Par Pacific (PARR)
Market Price (11/6/2026): $68.51 | Market Cap: $3.4 BilSector: Energy | Industry: Oil & Gas Refining & Marketing
Par Pacific (PARR)
Market Price (11/6/2026): $68.51Market Cap: $3.4 BilSector: EnergyIndustry: Oil & Gas Refining & Marketing
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 28%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 23%, FCF Yield is 31% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% Megatrend and thematic driversMegatrends include US Energy Independence. Themes include Domestic Petroleum Refining, Energy Logistics & Distribution, and Renewable Fuel Production. | Key risksPARR key risks include [1] a disproportionate financial exposure to commodity price volatility due to its heavy revenue dependence on the refining segment. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 28%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 23%, FCF Yield is 31% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include Domestic Petroleum Refining, Energy Logistics & Distribution, and Renewable Fuel Production. |
| Key risksPARR key risks include [1] a disproportionate financial exposure to commodity price volatility due to its heavy revenue dependence on the refining segment. |
Qualitative Assessment
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Par Pacific (PARR) stock has lost about 20% since 7/31/2026 because of the following key factors:
1. Deteriorating Refining Margins Driven by Higher Crude Oil Prices and a Narrowing Gasoline Crack Spread.
Par Pacific's profitability was likely pressured by the combination of rising crude oil input costs and a decline in gasoline refining margins during the period. West Texas Intermediate (WTI) crude oil prices increased from an average of $80.46 per barrel in July 2026 to $97.31 per barrel in fiscal Q3 2026 (ending September 30, 2026), further jumping to $110.01 per barrel by mid-October 2026. Concurrently, the gasoline crack spread in New York Harbor significantly narrowed from $56.92 per barrel in the week ending August 28, 2026, to $15.68 per barrel by the week ending October 23, 2026. This increase in raw material costs paired with reduced profitability for a key refined product likely contributed to negative investor sentiment regarding the company's core refining business.
2. Analyst Downgrade Impacts Investor Sentiment.
On October 15, 2026, Goldman Sachs downgraded Par Pacific's stock from a "buy" rating to a "neutral" rating. Although the firm simultaneously raised its price target for Par Pacific from $90.00 to $94.00, a downgrade in rating from a prominent investment bank typically signals a less favorable outlook and can contribute to selling pressure and reduced investor confidence.
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Par Pacific (PARR) stock has lost about 20% since 7/31/2026 because of the following key factors:
1. Deteriorating Refining Margins Driven by Higher Crude Oil Prices and a Narrowing Gasoline Crack Spread.
Par Pacific's profitability was likely pressured by the combination of rising crude oil input costs and a decline in gasoline refining margins during the period. West Texas Intermediate (WTI) crude oil prices increased from an average of $80.46 per barrel in July 2026 to $97.31 per barrel in fiscal Q3 2026 (ending September 30, 2026), further jumping to $110.01 per barrel by mid-October 2026. Concurrently, the gasoline crack spread in New York Harbor significantly narrowed from $56.92 per barrel in the week ending August 28, 2026, to $15.68 per barrel by the week ending October 23, 2026. This increase in raw material costs paired with reduced profitability for a key refined product likely contributed to negative investor sentiment regarding the company's core refining business.
2. Analyst Downgrade Impacts Investor Sentiment.
On October 15, 2026, Goldman Sachs downgraded Par Pacific's stock from a "buy" rating to a "neutral" rating. Although the firm simultaneously raised its price target for Par Pacific from $90.00 to $94.00, a downgrade in rating from a prominent investment bank typically signals a less favorable outlook and can contribute to selling pressure and reduced investor confidence.
3. Broader Decline in Refining Crack Spread Index Signaled Weakening Industry Fundamentals.
The general market for refining margins, as indicated by the Trading Economics Crack Spread Index, experienced a notable decline during the latter part of the period. This index, which reflects the gross profit margin for an average U.S. refinery, decreased to 50.16 Index Points by October 29, 2026, marking its lowest level since August 2026. Over the four weeks leading up to October 29, 2026, the index lost 22.09%. This industry-wide weakening in refining margins suggested a challenging operating environment for Par Pacific.
