Par Pete Stock Earnings Reports

Par Pacific reported a strong operational quarter with first-quarter adjusted EBITDA of $91 million and adjusted EPS of $0.78. The company set a first-quarter throughput record across its system, prebuilt inventory ahead of planned maintenance, and completed April outages in Wyoming and Montana on schedule. The Hawaii Renewables Unit successfully started up (pretreatment and renewable hydrotreater brought online; on-spec renewable diesel produced in late April) and is being optimized with a modest near-term ramp and larger contribution expected after the Hawaii turnaround. Refining margins have surged—particularly in Asia—driving materially higher crack spreads; Par Pacific has no crack spread hedges, positioning it to capture upside. Hawaii experienced a roughly $125 million net price-lag headwind in Q1 (expected to partially reverse depending on June pricing). Q2 system throughput guidance midpoint is ~182,000 bpd, with Hawaii turnaround set to begin in late June (30–45 days) and most of its financial impact shifting to Q3. The company repurchased $28 million of stock in Q1 (14+ million shares repurchased since program start, ~20% of shares outstanding) and exited the quarter with $938 million liquidity and gross term debt of $638 million—below their leverage target range—supporting buybacks, balance sheet strengthening, and opportunistic growth. RINs position remains in excess and is expected to provide future working capital inflows; GAAP benefitted from a ~ $30 million RIN gain in the quarter.