Par Pacific Holdings, Inc.
- Open
- 57.01
- Day high
- 57.90
- Day low
- 56.33
- Prev close
- 56.08
- Volume
- 119K
- Mkt cap
- $2.9B
- P/E (TTM)
- 6.3
- EPS (TTM)
- $9.12
- P/B
- 1.9
- P/S
- 0.4
- Yield
- —
- Per share
- —
Par Pacific Holdings, Inc. (PARR) is a Energy company listed on NYSE. The stock is up 99% over the past year.
Par Pacific Holdings, Inc. (PARR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PARR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.99 | $0.78 | -21.6% | $1.8B | +2.2% |
| Feb 25, 2026 | $1.21 | $1.17 | -3.3% | $1.8B | +26.4% |
| Feb 27, 2024 | $1.11 | $1.08 | -2.7% | $2.2B | +15.1% |
| May 3, 2023 | $1.91 | $2.25 | +17.8% | $1.7B | +14.3% |
| Feb 22, 2023 | $1.92 | $2.20 | +14.6% | $1.8B | +14.3% |
| Nov 1, 2022 | $2.04 | $2.88 | +41.2% | $2.1B | +21.4% |
| May 4, 2022 | $-0.32 | $-0.53 | -65.6% | $1.4B | +3.3% |
| Feb 23, 2022 | $-0.09 | $-0.22 | -144.4% | $1.3B | +2.9% |
| Nov 3, 2021 | $0.53 | $0.76 | +43.4% | $1.3B | +14.3% |
| Aug 4, 2021 | $-0.71 | $-0.81 | -14.1% | $1.2B | -0.0% |
| May 5, 2021 | $-1.34 | $-1.55 | -15.7% | $889M | +9.2% |
| Feb 24, 2021 | $-1.26 | $-1.41 | -11.9% | $716M | +12.4% |
PARR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 28, 2026 | Creamer Richardofficer: EVP - Refining and Logistics | Tax | 1,690 | $64.19 |
| Apr 7, 2026 | Davidson Phillip Sdirector | Grant | 440 | — |
| Apr 7, 2026 | ANASTASIO CURTdirector | Grant | 385 | $64.89 |
| Apr 7, 2026 | Martinez Patriciadirector | Grant | 385 | — |
| Apr 7, 2026 | ANASTASIO CURTdirector | Option | 317 | — |
| Apr 7, 2026 | SILBERMAN ROBERT Sdirector | Grant | 616 | — |
| Apr 7, 2026 | Zell Aarondirector | Grant | 385 | — |
| Apr 7, 2026 | Davidson Phillip Sdirector | Grant | 385 | — |
| Apr 7, 2026 | YEAMAN ERIC Kdirector | Grant | 385 | — |
| Apr 7, 2026 | PATE WILLIAMdirector | Grant | 385 | — |
| Apr 7, 2026 | Clossey Timothydirector | Grant | 385 | $64.89 |
| Apr 7, 2026 | Hatcher Katherinedirector | Grant | 385 | $64.89 |
| Mar 17, 2026 | Monteleone Williamdirector, officer: President and CEO | Sell | 40,000 | $54.85 |
| Mar 17, 2026 | Monteleone Williamdirector, officer: President and CEO | Sell | 60,291 | $53.58 |
| Mar 17, 2026 | Monteleone Williamdirector, officer: President and CEO | Option | 60,291 | $16.52 |
Source: PARR SEC Form 4 filings, latest Apr 28, 2026. For informational purposes only — not investment advice.
See the full PARR insider & 13F page →Par Pacific Holdings, Inc. company profile
Overview
Par Pacific Holdings, Inc. (NYSE:PARR) is an energy company that owns and operates petroleum refineries, fuel retail outlets, and logistics infrastructure primarily in the western United States and Hawaii. The company was incorporated in 1984 and was formerly known as Par Petroleum Corporation before changing its name in October 2015. Headquartered in Houston, Texas, Par Pacific has grown from a regional refiner into a vertically integrated energy company through strategic acquisitions, including the 2023 purchase of the Billings refinery in Montana for $310 million.
Business
Par Pacific operates in the petroleum refining and marketing industry, which involves converting crude oil into refined products like gasoline, diesel fuel, and jet fuel, then distributing and selling these products to end consumers. The petroleum refining industry is capital-intensive and highly cyclical, with profitability largely dependent on the spread between crude oil input costs and refined product selling prices, known as "crack spreads." The company operates through three main business segments: Refining Segment (primary revenue driver): Par Pacific owns and operates four petroleum refineries with a combined throughput capacity of approximately 190,000 barrels per day. The Hawaii refinery processes 83,000 barrels per day and serves the isolated Hawaiian market. The Washington refinery handles 39,000 barrels per day, focusing on the Pacific Northwest. The Wyoming refinery processes 14,000 barrels per day, serving regional markets. The newest addition, the Billings, Montana refinery, processes 52,000 barrels per day and serves the upper Midwest. These refineries produce ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, asphalt, and other petroleum products. Retail Segment: The company operates 119 fuel retail outlets across Hawaii, Washington, and Idaho under various brand names including Hele, 76, nomnom, Cenex, and Zip Trip. These locations sell not only gasoline and diesel but also convenience store merchandise like food, beverages, and sundries, providing higher-margin revenue streams. Logistics Segment: This segment owns and operates the infrastructure necessary to move refined products from refineries to end markets, including terminals, pipelines, storage facilities, marine vessels, and trucking operations. The logistics network is particularly critical in Hawaii, where products must be distributed across multiple islands, and includes specialized infrastructure like a single point mooring system for tanker ships.
Revenue model
Par Pacific generates revenue primarily through product sales in its refining operations, where it purchases crude oil and other feedstocks, processes them into refined petroleum products, and sells these products at market prices. The company's profitability depends heavily on refining margins - the difference between the cost of crude oil inputs and the selling price of refined products. The retail segment generates revenue through fuel sales at its gas stations plus higher-margin convenience store merchandise sales. The logistics segment earns revenue by providing transportation, storage, and distribution services, both for Par Pacific's own products and for third-party customers. The company's customers include wholesale distributors, retail fuel station operators, airlines (for jet fuel), marine shipping companies, government entities like military bases, and individual consumers at retail locations. The isolated nature of the Hawaiian market provides some pricing power, as does the company's integrated logistics network. Several factors significantly impact Par Pacific's margins and profitability. Refining crack spreads are the most critical factor - when refined product prices rise relative to crude oil costs, margins expand dramatically. Global supply and demand dynamics for both crude oil and refined products heavily influence these spreads. Operational reliability is crucial, as unplanned refinery shutdowns can eliminate profits for extended periods. The company has invested heavily in improving operational availability, with some refineries achieving over 99% uptime. Feedstock costs and availability matter significantly, particularly access to advantaged crude oil supplies. Environmental regulations create both costs (compliance investments) and opportunities (producing cleaner fuels that command premium prices). Seasonal demand patterns affect margins, with summer driving season typically providing stronger gasoline demand and winter heating season boosting distillate demand.
Competitive moat
Par Pacific's competitive moat is moderate and primarily derived from geographic positioning and integrated operations rather than strong structural advantages. The company's strongest moat exists in Hawaii, where the isolated island geography creates natural barriers to competition. Importing refined products to Hawaii is expensive and logistically complex, giving Par Pacific's local refinery and extensive distribution network significant advantages. The company has invested heavily in Hawaii-specific infrastructure including inter-island distribution capabilities and specialized storage facilities that would be difficult and expensive for competitors to replicate. The company's integrated business model provides some defensive characteristics, as owning refining, logistics, and retail operations allows for margin capture across the value chain and provides some buffer during periods when one segment underperforms. The logistics infrastructure, particularly pipelines and specialized terminals, creates modest barriers to entry in served markets. However, Par Pacific faces significant competitive pressures that limit its moat strength. The refining industry is highly commoditized with limited product differentiation, making the company a price-taker in most markets. Large integrated oil companies like ExxonMobil and Chevron have substantially greater scale, financial resources, and geographic diversification. Renewable energy transition poses a long-term existential threat to petroleum refining, though this transition is likely to occur over decades rather than years. Regulatory risks are substantial, as environmental regulations could impose significant compliance costs or restrict operations. The company's relatively small scale compared to major refiners limits its ability to invest in advanced technologies or weather extended downturns.
Risks & safety
Par Pacific presents a mixed margin of safety profile with reasonable financial stability but cyclical earnings volatility. • Liquidity and Debt: Strong liquidity position of $525 million as of Q1 2025, with manageable debt levels. Debt-to-equity ratio of approximately 1.3x is reasonable for the capital-intensive refining industry, though elevated compared to some peers. • Cash Flow Volatility: Highly cyclical cash generation with free cash flow ranging from negative $52 million in 2024 to positive $497 million in 2023, reflecting the volatile nature of refining margins. • Valuation Metrics: Current P/E ratio appears attractive when the company is profitable, but earnings volatility makes traditional metrics less reliable. EV/EBITDA of approximately 8-13x during normal operating periods. • Operational Risks: Recent Wyoming refinery incident demonstrates the operational risks inherent in refining operations. However, the company has improved safety metrics by approximately 40% and achieved high operational availability rates. • Market Position: Smaller scale compared to major integrated oil companies limits financial flexibility during downturns, though geographic focus provides some defensive characteristics.
Recent development
Over the past few years, Par Pacific has pursued several key strategic initiatives focused on operational excellence, strategic expansion, and renewable energy transition. The company completed its largest acquisition in 2023 with the $310 million purchase of the Billings, Montana refinery, expanding its geographic footprint and adding 52,000 barrels per day of refining capacity. This acquisition strengthened Par Pacific's position in the upper Midwest market and provided additional scale benefits. Operational improvements have been a major focus, with the company achieving significant safety improvements and operational reliability gains. Several refineries now operate at over 99% availability, with the Hawaii facility consistently achieving these high reliability standards. The company has also embarked on an aggressive cost reduction program, targeting $30-40 million in annual operating expense savings through 2025. Renewable energy initiatives represent Par Pacific's most significant strategic pivot. The company is constructing a Sustainable Aviation Fuel (SAF) production facility at its Hawaii refinery, representing a $92 million investment expected to produce 60 million gallons annually starting in the second half of 2025. This project leverages existing infrastructure and logistics capabilities while positioning the company in the growing sustainable fuels market. The company has also explored co-processing renewable feedstocks at its existing refineries. Capital allocation strategy has emphasized opportunistic share repurchases, with the company repurchasing approximately 9% of outstanding shares in 2024 alone. Management has maintained an opportunistic approach to buybacks based on share price relative to intrinsic value while preserving balance sheet flexibility. The company has also extended refinery turnaround cycles to reduce maintenance capital requirements and improve cash flow predictability.
PARR company profile · for informational purposes only — not investment advice.
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