4. Concerns Over the Non-Recurring Nature of a Significant Financial Boost.
While Par Pacific's fiscal Q3 2026 financial results (released November 3, 2026) showed a substantial uplift, including a $187.2 million benefit to Adjusted Net Income and a $222.0 million benefit to Adjusted EBITDA from small refinery exemptions (SREs) granted by the EPA in August 2026, the market likely viewed these as one-time, non-recurring gains. The recognition that a significant portion of profitability was attributable to a regulatory exemption rather than sustainable operational improvements could have led to investor apprehension about the company's long-term earnings power, fostering uncertainty that weighed on the stock in the preceding weeks.
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Stock Movement Drivers
Fundamental Drivers
The -20.2% change in PARR stock from 7/31/2026 to 11/5/2026 was primarily driven by a -61.6% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 86.03 | 68.69 | -20.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,543 | 9,658 | 28.0% |
| Net Income Margin (%) | 6.0% | 9.8% | 62.9% |
| P/E Multiple | 9.2 | 3.5 | -61.6% |
| Shares Outstanding (Mil) | 48 | 49 | -0.3% |
| Cumulative Contribution | -20.2% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| PARR | -20.2% | |
| Market (SPY) | -1.9% | 5.3% |
| Sector (XLE) | 3.5% | 47.9% |
Fundamental Drivers
The 4.6% change in PARR stock from 4/30/2026 to 11/5/2026 was primarily driven by a 98.3% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 65.67 | 68.69 | 4.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,465 | 9,658 | 29.4% |
| Net Income Margin (%) | 4.9% | 9.8% | 98.3% |
| P/E Multiple | 8.8 | 3.5 | -59.8% |
| Shares Outstanding (Mil) | 49 | 49 | 1.4% |
| Cumulative Contribution | 4.6% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| PARR | 4.6% | |
| Market (SPY) | 2.3% | -5.3% |
| Sector (XLE) | 4.1% | 50.5% |
Fundamental Drivers
The 71.8% change in PARR stock from 10/31/2025 to 11/5/2026 was primarily driven by a 30.6% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.98 | 68.69 | 71.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,615 | 9,658 | 26.8% |
| P/S Multiple | 0.3 | 0.3 | 30.6% |
| Shares Outstanding (Mil) | 50 | 49 | 3.7% |
| Cumulative Contribution | 71.8% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| PARR | 71.8% | |
| Market (SPY) | 8.4% | -12.1% |
| Sector (XLE) | 43.0% | 50.1% |
Fundamental Drivers
The 109.3% change in PARR stock from 10/31/2023 to 11/5/2026 was primarily driven by a 31.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.82 | 68.69 | 109.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,334 | 9,658 | 31.7% |
| Net Income Margin (%) | 8.5% | 9.8% | 16.1% |
| P/E Multiple | 3.2 | 3.5 | 10.1% |
| Shares Outstanding (Mil) | 60 | 49 | 24.4% |
| Cumulative Contribution | 109.3% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| PARR | 109.3% | |
| Market (SPY) | 81.3% | 15.2% |
| Sector (XLE) | 58.1% | 52.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PARR Return | 18% | 41% | 56% | -55% | 114% | 95% | 391% |
| Peers Return | 44% | 98% | 18% | -18% | 24% | 125% | 666% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| PARR Win Rate | 42% | 50% | 75% | 33% | 75% | 55% | |
| Peers Win Rate | 58% | 75% | 53% | 38% | 67% | 76% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| PARR Max Drawdown | -35% | -33% | -31% | -63% | -34% | -27% | |
| Peers Max Drawdown | -34% | -32% | -28% | -42% | -33% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VLO, MPC, PSX, DINO, PBF.
