PARR

Phillips 66 PSX is set to report third-quarter 2026 results on Oct. 28, before the opening bell. The Zacks Consensus Estimate for third-quarter earnings is pegged at $12.02 per share, implying an improvement of almost 377% from the year-ago reported number. It has witnessed one upward estimate revision in the past seven days. The Zacks Consensus Estimate for third-quarter revenues is currently pegged at $33.7 billion, suggesting a decline of 3.6% from the year-ago actuals. Image Source: Zacks Investment Research PSX beat the consensus estimate for earnings in each of the trailing four quarters, with the average surprise being 62.6%. This is depicted in the graph below: Our proven model doesn't predict an earnings beat for PSX 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 leading refining player has an Earnings ESP of 0.00%. PSX currently sports a Zacks Rank #1. 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 understand how oil prices behaved in the September 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 July, August and September of this year were $80.46 per barrel, $83.90 per barrel and $97.31 per barrel, respectively, per EIA data. Commodity prices were $68.39 per barrel, $64.86 per barrel and $63.96 per barrel in the prior-year, respective quarters, according to the EIA. A constructive oil-price backdrop, driven by the Iran war, is likely to have hurt the refining business of Phillips 66 in the third 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 Par Pacific Holdings, Inc. PARR 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. PSX's stock has surged 110.8% over the past year, underperforming the industry's 132.9% growth. PARR has jumped 100.8% over the same time frame, while VLO has gained 149.2%. One-Year Price Chart Image Source: Zacks Investment Research Despite PSX's stock price underperforming 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 12.52x, reflecting that it is trading at a premium compared with the industry average of 6.36x. VLO and PARR are valued lower at 9.00x and 3.37x, respectively. Image Source: Zacks Investment Research PSX noted that there aren't enough refineries or products globally right now because much refining capacity is offline and fuel inventories are low. This shortage helps keep refining margins, also called crack spreads, high. Management believes these shortages may take longer to resolve than in 2022, which is expected to boost the energy major's refining profits in the September quarter and in 2027. The broader scenario is also likely to favor other refiners like VLO and PARR. Although a leading refiner, PSX, unlike most of its refining peers, has diversified into midstream and chemicals. Along with investing in refining operations, Phillips 66 is allocating significant capital to midstream. The midstream business, by its very definition, is stable since the company generates stable cash flows as the assets are being utilized for the long term and is less vulnerable to commodity price volatility. Hence, having a diversified business model, PSX is insulated from commodity price volatility to a great extent. Given its relatively stable business model, it might be the ideal time for investors to bet on the stock. In fact, investors are willing to pay a premium for this stock as reflected in the valuation picture. 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 Phillips 66 (PSX) : Free Stock Analysis Report Valero Energy Corporation (VLO) : 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

Valero Energy Corporation VLO is set to report third-quarter 2026 results on Oct. 22, before the market opens. The Zacks Consensus Estimate for third-quarter earnings is pegged at $21.23 per share, implying a 480.1% surge from the year-ago reported number. VLO has witnessed three upward and one downward earnings estimate revision over the past 30 days. The Zacks Consensus Estimate for third-quarter revenues is currently pinned at $38.8 billion, suggesting a 20.6% rise from the year-ago actuals. VLO beat the consensus estimate for earnings in each of the trailing four quarters, delivering an average surprise of 26.8%. This is depicted in the graph below: Image Source: Zacks Investment Research Our proven model does not conclusively predict an earnings beat for VLO 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 is not the case here, as you will see below. The company has an Earnings ESP of -0.32% and it currently sports a Zacks Rank #1. 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. Valero Energy is expected to have delivered a stable performance in the third quarter, driven by high refining margins. Refining margins are likely to have remained elevated in the third quarter due to continued tensions and supply disruptions in the Middle East, which tightened refined product markets. In addition, attacks on Russian refining facilities and infrastructure further constrained refining capacity, amplifying the tightness in refined product markets. Moreover, low global light-product inventories are expected to have supported refining fundamentals. These factors are likely to have supported refining gains and aided VLO's profitability. However, the company's performance is likely to have been tempered by elevated crude prices earlier in the