Par Pacific Posts Record 188k bpd Throughput and $634M EBITDA in 2025
Par Pacific reported record 2025 refining throughput of 188,000 barrels per day, driving full-year adjusted EBITDA of $634 million and adjusted net income of $7.56 per share. The company ended 2025 with record liquidity of $915 million, $100 million from Hawaii renewables JV proceeds, and reduced gross debt and shares outstanding by ~10%.
1. Record Throughput and EBITDA
Par Pacific delivered full-year refining throughput of 188,000 barrels per day (191,000 bpd in Q4), supporting full-year adjusted EBITDA of $634 million and adjusted net income of $7.56 per share, with capture rates of 93% in Q4 and 94% for the year.
2. Balance Sheet Strengthening
The company finished 2025 with record liquidity of $915 million, bolstered by $100 million in proceeds from its Hawaii renewables joint venture, and executed debt paydowns and share repurchases to cut gross debt and shares outstanding by approximately 10%.
3. Hawaii Renewables Commissioning
The Hawaii renewable fuels project entered commissioning and early startup in Q4, achieving on-specification pretreatment of diverse feedstocks and preparing post-treated inputs for the renewables unit, with startup timing modestly extended but no material operational issues reported.
4. Q1 Throughput Guidance and Costs
Management guided system-wide first-quarter throughput to a midpoint of 182,000 bpd, with site-level ranges of 85,000–89,000 bpd in Hawaii, 24,000–28,000 in Washington, 13,000–16,000 in Wyoming and 52,000–56,000 in Montana, while production costs span $4.15 to $13.27 per barrel across locations.