[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] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | PARR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.3% | -18.8% |
| % Gain to Breakeven | 28.6% | 23.1% |
| Time to Breakeven | 22 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.4% | -6.7% |
| % Gain to Breakeven | 35.9% | 7.1% |
| Time to Breakeven | 76 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.4% | -24.5% |
| % Gain to Breakeven | 43.7% | 32.4% |
| Time to Breakeven | 77 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.1% | -33.7% |
| % Gain to Breakeven | 234.2% | 50.9% |
| Time to Breakeven | 812 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.5% | -19.2% |
| % Gain to Breakeven | 43.8% | 23.8% |
| Time to Breakeven | 130 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.9% | -12.2% |
| % Gain to Breakeven | 18.9% | 13.9% |
| Time to Breakeven | 607 days | 62 days |
In The Past
Par Pacific's stock fell -22.3% during the 2025 US Tariff Shock. Such a loss loss requires a 28.6% gain to breakeven.
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Asset Allocation
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| Event | PARR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -22.3% | -18.8% |
| % Gain to Breakeven | 28.6% | 23.1% |
| Time to Breakeven | 22 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.4% | -6.7% |
| % Gain to Breakeven | 35.9% | 7.1% |
| Time to Breakeven | 76 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.4% | -24.5% |
| % Gain to Breakeven | 43.7% | 32.4% |
| Time to Breakeven | 77 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.1% | -33.7% |
| % Gain to Breakeven | 234.2% | 50.9% |
| Time to Breakeven | 812 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.5% | -19.2% |
| % Gain to Breakeven | 43.8% | 23.8% |
| Time to Breakeven | 130 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -25.9% | -6.8% |
| % Gain to Breakeven | 34.9% | 7.3% |
| Time to Breakeven | 49 days | 15 days |
In The Past
Par Pacific's stock fell -22.3% during the 2025 US Tariff Shock. Such a loss loss requires a 28.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Par Pacific (PARR)
Par Pacific Holdings, Inc. (PARR) is an energy and infrastructure company primarily involved in the refining, distribution, and retail sale of petroleum products. The company operates through three integrated segments: Refining, Retail, and Logistics, allowing it to manage the value chain from crude oil processing to efficient delivery and direct sales to end consumers.
Its Refining segment owns and operates three refineries that produce a variety of refined products, including ultra-low sulfur diesel, gasoline, jet fuel, and marine fuel, as well as asphalt. These products are primarily consumed in Hawaii, the Pacific Northwest (specifically Washington and Idaho), Wyoming, and South Dakota. Supporting these operations, the Logistics segment owns and manages a crucial network of terminals, pipelines, and trucking operations to distribute refined products throughout the Hawaiian islands, Wyoming, and to key military installations such as Ellsworth Air Force Base and Joint Base Lewis McChord.
Beyond its refining and logistics infrastructure, Par Pacific's Retail segment operates 119 fuel retail outlets. These outlets sell gasoline, diesel, and convenience store merchandise, including prepared foods and sundries. The retail brands include Hele, 76, and nomnom in Hawaii, and Cenex, nomnom, and Zip Trip in Washington and Idaho, extending the company's reach directly to consumers in its core geographic markets.
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- Refined Petroleum Products: Produces and sells various fuels including ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, asphalt, and other distillates.
- Retail Fuel and Merchandise Sales: Operates fuel retail outlets selling gasoline, diesel, and convenience store items such as prepared foods, soft drinks, and other sundries.
- Refined Product Logistics and Distribution: Provides services for the storage, transportation, and distribution of refined products utilizing terminals, pipelines, and trucking operations.
- Crude Oil Logistics: Operates a crude oil pipeline gathering system and storage facilities for the transportation of crude oil.
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Par Pacific (symbol: PARR) operates in both business-to-business (B2B) and business-to-consumer (B2C) markets, serving a diverse customer base. However, given its core as an "energy and infrastructure business" involving refining, logistics, and bulk product distribution, its primary major customers are other companies and large government entities.
Based on the provided company description, the major customers identified are:
- Ellsworth Air Force Base
- Joint Base Lewis McChord
These are U.S. government military installations that are explicitly mentioned as being served by Par Pacific's logistics infrastructure for jet fuel and other refined products. As they are government entities, they do not have public company symbols.
