. In Hawaii, the financial impact of the refinery turnaround will be concentrated in the third quarter. Increased refined product imports, are expected to hold the capture below our typical guidance range. Our third quarter Hawaii crude differential is expected to land between $11.50 and 13.50 per barrel reflecting higher freight costs and steeper backwardation. Across our mainland system, distillate margins have remained firm and seasonal demand has been strong quarter to date. As Richard mentioned, Montana will complete its annual coker maintenance during the third quarter resulting in roughly $6 million to $8 million of incremental OpEx and a heavier asphalt sales mix. In renewables, we expect a gradual ramp in third party sales volumes and earnings contribution as we restart the units following the Hawaii turnaround. Overall, the second quarter demonstrated the significant earnings power of our business in a favorable market. Our strong balance sheet and liquidity position will provide financial flexibility to invest in strategic growth opportunities while maintaining an opportunistic approach to share repurchases. This concludes our prepared remarks. Sarah, we will turn it back to you for the Q&A. Operator: Thank you. Please press 1 on your telephone keypad. If you would like to withdraw your question, simply press 1 again. Please ensure that your phone is not on mute when called upon. Thank you. First question comes from Matthew Blair with TPH. Your line is open. Matthew Blair: Thank you, and good morning, and congrats on the strong results. I was hoping you could talk just a little bit more about the moving parts in Hawaii for the third quarter. So you mentioned with the turnaround in July, the capture would likely be below typical guidance. I think you also mentioned that you have been building inventory. So is it reasonable to assume that you are monetizing inventory throughout July to help offset the impact of the turnaround? Also, is there any increase in OpEx from the turnaround? And then finally, should we expect a timing headwind just based on Q3-- sorry, quarter to date prices so far in Q3 in Hawaii Hey Matthew. Shawn Flores: it is Shawn. I will take your last 1 first. I think it is too early to call the sort of price lag impacts. it is really, as you know, the last month of each quarter and you look at sort of Singapore distillate prices. So I think just watch September Singapore pricing relative to June once that month prices out. And then I think on capture, I sort of referred to it in the prepared remarks. We are expecting a more concentrated impact of the turnaround activities in Q3. We built refined products through imports, late in Q2, but from a costing perspective, most of those imported barrels will be costed in Q3. So would expect capture to likely come in below the sort of typical normalized guidance of 100% to 110% because of those factors. I think on OpEx, I would say a marginal increase. Most of the expenditures incurred during the turnaround are capitalized. William Monteleone: Just lower total credit throughputs, Matthew. Right, as you think about as the plant comes back online, you will not be at full rates for the entire quarter. Matthew Blair: Okay. Sounds good. And then Will, could you share any insight on the Singapore market? You know, we have seen China refinery utilization pick up a little bit over the past month? It still is relatively low. Reported that China has been increasing product. Have you seen any of that? And yeah, I mean, the inventory picture in Singapore is still at new 5-year highs. But what are the moving parts you are seeing in the Singapore market? William Monteleone: Sure. Sure. Yeah, Matthew. I think, you know, we continue to watch Chinese behavior closely. Obviously, it moves month to month I would say despite you know, I think some announcements and potentially some increases in crude throughputs, we have not seen any material change in exports of refined product as we look in the July and even forward planning that we have seen at least through August. So again, I think, as you know, the data out of China is opaque and the best thing to do is to watch the vessel movements And I think what we are seeing is limited increases in waterborne refined exports at this point in time. And again, I think just as a reminder, you know, we followed the Chinese policy over, you know, the last decade. And there is been a focus on internalizing their capabilities for many years. And again, I think you are seeing that behavior play out and to this shock. And so again, I think that internal focus is probably the primary objective. And again, I think that is something to continue to watch over the course of years rather than months. But certainly the behavior that we are seeing here. Matthew Blair: Great. Thanks for your comments. Operator: Your next question comes from Alexa Petrick with Goldman Sachs. Your line is open. Alexa Petrick: Hey, good morning team and thanks for taking our question. Are you able to give us any more color on the Hawaii turnaround? Sounds like from an operational perspective, it is tracking. I mean, any surprises, upside, downside? And then on the substantially complete piece, what specific units are left? And any thoughts on time line? Richard Creamer: Sure, Alexa. This is Richard. The turnaround was scheduled for 30 to 45 days. 30 being the return of some of the early equipment. And we have followed pretty well on track with that with the crude unit and reforming unit to produce gasoline. On that 30-day window. Out on the outer edge of that, the 45-day window is really centered around the hydrocracker. And the mechanical work is completed on it, and it is in the middle of catalyst activation and start up at this point. So that is the status of the major equipment. The cost and schedule all came in close range to target. So, no significant issues there. Alexa Petrick: Okay. that is helpful. And then just a follow-up can you talk about your latest thoughts on capital allocation priorities whether that be around capital returns or potential for any bolt on M&A or any other considerations? William Monteleone: Sure, Alexa. it is Will. Yes, I think what I would say on capital allocation is it continues to be dynamic and I think our past history really is a pretty good indicator of the framework that we deploy. And so you know, I would say if you look back, you know, at times we found that M&A is the most attractive capital deployment and at others, you have seen us invest in growth inside the business like in our renewable fuels project and then there is been other times where we have seen the opportunity to repurchase our own shares at attractive discounts to our view of intrinsic value and, you know, I think these opportunities, they come and go. And based on many different variables, And, ultimately, you know, our focus is really just a disciplined view on creating long term value on a per share basis. that is really how we think about the capital allocation priorities. And so at this point in time, you know, I think we are spending a fair amount of effort developing internal, you know, small-scale projects that I described as kind of singles and doubles that I think give us flexibility to achieve unlevered returns that are in the low 20s. For refining and logistics projects. And I think those are within our control. And these other opportunities involve a lot of external market forces, and I think being prepared and ready to move is a significant strategic asset. So I think our historical framework is the best thing to look at, and guides the way we think about the future. Alexa Petrick: Appreciate the color. I will turn it back. Operator: Your next question comes from Jason Gabelman with TD Cowen. Your line is open. Jason Gabelman: I was hoping to get an update on how much of the NOL is left. When do you expect that to be exhausted just given the very strong, earnings we have seen? And then updated guidance on where tax rate can go. Once that is exhausted. Shawn Flores: Hey, Jason. it is Shawn. Yeah. I would say the beginning point, the end of the year, NOL balance was around $700 million And just given the year to date performance, I would expect to utilize a substantial portion of that NOL this year. I think if current margins persist, we will likely transition to a more typical federal tax position beginning in 2027. Jason Gabelman: Okay. Understood. And then maybe was hoping to get your updated thoughts around small refinery exemptions Any kind of a sense on when you can expect to hear on your 2025 petitions? And outlook for what that could do from a cash standpoint. William Monteleone: Sure, Jason. Yeah. I think that I think any specific dates would be complete speculation as you guys know, just kind of watching this. there is deadlines, there is legal obligations, and all those things rarely seem to be binding. On behalf of the EPA. So I think that the key date, you know, we are watching this. Clearly. there is a September 1 compliance deadline for 2025. it is early August. So we would certainly hope to hear, with adequate time, ahead of that compliance deadline. As a reminder, we are in a favorable position. With respect to the 2025 RIN positioning. At this juncture. And I will let Sean go into the dollar magnitudes based on you know, different scenarios, for your benefit. Shawn Flores: Yeah, Jason. Our mainland RVO is about a 140 million RIN units for 2025. So a full exemption at all 3 of our refineries and at current RIN prices would be about $300 million and then a partial exemption would be half of that. Jason Gabelman: Got it. Maybe if I could just ask a follow-up on the Hawaii turnaround and kind of the outlook I know you mentioned some of the working capital headwind in 2Q was related to Hawaii. I was hoping you could disclose around what proportion of the headwind we should expect to come back once Hawaii It comes back online, and then based on what you are seeing in the market, do you anticipate landed crude costs to normalize beyond 3Q? Shawn Flores: Yeah, Jason. I will take the first 1. I would say roughly half of the outflow this quarter was directly related to building up refined product inventories in Hawaii. I think the balance is mostly related to just higher flat price and inventory values. So and then, Will, do you want to cover the crude? Yeah, Jason. William Monteleone: I think, you know, the waterborne crude market's been volatile as you can imagine, and we have seen, I think it is probably your best proxy to think about this as, you know, amidst the kind of the peak concerns on crude supply, You know, we saw ANS for June crude deliveries, so these would have traded in the kind of April, May time frame. Trade as high as ice print plus 18. So and then the moment that the Straits appeared to be opening, and did open for periods of time, we saw, you know, substantial excess waterborne crude available and the ANS deliveries for September delivery dropped to minus 6. So you can see it is almost a $25 a barrel swing in the span of 3 months in terms of crude delivery, and you know, I think it expresses the kind of volatility we are seeing Yeah. That said, I would just comment that at this point, despite the conflict re-intensifying, we are not seeing crude differentials, at peak levels like it was early in the early stage of the-- in the kind of March, April time frame. In the current market environment. Jason Gabelman: Alright. Thanks for that color. I will turn it back. Operator: This concludes the question and answer session. I will now turn the call over to Will for closing remarks. William Monteleone: Great. The quarter represents an example of what strong execution can deliver against a favorable market backdrop. Looking forward, our focus remains on disciplined execution as the durable path to growing earnings and free cash flow per share over time. Thank you to the entire Par Pacific team for your focused efforts throughout the quarter, and thank you all for joining us today. Operator: This concludes today's conference call. Thank you for joining. You may now disconnect. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Par Pacific (PARR) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. Par Pacific Holdings (PARR) is back on investor radar after its August 4 earnings release, which highlighted quarterly sales of US$2,968.87 million and net income of US$462.13 million for the second quarter of 2026. See our latest analysis for Par Pacific Holdings. The share price of Par Pacific Holdings has pulled back sharply in the last week, with a 7 day share price return of down 20.01%. This comes even though the year to date share price return is 85.06% and the 1 year total shareholder return is 143.44%. This points to strong longer term momentum that is now being tested by changing expectations after the latest earnings and guidance. If recent refining results have you reassessing the sector, this can be a good time to widen your watchlist with companies exposed to energy infrastructure and logistics through the 37 power grid technology and infrastructure stocks Par Pacific Holdings now trades well below both internal fair value estimates and the average analyst target after the recent drop. Is this a margin of safety, or a sign that the market’s caution on the stock is warranted? Par Pacific Holdings last closed at $66.29, while the most widely followed narrative points to a fair value estimate of $80.86. That gap rests on some clear operating and margin assumptions that investors should understand. Read the complete narrative. Read the complete narrative. Want to see what supports that higher fair value for Par Pacific Holdings? The narrative focuses on expectations for future margin strength, renewed earnings power and a lower implied earnings multiple compared with the wider sector. Result: Fair Value of $80.86 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, investors also need to weigh Par Pacific Holdings exposure to older refineries and concentrated Western U.S. markets, as these factors could pressure margins if maintenance or regional conditions worsen. Find out about the key risks to this Par Pacific Holdings narrative. With sentiment on Par Pacific Holdings clearly mixed, this is a moment to move quickly and look at both sides of the story for yourself. To see the full balance of potential upside and downside in one place, review the 4 key rewards and 1 important warning sign If Par Pacific Holdings has sharpened your focus on opportunities, do not stop here. Use the Simply Wall Street Screener to uncover ideas that match your style before others do. Target potential mispriced opportunities by reviewing companies featured in the 52 high quality undervalued stocks. Strengthen your focus on balance sheet quality by checking stocks in the solid balance sheet and fundamentals stocks screener (48 results). Spot early stage opportunities with quality filters applied through the 20 elite penny stocks with strong financials. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include PARR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Par Pacific Holdings, Inc.? Here are five stocks we like better. Strong second-quarter performance: Par Pacific reported $571 million in adjusted EBITDA and $499 million in adjusted net income, or $10.10 per share. Refining EBITDA surged to $552 million as elevated margins, supply disruptions and strong throughput supported results. Hawaii turnaround set to weigh on Q3: The plant-wide turnaround was largely completed on schedule and near budget, but its financial impact will be concentrated in the third quarter. The company expects normalized Hawaii capture to decline temporarily, with consolidated Q3 throughput guided to approximately 182,000 barrels per day. Balance sheet improved: Par Pacific reduced net debt by more than $220 million during the quarter and ended June with about $1.4 billion in liquidity and $185 million in cash. Management moderated share repurchases to prioritize debt reduction while maintaining a flexible capital-allocation strategy. 3 Refiners Benefiting From Oil Volatility and Tight Fuel Supply Par Pacific (NYSE:PARR) reported second-quarter results that management said were driven by elevated refining margins, high system throughput and commercial execution during a volatile market environment. Adjusted EBITDA totaled $571 million in the quarter, while adjusted net income was $499 million, or $10.10 per share, CFO Shawn Flores said. Refining adjusted EBITDA rose to $552 million from $69 million in the first quarter as crude and refined-product supply disruptions supported market conditions. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling This Energy Stock Has Quietly Soared 130% in a Year The company’s combined refining index averaged about $33 per barrel, compared with $12.40 per barrel for the full year 2025 and roughly $14 per barrel higher than in the first quarter. System-wide refining capture was 125%, or 112% after normalizing for Hawaii price-lag effects and Wyoming FIFO impacts. President and CEO Will Monteleone said refined-product cracks remained materially above historical norms during the quarter. He attributed the favorable environment to reduced Persian Gulf and Russian refined-product exports, conservative refining runs in Asia and policies that restricted free trade. He added that global refined-product inventories remain tight. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High 3 Stocks to Own If Gas Prices Keep Rising At the Hawaii refinery, second-quarter throughput was 73,200 barrels per day and production costs were $6.43 per barrel. The refinery’s Hawaii index was approximately $46 per barrel, based on a Singapore 3-1-2 benchmark of about $50 per barrel and a landed crude differential of $3.93 per barrel. Hawaii capture was 124%, including a net price-lag benefit of approximately $77 million, or $11.49 per barrel. Excluding that impact, Hawaii capture was 99%. → No Hangover: Revisiting Microsoft One Week After Earnings Par Pacific’s Tacoma, Washington, refinery set a quarterly production record, processing 41,200 barrels per day at 98.1% utilization. Washington production costs were $4.21 per barrel, while its refining index averaged $20.27 per barrel and capture was 100%. In Montana, throughput was 53,000 barrels per day and production costs were $10.16 per barrel. The refinery completed an April crude-unit outage safely, on time and on budget, according to EVP of Refining and Logistics Richard Creamer. During May and June, the Montana operation reached monthly throughput of approximately 62,000 barrels per day and operating expenses of $7.56 per barrel. Wyoming throughput was 14,000 barrels per day, reflecting an April outage, and production costs were $15.28 per barrel. Its refining index averaged $28.73 per barrel, with margin capture of 118%. The Hawaii refinery began a plant-wide turnaround in late June. Creamer said the work was substantially complete, with the crude unit and reformer returning on a roughly 30-day schedule. Mechanical work on the hydrocracker was completed, with catalyst activation and startup underway during the call. “The cost and schedule all came in close range to target,” Creamer said, adding that there were no significant issues. The company expects the turnaround’s financial impact to be concentrated in the third quarter. Flores said the company built refined-product inventories through imports late in the second quarter, but most of those barrels will be costed in the third quarter. Hawaii capture is expected to fall below the company’s typical normalized range of 100% to 110%, and operating expenses should rise marginally, though most turnaround expenditures are capitalized. For the third quarter, Par Pacific projected Hawaii conventional throughput of 59,000 to 65,000 barrels per day and renewable throughput of 1,500 to 2,000 barrels per day. Mainland guidance calls for throughput of 40,000 to 42,000 barrels per day in Washington, 17,000 to 20,000 barrels per day in Wyoming, and 56,000 to 61,000 barrels per day in Montana. The Montana coker was down in July for routine maintenance and was expected to return by mid-August. The company’s third-quarter midpoint throughput guidance was 182,000 barrels per day. Flores said the July consolidated refining index was $31.34 per barrel, about $1.60 below the second-quarter average. Par Pacific’s renewable diesel business ramped during the quarter, with June throughput reaching approximately 3,000 barrels per day before the Hawaii turnaround. The company also completed its first commercial renewable diesel sales, although Monteleone said volumes were small and reflected the early stage of the commercial ramp. Retail adjusted EBITDA rose to $17 million from $15 million in the first quarter, helped by a partial recovery in fuel margins and continued food-service sales growth. Same-store fuel volumes declined 0.8% from the second quarter of 2025, while in-store sales increased 1%. Cash from operations totaled $614 million, excluding working-capital outflows of $312 million and deferred turnaround costs of $19 million. About half of the working-capital outflow was related to building refined-product inventories in Hawaii ahead of the turnaround, Flores said. The company expects a substantial portion of the outflows to reverse as inventory levels normalize and commodity prices stabilize. During the quarter, Par Pacific completed a $500 million senior unsecured notes offering. The transaction reduced gross term debt by more than $130 million, while the company also reduced asset-based lending borrowings by $78 million. Total net debt declined by more than $220 million. As of June 30, the company had approximately $1.4 billion of total liquidity and $185 million of cash. Par Pacific repurchased about $48 million of common stock year to date through the second quarter, including cash-settled options, but management said it moderated share repurchases during the quarter in favor of debt reduction. Monteleone said the company’s capital-allocation approach remains dynamic, spanning acquisitions, internal growth investments and share repurchases. He said Par Pacific is developing smaller refining and logistics projects that could produce unlevered returns in the low-20% range. Flores also said the company had an approximately $700 million net operating loss balance at the end of 2025 and expects to use a substantial portion of it during 2026. If current margins persist, Par Pacific could move to a more typical federal tax position beginning in 2027. Par Pacific Holdings, Inc (NYSE: PARR) is a diversified downstream energy company engaged in the refining, marketing and logistics of petroleum products. Through its subsidiaries, Par Pacific operates the Par Hawaii Refinery on the island of Oʻahu, which processes crude oil into transportation fuels such as gasoline, diesel and jet fuel, as well as asphalt, petroleum coke and sulfur. In the Rocky Mountain region, the company owns and operates the Salt Lake City Refinery in Utah and associated logistics infrastructure, including pipelines and storage terminals, to support both crude supply and product distribution. In marketing its refined products, Par Pacific maintains a network of branded and unbranded wholesale accounts across Hawaii and the U.S. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Par Pacific Q2 Earnings Call Highlights" was originally published by MarketBeat. 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For the quarter ended June 2026, Par Petroleum (PARR) reported revenue of $2.97 billion, up 56.8% over the same period last year. EPS came in at $10.10, compared to $1.54 in the year-ago quarter. The reported revenue represents a surprise of +19.9% over the Zacks Consensus Estimate of $2.48 billion. With the consensus EPS estimate being $8.20, the EPS surprise was +23.17%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Par Petroleum performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Feedstocks Throughput - Total Refining: 181400 millions of barrels of oil versus the two-analyst average estimate of 184508.4 millions of barrels of oil. Feedstocks Throughput - Hawaii Refinery: 73.20 MMBBL/D versus 80.35 MMBBL/D estimated by two analysts on average. Feedstocks Throughput - Washington Refinery: 41.20 MMBBL/D compared to the 40.99 MMBBL/D average estimate based on two analysts. Feedstocks Throughput - Wyoming Refinery: 14.30 MMBBL/D versus 15.30 MMBBL/D estimated by two analysts on average. Adjusted Gross Margin per throughput bbl - Wyoming Refinery: $34.03 versus $28.32 estimated by two analysts on average. Adjusted Gross Margin per bbl - Total Refining: $41.22 versus $34.70 estimated by two analysts on average. Adjusted Gross Margin per bbl - Hawaii Refinery: $57.00 versus $49.91 estimated by two analysts on average. Adjusted Gross Margin per throughput bbl - Montana Refinery: $37.22 versus the two-analyst average estimate of $25.01. Adjusted Gross Margin per throughput bbl - Washington Refinery: $20.31 versus $18.61 estimated by two analysts on average. Revenues- Refining: $2.91 billion versus the two-analyst average estimate of $2.32 billion. The reported number represents a year-over-year change of +59.1%. Revenues- Retail: $181.53 million compared to the $158.42 million average estimate based on two analysts. The reported number represents a change of +23.8% year over year. Revenues- Logistics: $79.58 million versus $76.5 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +9% change. View all Key Company Metrics for Par Petroleum here>>> Shares of Par Petroleum have returned +2% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Par Pacific Holdings, Inc. (PARR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Adjusted EBITDA: $571 million in Q2 2026. Adjusted Net Income: $499 million, or $10.10 per share. Refining Segment Adjusted EBITDA: $552 million, up from $69 million in Q1. Combined Refining Index: Averaged approximately $33 per barrel, up roughly $14 from Q1. System-Wide Refining Capture: 125%, or 112% on a normalized basis. Hawaii Refining Index: Approximately $46 per barrel, with capture of 124% (99% normalized). Montana Refining Index: $25.76 per barrel, with margin capture of 144%. Wyoming Refining Index: $28.73 per barrel, with margin capture of 118%. Washington Refining Index: $20.27 per barrel, with margin capture of 100%. Logistics Segment Adjusted EBITDA: $30 million, compared to $32 million in Q1. Retail Segment Adjusted EBITDA: $17 million, compared to $15 million in Q1. Same-Store Fuel Volumes: Declined by 0.8% year-over-year. In-Store Sales: Increased by 1% compared to Q2 2025. Cash from Operations: $614 million, excluding working capital outflows of $312 million and deferred turnaround costs of $19 million. Capital Expenditures: Approximately $59 million, including deferred turnaround costs. Net Debt Reduction: Over $220 million during the quarter. Total Liquidity: Approximately $1.4 billion as of June 30. Cash Balance: $185 million as of June 30. Hawaii Throughput: 73,200 barrels per day in Q2, with production costs of $6.43 per barrel. Washington Throughput: Record 41,200 barrels per day, with production costs of $4.21 per barrel. Wyoming Throughput: 14,000 barrels per day, with production costs of $15.28 per barrel. Montana Throughput: 53,000 barrels per day, with production costs of $10.16 per barrel. Warning! GuruFocus has detected 12 Warning Signs with FTK. Is PARR fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Par Pacific Holdings Inc (NYSE:PARR) reported strong Q2 2026 results with adjusted EBITDA of $571 million and adjusted net income of $499 million, driven by excellent operational and commercial execution. The company achieved a system-wide refining capture rate of 125% (112% normalized), with record throughput at the Tacoma refinery (41,200 bpd, 98.1% utilization) and record monthly throughput and OpEx per barrel at Montana in May and June. The Hawaii Renewables business made progress, ramping renewable diesel production to ~3,000 bpd in June and completing first commercial sales, establishing a pathway from production to sales. The balance sheet was significantly strengthened with a $500 million senior secured notes offering, reducing gross term debt by over $130 million and total net debt by over $220 million, ending with ~$1.4 billion in liquidity. The company benefits from a substantial NOL balance (~$700 million at year-end), which is expected to be largely utilized in 2026, providing tax advantages, and has a potential $300 million benefit from small refinery exemptions for 2025. The Hawaii turnaround was executed safely and on schedule, with major operations restarted, and the company expects no significant planned downtime for the balance of the year. Par Pacific Holdings Inc (NYSE:PARR) faces a challenging Q3 2026 in Hawaii due to the refinery turnaround, with lower throughput (55,000-65,000 bpd) and capture expected below typical guidance due to higher-cost imported inventory. The company experienced a significant working capital outflow of $312 million in Q2, driven by building refined product inventories ahead of the Hawaii turnaround and higher commodity prices, which may pressure cash flow. Hawaii crude differentials are expected to be elevated in Q3 ($11.50-$13.50 per barrel) due to higher freight costs and deeper backwardation, impacting margins. Same-store fuel volumes declined by 0.8% in Q2, and fuel margins were pressured in a higher price environment, indicating softness in the retail segment. The company moderated share repurchases in Q2 to focus on debt reduction, which may be seen as a less shareholder-friendly capital allocation in the short term. The renewable diesel ramp is still in early stages with small sales volumes, and the company expects a gradual contribution in Q3, indicating limited near-term earnings impact. Q: Can you provide more color on the Hawaii turnaround's operational status, any downside surprises, and the timeline for specific units to come back online?A: Richard Creamer, EVP of Refining and Logistics, stated the turnaround was scheduled for 30-45 days. The crude unit and reforming unit, which produce gasoline, returned within the 30-day window. The hydrocracker's mechanical work is complete, and it is currently in catalyst activation and startup. Cost and schedule came in close to target with no significant issues. Q: What are your latest thoughts on capital allocation priorities, including capital returns, bolt-on M&A, or other considerations?A: Will Monteleone, President and CEO, explained that capital allocation remains dynamic and is guided by a historical framework. The focus is on creating long-term per-share value, whether through M&A, internal growth projects (like renewables), or share repurchases. Currently, they are prioritizing internal small-scale projects with unlevered returns in the low 20s for refining logistics, while remaining prepared to act on external opportunities. Q: How much of the NOL is left, when will it be exhausted given strong earnings, and what is the updated tax rate guidance once it is?A: Shawn Flores, CFO, noted the NOL balance was around $700 million at the end of the year. Given year-to-date performance, a substantial portion will be utilized this year. If current margins persist, they will likely transition to a more typical federal tax position beginning in 2027. Q: What are your updated thoughts on small refinery exemptions (SREs), and what is the potential cash impact from the 2025 petitions?A: Will Monteleone noted that specific dates are speculative, but they