third quarter. Per the data from the U.S. Energy Information Administration, the West Texas Intermediate ("WTI") spot crude price averaged $80.46 per barrel in July and $83.90 per barrel in August, further increasing to $97.31 per barrel in September. Notably, these figures are significantly higher than those recorded in the corresponding period of 2025. Higher crude prices are expected to raise input costs for its refining operations, thereby affecting its results. These factors are likely to have affected demand and pricing dynamics, potentially hampering the company's quarterly performance. VLO's stock has soared 190% over the past year compared with the 157.7% rise of the composite stocks belonging to the industry. PBF Energy PBF and Par Pacific Holdings PARR, two other leading refining players, have gained 213.6% and 145.9%, respectively. Image Source: Zacks Investment Research VLO appears relatively overvalued, at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 9.4X, above the broader industry average of 6.48X, implying that the stock is currently trading at a premium. PBF Energy and Par Pacific are currently trading at a trailing 12-month EV/EBITDA of 5.82X and 3.51X, respectively. Image Source: Zacks Investment Research Valero Energy is among the largest independent refiners in the United States, having a combined high-complexity throughput capacity of nearly 3 million barrels per day across its refineries. VLO's Gulf Coast refining network provides it with feedstock sourcing flexibility and access to high-demand export markets to sell its refined products. Moreover, its advanced refineries can process various kinds of feedstock, including Venezuelan and Canadian crude. These heavy crude grades generally trade at a discount to the WTI benchmark, owing to their high sulfur content, thereby lowering input costs. Additionally, the operational flexibility of its refineries enables VLO to shift product yields toward high-demand, higher-margin products and optimize its crude slate, allowing the company to better capitalize on tighter global refined-product markets. Valero also boasts a strong financial and liquidity position, with a net debt-to-capitalization ratio of 11% at the end of the second quarter. Furthermore, VLO holds $7.9 billion of cash and cash equivalents, along with $5.3 billion of available liquidity under its bank facilities. VLO's healthy financial position also allows it to return excess cash to investors through share buybacks. However, the refining industry is inherently cyclical and volatile, with margins and crack spreads depending largely on crude oil prices and overall demand for refined petroleum products, which may result in earnings volatility. PBF Energy has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries — Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery— with a combined throughput capacity of 1 million barrels per day and the ability to process a wide range of feedstocks. The diversified refining footprint provides the company with exposure to several regional refining markets, supporting higher margins. Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho; refining operations in Hawaii, Wyoming, Washington and Montana; a cumulative refining capacity of 219,000 barrels per day; and a supporting logistics network. Its logistics network includes 13 million barrels of storage, along with marine and pipeline assets for transportation. The commercial flexibility of its downstream network allows the company to capitalize on changing market conditions to support profitability. Both PBF and PARR currently carry a Zacks Rank #1. The refining players are expected to benefit from strong refining fundamentals and elevated crack spreads driven by continued supply disruptions through the Strait of Hormuz and low refined product inventories. VLO is expected to have benefited from strong refining fundamentals, which are currently supported by the disruptions in supply through the Strait of Hormuz. Low product inventories are also expected to have supported refining margins in the near term. Given the business environment and its healthy financial position, investors should consider buying the VLO stock, sporting a Zacks Rank #1, at present. 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 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

Par Pacific Holdings, Inc. PARR is expanding its retail operations to build a more diversified earnings base alongside its refining business. The company operates fuel retail locations in Hawaii, Washington and Idaho through brands such as Hele, Nomnom and 76. Beyond fuel sales, PARR is placing greater emphasis on merchandise and food offerings, which management views as strengthening the segment’s underlying earnings power. In the second quarter of 2026, in-store sales increased 1% year over year despite a 0.8% decline in same-store fuel volumes. Food service is emerging as an important part of this strategy. Continued growth in food service sales across both operating regions enabled Retail adjusted EBITDA to improve sequentially to $17 million from $15 million. Expanding these higher-value offerings gives Par Pacific another avenue to generate earnings beyond simply selling gasoline and diesel. This diversification is important for a company