Par Pacific reported significant year-over-year growth in profitability for the third quarter of 2026, driven by a favorable regulatory ruling and robust market crack spreads across its mainland refineries. The company successfully navigated a major turnaround at its Hawaii facility while achieving a strategic milestone with the first profitable quarter for its Renewables segment.
Key Highlights
- Adjusted EBITDA reached $646.0 million, which included a $222.0 million benefit from the EPA granting small refinery exemptions for the 2025 compliance year.
- Refining segment performance was bolstered by a combined index average of $38.45 per barrel, helping achieve an Adjusted Gross Margin of $46.95 per throughput barrel.
- The company reached an agreement to divest its 46% interest in Laramie Energy, expecting to receive approximately $120 million in cash proceeds by the end of 2026.