Tearsheet

Par Pacific (PARR)

Market Price (12/28/2025): $35.01 | Market Cap: $1.7 Bil
Sector: Energy | Industry: Oil & Gas Refining & Marketing

Par Pacific (PARR)

Market Price (12/28/2025): $35.01
Market Cap: $1.7 Bil
Sector: Energy
Industry: Oil & Gas Refining & Marketing

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.4%, FCF Yield is 9.6%	Weak multi-year price returns 2Y Excs Rtn is -46%, 3Y Excs Rtn is -15%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 72%
1	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include Domestic Petroleum Refining, Energy Logistics & Distribution, and Renewable Fuel Production.	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%	Stock price has recently run up significantly 12M Rtn12 month market price return is 116%
2			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -10%, Rev Chg QQuarterly Revenue Change % is -6.1%
3			Key risks PARR key risks include [1] a disproportionate financial exposure to commodity price volatility due to its heavy revenue dependence on the refining segment.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.4%, FCF Yield is 9.6%
1	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include Domestic Petroleum Refining, Energy Logistics & Distribution, and Renewable Fuel Production.
2	Weak multi-year price returns 2Y Excs Rtn is -46%, 3Y Excs Rtn is -15%
3	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 72%
5	Stock price has recently run up significantly 12M Rtn12 month market price return is 116%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -10%, Rev Chg QQuarterly Revenue Change % is -6.1%
7	Key risks PARR key risks include [1] a disproportionate financial exposure to commodity price volatility due to its heavy revenue dependence on the refining segment.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$35.01	$16.39	$36.37	$23.25	$16.49
Market Cap CYE ($ Bil)	1.7	0.9	2.2	1.4	1.0
Total Debt ($ Bil)	1.4	1.6	1.0	0.9	1.0
Total Cash ($ Bil)	0.2	0.2	0.3	0.5	0.1
Enterprise Value ($ Bil)	3.0	2.5	3.2	2.3	2.0
Valuation Ratios
P/S TTM	0.2	0.1	0.3	0.2	0.2
P/EBIT TTM	4.4	21.3	3.2	3.2	-69.7
P/E TTM	7.4	-27.9	3.0	3.8	-11.8
P/FCF TTM	10.4	-18.0	4.4	3.5	-16.8
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.6	1.3	1.3
P/EBIT TTM (Sector)	7.7	6.7	5.7	4.1	4.7
P/E TTM (Sector)	11.3	10.3	8.5	5.6	5.4
P/FCF TTM (Sector)	7.1	7.0	7.6	5.0	5.4

	12/28/25	2024	2023
Share Price CYE	$35.01	$16.39	$36.37
Market Cap CYE ($ Bil)	1.7	0.9	2.2
Total Debt ($ Bil)	1.4	1.6	1.0
Total Cash ($ Bil)	0.2	0.2	0.3
Enterprise Value ($ Bil)	3.0	2.5	3.2
Valuation Ratios
P/S TTM	0.2	0.1	0.3
P/EBIT TTM	4.4	21.3	3.2
P/E TTM	7.4	-27.9	3.0
P/FCF TTM	10.4	-18.0	4.4
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.6
P/EBIT TTM (Sector)	7.7	6.7	5.7
P/E TTM (Sector)	11.3	10.3	8.5
P/FCF TTM (Sector)	7.1	7.0	7.6

	PARR	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	7.5
Rev Chg Q	-6.1%	7.3%
Rev Chg LTM	-10.1%	6.1%
Rev Chg 3Y Avg	3.8%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.4
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	5.0%	18.8%
CFO/Rev LTM	4.5%	20.4%
Net Inc Mgn	3.2%	13.1%
VALUATION	VERY LOW
P/S	0.2	3.3
P/CFO	5.2	15.8
P/FCF	10.4	20.7
P/E	7.4	23.7
STABILITY	POOR
Debt/Equity	0.81	0.21
Cash/Assets	0.04	0.07

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Metric	Value	Date	Source
Total Refining Throughput	198,000 barrels per day	9302025	Link
Refining Production Costs	$6.13 per barrel	9302025	Link
Combined Refining Capacity	219,000 barrels per day	10132025	Link
Total Liquidity	$735.2 million	9302025	Link
Retail Segment Sales Volumes	30.3 million gallons	12312024	Link
Hawaii Renewables Joint Venture Cash Proceeds	$100 million	10312025	Link
Share Repurchases	5.7 million shares	9302025	Link

Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -

PARR Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are five key points explaining Par Pacific's (PARR) stock movement from August 31, 2025, to December 28, 2025:

1. Par Pacific reported robust third-quarter 2025 results on November 4, 2025. The company announced adjusted EBITDA of $372.5 million, a significant increase of 623% compared to the previous year, with a decrease in production costs. Additionally, quarterly earnings per share (EPS) of $5.95 substantially beat the consensus estimate of $1.98, and revenue reached $2.01 billion against an estimated $1.72 billion.

2. The closing of the Hawaii Renewables Joint Venture positively impacted investor sentiment. On October 21, 2025, Par Pacific announced the closing of its Hawaii Renewables Joint Venture. This partnership with Mitsubishi and ENEOS Corporation, which involved a $100 million contribution for a 36.5% equity interest from the partners, is expected to enhance Par Pacific's renewable fuels capabilities and global feedstock procurement.

3. Investor concerns arose in December 2025 regarding substantial 2026 capital expenditure guidance and forecasted softening refining margins. Towards the end of the period, the stock experienced declines, including a 15-day losing streak with cumulative losses of 23%, due to investor apprehension about significant capital outlays planned for 2026. Analysts also forecasted a weakening of refining margins for December 2025 and the first quarter of 2026.

4. Seasonal weakness in demand and a shift in refining margins contributed to stock pressure in late 2025. Seasonal weakness in demand during December led to a significant decline in crack spreads, moving the refining market from above mid-cycle margins to below mid-cycle. This shift negatively impacted profitability for smaller refiners like Par Pacific, contributing to a reported 20% decline in its share price.

5. Mixed analyst sentiment and high short interest created volatility despite a strong year-to-date performance. While Par Pacific's stock had a strong year-to-date run, increasing over 100% in 2025, bearish sentiment grew in December with high short interest. Analysts maintained a "Moderate Buy" average rating with an average target price of $42.14, but some reports rated the stock a "SELL" due to near-term risks and concerns about its valuation.

Stock Movement Drivers

Fundamental Drivers

The -5.8% change in PARR stock from 9/27/2025 to 12/27/2025 was primarily driven by a -5.6% change in the company's P/S Multiple.

	9272025	12272025	Change
Stock Price ($)	37.17	35.01	-5.81%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	7614.63	7483.63	-1.72%
P/S Multiple	0.25	0.23	-5.57%
Shares Outstanding (Mil)	50.37	49.63	1.47%
Cumulative Contribution			-5.83%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
PARR	-5.8%
Market (SPY)	4.3%	29.0%
Sector (XLE)	-3.9%	55.4%

Fundamental Drivers

The 31.6% change in PARR stock from 6/28/2025 to 12/27/2025 was primarily driven by a 25.7% change in the company's P/S Multiple.

	6282025	12272025	Change
Stock Price ($)	26.60	35.01	31.62%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	7738.66	7483.63	-3.30%
P/S Multiple	0.18	0.23	25.66%
Shares Outstanding (Mil)	53.76	49.63	7.67%
Cumulative Contribution			30.84%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
PARR	31.6%
Market (SPY)	12.6%	15.8%
Sector (XLE)	4.5%	47.1%

Fundamental Drivers

The 116.2% change in PARR stock from 12/27/2024 to 12/27/2025 was primarily driven by a 154.4% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	16.19	35.01	116.24%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8325.75	7483.63	-10.11%
Net Income Margin (%)	3.74%	3.15%	-15.77%
P/E Multiple	2.89	7.36	154.37%
Shares Outstanding (Mil)	55.73	49.63	10.94%
Cumulative Contribution			113.66%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
PARR	116.2%
Market (SPY)	17.0%	30.0%
Sector (XLE)	7.1%	52.7%

Fundamental Drivers

The 57.9% change in PARR stock from 12/28/2022 to 12/27/2025 was primarily driven by a 60.4% change in the company's P/E Multiple.

	12282022	12272025	Change
Stock Price ($)	22.17	35.01	57.92%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6806.43	7483.63	9.95%
Net Income Margin (%)	4.22%	3.15%	-25.36%
P/E Multiple	4.59	7.36	60.41%
Shares Outstanding (Mil)	59.53	49.63	16.63%
Cumulative Contribution			53.55%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
PARR	-4.3%
Market (SPY)	48.0%	26.8%
Sector (XLE)	11.4%	52.7%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
PARR Return	-40%	18%	41%	56%	-55%	117%	53%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
PARR Win Rate	33%	42%	50%	75%	33%	75%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
PARR Max Drawdown	-74%	-8%	-28%	-11%	-59%	-25%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	PARR	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-40.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	67.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	83 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-74.2%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	287.3%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	952 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-35.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	54.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	191 days	120 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Par Pacific's stock fell -40.1% during the 2022 Inflation Shock from a high on 3/11/2021. A -40.1% loss requires a 67.0% gain to breakeven.

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About Par Pacific (PARR)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Par Pacific Holdings, Inc. owns and operates energy and infrastructure businesses. The company operates through three segments: Refining, Retail, and Logistics. The Refining segment owns and operates three refineries that produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, distillate, asphalt, low sulfur fuel oil, and other associated refined products primarily for consumption in Hawaii, Pacific Northwest, Wyoming, and South Dakota. The Retail segment operates 119 fuel retail outlets, which sell merchandise, such as soft drinks, prepared foods, and other sundries in Hawaii under the Hele, 76, and nomnom brands; and gasoline, diesel, and retail merchandise in Washington and Idaho under the Cenex, nomnom, and Zip Trip brand names. The Logistics segment owns and operates terminals, pipelines, a single point mooring, and trucking operations to distribute refined products throughout the island of Oahu, Maui, Hawaii, Molokai, and Kauai. It also leases marine vessels; owns and operates a crude oil pipeline gathering system, a refined products pipeline, storage facilities, and loading racks in Wyoming; and a jet fuel storage facility and pipeline that serves Ellsworth Air Force Base in South Dakota. In addition, this segment owns and operates a marine terminal, a unit train-capable rail loading terminal, storage facilities, a truck rack, and a proprietary pipeline that serves Joint Base Lewis McChord. The company was formerly known as Par Petroleum Corporation and changed its name to Par Pacific Holdings, Inc. in October 2015. Par Pacific Holdings, Inc. was incorporated in 1984 and is headquartered in Houston, Texas.

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Valero (VLO) for Hawaii, but with its own gas stations.
ExxonMobil (XOM) or Chevron (CVX) for Hawaii, minus the oil drilling, focused on refineries and gas stations.

