Par Pacific Holdings Inc (PARR)

Par Pacific Holdings, Inc. experienced a substantial stock price increase of 132.97% from December 2024 to December 2025. In Q2 2025, the company reported a net income of $59.5 million and Adjusted EBITDA of $137.8 million, driven by the Montana turnaround, record Hawaii refining throughput, and the Hawaii Renewables joint venture announcement; the company also repurchased $28 million of common stock. In Q3 2025, the company reported a net income of $262.6 million and Adjusted EBITDA of $372.5 million, bolstered by gains from small refinery exemptions and the closing of the Hawaii Renewables joint venture. The stock experienced a decline in December 2025 due to seasonal weakness impacting crack spreads.

Demand for Par Pacific Holdings, Inc.'s products exhibits a seasonal pattern. Gasoline demand surges during the summer in the Rockies and Northwest United States, leading to higher revenue for the Wyoming and Washington refineries. During the winter, reduced travel decreases gasoline demand, potentially lowering financial results for the first and fourth calendar quarters.

Par Pacific Holdings, Inc. is an energy company operating in the oil and gas refining and marketing industry. The company operates through three segments: Refining, Retail, and Logistics. The Refining segment owns and operates refineries producing petroleum products. The Retail segment manages fuel retail outlets and convenience stores. The Logistics segment encompasses pipelines, terminals, storage facilities, and trucking operations. Par Pacific also holds a 46% interest in Laramie Energy, LLC, which is involved in natural gas production.

Par Pacific Holdings, Inc. has a significant operational presence in Hawaii, the Pacific Northwest, and the Rocky Mountain regions. In Hawaii, the company operates the largest refinery with a 94,000-bpd capacity, a logistics system, and 90 retail locations. In the Pacific Northwest, operations include U.S. Oil in Tacoma, Washington, and nomnom retail stations in Washington and Idaho. The Rocky Mountain region includes operations in Newcastle, Wyoming, and Billings, Montana, along with related logistics systems and 29 retail locations.

Par Pacific Holdings, Inc. has demonstrated a commitment to sustainability and operational excellence. In January 2024, its refineries in Washington and Wyoming received ENERGY STAR certification from the EPA. The Washington refinery achieved the lowest carbon intensity globally. The company is also engaged in energy transition initiatives, exploring renewable energy projects and planning to produce renewable diesel.

Institutional investors hold 92.15% of Par Pacific Holdings, Inc. stock, with major holders including BlackRock, Inc., Vanguard Group Inc, State Street Corp, Dimensional Fund Advisors Lp, and Arrowstreet Capital, Limited Partnership. Individual insiders hold 2.73% of the company's shares.