are watching the September 1 compliance deadline for 2025. Shawn Flores added that the mainland RVO is about 140 million RIN units for 2025. A full exemption at all three refineries at current RIN prices would be about $300 million, while a partial exemption would be half that amount. Q: What proportion of the Q2 working capital headwind related to Hawaii should be expected to reverse, and will landed crude costs normalize beyond Q3?A: Shawn Flores stated roughly half of the outflow was directly related to building refined product inventories in Hawaii, with the balance due to higher flat prices. Will Monteleone highlighted extreme volatility in waterborne crude markets, citing AMS differentials swinging from plus 18 to minus 6 over three months. Despite the conflict re-intensifying, current crude differentials are not at the peak levels seen earlier in the year. Q: Can you discuss the moving parts in the Singapore market, including China's refinery utilization and its impact on exports?A: Will Monteleone stated that despite announcements of increased Chinese crude throughput, there has been no material change in refined product exports through July and August. He emphasized China's long-term policy focus on internalizing capabilities, which is the primary objective, and advised watching vessel movements as the best indicator. Q: What are the specific moving parts for Hawaii in Q3, including the impact of the turnaround on capture, OpEx, and price lag?A: Shawn Flores explained it is too early to call price lag impacts, advising to watch September Singapore pricing relative to June. Capture is expected to be below the typical 100%-110% guidance due to imported barrels being costed in Q3. Will Monteleone added that total crude throughput will be lower as the plant is not at full rates for the entire quarter. Q: Can you provide an update on the Hawaii Renewables business and the ramp of renewable diesel production and sales?A: Will Monteleone noted that renewable diesel production ramped through Q2, with June throughput reaching approximately 3,000 barrels per day before the plant-wide turnaround. The first commercial renewable diesel sales were completed during the quarter, establishing the operational pathway from production to sales, though volumes are still small. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Par Pacific Holdings, Inc. PARR reported second-quarter 2026 adjusted earnings of $10.10 per share, surging 555.8% from $1.54 a year ago. The figure beat the Zacks Consensus Estimate of $8.20 by 23.2%. Quarterly revenues jumped 56.8% year over year to $2.97 billion and topped the consensus estimate of $2.48 billion by 19.9%. The strong quarterly results were driven by strong refining economics and commercial execution as the refining adjusted gross margin reached $680.4 million despite total throughput declining 2.8% to 181.4 thousand barrels per day (Mbpd). Par Pacific Holdings, Inc. price-consensus-eps-surprise-chart | Par Pacific Holdings, Inc. Quote The Refining segment generated operating income of $629.9 million, up sharply from $81.3 million in the prior-year quarter. Segment adjusted EBITDA rose to $552 million from $108.4 million, underscoring the stronger margin environment across the refining system. The adjusted gross margin per throughput barrel climbed to $41.22 from $13.65. The combined market index increased to $32.94 per barrel from $13.76, while production costs grew to $7.71 per barrel from $7.20. The Hawaii Index averaged $46.06 per barrel compared with $8.57 a year earlier. Hawaii throughput declined to 73.2 Mbpd from 88.1 Mbpd, but the refinery's adjusted gross margin expanded to $57 per barrel from $10.18. The quarterly margin included a favorable net price lag impact of $76.5 million, or $11.49 per barrel, as lower June product prices benefited volumes sold using prior-period pricing. Production costs increased to $6.43 per barrel from $4.18. Management said that the Hawaii turnaround was substantially complete, with most processing units online. Montana throughput increased to 52.7 Mbpd from 44.2 Mbpd. Its adjusted gross margin rose to $37.22 per barrel from $22.30, while production costs fell to $10.16 per barrel from $14.18. Washington throughput was 41.2 Mbpd compared with 40.8 Mbpd, and adjusted gross margin advanced to $20.31 per barrel from $11.47. Wyoming throughput increased to 14.3 Mbpd from 13.5 Mbpd, while the adjusted gross margin reached $34.03 per barrel versus $18.57. Wyoming's results included a negative first-in, first-out (FIFO) inventory impact of $3.2 million, or $2.48 per barrel. The Retail segment reported operating income of $14.6 million, down from $20.8 million. Adjusted EBITDA declined to $17.3 million from $23.3 million, while fuel sales volume was nearly flat at 30.7 million gallons versus 30.8 million gallons. Same-store fuel volumes decreased 0.8%, though inside sales revenues improved 1.0%. Logistics operating income slipped to $22.5 million from $23.7 million. The adjusted gross margin increased to $35.1 million from $34.4 million, while adjusted EBITDA remained steady at $29.8 million. Consolidated adjusted EBITDA was $571.3 million compared with $137.8 million in the year-ago quarter. GAAP net income attributable to Par Pacific stockholders rose to $462.1 million, or $9.35 per diluted share, from $59.5 million, or $1.17 per share. Operating income increased to $634.6 million from $96.8 million. Interest expenses and financing costs declined to $14.3 million from $22.1 million, though the quarter included $11.5 million in debt extinguishment and commitment costs, and $144 million in income tax expenses. Net cash provided by operations totaled $282.6 million, including working capital outflows of $312.2 million and deferred turnaround spending of $19.5 million. Excluding those items, the operating cash flow was $614.3 million. Investing activities used $39.7 million, while financing activities used $223 million. Par Pacific ended June with $185 million in cash, gross term debt of $505.7 million, and net term debt of $320.7 million. Total liquidity stood at $1.4 billion. The company also completed a $500-million senior unsecured notes offering and reduced term debt by more than $130 million. Par Pacific currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks from the energy sector are PBF Energy PBF and Valero Energy VLO, each sporting a Zacks Rank #1 (Strong Buy), and Kinder Morgan Inc. KMI, carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks Rank #1 stocks here. PBF Energy operates one of the most sophisticated refining systems in the United States, with a weighted average Nelson Complexity Index of 12.8. This high level of complexity enables the company to process a broad range of crude oil feedstocks while maximizing the production of higher-value refined products and intermediates. PBF Energy reported adjusted earnings of $6.22 per share for the second quarter of 2026, compared with an adjusted loss of $1.03 per share in the prior-year quarter. Earnings exceeded the Zacks Consensus Estimate of $4.05 by 53.6%, driven by favorable crack spreads, higher refinery throughput and the successful restart of the Martinez refinery. Valero Energy is among the largest independent refiners, operating 14 refineries with a combined throughput capacity of approximately 3 million barrels per day. Its refineries have a combined Nelson Complexity Index of 11.5, providing the flexibility to process diverse feedstocks, optimize product yields and capitalize on changing market conditions by producing higher-value refined products. Valero Energy posted adjusted earnings of $12.54 per share for the second quarter of 2026, a sharp increase from $2.28 per share in the year-ago period. The company exceeded the Zacks Consensus Estimate of $9.87 by 27.1%, supported by stronger refining margins and significantly improved profitability in its renewable diesel and ethanol businesses. Kinder Morgan owns one of the largest natural gas infrastructure systems in North America, comprising approximately 58,600 miles of transmission pipelines, 6,800 miles of gathering pipelines and 1,300 miles of natural gas liquids pipelines. The company transports nearly 40% of U.S. natural gas production and operates more than 700 billion cubic feet of storage capacity, accounting for roughly 15% of the nation's total natural gas storage. Kinder Morgan reported second-quarter 2026 adjusted earnings of 37 cents per share, surpassing the Zacks Consensus Estimate of 31 cents by 19.4%. Earnings increased 32.1% year over year from 28 cents per share, reflecting broad-based business strength, particularly from higher natural gas transportation and gathering volumes. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Valero Energy Corporation (VLO) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report PBF Energy Inc. (PBF) : Free Stock Analysis Report Par Pacific Holdings, Inc. (PARR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the strong quarterly performance to elevated system throughput during a peak margin window, supported by optimized crude sourcing and product placement. Refining margins were driven by structural global factors, including reduced exports from the Persian Gulf and Russia, conservative Asian refinery runs, and trade restrictions. The Hawaii Renewables segment established an operational pathway from production to sales, reaching 3,000 barrels per day of renewable diesel before the scheduled turnaround. Retail segment earnings power is being strengthened through merchandising and food programs, which helped offset fuel margin pressure and a 0.8% decline in same-store fuel volumes. The company executed a strategic debt reduction of over 20% via an inaugural senior unsecured notes issuance, prioritizing balance sheet strength over aggressive share repurchases during a period of high volatility. Operational records were set at the Washington and Montana refineries, with Washington achieving 98.1% utilization and Montana reaching record low operating expenses per barrel in May and June. Third quarter Hawaii capture rates are expected to fall below the typical 100% to 110% range due to the concentration of turnaround costs and the impact of expensive refined product imports. Management anticipates a substantial reversal of working capital outflows as inventory levels normalize following the completion of the Hawaii turnaround and commodity prices stabilize. Hawaii crude differentials for Q3 are projected to land between $11.50 and $13.50 per barrel, reflecting higher freight costs and steeper market backwardation. The company expects to utilize a substantial portion of its an initial $700 million in Net Operating Losses (NOLs) at the beginning of the year, which the company expects to utilize a substantial portion of this year this year, likely transitioning to a typical federal tax position in 2027. Strategic capital allocation will focus on internal 'singles and doubles' projects in refining and logistics that target unlevered returns in the low 20% range. The Hawaii refinery experienced end-of-cycle conditions prior to its turnaround, which resulted in lower-than-planned throughput for the second quarter. A $3 million FIFO headwind was recorded in Wyoming due to declining crude oil prices during the quarter. Management highlighted extreme volatility in waterborne crude markets, noting that ANS crude delivery differentials swung by approximately $25 per barrel over a three-month span. The company continues to benefit from excess RIN inventories from prior period exemptions, though GAAP results reflect a $35 million gain based on current market price differentials. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed that while refined product inventories were built in Q2, the costing impact of those imports will be concentrated in Q3, depressing capture rates. Most turnaround expenditures are capitalized, meaning operating expense increases for the period should be marginal despite the downtime. Will Monteleone noted that despite increased crude throughput in China, there has been no material increase in waterborne refined product exports through August. Management believes China is maintaining an internal focus on domestic capabilities rather than flooding the global market, a trend they expect to monitor over years rather than months. The company is awaiting a decision from the EPA ahead of the September 1 compliance deadline for 2025. A full exemption across all three mainland refineries would represent approximately $300 million in value at current RIN prices. The crude and reforming units returned to service within a 30-day window to produce gasoline. The hydrocracker is currently in the final stages of catalyst activation and startup, marking the end of the 45-day turnaround schedule.

Par Petroleum (PARR) came out with quarterly earnings of $10.1 per share, beating the Zacks Consensus Estimate of $8.2 per share. This compares to earnings of $1.54 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +23.17%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $1.05 per share when it actually produced earnings of $0.78, delivering a surprise of -25.71%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Par Petroleum, which belongs to the Zacks Oil and Gas - Refining and Marketing industry, posted revenues of $2.97 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 19.90%. This compares to year-ago revenues of $1.89 billion. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Par Petroleum shares have added about 135.8% since the beginning of the year versus the S&P 500's gain of 11%. While Par Petroleum has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Par Petroleum was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.35 on $1.75 billion in revenues for the coming quarter and $18.60 on $7.89 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing is currently in the top 9% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Phillips 66 (PSX), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This oil refiner is expected to post quarterly earnings of $7.68 per share in its upcoming report, which represents a year-over-year change of +222.7%. The consensus EPS estimate for the quarter has been revised 20.9% higher over the last 30 days to the current level. Phillips 66's revenues are expected to be $36.17 billion, up 7.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Par Pacific Holdings, Inc. (PARR) : Free Stock Analysis Report Phillips 66 (PSX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

HOUSTON, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the quarter ended June 30, 2026. Net income attributable to Par Pacific stockholders of $462.1 million, or $9.35 per diluted share Adjusted Net Income attributable to Par Pacific stockholders of $499.2 million, or $10.10 per diluted share Adjusted EBITDA of $571.3 million Hawaii turnaround substantially complete, with the majority of processing units now online Completed $500 million Senior Unsecured Notes offering, reducing term debt by more than $130 million The Company reported net income attributable to Par Pacific stockholders of $462.1 million, or $9.35 per diluted share, for the quarter ended June 30, 2026, compared to $59.5 million, or $1.17 per diluted share, for the same quarter in 2025. Second quarter 2026 Adjusted Net Income attributable to Par Pacific stockholders was $499.2 million, compared to $78.3 million in the second quarter of 2025. Second quarter 2026 Adjusted EBITDA was $571.3 million, compared to $137.8 million in the second quarter of 2025. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release. “Our second quarter financial results reflect strong operational and commercial execution in a constructive market,” said Will Monteleone, President and Chief Executive Officer. “With our annual turnaround maintenance substantially complete, we are well positioned to capitalize on the current favorable margin environment.” Refining The Refining segment reported operating income of $629.9 million in the second quarter of 2026, compared to $81.3 million in the second quarter of 2025. Adjusted Gross Margin for the Refining segment was $680.4 million in the second quarter of 2026, compared to $231.8 million in the second quarter of 2025. Refining segment Adjusted EBITDA was $552.0 million in the second quarter of 2026, compared to $108.4 million in the second quarter of 2025. Refining segment throughput was 181 thousand barrels per day (Mbpd) for the second quarter of 2026, compared to 187 Mbpd for the second quarter of 2025. HawaiiThe Hawaii Index averaged $46.06 per barrel in the second quarter of 2026, compared to $8.57 per barrel in the second quarter of 2025. Throughput in the second quarter of 2026 was 73 Mbpd, compared to 88 Mbpd for the same quarter in 2025. Production costs were $6.43 per throughput barrel in the second quarter of 2026, compared to $4.18 per throughput barrel in the same period of 2025. The Hawaii refinery’s Adjusted Gross Margin was $57.00 per barrel during the second quarter of 2026, including a net price lag impact of approximately $76.5 million, or $11.49 per barrel, compared to Adjusted Gross Margin of $10.18 per barrel during the second quarter of 2025. The net price lag impact reflects the Hawaii refinery's contractual sales volumes that are priced based on prior-month and prior-week average market prices. The second quarter 2026 net price lag benefit was driven by lower refined product prices in June relative to March, partially reversing the negative net price lag impact recognized in the first quarter of 2026 as refined product prices increased rapidly. In general, declining refined product prices produce a positive net price lag impact, while rising prices produce a negative net price lag impact. MontanaThe Montana Index averaged $25.76 per barrel in the second quarter of 2026, compared to $20.29 per barrel in the second quarter of 2025. The Montana refinery’s throughput in the second quarter of 2026 was 53 Mbpd, compared to 44 Mbpd for the same quarter in 2025. Production costs were $10.16 per throughput barrel in the second quarter of 2026, compared to $14.18 per throughput barrel in the same period of 2025. The Montana refinery’s Adjusted Gross Margin was $37.22 per barrel during the second quarter of 2026, compared to $22.30 per barrel during the second quarter of 2025. WashingtonThe Washington Index averaged $20.27 per barrel in the second quarter of 2026, compared to $15.37 per barrel in the second quarter of 2025. The Washington refinery’s throughput was 41 Mbpd in the second quarter of 2026, compared to 41 Mbpd in the second quarter of 2025. Production costs were $4.21 per throughput barrel in the second quarter of 2026, compared to $3.73 per throughput barrel in the same period of 2025. The Washington refinery’s Adjusted Gross Margin was $20.31 per barrel during the second quarter of 2026, compared to $11.47 per barrel during the second quarter of 2025. Wyoming The Wyoming Index averaged $28.73 per barrel in the second quarter of 2026, compared to $21.41 per barrel in the second quarter of 2025. The Wyoming refinery’s throughput was 14 Mbpd in the second quarter of 2026, compared to 13 Mbpd in the second quarter of 2025. Production costs were $15.28 per throughput barrel in the second quarter of 2026, compared to $14.50 per throughput barrel in the same period of 2025. The Wyoming refinery's Adjusted Gross Margin was $34.03 per barrel during the second quarter of 2026, including a FIFO impact of approximately $(3.2) million, or $(2.48) per barrel, compared to Adjusted Gross Margin of $18.57 per barrel during the second quarter of 2025. Retail The Retail segment reported operating income of $14.6 million in the second quarter of 2026, compared to $20.8 million in the second quarter of 2025. Adjusted Gross Margin for the Retail segment was $40.7 million in the second quarter of 2026, compared to $43.6 million in the same quarter of 2025. Retail segment Adjusted EBITDA was $17.3 million in the second quarter of 2026, compared to $23.3 million in the second quarter of 2025. The Retail segment reported fuel sales volumes of 30.7 million gallons in the second quarter of 2026, compared to 30.8 million gallons in the same quarter of 2025. Second quarter 2026 same store fuel volumes declined by 0.8% and inside sales revenue increased by 1.0% compared to the second quarter of 2025. Logistics The Logistics segment reported operating income of $22.5 million in the second quarter of 2026, compared to $23.7 million in the second quarter of 2025. Adjusted Gross Margin for the Logistics segment was $35.1 million in the second quarter of 2026, compared to $34.4 million in the same quarter of 2025. Logistics segment Adjusted EBITDA was $29.8 million in the second quarter of 2026, compared to $29.8 million in the second quarter of 2025. Liquidity Net cash provided by operations totaled $282.6 million for the three months ended June 30, 2026, including working capital outflows of $(312.2) million and deferred turnaround expenditures of $(19.5) million. Excluding these items, net cash provided by operations was $614.3 million for the three months ended June 30, 2026. We expect a substantial portion of these working capital outflows to reverse as commodity prices normalize and Hawaii inventory returns to more typical levels following the turnaround. Net cash provided by operations was $133.6 million for the three months ended June 30, 2025. Net cash used in investing activities totaled $(39.7) million for the three months ended June 30, 2026, consisting primarily of capital expenditures, compared to $(45.9) million for the three months ended June 30, 2025. Net cash used in financing activities totaled $(223.0) million for the three months ended June 30, 2026, compared to net cash used in financing activities of $(52.3) million for the three months ended June 30, 2025. At June 30, 2026, Par Pacific’s cash balance totaled $185.0 million. Gross term debt was $505.7 million and net term debt was $320.7 million at June 30, 2026. Total liquidity was $1.4 billion at June 30, 2026. Laramie Energy During the second quarter of 2026, Par Pacific recorded $(1.7) million of equity losses related to Laramie Energy, LLC (“Laramie”). Laramie’s total net loss was $(6.7) million in the second quarter of 2026, including unrealized losses on derivatives of $(7.2) million, compared to a net income of $0.5 million in the second quarter of 2025. Laramie’s total Adjusted EBITDAX was $17.9 million in the second quarter of 2026, compared to $12.4 million in the second quarter of 2025. Conference Call Information A conference call is scheduled for Wednesday, August 5, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-800-715-9871 inside the U.S. or 1-646-307-1963 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until August 19, 2026, and may be accessed by calling 1-800-770-2030 inside the U.S. or 1-609-800-9909 outside the U.S. and using the conference ID 5483514. About Par Pacific Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com. Forward-Looking Statements This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the commercial and other benefits anticipated from the Hawaii renewable fuels joint venture; and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, military conflicts in the Middle East, the political activity in Venezuela, Houthi related disruptions in the Red Sea, the ongoing military conflict with Iran and disruptions in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; the impacts of tariffs; potential operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should any of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release. Contact:Ashimi Patel VitterVP, Investor Relations & Sustainability(832) [email protected] Condensed Consolidated Statements of Operations(Unaudited)(in thousands, except per share data) Balance Sheet Data(Unaudited) (in thousands) Operating Statistics The following table summarizes key operational data: Non-GAAP Performance Measures Management uses certain financial measures and forecasts to evaluate our operating performance and allocate resources that are considered non-GAAP financial measures. The chief operating decision-maker (“CODM”) is the Chief Executive Officer (“CEO”), who uses certain non-GAAP financial measures and forecasts to allocate resources and evaluate our operating performance. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently. We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Operating expense includes certain shared costs such as finance, accounting, tax, human resources, information technology, and legal costs that are not directly attributable to specific operating segments. The criteria used to determine the allocation of these expenses generally reflect the time and resources required to provide the applicable service to other internal stakeholders. Remaining expenses are included in the reconciliation of reportable segment Adjusted EBITDA to consolidated pre-tax income (loss) as unallocated corporate general and administrative expenses. Management, including the CODM, uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) attributable to Par Pacific stockholders, Adjusted EBITDA (as defined below) and Adjusted EBITDA by segment (as defined below) are useful supplemental financial measures that allow management and investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure. Beginning with the financial results reported for the fourth quarter of 2025, Adjusted Net Income (Loss) attributable to Par Pacific stockholders excludes the portion of non-GAAP adjustments associated with the noncontrolling interest in our joint venture established on October 21, 2025. Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA by segment also excludes other operating gains and losses (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities). This modification improves comparability between periods by excluding non-cash gains and losses that do not reflect ongoing underlying business operations. Beginning with the financial results reported for the fourth quarter of 2025, Adjusted EBITDA includes the Adjusted Net Income (Loss) attributable to noncontrolling interests associated with our joint venture established on October 21, 2025. Adjusted Gross Margin Adjusted Gross Margin is defined as Operating income (loss) excluding: The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands): 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: 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): The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) attributable to Par Pacific stockholders per share (in thousands, except per share amounts): Adjusted EBITDA by Segment Adjusted EBITDA by segment is defined as Operating income (loss) excluding: Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations. The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands): Laramie Energy Adjusted EBITDAX Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative (income) loss, gain (loss) on settled derivative instruments, interest expense (income) and loan fees, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, bonus accrual, equity-based compensation expense, phantom units, expired acreage (non-cash), and other non-operating expenses. We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy. The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):

Par Pacific Holdings Inc. PARR is set to report second-quarter 2026 results on Aug. 4, after the closing bell. The Zacks Consensus Estimate for second-quarter earnings is pegged at $8.20 per share, implying an improvement of 432.5% from the year-ago reported number. It has witnessed no estimate revisions in the past seven days. The Zacks Consensus Estimate for second-quarter revenues is currently pegged at $2.48 billion, suggesting an improvement of 30.8% from the year-ago actuals. PARR beat the consensus estimate for earnings in two of the trailing four quarters and missed twice, with the average surprise being 69.9%. This is depicted in the graph below: Image Source: Zacks Investment Research Our proven model doesn’t predict an earnings beat for PARR this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That isn’t the case here. The refining player has an Earnings ESP of 0.00%. PARR currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. To have an idea of how oil prices behaved in the June quarter, let's analyze the commodity prices from the data provided by the U.S. Energy Information Administration (“EIA”). The average Cushing, OK, WTI spot prices for April, May and June of this year were $100.32 per barrel, $102.13 per barrel and $84.81 per barrel, respectively, per EIA data. Commodity prices were $63.54 per barrel, $62.17 per barrel and $68.17 per barrel, respectively, in April, May and June of 2025, according to the EIA. A constructive oil-price backdrop, driven by the Iran war, is likely to have hurt the refining business of Par Pacific in the second quarter, since the input costs to produce final products like gasoline, diesel fuel and others were higher. A similar dynamic is likely to have affected Phillips 66 PSX and Valero Energy Corporation VLO, belonging to the same space. However, the high utilization of refineries in the United States to meet resilient demand is likely to have largely offset the negative impacts of high input costs. PARR's stock has surged 181.8% over the past year, outperforming the industry’s 77.9% growth. PSX has jumped 74.2% over the same time frame, while VLO has gained 131.7%. One-Year Price Chart Image Source: Zacks Investment Research With PARR’s stock price outperforming the industry, the company appears relatively overvalued. The company's current trailing 12-month enterprise value/earnings before interest, tax, depreciation and amortization (EV/EBITDA) is 6.38x, reflecting that it is trading at a premium compared with the industry average of 5.93x. Both VLO and PSX are valued lower at 8.63x and 14.57x, respectively. Image Source: Zacks Investment Research West Texas Intermediate (“WTI”) oil is currently hovering around the $80-per-barrel mark, according to data from Oilprice.com, although high, but still significantly down from the mark of more than $100 per barrel reached in May this year. PARR, like Valero Energy and Phillips 66, is likely to gain from the current relatively softer crude pricing environment. This is because PARR, a leading refining company, is now able to purchase oil at a relatively lower cost, enabling the production of end products. Thus, Par Pacific, which generates significant margin from its refining activities, is likely to benefit. Investors should also note that Par Pacific’s new renewable fuels plant has begun operations, but it is still being tested and refined. The company is also building up supplies and working to qualify for environmental credits. As a result, the plant is unlikely to contribute meaningfully to sales or profits in the near term. It may take time for production to ramp up and for the facility to become a meaningful source of earnings. Any delay in reaching full operations or in receiving the required credits could further slow that progress. Given the overall business backdrop and overvaluation, it mightn’t be the ideal time for investors to bet on the stock right away. In fact, investors who have already invested may continue to hold the stock. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Par Pacific Holdings, Inc. (PARR) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report Phillips 66 (PSX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research