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Refined Petroleum Products: Production and sale of various fuels and petroleum products such as gasoline, diesel, jet fuel, and asphalt from their oil refineries.
Retail Fuel and Convenience Store Merchandise: Operation of gas stations and convenience stores selling fuel, food, beverages, and other merchandise directly to consumers.
Logistics and Midstream Services: Transportation, storage, terminalling, and distribution of crude oil and refined products through pipelines, terminals, and marine infrastructure.

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Par Pacific (PARR) - Major Customers

Par Pacific Holdings, Inc. (PARR) operates in three primary segments: Refining, Logistics, and Retail. Based on its significant revenue contribution from its Refining and Logistics segments, Par Pacific primarily sells its products and services to other companies (B2B).

While the company's 2023 Form 10-K states that one customer accounted for approximately 17% of its consolidated revenues, the name of this major customer is not publicly disclosed in its regulatory filings. Therefore, specific named companies cannot be listed. However, based on the nature of Par Pacific's operations, its major B2B customers generally fall into the following categories:

Wholesale Distributors and Fuel Marketers: These companies purchase refined petroleum products such as gasoline, diesel, and jet fuel in bulk. They then distribute and sell these products to their own networks, which include other retailers, commercial fleets, government entities, and various industrial users.
Airlines and Marine Operators: Customers directly purchasing jet fuel for aviation or bunker fuel for shipping and marine transportation fleets.
Construction and Industrial Companies: Buyers of specialized products such as asphalt for road building, infrastructure projects, and other industrial fuels for their operational needs.
Other Energy Companies: Businesses that utilize Par Pacific's logistics services, including its pipelines, terminals, and storage facilities, for the transportation and storage of crude oil and refined products.

Although Par Pacific primarily serves other businesses, it also operates a Retail segment that sells directly to individual consumers. Through its network of branded gasoline stations and convenience stores (including brands like '76', 'Circle K', 'Cenex', 'Hele', and 'Minit Stop'), it sells motor fuels and convenience store merchandise directly to the public.

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William Monteleone President and Chief Executive Officer

William Monteleone has served as President and Chief Executive Officer of Par Pacific since April 2024. He previously held roles as President from January 2023 to April 2024, and Chief Financial Officer from March 2017 to December 2022. Monteleone also served as Senior Vice President of Mergers and Acquisitions from February 2015 to March 2017, and as Chief Executive Officer from June 2013 to January 2015. Before joining Par Pacific in 2013, he was a Vice President at Equity Group Investments (EGI), a private investment firm founded by Sam Zell, where his work focused on restructurings and investments primarily within the energy industry. He began his career at Banc of America Securities LLC. Monteleone has served on the Board of Directors for Par Pacific since 2012, and on the Board of Managers for Laramie Energy, LLC, as well as on the Board of Directors of Wapiti Oil and Gas I, LLC, Wapiti Oil and Gas II, LLC, and Kuwait Energy Company.

Shawn Flores Senior Vice President, Chief Financial Officer

Shawn Flores has been the Senior Vice President and Chief Financial Officer of Par Pacific since 2023. He joined the company in 2014 and has held various financial leadership positions, including Vice President of Finance since 2021. In this role, he oversaw Par Pacific's treasury, risk management, financial planning & strategy, and mergers & acquisitions functions.

Richard Creamer Executive Vice President, Refining and Logistics

Richard Creamer has served as Executive Vice President, Refining and Logistics since April 2022. Prior to rejoining Par Pacific, Mr. Creamer was Vice President and Refinery Manager for HF Sinclair for the El Dorado, Kansas refinery. He previously served as Vice President and Refinery Manager for Par Pacific at the Kapolei, Hawaii refinery and held various operations and engineering leadership roles at Flint Hills Resources, Invista, LyondellBasell, and Koch Industries.

Jeff Hollis Senior Vice President, General Counsel and Secretary

Jeff Hollis has been Senior Vice President, General Counsel and Secretary since January 2023. He previously served as Vice President, General Counsel and Secretary starting in January 2022, and as Associate General Counsel and Secretary from June 2015. Before joining Par Pacific, Mr. Hollis was a Senior Counsel at Air Liquide and an Associate at the law firm of Baker Botts.

Terrill Pitkin Senior Vice President, Planning & Commercial

Terrill Pitkin has served as Senior Vice President, Planning & Commercial since May 2023. Prior to this role, he was the Vice President of Planning & Optimization since April 2020. Mr. Pitkin joined Par Pacific in November 2014 and has held a variety of commercial and planning leadership roles. His prior experience includes engineering and operations roles at the Marathon Petroleum refinery in Galveston and the BP refinery in Texas City.

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The key risks to Par Pacific's business include market volatility and commodity price fluctuations, operational hazards and reliability, and regulatory and environmental risks.

Market Volatility and Commodity Price Fluctuations: Par Pacific operates in the inherently volatile oil and gas industry, making its financial performance highly susceptible to fluctuating crude oil prices and refining margins. This volatility disproportionately impacts its refining segment, which accounts for a significant portion of its revenue generation.
Operational Hazards and Reliability: The company's refining, transportation, and storage operations are exposed to substantial operational hazards such as fires, explosions, spills, and mechanical failures. Such incidents can lead to business interruptions, costly shutdowns, increased maintenance expenses, and potential reputational damage. Even minor operational disruptions can result in significant lost profit opportunities.
Regulatory and Environmental Risks, including Energy Transition: Par Pacific operates within a highly regulated environment, facing increasingly stringent environmental laws and regulations. These risks include the potential impacts of climate change policies and the broader energy transition, which could erode long-term demand for traditional refined products, increase compliance costs, and lead to financial penalties or remediation expenses.