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Will Monteleone - President and Chief Executive Officer
Mr. Monteleone was appointed President and Chief Executive Officer of Par Pacific Holdings effective April 2024. He has been with Par Pacific for over a decade, having served in various leadership positions including President (2023–2024), Executive Vice President and Chief Financial Officer (2022–2023), Senior Vice President and Chief Financial Officer (2017–2022), Senior Vice President of Mergers & Acquisitions (2015–2017), and an earlier stint as Chief Executive Officer (2013–2015). Prior to joining Par Pacific, Mr. Monteleone was a Vice President at Equity Group Investments (EGI), a Chicago-based private investment firm founded by Sam Zell, where he was involved in restructurings and investments, primarily in the energy industry. He began his professional career at Banc of America Securities LLC, where he focused on debt capital raising transactions, including leveraged buyouts and acquisition financings. Mr. Monteleone's background with Equity Group Investments and his involvement in acquisition financings indicate a pattern of managing or working with companies backed by private equity firms.
Shawn Flores - Senior Vice President and Chief Financial Officer
Mr. Flores has served as Senior Vice President and Chief Financial Officer of Par Pacific Holdings since January 2023. He joined Par Pacific in July 2014 and has held various financial leadership roles, including Vice President of Finance since July 2021, where he was responsible for treasury, risk management, financial planning & strategy, and mergers & acquisitions functions. Before his tenure at Par Pacific, Mr. Flores worked in finance roles with BG Group in both Texas and the United Kingdom.
Richard Creamer - Executive Vice President, Refining and Logistics
Mr. Creamer has served as Executive Vice President, Refining and Logistics since April 2022. Prior to rejoining Par Pacific, he served as Vice President and Refinery Manager for HF Sinclair at its El Dorado, Kansas refinery. He also previously served as the Vice President and Refinery Manager for Par Pacific at its Kapolei, Hawaii refinery. His earlier career included various operations and engineering leadership roles along the Texas Gulf Coast with companies such as Flint Hills Resources, Invista, LyondellBasell, and Koch Industries.
Jeff Hollis - Senior Vice President, General Counsel and Corporate Secretary
Mr. Hollis has served as Senior Vice President, General Counsel and Secretary since January 2023, having previously held roles as Vice President, General Counsel and Secretary since January 2022, and Associate General Counsel and Secretary since 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, where his practice focused on mergers and acquisitions, capital markets transactions, securities regulation, and corporate governance.
Danielle Mattiussi - Senior Vice President, Chief Retail Officer
Ms. Mattiussi has served as Senior Vice President & Chief Retail Officer since January 2023. Prior to joining Par Pacific, she served as Vice President of Retail Operations for Maverik. Her earlier experience includes various marketing, business development, and sales management roles with Canon USA and Eastman Kodak.
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Key Risks to Par Pacific Holdings, Inc. (PARR)
- Commodity Price Volatility: Par Pacific's profitability is significantly influenced by the volatile prices of crude oil, refined petroleum products (such as gasoline, diesel, and jet fuel), and the crack spreads (the difference between the wholesale price of refined petroleum products and the price of crude oil). Adverse fluctuations in these commodity prices can materially impact the company's refining margins, revenue, and overall financial performance.
- Energy Transition and Decreased Demand for Fossil Fuels: The global movement towards decarbonization and cleaner energy sources, including the increasing adoption of electric vehicles and renewable fuels, poses a long-term risk to the demand for refined petroleum products. As governments and consumers shift away from fossil fuels, the demand for gasoline, diesel, and other products central to Par Pacific's refining and retail segments could decline, potentially affecting the company's future revenue streams and asset values.
- Environmental Regulations and Compliance Costs: As an operator of refineries and logistics infrastructure, Par Pacific is subject to extensive and evolving environmental regulations. Changes in these regulations, including stricter emissions standards, carbon pricing, or renewable fuel mandates, can lead to increased operating costs, significant capital expenditures for compliance, and potential liabilities, thereby impacting the company's financial results.
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The clear emerging threat for Par Pacific is the global transition away from fossil fuels towards electrification and renewable energy sources. This trend directly impacts their core businesses:
- **Refining and Logistics Segments:** The increasing adoption of electric vehicles (EVs) and the long-term shift towards renewable energy will inevitably lead to a decline in demand for gasoline, diesel, and other refined petroleum products that Par Pacific produces and distributes. As transportation, industrial, and residential sectors reduce their reliance on petroleum, the market for these products will shrink, impacting refinery utilization and the need for distribution infrastructure.
