Par Pacific Q1 Net Income Rebounds to $54.5M, EBITDA Soars to $91.5M
Par Pacific reported Q1 net income of $54.5 million ($1.10 per share) and adjusted net income of $38.5 million ($0.78 per share), reversing a $30.4 million loss in Q1 2025. Adjusted EBITDA jumped to $91.5 million, record Hawaii throughput of 89.8 Mbpd, $28.0 million in share buybacks, and Hawaii renewable facility began operations.
1. Q1 Financial Performance
Par Pacific reported net income attributable to stockholders of $54.5 million ($1.10 per diluted share) in the quarter ended March 31, 2026, reversing a $30.4 million loss in the prior year. Adjusted net income rose to $38.5 million ($0.78 per share) and adjusted EBITDA jumped to $91.5 million.
2. Refining and Segment Results
Refining segment operating income improved to $56.3 million from a loss of $24.7 million year-over-year, supported by a 77% increase in segment adjusted gross margin to $185.1 million. Hawaii refinery throughput hit a record 89.8 Mbpd with an adjusted margin of $13.10 per barrel despite a $(125.5) million net price lag, while Montana, Washington and Wyoming refineries also posted throughput and margin gains.
3. Renewable Operations and Capital Return
The Hawaii renewable fuels facility achieved commercial operations in April, marking a key strategic milestone. The company repurchased $28.0 million of common stock at an average price of $37.96 per share, underscoring confidence in cash flow generation.