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The most clear emerging threat for Par Pacific (PARR) is the **accelerated global energy transition and decarbonization efforts**, which directly impacts the demand for the fossil fuels PARR refines and distributes. This threat is characterized by several interrelated and well-evidenced developments:

1. Rapid Adoption of Electric Vehicles (EVs): The increasing sales and market penetration of electric vehicles globally, and particularly in key regions like Washington State (where PARR operates a refinery and retail network), directly erode demand for gasoline and diesel fuels. Policies such as California's Advanced Clean Cars II rule banning new internal combustion engine (ICE) vehicle sales by 2035, and similar trends and targets in other jurisdictions, indicate a significant long-term decline in traditional transportation fuel consumption.

2. Emergence and Growth of Renewable Fuels: The refining industry is experiencing a significant shift towards the production of renewable diesel and Sustainable Aviation Fuels (SAFs). Many competitors are actively investing in or converting existing refineries to produce these lower-carbon alternatives. As demand for and regulatory mandates around renewable fuels grow, PARR's traditional fossil fuel products could face diminished market share and profitability if the company does not adequately pivot its production capabilities.

3. Increasing Regulatory and Policy Pressure: Jurisdictions where PARR operates, such as Washington State and Hawaii, are at the forefront of implementing stringent environmental regulations, carbon pricing mechanisms, and clean fuel standards. For example, Washington's Clean Fuel Standard, which became effective in 2023, directly increases costs for high-carbon fuels and incentivizes lower-carbon alternatives. These policies increase operating costs for traditional fossil fuel production and distribution while simultaneously incentivizing alternatives, directly impacting PARR's refining and logistics segments.

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Par Pacific Holdings (PARR) operates in three main business segments: Refining, Retail, and Logistics, primarily serving Hawaii, the Pacific Northwest (Washington, Idaho), and the Rocky Mountain regions (Wyoming).

Refining and Retail Products:

Gasoline:
- Hawaii: Statewide gasoline consumption was approximately 34.6 million gallons in June 2024, 36.4 million gallons in May 2024, 32.1 million gallons in February 2025, 34.8 million gallons in January 2025, and 33.9 million gallons in November 2024.
- Washington State: Demand for gasoline is forecasted to increase to 2,493 million gallons annually by 2024.
- Idaho: Residents purchased approximately 2.1 million gallons of gasoline daily in 2021, totaling about 766.5 million gallons annually.
Diesel Fuel:
- Hawaii (Highway Use): Consumption was around 3.6 million gallons in June 2024, 4.1 million gallons in May 2024, 3.5 million gallons in February 2025, 3.7 million gallons in January 2025, and 3.7 million gallons in November 2024.
- Washington State: Total diesel consumption is forecasted to decline from 977 million gallons in 2023 to between 792.55 million and 966 million gallons by 2025.
Jet Fuel (Aviation Fuel):
- Hawaii: Statewide aviation fuel consumption was approximately 17.8 million gallons in February 2025 and 18.8 million gallons in November 2024.
- Pacific Northwest (Washington and Oregon): The combined transportation fuel demand, which includes gasoline, diesel fuel, and jet fuel, was 440,100 barrels per day in 2020 (approximately 6.7 billion gallons annually).
- U.S. Aviation Fuel Market: This market is projected to reach an estimated value of USD 218.63 billion by 2032. The global jet fuel market is estimated at USD 431.7 billion in 2025.
Retail Fuel Sales (Gas Stations):
- Idaho: The market size of the Gas Stations industry in Idaho is estimated to be $1.2 billion in 2025.

Logistics Services:

U.S. Logistics Market (overall, including fuel transportation, storage, and distribution):
- The U.S. logistics market size is anticipated to reach USD 1,997.6 billion in 2025.
- The broader U.S. freight and logistics market size was valued at USD 1,405.5 billion in 2024 and is expected to grow to USD 1,930.7 billion by 2032.
Global Fuel Supply Logistics Market (transportation, storage, and distribution of fuel products):
- This market is expected to be valued at $17.4 billion in 2025, with a projected growth to $33.8 billion by 2033.

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Par Pacific Holdings, Inc. (PARR) is positioned for future revenue growth over the next 2-3 years, driven by a combination of strategic initiatives, operational efficiencies, and market dynamics across its refining, logistics, and retail segments.

Expansion into Sustainable Aviation Fuel (SAF) Production: Par Pacific is actively progressing its Sustainable Aviation Fuel (SAF) project in Hawaii, with financial contributions anticipated to begin in 2026. The company successfully closed the Hawaii Renewables joint venture with Mitsubishi and ENEOS in late October 2025, a strategic partnership expected to bolster its renewable energy initiatives and enhance market presence in the region. This venture includes approximately $30-40 million in growth guidance for 2025 to complete the Hawaii renewable hydrotreater project.
Continued Operational Improvements and Increased Refining Throughput: The company has demonstrated a focus on maximizing efficiency and throughput in its refining segment. Par Pacific achieved a near-record throughput of 198,000 barrels per day in Q3 2025 and set a new record low for refining production costs at $6.13 per barrel. Specifically, the Hawaii refinery recorded a quarterly operational throughput record. Analysts anticipate that these operational improvements, coupled with growing demand from tight U.S. West Coast markets, will support stable margins and contribute to profit margin expansion.
Growth in the Retail Segment: Par Pacific's retail segment has consistently shown strong performance, with quarterly same-store fuel revenue increasing by 1.8% and in-store revenue by 0.9% in Q3 2025 compared to the previous year. This growth is attributed to higher fuel margins, same-store sales growth, and effective cost control. The company also mentioned plans for strategic expansion within its retail development pipeline, particularly in the Pacific Northwest and Hawaii. This marks the third consecutive quarter of record last twelve months (LTM) retail adjusted EBITDA, which stands at $86 million.
Optimization and Increased Utilization of the Logistics Segment: The Logistics segment achieved a record adjusted EBITDA of $37 million in Q3 2025, an increase of $7 million from the previous quarter. This improvement reflects a return to normal summer operations in Montana and Wyoming and higher system utilization in Hawaii, indicating a more efficient leveraging of existing logistics assets and recovery of volumes.
Favorable Refining Market Conditions and Regulatory Support: Par Pacific has benefited from favorable market conditions, with product margins rallying due to tight fundamental supply and demand balances and geopolitical disruptions. The company also received a significant earnings boost of approximately $200 million from small refinery exemptions (SREs) for compliance periods between 2019 and 2024, contributing to strong adjusted EBITDA and net income. While the SREs provided a one-time boost for past periods, favorable refining market conditions and ongoing regulatory considerations can continue to impact future revenue and margins positively.

