EarningsQ2 2026 Earnings Report
MX:PARR Q2 2026 EPS Results
Actual EPS$183.60
Consensus EPS$149.52
Beat/MissBeat by +$34.08
One Year Ago EPS$27.99
MX:PARR Q2 2026 Revenue Results
Actual Revenue$53.97B
Expected Revenue$43.64B
Beat/MissBeat by +$10.33B
YoY Revenue Growth+56.80%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
MX:PARR Upcoming Earnings
Par Pacific Holdings's next earnings date is estimated for November 9, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PARR Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive near-term financial and operational performance driven by exceptional refining margins and disciplined execution: substantial adjusted EBITDA ($571M), strong cash flow, record regional throughput and safe, on-time outages, improved liquidity (~$1.4B) and meaningful debt reduction (> $220M). Offsetting items include a concentrated Hawaii turnaround that will depress Q3 capture and require inventory builds (causing $312M working capital outflows), softer logistics and small retail fuel volume declines, regional outage-driven higher per-barrel costs (notably Wyoming), and the likely exhaustion of NOLs leading to higher taxes in 2027. On balance, the highlights materially outweigh the lowlights given the sizable earnings, balance sheet improvement, and operating execution demonstrated in the quarter.Company Guidance
Strong Quarterly Financial Results
Second quarter adjusted EBITDA of $571 million and adjusted net income of $499 million ($10.10 per share), demonstrating material profitability in Q2 2026.
Powerful Refining Performance and Windfall Margins
Refining segment adjusted EBITDA of $552 million in Q2 versus $69 million in Q1 (sharp sequential improvement). Combined refining index averaged approximately $33 per barrel (roughly $14 per barrel higher vs Q1) with system-wide refining capture of 125% (112% on a normalized basis).
Regional Margin and Capture Strength
Hawaii index ~ $46/bbl with Hawaii capture 124% including a net price-lag benefit of ~$77 million (normalized Hawaii capture 99%). Montana index ~$25.76/bbl with 144% capture. Wyoming index ~$28.73/bbl with 118% capture (despite a $3M FIFO headwind). Washington index ~$20.27/bbl with 100% capture.
Operational Records and Successful Outages
Tacoma set a record quarterly production rate of 41,200 bpd (98.1% utilization). Montana set monthly throughput and OpEx per barrel records (~62,000 bpd at $7.56/bbl). Scheduled outages in Wyoming and Montana completed safely, on time and on budget; Hawaii turnaround executed safely and largely on schedule.
Renewables Ramp and Initial Commercial Sales
Hawaii renewable diesel production ramped during the quarter with June throughput of ~3,000 bpd and the company completed first commercial renewable diesel sales (early-stage volumes, but established production-to-sales pathway).
Balance Sheet Strength and Liquidity Improvement
Total liquidity of approximately $1.4 billion and cash balance of $185 million at quarter end. Issued $500 million of senior unsecured notes, reduced gross term debt by over 20% and achieved net debt reduction of > $220 million (including $78M reduction in ABL borrowings).
Strong Operating Cash Flow and Capital Discipline
Cash from operations totaled $614 million in Q2 (excluding $312 million working capital outflows and $19 million deferred turnaround costs). Capital expenditures (including deferred turnaround costs) were modest at approximately $59 million. Year-to-date share repurchases of ~$48 million while prioritizing debt reduction.
RIN Position & GAAP Benefit
Company has excess RIN inventories providing benefits; GAAP results included a ~$35 million gain representing the difference between current RIN prices and RIN book value, although adjusted results reflect full RIN expense at current prices.
Clear Q3 Operational Guidance
Q3 midpoint consolidated refining throughput guidance of ~182,000 bpd; Hawaii conventional throughput guidance 59k–65k bpd and renewable 1.5k–2k bpd, with mainland forecasts (Washington 40k–42k; Wyoming 17k–20k; Montana 56k–61k) and limited planned downtime for remainder of year.
MX:PARR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed