Q4 2025 Par Pacific Holdings Inc Earnings Call Transcript
Key Points
- Par Pacific Holdings Inc (PARR) achieved a full year adjusted EBITDA of $634 million and adjusted net income of $7.56 per share, indicating strong financial performance.
- The company successfully executed major turnaround activities, restored Wyoming operations, and advanced the Hawaii Renewables project into commissioning.
- Record annual refining throughput was achieved, with Hawaii throughput averaging 84,000 barrels per day, a 4% increase over the prior three-year average.
- The logistics segment generated record profits, and the retail segment set new financial records in 2025.
- Par Pacific Holdings Inc (PARR) strengthened its balance sheet, ending the year with approximately $915 million in liquidity and reducing its share count by 10%.
- The Wyoming crude heater event highlighted operational challenges, impacting reliability and safety.
- Fourth quarter adjusted EBITDA decreased to $113 million from the previous quarter, reflecting seasonal conditions and operational disruptions.
- Montana's margin capture was impacted by coker downtime, resulting in a $10 million margin loss.
- Wyoming's throughput and production costs were adversely affected by a third-party power outage and subsequent maintenance activities.
- The Hawaii Renewables project experienced modest delays beyond original expectations, although no material operational issues were reported.
Good morning, and welcome to the Par Pacific's fourth quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Ashimi Patel, Vice President of Investor Relations. Please go ahead.
Thank you, Drew. Welcome to Par Pacific's fourth quarter earnings conference call.
Joining me today are Will Monteleone, President and Chief Executive Officer; Richard Creamer, EVP of Refining & Logistics; and Shawn Flores, SVP and Chief Financial Officer. Before we begin, note that our comments today may include forward-looking statements. Any forward-looking statements are subject to change and are not guarantees of future performance or events.
They are subject to risks and uncertainties, 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
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