- **Retail Segment:** The rise of electric vehicles poses a direct threat to their fuel retail outlets. As more consumers switch to EVs, the need for traditional gasoline and diesel pumps will diminish, potentially reducing foot traffic and sales at their 119 fuel retail locations. This parallels how streaming services disrupted physical video rental stores.
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Par Pacific Holdings, Inc. operates in the energy and infrastructure sectors across Hawaii, the Pacific Northwest (Washington and Idaho), Wyoming, and South Dakota. The company's main products and services encompass refining petroleum products, operating retail fuel and convenience stores, and providing logistics for refined product distribution. The addressable market sizes for its primary products and services in these regions are outlined below.
Refining Segment
Par Pacific's Refining segment produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, distillate, asphalt, and low sulfur fuel oil. The addressable markets for these refined products, based on the petroleum refining industry or specific product manufacturing, are:
- Hawaii: The Petroleum Refining industry in Hawaii is projected to have a market size of $2.4 billion in 2026. This market includes the production of gasoline, kerosene, distillate fuel oil (diesel fuel), aviation fuel, and residual fuel oil. In 2020, Hawaii's total petroleum expenditure reached $2.8 billion, with motor gasoline accounting for 41.3%, distillate fuel oil at 19.5%, jet fuel at 18.0%, residual fuel oil at 17%, and asphalt and road oil at 0.8% ($23.0 million).
- Wyoming: The Petroleum Refining industry in Wyoming is projected to have a market size of $4.0 billion in 2026. This market covers gasoline, kerosene, distillate fuel oil (diesel fuel), aviation fuel, residual fuel oil, and lubricant production. The Asphalt Manufacturing industry in Wyoming is projected at $112.4 million in 2026.
- South Dakota: The Petroleum Refining industry in South Dakota is projected to have a market size of $1.3 billion in 2026. The Asphalt Manufacturing industry in South Dakota is projected at $50.4 million in 2026.
- Washington (Asphalt): The Asphalt Manufacturing industry in Washington is projected at $559.6 million in 2026.
- Idaho (Asphalt): Null. Market size information for Asphalt Manufacturing in Idaho was not available.
Retail Segment
The Retail segment operates fuel retail outlets that sell merchandise, gasoline, and diesel under various brands. The addressable markets for these retail operations are:
- Hawaii: The Gas Stations with Convenience Stores industry in Hawaii is projected at $2.0 billion in 2026. The broader Convenience Stores industry in Hawaii is projected at $654.2 million in 2026.
- Washington: The Gas Stations with Convenience Stores industry in Washington is projected at $8.1 billion in 2026. The broader Convenience Stores industry in Washington is projected at $1.3 billion in 2026.
- Idaho: The Gas Stations with Convenience Stores industry in Idaho is projected at $4.7 billion in 2026. The broader Convenience Stores industry in Idaho is projected at $115.4 million in 2026.
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Par Pacific Holdings, Inc. (PARR) is expected to drive future revenue growth over the next two to three years through several key areas:
- Enhanced Refining Margins and Operational Efficiency: The company anticipates growth from significant improvements in regional refining margins, particularly in markets like Montana and Washington. Operational efficiency, demonstrated by the earlier-than-anticipated completion of maintenance at its Wyoming refinery and sustained high throughput in its Hawaii refinery, is also expected to contribute to revenue.
- Growth in the Logistics Segment: Par Pacific's Logistics segment is a consistent performer, generating record segment profits. This segment provides stable, fee-based income from transportation and terminalling services, which helps to mitigate the cyclical nature of the refining business and is expected to continue its growth trajectory.
- Expansion and Optimization of Renewable Fuels Capacity: A key strategic initiative for future revenue growth involves successfully integrating new renewable fuels capacity to capitalize on green energy premiums. The company's strategic plans for 2026 include optimizing its Hawaii renewables unit, indicating a focus on this emerging area.