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Share Repurchases

Year-to-date 2025, Par Pacific repurchased 5.7 million shares, reducing its basic share count by over 9%.
Under a program effective February 26, 2025, the company repurchased 4,649,741 shares for $68.8 million.
In Q2 2025, $28 million of common stock was repurchased, followed by an additional $16.4 million in Q3 2025.

Share Issuance

At the May 1, 2025, annual meeting, stockholders were asked to approve an amendment to the 2018 Employee Stock Purchase Plan to increase the maximum number of shares available for issuance by 500,000 shares.

Inbound Investments

In October 2025, Par Pacific closed its Hawaii Renewables joint venture with Mitsubishi and ENEOS, receiving $100 million in cash proceeds.

Outbound Investments

Par Pacific holds a 46% ownership interest in Laramie Energy, LLC, a natural gas production company.

Capital Expenditures

Par Pacific announced 2025 capital expenditure and turnaround outlay guidance in the range of $210 million to $240 million.
Planned 2025 capital expenditures include $85-95 million for turnarounds & catalyst, $75-85 million for maintenance, and $50-60 million for growth initiatives.
Growth initiatives for 2025 specifically allocate $30-40 million to complete the Hawaii renewable hydrotreater project and $10 million for ERP system enhancements.

Better Bets than Par Pacific (PARR)

INDUSTRY: Oil & Gas Refining & Marketing

Higher Rev Chg LTM (Value for PARR: -10.1%)

REX (-3.1%)

REX American Resources

MPC (-6.1%)

Marathon Petroleum

CVI (-7.2%)

CVR Energy

VLO (-8.5%)

Valero Energy

DINO (-9.5%)

HF Sinclair

Higher Op Mgn LTM (Value for PARR: 5.0%)

REX (8.6%)

REX American Resources

Higher CFO/Rev LTM (Value for PARR: 4.5%)

CLNE (22.4%)

Clean Energy Fuels

REX (13.7%)

REX American Resources

MPC (5.5%)

Marathon Petroleum

Higher FCF/Rev LTM (Value for PARR: 2.2%)

CLNE (7.1%)

Clean Energy Fuels

VLO (3.2%)

Valero Energy

MPC (3.2%)

Marathon Petroleum

REX (2.7%)

REX American Resources

DINO (2.5%)

HF Sinclair

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for PARR: 3.8% | 0.2x)

SLB (10.5% | 0.0x)

SLB

VIVK (175.7% | 0.0x)

Vivakor

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PARR: 3.8% | 4.7x)

MTDR (8.9% | 3.8x)

Matador Resources

HESM (8.1% | 4.5x)

Hess Midstream

BTE (13.2% | 3.9x)

Baytex Energy

CIVI (14.4% | 2.3x)

Civitas Resources

CRGY (10.0% | 3.8x)

Crescent Energy

Higher Rev Chg LTM (Value for PARR: -10.1%)

ENB (32.3%)

Enbridge

WMB (9.0%)

Williams Companies

COP (8.2%)

ConocoPhillips

CVX (-3.6%)

Chevron

XOM (-4.4%)

Exxon Mobil

Higher Rev Chg 3Y Avg (Value for PARR: 3.8%)

CCJ (24.2%)

Cameco

FANG (20.8%)

Diamondback Energy

OKE (16.4%)

ONEOK

BKR (10.4%)

Baker Hughes

ENB (8.6%)

Enbridge

Higher Op Mgn LTM (Value for PARR: 5.0%)

WMB (34.3%)

Williams Companies

COP (21.0%)

ConocoPhillips

ENB (17.4%)

Enbridge

XOM (11.0%)

Exxon Mobil

CVX (8.1%)

Chevron

Higher CFO/Rev LTM (Value for PARR: 4.5%)

WMB (48.2%)

Williams Companies

COP (33.3%)

ConocoPhillips

ENB (20.0%)

Enbridge

CVX (17.0%)

Chevron

XOM (15.9%)

Exxon Mobil

Higher FCF/Rev LTM (Value for PARR: 2.2%)

WMB (15.0%)

Williams Companies

COP (11.9%)

ConocoPhillips

CVX (8.2%)

Chevron

XOM (7.3%)

Exxon Mobil

ENB (6.3%)

Enbridge

Higher Total Yield (Value for PARR: 13.6%)

CNQ (16.7%)

Canadian Natural Resources

SU (15.4%)

Suncor Energy

DVN (14.9%)

Devon Energy

ENB (13.7%)

Enbridge

EOG (13.7%)

EOG Resources

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for PARR: 3.8% | 0.2x)

COR (10.4% | 0.2x)

Cencora

CAH (7.3% | 0.2x)

Cardinal Health

CNC (9.6% | 0.1x)

Centene

PFGC (5.6% | 0.2x)

Performance Food

AAL (6.5% | 0.2x)

American Airlines

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PARR: 3.8% | 4.7x)

IBKR (48.1% | 3.5x)

Interactive Brokers

RCI (11.8% | 4.1x)

Rogers Communications

JEF (14.6% | 2.9x)

Jefferies Financial

AAL (6.5% | 4.5x)

American Airlines

DVA (4.6% | 4.2x)

DaVita

Higher Rev Chg LTM (Value for PARR: -10.1%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for PARR: 3.8%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for PARR: 5.0%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for PARR: 4.5%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for PARR: 2.2%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for PARR: 13.6%)

CMCSA (25.2%)

Comcast

VZ (18.3%)

Verizon Communications

MO (16.2%)

Altria

TDG (15.4%)

TransDigm

PFE (13.7%)

Pfizer

		Best Bets In Energy Sector
	PARR	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	7.4	41.6	17.9	11.7	11.0	30.4	12.0	18.3	18.9	30.7	10.1
P/EBIT	4.4	33.9	10.1	8.7	9.4	17.0	8.8	12.3	10.8	15.7	7.7
What You Get
Rev Chg Q	-6.1%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	-10.1%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	3.8%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	3.2%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Par Pacific Earnings Notes
2	PARR Stock Falls -25% In 16-Day Spree On Zacks Downgrade To Hold	Notification
3	Par Pacific Earnings Notes
4	Par Pacific Stock Slides 23% With A 15-Day Losing Spree	Notification
5	Par Pacific Earnings Notes
6	Can Par Pacific Stock Recover If Markets Fall?	Return
7	Par Pacific (PARR) Operating Cash Flow Comparison	Financials
8	Par Pacific (PARR) Net Income Comparison	Financials
9	Par Pacific (PARR) Operating Income Comparison	Financials
10	Par Pacific (PARR) Debt Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to PARR. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.1%	12.1%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.4%	6.4%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.4%	5.4%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	28.1%	28.1%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.9%	-4.9%	-7.1%

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XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
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FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Par Pacific

Peers to compare with:

Financials

	PARR	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Par Paci.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	35.01	23.26	24.49	305.09	78.16	273.40	56.58
Mkt Cap	1.7	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	7,484	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	373	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	167	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	248	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	336	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	366	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	PARR	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Par Paci.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	-10.1%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	3.8%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	-6.1%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	-1.7%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	5.0%	6.6%	4.8%	17.7%	22.5%	31.9%	12.1%
Op Mgn 3Y Avg	5.3%	7.4%	7.2%	16.4%	24.2%	30.8%	11.9%
QoQ Delta Op Mgn LTM	4.3%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.2%
CFO/Rev LTM	4.5%	6.7%	8.5%	20.6%	23.8%	26.6%	14.6%
CFO/Rev 3Y Avg	4.7%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	2.2%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	3.2%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	PARR	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Par Paci.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	1.7	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	0.2	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	4.4	6.8	19.9	25.1	22.5	31.3	21.2
P/E	7.4	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	5.2	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	13.6%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	11.7%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.8	0.5	0.7	0.2	0.1	0.0	0.4
Net D/E	0.7	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	PARR	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Par Paci.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-21.8%	-1.8%	14.4%	0.6%	2.7%	-1.5%	-0.4%
3M Rtn	-5.8%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	31.6%	-4.0%	34.5%	6.6%	15.2%	36.3%	23.4%
12M Rtn	116.2%	-27.0%	16.2%	40.5%	34.5%	7.5%	25.3%
3Y Rtn	57.9%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	-24.6%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-3.0%
3M Excs Rtn	-10.1%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	19.4%	-16.3%	22.3%	-5.7%	3.0%	24.0%	11.2%
12M Excs Rtn	109.0%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	9.6%
3Y Excs Rtn	-15.2%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/28/2025	2/29/2024	2/27/2023	2/25/2022	3/8/2021	3/2/2020
Key Financials
Total Revenue	7,484	7,974	8,232	7,322	4,710	3,125	5,402
EBITDA	541	175	806	533	80	-270	132
Operating Income	373	36	686	441	-70	-232	153
Net Income	236	-33	729	364	-81	-409	41
EPS	4.89	-0.59	12.14	6.12	-1.40	-7.68	0.80
Growth Rates
Total Revenue Growth	-10.1%	-3.1%	12.4%	55.4%	50.7%	-42.1%	58.4%
EBITDA Growth	31.7%	-78.2%	51.2%	562.4%	129.8%	-304.1%	-0.1%
Operating Income Growth	49.3%	-94.7%	55.3%	727.1%	69.6%	-251.7%	65.5%
Net Income Growth	-24.3%	-104.6%	100.1%	548.0%	80.1%	-1102.4%	3.5%
Margins
EBITDA Margin	7.2%	2.2%	9.8%	7.3%	1.7%	-8.6%	2.4%
Operating Income Margin	5.0%	0.5%	8.3%	6.0%	-1.5%	-7.4%	2.8%
Net Income Margin	3.2%	-0.4%	8.9%	5.0%	-1.7%	-13.1%	0.8%
Cash & Debt
Total Cash	159	192	279	491	112	68	126
Total Debt	1,413	1,567	1,019	871	961	1,078	1,039
Net Debt / (Cash)	1,254	1,375	740	380	849	1,010	913
Cash Flows
Net Cash from Operations	336	84	579	453	-28	-37	106
Free Cash from Operations	167	-52	497	400	-57	-101	22
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	113	142	68	8	2	1	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/6/2025	5/8/2025	2/28/2025	11/7/2024	8/8/2024	5/8/2024	2/29/2024	11/8/2023	8/9/2023	5/5/2023	2/27/2023
Key Financials Quarterly
Total Revenue	2,013	1,893	1,745	1,832	2,144	2,017	1,981	2,184	2,579	1,784	1,685	1,809
Ebitda	403	133	21	-16	69	78	44	220	232	75	279	127
Operating Income	354	88	-23	-46	33	45	4	168	198	53	267	104
Net Income	263	59	-30	-56	7	19	-4	289	171	30	238	85
EPS	5.29	1.18	-0.57	-1.01	0.13	0.33	-0.06	4.87	2.85	0.50	3.96	1.42
Key Financials TTM
Total Revenue TTM	7,484	7,615	7,739	7,974	8,326	8,761	8,528	8,232	7,857	7,334	7,657	7,322
Ebitda TTM	541	208	152	175	411	574	571	806	713	790	909	533
Operating Income TTM	373	52	9	36	250	414	423	686	622	708	829	441
Net Income TTM	236	-19	-60	-33	312	476	487	729	524	620	739	364
Growth Rates Quarterly
Total Revenue Growth	-6.1%	-6.1%	-11.9%	-16.1%	-16.9%	13.1%	17.5%	20.7%	25.4%	-15.3%	24.8%	39.8%
EBITDA Growth	482.0%	71.0%	-52.1%	-107.2%	-70.2%	3.8%	-84.2%	73.2%	-25.0%	-61.3%	386.4%	164.9%
Operating Income Growth	960.4%	96.9%	-726.9%	-127.3%	-83.1%	-15.9%	-98.6%	60.9%	-30.4%	-69.4%	320.3%	312.8%
Net Income Growth	3408.3%	219.0%	-710.5%	-119.3%	-95.6%	-37.9%	-101.6%	241.5%	-35.9%	-79.9%	273.6%	947.7%
Margins Quarterly
EBITDA Margin	20.0%	7.0%	1.2%	-0.9%	3.2%	3.9%	2.2%	10.1%	9.0%	4.2%	16.5%	7.0%
Operating Income Margin	17.6%	4.7%	-1.3%	-2.5%	1.6%	2.2%	0.2%	7.7%	7.7%	3.0%	15.8%	5.8%
Net Income Margin	13.0%	3.1%	-1.7%	-3.0%	0.3%	0.9%	-0.2%	13.3%	6.6%	1.7%	14.1%	4.7%
Cash & Debt
Total Cash	159	169	134	192	183	180	228	279	347	191	661	491
Total Debt	1,413	1,577	1,632	1,567	1,502	1,430	1,005	1,019	1,726	926	889	871
Net Debt / (Cash)	1,254	1,407	1,498	1,375	1,319	1,251	777	740	1,378	735	228	380
Cash Flows Quarterly
FCF from Operations	219	134	-1	-15	78	-5	25	-2	269	173	139	84
Cash Flows TTM
FCF from Operations TTM	336	195	57	84	97	288	465	579	665	737	599	453
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	16	30	51	15	23	69	34	36	27	3	3	1
Return on Invested Capital (ROIC) Quarterly
ROIC	49.9%	11.9%	-3.2%	-6.3%	3.3%	6.2%	0.5%	41.8%	34.3%	12.6%	98.8%	34.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	13.1%	2.3%	0.3%	1.4%	11.3%	19.4%	25.5%	42.6%	27.4%	44.4%	76.7%	36.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Refining	7,969	7,046	4,471	2,887	5,168
Retail	592	570	456	364	459
Logistics	261	199	185	181	199
Corporate, Eliminations and Other	-591	-493	-402	-306	-425
Total	8,232	7,322	4,710	3,125	5,402

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Refining	676	402	-89	-332	94
Logistics	70	54	51	35	59
Retail	57	49	81	24	49
Corporate, Eliminations and Other	-123	-67	-51	-45	-54
Total	680	438	-8	-318	148

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Refining	2,905	2,580	1,929	1,479	1,907
Logistics	530	412	398	445	494
Retail	257	244	228	193	232
Corporate, Eliminations and Other	172	44	15	17	67
Total	3,864	3,281	2,570	2,134	2,701

Price Behavior

Price Behavior

Market Price	$35.01
Market Cap ($ Bil)	1.7
First Trading Date	09/05/2012
Distance from 52W High	-25.8%
	50 Days	200 Days
DMA Price	$40.98	$29.34
DMA Trend	up	up
Distance from DMA	-14.6%	19.3%
	3M	1YR
Volatility	56.1%	57.4%
Downside Capture	50.07	7.93
Upside Capture	11.04	83.47
Correlation (SPY)	27.6%	30.1%

PARR Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.27	1.55	1.10	0.68	0.87	0.85
Up Beta	4.02	3.61	3.60	2.48	1.05	1.01
Down Beta	5.26	2.26	2.04	1.74	1.29	0.95
Up Capture	-26%	173%	76%	74%	85%	45%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	13	24	34	73	140	387
Down Capture	-219%	3%	-78%	-231%	-8%	85%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	18	29	52	105	354

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of PARR With Other Asset Classes (Last 1Y)
	PARR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	132.0%	8.6%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	57.2%	24.4%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	1.69	0.29	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		52.8%	30.3%	-2.4%	41.9%	22.0%	17.7%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of PARR With Other Asset Classes (Last 5Y)
	PARR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	21.2%	21.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	50.9%	26.7%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.57	0.75	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		61.4%	31.5%	5.8%	40.0%	23.4%	13.0%

Based On 10-Year Data

		Comparison of PARR With Other Asset Classes (Last 10Y)
	PARR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	4.6%	8.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	51.7%	29.8%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.30	0.33	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		62.2%	39.5%	-3.0%	38.4%	35.5%	10.3%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	5,281,241
Short Interest: % Change Since 11302025	10.7%
Average Daily Volume	978,421
Days-to-Cover Short Interest	5.40
Basic Shares Quantity	49,633,000
Short % of Basic Shares	10.6%

Returns Analyses

	Title
0	Can Par Pacific Stock Recover If Markets Fall?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	-7.2%	8.8%	7.8%
8/6/2025	0.1%	6.4%	25.1%
5/7/2025	6.0%	17.7%	30.1%
2/26/2025	-9.7%	-19.1%	-7.8%
11/5/2024	9.5%	10.9%	7.6%
8/6/2024	1.7%	-2.3%	-13.7%
2/28/2024	-8.9%	-12.6%	-9.2%
11/7/2023	-1.1%	5.9%	1.9%
...
SUMMARY STATS
# Positive	11	13	14
# Negative	12	10	9
Median Positive	5.6%	8.1%	7.7%
Median Negative	-3.0%	-10.8%	-11.9%
Max Positive	23.3%	29.5%	84.5%
Max Negative	-11.7%	-19.1%	-52.1%

	Forward Returns
11/4/2025	-7.2%	8.8%	7.8%
8/6/2025	0.1%	6.4%	25.1%
5/7/2025	6.0%	17.7%	30.1%
2/26/2025	-9.7%	-19.1%	-7.8%
11/5/2024	9.5%	10.9%	7.6%
8/6/2024	1.7%	-2.3%	-13.7%
2/28/2024	-8.9%	-12.6%	-9.2%
11/7/2023	-1.1%	5.9%	1.9%
8/7/2023	7.5%	8.2%	9.3%
5/4/2023	-2.8%	0.1%	3.4%
2/3/2023	-3.1%	4.9%	8.3%
11/2/2022	2.0%	-1.9%	-3.4%
8/9/2022	2.0%	4.2%	-0.1%
5/5/2022	-11.7%	-9.0%	7.5%
2/24/2022	-3.2%	-14.8%	-11.9%
11/3/2021	-2.1%	-0.1%	-13.6%
8/5/2021	5.6%	8.1%	2.2%
5/6/2021	-1.5%	-12.5%	3.2%
2/25/2021	-2.5%	3.3%	-22.2%
11/2/2020	23.3%	29.5%	84.5%
8/10/2020	3.9%	15.2%	5.7%
5/7/2020	9.0%	-12.8%	33.8%
2/26/2020	-1.8%	-8.3%	-52.1%
SUMMARY STATS
# Positive	11	13	14
# Negative	12	10	9
Median Positive	5.6%	8.1%	7.7%
Median Negative	-3.0%	-10.8%	-11.9%
Max Positive	23.3%	29.5%	84.5%
Max Negative	-11.7%	-19.1%	-52.1%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2282025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8092023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	2272023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Par Pacific (PARR)

Market Price (12/28/2025): $35.01 | Market Cap: $1.7 BilSector: Energy | Industry: Oil & Gas Refining & Marketing

Par Pacific (PARR)

Market Price (12/28/2025): $35.01Market Cap: $1.7 BilSector: EnergyIndustry: Oil & Gas Refining & Marketing

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

PARR Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Par Pacific (PARR)

Par Pacific (PARR) - Major Customers

Refining and Retail Products:

Logistics Services:

Share Repurchases

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Par Pacific (PARR)

INDUSTRY: Oil & Gas Refining & Marketing

Higher Rev Chg LTM (Value for PARR: -10.1%)

Higher Op Mgn LTM (Value for PARR: 5.0%)

Higher CFO/Rev LTM (Value for PARR: 4.5%)

Higher FCF/Rev LTM (Value for PARR: 2.2%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for PARR: 3.8% | 0.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PARR: 3.8% | 4.7x)

Higher Rev Chg LTM (Value for PARR: -10.1%)

Higher Rev Chg 3Y Avg (Value for PARR: 3.8%)

Higher Op Mgn LTM (Value for PARR: 5.0%)

Higher CFO/Rev LTM (Value for PARR: 4.5%)

Higher FCF/Rev LTM (Value for PARR: 2.2%)

Higher Total Yield (Value for PARR: 13.6%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for PARR: 3.8% | 0.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PARR: 3.8% | 4.7x)

Higher Rev Chg LTM (Value for PARR: -10.1%)

Higher Rev Chg 3Y Avg (Value for PARR: 3.8%)

Higher Op Mgn LTM (Value for PARR: 5.0%)

Higher CFO/Rev LTM (Value for PARR: 4.5%)

Higher FCF/Rev LTM (Value for PARR: 2.2%)

Higher Total Yield (Value for PARR: 13.6%)

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Market Price (12/28/2025): $35.01 | Market Cap: $1.7 Bil
Sector: Energy | Industry: Oil & Gas Refining & Marketing

Market Price (12/28/2025): $35.01
Market Cap: $1.7 Bil
Sector: Energy
Industry: Oil & Gas Refining & Marketing