PARR — Par Pacific Holdings, Inc.

Summary of Par Pacific's Q3 2025 Earnings Call

1. Key Financial Results and Metrics:

• Adjusted EBITDA: $372 million
• Adjusted Net Income: $303 million, or $5.95 per share
• Core Financial Results: $170 million with adjusted EBITDA and adjusted EPS of $2.10
• Throughput: Near record levels at 198,000 barrels per day
• Refining Production Costs: Record low of $6.13 per barrel
• Cash Flow from Operations: $219 million, impacted by a working capital outflow of $147 million
• Share Repurchases: 5.7 million shares repurchased year-to-date, reducing share count by over 9%

2. Strategic Updates and Business Highlights:

• Strong operational performance across all locations, particularly in Montana with record throughput and low operating costs.
• Retail segment showed growth with same-store fuel and in-store revenue up by 1.8% and 0.9%, respectively.
• Groundbreaking on a new store in the Pacific Northwest and ongoing redevelopment opportunities in Hawaii.
• Progress on the Hawaii SAF project with mechanical completion of the pretreatment unit and a joint venture with Mitsubishi and ENEOS, generating $100 million in proceeds.

3. Forward Guidance and Outlook:

• Anticipated fourth quarter throughput between 184,000 and 193,000 barrels per day, with lower throughput expected due to seasonal demand.
• Fourth quarter combined index averaged $15.55 per barrel in October, up from Q3.
• Expected continued strong margins in distillate production, though gasoline margins may decline seasonally.
• Focus on completing the Hawaii Renewables project and pursuing low-capital, high-return projects in Montana.

4. Bad News, Challenges, or Points of Concern:

• Lower throughput and increased costs anticipated in Q4 due to routine maintenance.
• Washington's refining margin capture was lower than expected at 69%, primarily due to jet fuel dynamics.
• Potential seasonal declines in gasoline and asphalt netbacks could impact profitability in the Rockies.
• Risks associated with geopolitical disruptions and market volatility affecting supply and demand dynamics.

5. Notable Q&A Insights:

• Management acknowledged the lower jet to diesel spreads affecting Washington's performance but expects recovery in Q4.
• Plans for turnarounds in Hawaii and Washington in 2026, with a deferral of the Wyoming turnaround.
• Discussions around managing RIN liabilities and potential future small refinery exemption opportunities were highlighted, indicating ongoing strategic considerations in regulatory compliance.
• Montana's operating costs are expected to stabilize around the $10 per barrel target, with seasonal fluctuations anticipated.

Overall, Par Pacific reported strong financial performance in Q3 2025, driven by operational efficiencies and strategic initiatives, while also addressing potential challenges and market dynamics that could impact future results.