- Retail Segment Expansion and Improved Margins: The Retail segment has consistently delivered growing results, setting new financial records in 2025. This growth is driven by favorable fuel and in-store margins, as well as continued traction from merchandising initiatives and food programs, contributing to both same-store fuel volumes and inside sales revenue.
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Share Repurchases
- Par Pacific launched a new $250 million share repurchase program in February 2026.
- The company repurchased 6.5 million shares in 2025 at an average price of approximately $19 per share, resulting in a 10% reduction in outstanding shares.
- Under a prior plan, Par Pacific completed a buyback of 10.99% of its shares.
Share Issuance
- The number of shares outstanding for Par Pacific decreased by 9.13% in one year.
- The company reduced its share count by 10% in 2025 through repurchases.
Outbound Investments
- Par Pacific closed on the Hawaii Renewables joint venture in October 2025, receiving $100 million in cash proceeds.
- The company's 2025 capital expenditure guidance included $30-40 million for completing the Hawaii renewable hydrotreater project.
- Planned growth capital expenditures for 2026 include approximately $30 million in refining and logistics, and $10 million in retail.
Capital Expenditures
- Par Pacific announced 2026 capital expenditure and turnaround outlay guidance of $190 million to $220 million, with a focus on turnarounds, maintenance, and growth projects.
- The company's 2025 capital expenditure and turnaround outlay guidance ranged from $210 million to $240 million, including allocations for turnarounds and catalysts ($85-95 million), maintenance ($75-85 million), and growth initiatives ($50-60 million).
- Capital expenditures in the last 12 months were reported at -$148.87 million.
Peer Outperformance in Oil & Gas Refining & Marketing
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PARR | Par Pacific | 8.3% | 3.5x | 82.5% | 112.3% | 327.2% | — |
| MPC | Marathon Petroleum | 6.2% | 7.2x | 106.0% | 167.0% | 540.9% | +214pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing ← | 11 | 82.5% | 105.8% | 280.9% | MPC 541% · VLO 426% · PBF 423% |
| Oil & Gas Storage & Transportation | 18 | 35.6% | 101.1% | 159.7% | INSW 749% · TRGP 434% · DHT 394% |
| Integrated Oil & Gas | 7 | 44.6% | 64.2% | 150.3% | IMO 319% · SU 223% · XOM 203% |
| Oil & Gas Equipment & Services | 33 | 4.8% | 13.5% | 51.2% | FTI 749% · SEI 616% · TDW 453% |
| Oil & Gas Drilling | 7 | 37.8% | -3.3% | 42.5% | VAL 122% · NE 88% · RIG 42% |
| Oil & Gas Exploration & Production | 50 | 20.7% | 0.8% | 41.2% | BTE 767% · PR 224% · CNQ 188% |
| Coal & Consumable Fuels | 14 | -44.3% | -4.4% | 25.1% | CNR 248% · CCJ 156% · UEC 41% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 172.88 |
| Mkt Cap | 57.8 |
| Rev LTM | 96,091 |
| Op Inc LTM | 8,622 |
| FCF LTM | 7,778 |
| FCF 3Y Avg | 3,640 |
| CFO LTM | 9,394 |
| CFO 3Y Avg | 5,004 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 29.3% |
| Rev Chg 3Y Avg | 4.2% |
| Rev Chg Q | 50.7% |
| QoQ Delta Rev Chg LTM | 11.8% |
| Op Inc Chg LTM | 426.1% |
| Op Inc Chg 3Y Avg | 100.3% |
| Op Mgn LTM | 11.4% |
| Op Mgn 3Y Avg | 5.9% |
| QoQ Delta Op Mgn LTM | 4.1% |
| CFO/Rev LTM | 10.6% |
| CFO/Rev 3Y Avg | 6.2% |
| FCF/Rev LTM | 9.5% |
| FCF/Rev 3Y Avg | 4.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Refining | 7,206 | 7,734 | 7,969 | 7,046 | 4,471 |
| Retail | 577 | 585 | 592 | 570 | 456 |
| Logistics | 298 | 300 | 261 | 199 | 185 |
| Corporate, Eliminations and Other | -617 | -644 | -591 | -493 | -402 |
| Total | 7,465 | 7,974 | 8,232 | 7,322 | 4,710 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Refining | 487 | 17 | 676 | 402 | -89 |
| Logistics | 98 | 89 | 70 | 54 | 51 |
| Retail | 75 | 65 | 57 | 49 | 81 |
| Corporate, Eliminations and Other | -121 | -124 | -123 | -67 | -51 |
| Total | 539 | 48 | 680 | 438 | -8 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Refining | 2,904 | 2,723 | 2,905 | 2,580 | 1,929 |
| Logistics | 620 | 693 | 530 | 412 | 398 |
| Retail | 222 | 236 | 257 | 244 | 228 |
| Corporate, Eliminations and Other | 87 | 177 | 172 | 44 | 15 |
| Total | 3,834 | 3,829 | 3,864 | 3,281 | 2,570 |
Price Behavior
| Market Price | $68.69 | |
| Market Cap ($ Bil) | 3.3 | |
| First Trading Date | 09/05/2012 | |
| Distance from 52W High | -23.6% | |
| 50 Days | 200 Days | |
| DMA Price | $80.92 | $64.85 |
| DMA Trend | up | up |
| Distance from DMA | -15.1% | 5.9% |
| 3M | 1YR | |
| Volatility | 60.5% | 59.0% |
| Downside Capture | -16.05 | -140.09 |
| Upside Capture | 13.88 | -53.93 |
| Correlation (S&P 500) | 6.2% | -15.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.16 | -0.02 | 0.31 | -0.38 | -0.64 | 0.51 |
| Up Beta | -1.27 | 0.05 | -1.05 | -1.32 | -0.78 | 0.71 |
| Down Beta | 1.55 | 0.72 | 0.90 | -0.02 | 0.17 | 0.96 |
| Up Capture | -144% | -45% | 17% | -2% | -22% | 8% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 8 | 22 | 33 | 70 | 134 | 393 |
| Down Capture | -36% | -7% | 93% | -60% | -323% | -5% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 14 | 21 | 31 | 56 | 116 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PARR | |
|---|---|---|---|---|
| PARR | 69.8% | 59.0% | 1.12 | - |
| Sector ETF (XLE) | 44.8% | 23.4% | 1.50 | 50.1% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | -12.5% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | -16.6% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | 38.8% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | -15.5% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | -0.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PARR | |
|---|---|---|---|---|
| PARR | 34.3% | 51.0% | 0.76 | - |
| Sector ETF (XLE) | 20.4% | 25.6% | 0.70 | 57.4% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 25.5% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | -1.8% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 37.2% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 18.6% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 11.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PARR | |
|---|---|---|---|---|
| PARR | 17.6% | 53.1% | 0.52 | - |
| Sector ETF (XLE) | 10.2% | 29.7% | 0.38 | 62.7% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 35.7% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | -4.1% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 39.1% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 32.5% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 8.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -1.4% | 11.2% | 17.2% |
| 5/5/2026 | -10.0% | -8.8% | -19.7% |
| 2/24/2026 | -6.1% | 11.5% | 49.8% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 14 | 14 |
| # Negative | 14 | 10 | 10 |
| Median Positive | 4.5% | 8.5% | 7.7% |
| Median Negative | -3.0% | -8.9% | -12.8% |
| Max Positive | 23.3% | 29.5% | 84.5% |
| Max Negative | -11.7% | -19.1% | -22.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -1.4% | 11.2% | 17.2% |
| 5/5/2026 | -10.0% | -8.8% | -19.7% |
| 2/24/2026 | -6.1% | 11.5% | 49.8% |
| 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% |
| 5/7/2024 | -2.4% | -4.7% | -16.1% |
| 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% |
| 2/23/2023 | 3.4% | 13.8% | 6.2% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 10 | 14 | 14 |
| # Negative | 14 | 10 | 10 |
| Median Positive | 4.5% | 8.5% | 7.7% |
| Median Negative | -3.0% | -8.9% | -12.8% |
| Max Positive | 23.3% | 29.5% | 84.5% |
| Max Negative | -11.7% | -19.1% | -22.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/08/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
Insider Activity
Updated 10/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pitkin, Terrill | SVP, Planning & Commercial | Direct | Sell | 9152026 | 84.50 | 3,815 | 322,368 | 2,644,681 | Form |
| 2 | Clossey, Timothy | Direct | Sell | 9112026 | 84.00 | 10,970 | 921,480 | 4,328,184 | Form | |
| 3 | Monteleone, William | President and CEO | Direct | Sell | 9042026 | 83.00 | 26,801 | 2,224,483 | 37,944,861 | Form |
| 4 | Monteleone, William | President and CEO | Direct | Sell | 9042026 | 81.30 | 40,000 | 3,252,000 | 37,167,677 | Form |
| 5 | Clossey, Timothy | Direct | Sell | 8182026 | 83.02 | 5,421 | 450,051 | 5,188,418 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pitkin, Terrill | SVP, Planning & Commercial | Direct | Sell | 9152026 | 84.50 | 3,815 | 322,368 | 2,644,681 | Form |
| 2 | Clossey, Timothy | Direct | Sell | 9112026 | 84.00 | 10,970 | 921,480 | 4,328,184 | Form | |
| 3 | Monteleone, William | President and CEO | Direct | Sell | 9042026 | 83.00 | 26,801 | 2,224,483 | 37,944,861 | Form |
| 4 | Monteleone, William | President and CEO | Direct | Sell | 9042026 | 81.30 | 40,000 | 3,252,000 | 37,167,677 | Form |
| 5 | Clossey, Timothy | Direct | Sell | 8182026 | 83.02 | 5,421 | 450,051 | 5,188,418 | Form | |
| 6 | Guerra, Ivan Daniel | Chief Accounting Officer | Direct | Sell | 8182026 | 82.37 | 2,133 | 175,695 | 902,446 | Form |
| 7 | Clossey, Timothy | Direct | Sell | 8182026 | 81.50 | 8,015 | 653,222 | 5,535,236 | Form | |
| 8 | Creamer, Richard | EVP - Refining and Logistics | Direct | Sell | 8102026 | 67.67 | 14,139 | 956,786 | 2,906,697 | Form |
| 9 | Flores, Shawn David | See Remarks | Direct | Sell | 3172026 | 54.04 | 7,167 | 387,305 | 1,957,059 | Form |
| 10 | Monteleone, William | President and CEO | Direct | Sell | 3172026 | 54.06 | 108,948 | 5,889,532 | 24,713,624 | Form |
| 11 | Clossey, Timothy | Direct | Sell | 3172026 | 54.06 | 6,103 | 329,928 | 4,058,663 | Form | |
| 12 | Pitkin, Terrill | SVP, Planning & Commercial | Direct | Sell | 3062026 | 51.22 | 11,824 | 605,625 | 1,787,629 | Form |
| 13 | Clossey, Timothy | Direct | Sell | 3032026 | 45.70 | 4,219 | 192,808 | 3,709,926 | Form | |
| 14 | Hollis, Jeffrey Ryan | See Remarks | Direct | Sell | 3032026 | 41.62 | 15,350 | 638,867 | 822,786 | Form |
| 15 | Creamer, Richard | EVP - Refining and Logistics | Direct | Sell | 3032026 | 42.71 | 14,500 | 619,295 | 2,497,211 | Form |
| 16 | Flores, Shawn David | See Remarks | Direct | Sell | 3032026 | 42.75 | 8,190 | 350,122 | 1,854,580 | Form |
| 17 | Guerra, Ivan Daniel | Chief Accounting Officer | Direct | Sell | 3032026 | 42.64 | 4,500 | 191,880 | 558,115 | Form |
| 18 | Monteleone, William | President and CEO | Direct | Sell | 11252025 | 43.15 | 99,284 | 4,284,021 | 18,253,042 | Form |
| 19 | Creamer, Richard | EVP - Refining and Logistics | Direct | Sell | 11072025 | 41.22 | 15,848 | 653,255 | 2,252,838 | Form |
Investor Activity (13F)
Updated Nov 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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