Par Pacific Holdings Inc. published the transcript of its Fourth Quarter 2025 earnings conference call held February 25, 2026. Company participants included CEO Will Monteleone, EVP of Refining and Logistics Richard Creamer, CFO Shawn Flores, and VP of Investor Relations Ashimi Patel. Analysts on the call included Alexa Petrick (Goldman Sachs), Matthew Blair (Tudor, Pickering, Holt), and Manav Gupta $(UBS)$. Management highlighted full-year 2025 adjusted EBITDA of $634 million and adjusted net income of $7.56 per share, citing operational progress, balance sheet strengthening, and continued cost reductions. “2025 was a year of meaningful progress,” Monteleone said, adding that the company “generated substantial profits” while advancing strategic initiatives. The company reported record annual refining throughput of 188,000 barrels per day, with Hawaii averaging 84,000 barrels per day for the year, and provided first-quarter 2026 throughput guidance with a system-wide midpoint of 182,000 barrels per day. Par Pacific also updated investors on its Hawaii renewables project, which entered commissioning and early start-up in the fourth quarter, with post-treated feedstocks expected to be introduced “in the next few weeks,” according to Monteleone, who said there have been “no material operational issues” despite modest timing slippage. On capital allocation, Monteleone said the company will keep a flexible approach across buybacks and growth investments: “We are looking at a mix of both the opportunity to repurchase our shares, as well as internal growth opportunities and even potentially external opportunities.” Flores reported fourth-quarter adjusted EBITDA of $113 million and said liquidity ended the year at a record $915 million, alongside share repurchases of 6.5 million shares in 2025 and gross debt reduction of $310 million. Management also discussed refining margin capture dynamics in the Rockies, citing temporary impacts from coker downtime in Montana and a regional power outage in Wyoming, and addressed sensitivity to the WCS differential, with Monteleone stating that “every $1 is worth around $15 million to $16 million a year” in a mid-cycle environment. The full transcript can be accessed through the link below.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Par Pacific Holdings Inc. published the original content used to generate this news brief on February 27, 2026, and is solely responsible for the information contained therein.
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