whose refining results remain sensitive to volatile crude oil and refined-product prices. Retail therefore adds another layer to PARR’s broader integrated energy portfolio. The segment generated $40.7 million of adjusted gross margin during the second quarter, highlighting its contribution amid softer fuel volumes. Further progress in merchandising and food service may strengthen Par Pacific’s retail profitability and provide a steadier earnings contribution alongside the more cyclical refining business. Like Par Pacific, HF Sinclair Corporation DINO and Phillips 66 PSX are strengthening downstream businesses beyond refining to build a more diversified earnings base. DINO is expanding its branded fuel footprint, adding 63 sites in the latest quarter and more than 100 prospective locations in the pipeline. Meanwhile, PSX continues to benefit from its Marketing and Specialties operations, which management views as a source of more reliable cash flows alongside midstream. These businesses give both HF Sinclair and Phillips 66 additional earnings support outside the more cyclical refining segment, reinforcing a broader industry push toward steadier downstream cash generation. Shares of Par Pacific have surged 132.8% over the past year compared with the industry’s 123% growth. Image Source: Zacks Investment Research From a valuation standpoint, PARR trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 3.44X. This is below the broader industry average of 6.05X. Image Source: Zacks Investment Research The Zacks Consensus Estimate for PARR's 2026 earnings has seen upward revisions over the past seven days. Image Source: Zacks Investment Research PARR currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 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 HF Sinclair Corporation (DINO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Earlier this month, Zacks highlighted Par Pacific Holdings, Inc. with a Rank #1 after its current-year earnings consensus estimate increased 19.5% over the last 60 days, while also noting its price-to-earnings ratio is well below the industry average and assigning it a top-tier Value Score of A. This combination of sharply upgraded earnings expectations and comparatively low valuation multiples positions Par Pacific as a value-focused energy name drawing fresh attention from investors screening for improving fundamentals. Next, we’ll consider how this sharp upgrade in earnings estimates could reshape Par Pacific’s existing investment narrative and risk-reward profile. Capitalize on the AI infrastructure supercycle with our selection of the 60 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. To own Par Pacific, you have to believe its concentrated refining footprint and renewables push can support earnings through regional and regulatory swings. The recent Zacks Rank upgrade, driven by sharply higher earnings estimates and a low P/E, supports the near term earnings catalyst but does not change the core risk that localized shocks or tighter rules in its key markets could still hit margins and cash flow. Among recent announcements, the US$250,000,000 share repurchase program stands out alongside the earnings upgrade. For current and prospective shareholders, steady buybacks combined with higher consensus earnings expectations reinforce the importance of cash generation as a short term catalyst, while also highlighting the flip side: if refining volatility or heavier maintenance spending were to erode free cash flow, the capacity to keep shrinking the share count could prove less durable than it appears today. Yet beneath the upgraded earnings outlook, investors should be aware of how concentrated regional exposure could quickly turn from strength to... Read the full narrative on Par Pacific Holdings (it's free!) Par Pacific Holdings' narrative projects $6.7 billion revenue and $455.7 million earnings by 2029. This implies a 7.9% yearly revenue decline and an earnings decrease of $401.2 million from $856.9 million today. Uncover how Par Pacific Holdings' forecasts yield a $84.57 fair value, in line with its current price. Some of the most cautious analysts were previously assuming revenue slipping toward about US$6.7 billion and earnings near US$647 million, which paints a much tougher picture than the current Zacks upgrade and reminds you that views on Par Pacific’s risk and reward can differ sharply, especially around how resilient those distillate margins and regional refining advantages will really prove to be. Explore 4 other fair value estimates on Par Pacific Holdings - why the stock might be worth over 5x more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Par Pacific Holdings research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision. Our free Par Pacific Holdings research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Par Pacific Holdings' overall financial health at a glance. Don't miss your shot at the next 10-bagger. Our latest stock picks just dropped: We've uncovered the 6 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 28 best rare earth metal stocks of the very few that mine this essential strategic resource. Outshine the giants: these 17 early-stage AI stocks could fund your retirement. 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]

It has been about a month since the last earnings report for Phillips 66 (PSX). Shares have added about 23.9% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Phillips 66 due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Phillips 66 before we dive into how investors and analysts have reacted as of late. Phillips 66 reported second-quarter 2026 adjusted earnings of $9.41 per share, up 295.4% from $2.38 per share a year ago. The bottom line beat the Zacks Consensus Estimate of $7.68 by 22.5%. Total revenues and other income increased 56.2% to $52.04 billion from $33.52 billion a year earlier. The top line surpassed the consensus estimate of $36.17 billion by 43.9%. The strong quarterly results were driven by higher refining margins. The refining system achieved 96% crude capacity utilization and a clean product yield of 86%. Refining adjusted pre-tax income jumped to $3.09 billion from $392 million in the year-ago quarter. The segment benefited from stronger market crack spreads, favorable mark-to-market impacts and solid operating performance across the refining system. Worldwide realized refining margins increased to $24.08 per barrel from $11.25 per barrel a year earlier. Total processed inputs averaged 2.05 million barrels per day (MMBbl/d), while turnaround expenses increased to $123 million from $53 million in the prior-year quarter. Refining adjusted EBITDA totaled $3.31 billion. Midstream adjusted pre-tax income increased 7.4% to $785 million. The segment’s adjusted EBITDA reached $1.05 billion, driven by higher margins and volumes following the absence of disruptions caused by Winter Storm Fern in the prior quarter. Natural gas liquids (NGL) pipeline throughput to market averaged 943,000 barrels per day (Bbl/d), while fractionation volumes reached a record 1.02 MMBbl/d. Phillips 66 achieved record liquefied petroleum gas export volumes and brought the 220-million-cubic-feet-per-day (MMcf/d) Dos Picos II gas plant to full production. Chemicals adjusted pre-tax income rose sharply to $404 million from $20 million in the prior-year quarter. The improvement primarily reflected stronger margins across Chevron Phillips Chemical Company’s olefins and polyolefins operations. Global olefins and polyolefins capacity utilization was 91% compared with 92% a year ago. The ethylene-to-high-density-polyethylene chain cash margin increased to 43.6 cents per pound from 7.4 cents per pound, providing a significant earnings tailwind despite slightly lower utilization. Chemicals adjusted EBITDA was $528 million. Marketing and Specialties generated adjusted pre-tax income of $514 million compared with $660 million a year earlier. Renewable Fuels posted pre-tax income of $544 million, reversing a loss of $133 million in the year-ago period. Higher regulatory-credit pricing, increased production and favorable mark-to-market impacts supported the turnaround. Renewable fuel production increased to 53,000 Bbl/d from 40,000 Bbl/d a year ago. Phillips 66 generated $7.26 billion of operating cash flow. Excluding working-capital movements, operating cash flow totaled $4.32 billion. Adjusted EBITDA increased to $5.89 billion from $2.50 billion a year earlier. As of June 30, 2026, Phillips 66 had total debt of $20.6 billion and net debt of $16.47 billion. Quarter-end liquidity included $4.10 billion of cash and $6.40 billion of committed credit capacity. PSX returned $887 million to shareholders during the quarter. This included $508 million in dividends and $379 million in share repurchases. Capital expenditures and investments totaled $726 million, comprising $469 million of growth spending and $257 million of sustaining capital. The company announced plans to construct the 300 MMcf/d Zeus Gas Plant in the Permian Basin and a 100,000 Bbl/d Coastal Bend NGL fractionator in Corpus Christi. CPChem also continued advancing the Golden Triangle Polymers and Ras Laffan Polymers projects, with full operations expected in 2027. It turns out, estimates review have trended upward during the past month. The consensus estimate has shifted 8.99% due to these changes. At this time, Phillips 66 has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy. 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 looks promising. Interestingly, Phillips 66 has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Phillips 66 is part of the Zacks Oil and Gas - Refining and Marketing industry. Over the past month, Par Petroleum (PARR), a stock from the same industry, has gained 18.9%. The company reported its results for the quarter ended June 2026 more than a month ago. Par Petroleum reported revenues of $2.97 billion in the last reported quarter, representing a year-over-year change of +56.8%. EPS of $10.10 for the same period compares with $1.54 a year ago. For the current quarter, Par Petroleum is expected to post earnings of $4.84 per share, indicating a change of -18.7% from the year-ago quarter. The Zacks Consensus Estimate has changed -9.5% over the last 30 days. Par Petroleum has a Zacks Rank #1 (Strong Buy) based on the overall direction and magnitude of estimate revisions. Additionally, 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 Phillips 66 (PSX) : 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

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.