Par Pacific
Refines and distributes fuels through an integrated western U.S. logistics and retail network.
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Profile
Refines crude oil into transportation fuels and asphalt across a four-refinery western U.S. system, then moves and sells products through logistics and branded retail. Operations span Hawaii, the Pacific Northwest, and the Rockies, where supply routes and refinery availability shape margins.
Operates four refineries in Hawaii, Washington, Wyoming, and Montana, converting crude into gasoline, diesel, jet fuel, asphalt, and other products for western U.S. markets. Storage, terminals, pipelines, marine, rail, rack, and trucking assets move feedstocks and finished fuels across the Pacific, Northwest, and Rockies.
Sells fuel and convenience merchandise through Hele and nomnom locations, third-party sites, and unattended cardlocks. A majority-owned renewable-fuels venture operates at the Hawaii refinery; a minority stake in Laramie Energy adds exposure to Colorado natural gas production.
Uses logistics and retail outlets to connect refinery output with local demand in geographically separated markets. Results depend on crude and feedstock costs, regional fuel demand, refining margins, refinery availability, logistics access, and compliance with environmental and fuel regulations.
Company facts
Key statistics
Year to date +120% · Average volume (30d) 1.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 11, 2026 | Mizuho Securities | Target | $80 | $85 | ||
| Jul 23, 2026 | Goldman Sachs | Reiterate | Buy | $77 | $92 | |
| Jul 13, 2026 | Raymond James | Reiterate | Outperform | $50 | $85 | |
| Jul 9, 2026 | Mizuho Securities | Target | $79 | $80 | ||
| Jul 8, 2026 | UBS | Reiterate | Neutral | $60 | $65 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $8.22 | $10.10 | +22.9% | $2.40B | $2.97B | +23.7% | −15.76% |
| May 5, 2026Q1 FY26 | $1.00 | $0.78 | −21.6% | $1.78B | $1.82B | +2.2% | −9.99% |
| Feb 24, 2026Q4 FY25 | $1.21 | $1.17 | −3.3% | $1.68B | $1.81B | +8.1% | −6.09% |
| Nov 4, 2025Q3 FY25 | $1.98 | $5.95 | +200.5% | $1.68B | $2.01B | +20.0% | −7.16% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.75B | $1.89B | $2.01B | $1.81B | $1.82B | $2.97B | |
| Gross profit | $149.1M | $265.2M | $559.2M | $381.3M | $160.4M | $852.7M | |
| Operating income | −$15.8M | $96.8M | $358.5M | $99.3M | $135.5M | $634.6M | |
| Net income | −$30.4M | $59.5M | $262.6M | $77.7M | $54.5M | $462.1M | |
| Diluted EPS | −$0.57 | $1.17 | $5.16 | $1.53 | $1.10 | $9.35 | |
| Gross margin | 8.5% | 14.0% | 27.8% | 21.0% | 8.8% | 28.7% | |
| Operating margin | -0.9% | 5.1% | 17.8% | 5.5% | 7.4% | 21.4% |
Fiscal years (4-quarter sums)FY21 $4.71B · FY22 $7.32B · FY23 $8.23B · FY24 $7.97B · FY25 $7.46B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $164.1M · Total debt $1.21B · Total assets $3.83B · Shareholders' equity $1.51B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 50.14M · Float 48.56M · 96.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 7.17M | 14.30% | 13F | Aug 7, 2026 |
| State Street Corporation | 3.35M | 6.70% | 13G | Aug 7, 2026 |
| Invesco Ltd. | 2.75M | 5.50% | 13G | Aug 13, 2026 |
| Vanguard Capital Management LLC | 2.13M | 4.25% | 13F | Aug 13, 2026 |
| American Century Companies Inc | 2.11M | 4.21% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | William Pate | director | −68,852 | $80.75 |
| Aug 17, 2026 | William Pate | director | −20,648 | $82.32 |
| Aug 17, 2026 | Ivan Daniel Guerra | officer: Chief Accounting Officer | −2,133 | $82.37 |
| Aug 17, 2026 | Timothy Clossey | director | −5,421 | $83.02 |
| Aug 14, 2026 | Timothy Clossey | director | −8,015 | $81.50 |
Peers
- HF Sinclair
Closest western refining, marketing, logistics, and renewables peer
- Marathon Petroleum
Scale rival in refining, branded fuels, and midstream logistics
- Phillips 66
Diversified downstream rival across refining, logistics, and renewables
- Valero Energy
Large independent refiner with major renewable diesel and SAF scale
- PBF Energy
Merchant refiner with logistics and coastal West Coast exposure
- Delek US
Regional downstream peer in refining, logistics, and wholesale fuels
- CVR Energy
Smaller regional refiner with logistics and renewable-fuels exposure
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Par Pacific | $79.00 | +0.22% | $3.95B | 4.6 | 5.1 | 0.5 | +56.8% |
| HF Sinclair | $100.35 | +0.64% | $17.73B | 9.5 | 7.3 | 0.6 | +53.2% |
| Marathon Petroleum | $369.35 | +0.10% | $107.68B | 12.7 | 7.5 | 0.7 | +54.9% |
| Phillips 66 | $244.72 | +0.27% | $97.83B | 13.9 | 8.8 | 0.6 | +55.9% |
| Valero Energy | $352.97 | +0.19% | $101.45B | 14.6 | 8.3 | 0.8 | +48.8% |
| PBF Energy | $71.90 | +0.93% | $8.45B | 6.3 | 3.8 | 0.2 | +56.2% |
| Delek US | $72.40 | +0.15% | $4.43B | 20.3 | 6.7 | 0.4 | +47.8% |
| CVR Energy | $41.90 | +0.38% | $4.20B | 60.5 | 16.8 | 0.5 | +55.5% |
| Median | 13.9 | 7.5 | 0.6 | +54.9% |