UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________________________________________________________________________________ FORM 10-K ________________________________________________________________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR ...

Financial Data and Key Metrics Changes - Full-year Adjusted EBITDA was $634 million, with Adjusted net income at $7.56 per share, indicating a strong performance for the year [3][13] - Fourth quarter Adjusted EBITDA was $113 million, and Adjusted net income was $60 million, or $1.17 per share [13] - Liquidity improved by 49% to approximately $915 million, with shares outstanding reduced by 10% [7][19] Business Line Data and Key Metrics Changes - The refining segment generated $88 million of Adjusted EBITDA in the fourth quarter, down from $135 million in the third quarter [13][14] - Logistics segment Adjusted EBITDA was $30 million in the fourth quarter, compared to $37 million in the third quarter, with full-year logistics Adjusted EBITDA reaching a record $126 million [17] - Retail achieved a record $86 million in Adjusted EBITDA for the full year, up from $76 million in 2024 [18] Market Data and Key Metrics Changes - Combined refining index averaged $13.13 per barrel in the fourth quarter, down approximately $1.60 from the prior quarter [14] - Hawaii throughput averaged 84,000 barrels per day, approximately 4% above the prior three-year average [4] - Fourth quarter throughput in Hawaii was strong at 87,000 barrels per day, while Washington throughput was 37,000 barrels per day [10] Company Strategy and Development Direction - The company aims to improve mid-cycle earnings contribution through targeted high-return projects and maintain disciplined capital allocation [8] - Focus on safe startup and operational stability of the Hawaii renewables unit, with expectations for steady-state performance [6][8] - Strategy includes enhancing logistics integration, increasing distillate yield, and lowering cost structure to strengthen durability [8] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive medium-term economic outlook, citing improvements in policy backdrop [7] - The company is positioned to expand earnings power and drive long-term shareholder value, despite cyclical refining markets [8] - Management emphasized the importance of operational reliability and safety as foundational to financial success [4] Other Important Information - The company executed a successful turnaround in Montana and restored Wyoming operations ahead of schedule [4][10] - Cash from operations for the full year was $568 million, with significant cash generation supporting liquidity [19] - The company plans to monetize excess RIN inventory and is progressing on the redevelopment of Hawaii land [19][31] Q&A Session Summary Question: Capital allocation and share repurchases - Management indicated a flexible approach to capital allocation, considering both share repurchases and internal growth opportunities [23] Question: Q4 capture rates and outlook - Management explained that lower capture rates in the Rockies were due to coker downtime and a regional power outage impacting Wyoming [24][25] Question: External growth opportunities - Management discussed potential for retail integration and small acquisitions, emphasizing a disciplined approach to growth [28] Question: Sensitivity to WCS differential - Management noted that every dollar of WCS differential is worth around $15 million to $16 million annually, with favorable conditions expected [35][36]

Financial Data and Key Metrics Changes - Full-year adjusted EBITDA was $634 million, with adjusted net income at $7.56 per share, indicating a strong performance for the year [3][13] - Fourth quarter adjusted EBITDA was $113 million, and adjusted net income was $60 million, or $1.17 per share [13] - Liquidity improved by 49% to approximately $915 million, with shares outstanding reduced by 10% [7][19] Business Line Data and Key Metrics Changes - The refining segment generated $88 million of adjusted EBITDA in the fourth quarter, down from $135 million in the third quarter [13][14] - Logistics segment adjusted EBITDA was $30 million in the fourth quarter, compared to $37 million in the third quarter, with full-year logistics adjusted EBITDA reaching a record $126 million [17][18] - Retail achieved a record $86 million in adjusted EBITDA for the full year, up from $76 million in 2024 [18] Market Data and Key Metrics Changes - The combined refining index averaged $13.13 per barrel in the fourth quarter, down approximately $1.60 from the prior quarter [14] - Hawaii's throughput averaged 84,000 barrels per day, approximately 4% above the prior 3-year average [4] - In Wyoming, throughput was 14,000 barrels per day, with production costs elevated at $13.27 per barrel due to a third-party power outage [11] Company Strategy and Development Direction - The company aims to improve mid-cycle earnings contribution through targeted high-return projects and maintain disciplined capital allocation [8][19] - Strategic priorities include executing the Hawaii turnaround safely, starting up the renewable fuels unit, and enhancing logistics integration [8][19] - The company is focused on structural improvements rather than predicting short-term market movements [8] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive view on the medium-term economic outlook, citing an improving policy backdrop [7] - The company highlighted the importance of operational reliability and safety as foundational to financial success [4] - Management emphasized the need for disciplined growth and the potential for external growth opportunities, including retail integration and refinery acquisitions [29][30] Other Important Information - The company reported a significant operational recovery following the Wyoming heater outage, restoring operations more than one month ahead of schedule [10] - Cash from operations for the full year was $568 million, excluding working capital outflows [18] - The company has monetized less than half of the SRE-related excess RIN inventory, providing favorable working capital visibility into 2026 [19] Q&A Session Summary Question: Capital allocation and share repurchases - Management indicated a flexible approach to capital allocation, considering both share repurchases and internal growth opportunities [23] Question: Q4 capture rates and outlook - Management explained that lower capture rates in the Rockies were due to coker downtime and a regional power outage impacting operations [24][25] Question: External growth opportunities - Management discussed the focus on synergistic growth opportunities, including small retail acquisitions and new builds, while being disciplined in larger M&A [28][29] Question: Sensitivity to WCS differential - Management clarified that every dollar of WCS differential is worth around $15 million to $16 million annually, with favorable conditions expected due to increased Venezuelan crude [35][36]

Par Pacific (NYSE:PARR) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Speaker5Please note this event is being recorded. I would now like to turn the conference over to Ashimi Patel, Vice President of Investor Relations. Please go ahead.Speaker1Thank you, Drew. Welcome to Par Pacific's fourth quarter earnings conference call. Joining me today are Will Monteleone, President and Chief Executive Officer, Richard Creamer, EVP of Refining and Logistics, and Sean Flores, SVP and Chief Financial Officer. Befo ...

Par Pacific Holdings Inc (NYSE:PARR) is among the best oil & gas refinery stocks to buy now. Par Pacific Holdings Inc (NYSE:PARR) is due to release its Q4 2025 results on February 24. Par Pacific Holdings Inc (PARR) Navigates Industry Changes as Earnings Approach On January 12, Piper Sandler lowered its price target on Par Pacific to $57 from $59 while maintaining an Overweight rating. The firm noted that discussions in the energy sector remain focused on the potential impacts following the removal of Pr ...

NEWS RELEASE PAR PACIFIC REPORTS FOURTH QUARTER AND 2025 RESULTS HOUSTON, February 24, 2026 - Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific" or the "Company") today reported its financial results for the fourth quarter and twelve months ended December 31, 2025. Par Pacific reported Net income attributable to Par Pacific stockholders of $369.4 million, or $7.16 per diluted share, for the twelve months ended December 31, 2025, compared to a Net loss attributable to Par Pacific stockholders of $(33.3) ...

HOUSTON, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the fourth quarter and twelve months ended December 31, 2025. Net income attributable to Par Pacific stockholders of $77.7 million, or $1.53 per diluted share, for the fourth quarter and $369.4 million, or $7.16 per diluted share, for the full yearAdjusted Net Income attributable to Par Pacific stockholders of $59.5 million, or $1.17 per diluted share, ...

Core Viewpoint - Par Pacific Holdings, Inc. is expected to report significant earnings growth for Q4 2025, with an EPS of $1.21, reflecting a 253% year-over-year increase, driven by improved refining margins due to lower crude prices [1] Group 1: Earnings Expectations - The anticipated earnings per share (EPS) for Q4 2025 is $1.21, representing a 253% increase compared to the previous year [1] - Analysts project revenue for the quarter to be $1.71 billion, indicating a decline from previous quarters [3] - Par Pacific's Q3 2025 earnings were $5.95 per share, significantly exceeding the Zacks Consensus Estimate of $1.98, with an average surprise of 77.5% over the last four quarters [2] Group 2: Market Performance - The company's shares opened at $42.15 on February 23, 2026, reflecting market sentiment towards its performance [3] - Par Pacific has a market capitalization of $2.16 billion and a price-to-earnings ratio of 9.03 [4] - The stock has experienced a 52-week low of $11.86 and a high of $48.40, indicating volatility in its market performance [4] Group 3: Technical Indicators - The 50-day moving average for Par Pacific's stock is $38.15, while the 200-day moving average is $37.27, suggesting a positive trend in the short term [4] - The company holds a Zacks Rank 3 and has a 1.25% Earnings ESP, indicating potential for an earnings beat [2]

Core Insights - Par Pacific Holdings, Inc. (PARR) is scheduled to report its fourth-quarter 2025 results on February 24, 2026, after market close [1] - In the last reported quarter, PARR achieved earnings of $5.95 per share, significantly exceeding the Zacks Consensus Estimate of $1.98 [1] - PARR has had mixed performance in the past four quarters, missing the Zacks Consensus Estimate once and beating it three times, resulting in an average surprise of 77.5% [1] Earnings Estimates - The Zacks Consensus Estimate for fourth-quarter earnings is $1.21 per share, reflecting a substantial increase of 253.2% compared to the same quarter last year [2] - Revenue estimates for the fourth quarter are projected at $1.71 billion, indicating a decline of 6.55% from the previous year [2] Earnings Prediction - The model predicts an earnings beat for PARR, supported by a positive Earnings ESP of +1.25% and a Zacks Rank of 3 (Hold) [3] - The combination of these factors enhances the likelihood of an earnings beat for the upcoming report [3] Commodity Price Analysis - Average WTI spot prices for the fourth quarter of 2025 were $60.89, $60.06, and $57.97 per barrel for October, November, and December, respectively [4] - In comparison, the average prices for the same months in 2024 were higher at $71.99, $69.95, and $70.12 per barrel, suggesting a favorable environment for PARR's refining business due to lower crude prices [5] Industry Context - Other major energy companies, including Exxon Mobil (XOM), Chevron (CVX), and BP, have reported their fourth-quarter results, with all three beating their respective Zacks Consensus Estimates [6][7] - XOM reported earnings of $1.71 per share, CVX reported $1.52, and BP reported adjusted earnings of 60 cents per share, all exceeding expectations [6][7]

Core Insights - Par Pacific Holdings (PARR) is experiencing a significant breakthrough driven by successful integration of the Billings factory, the upcoming Hawaii SAF project, and aggressive share buybacks, which have accounted for nearly 9% of all outstanding shares since 2024 [1] Company Developments - The integration of the Billings factory is a key factor in the company's current success [1] - The Hawaii SAF project is set to commence, contributing to the company's growth trajectory [1] - Share buybacks have been a strategic move, with nearly 9% of outstanding shares repurchased since 2024 [1] Investment Strategy - The focus is on uncovering high-upside opportunities in overlooked sectors, particularly in small-cap, energy, commodities, and special situations [1] - The investment strategy emphasizes growth, looking for fundamental momentum indicators such as EPS, ROE, and revenue [1] - Price-volume confirmation and macro filters are utilized to analyze market direction, cycles, and behavior [1]