Par Pacific Q4 Earnings Call Highlights MarketBeat Sun, March 1, 2026 at 1:38 AM GMT+5:30 9 min read PARR Par Pacific logo Key Points Par Pacific reported full-year adjusted EBITDA of $634 million and adjusted net income of $7.56 per share, finished 2025 with record liquidity of $915 million, reduced gross debt and shares outstanding (down ~10%), and executed debt paydowns and buybacks to strengthen the balance sheet. The company achieved record refining throughput — about 188,000 barrels per day for the year and 191,000 bpd in Q4 — with Hawaii outperforming (2025 avg ~84,000 bpd; Q4 87,000 bpd) and a system-wide Q1 throughput midpoint guided to 182,000 bpd, while Wyoming and Montana saw elevated costs from outages and maintenance. The Hawaii renewable fuels project moved into commissioning and early startup with successful pretreatment tests, and Par Pacific received $100 million in proceeds from the Hawaii renewables joint venture that materially improved liquidity.
