Par Pacific Q2 2026: Refining Boom Lifts Net Income to $462M

summarizeSummary

Par Pacific crushed Q2 2026 estimates as refining margins exploded, delivering net income of $462.1 million, revenue of $2.97 billion, and adjusted EBITDA of $571.3 million.

check_boxKey Events · Earnings and Guidance · PARR

• Q2 Net Income Soars to $462M

  Net income attributable to stockholders was $462.1 million, or $9.35 per diluted share, compared to $59.5 million, or $1.17 per share, in Q2 2025. Revenue rose 57% to $2.97 billion.

• Refining Segment Drives Record Profit

  Refining operating income was $629.9 million, up from $81.3 million a year ago, driven by a 139% increase in the combined crack spread index. Adjusted Gross Margin per barrel more than tripled to $41.22.

• Adjusted EBITDA Reaches $571M

  Adjusted EBITDA was $571.3 million, up from $137.8 million in Q2 2025, reflecting the surge in refining profitability and lower interest costs.

• Liquidity Strengthened to $1.4B

  Cash and availability under the ABL facility totaled $1.4 billion at quarter-end, following a $500 million senior notes offering and ABL amendment that extended maturities and increased capacity.

auto_awesomeAnalysis · PARR · Energy & Transportation

A massive Q2 beat underscores the earnings power unlocked by the Strait of Hormuz disruption. Net income attributable to stockholders reached $462.1 million, up from $59.5 million a year ago, as the refining segment generated $629.9 million in operating income. Crack spreads widened dramatically—the combined index jumped 139%—pushing revenue to $2.97 billion, well above the $2.39 billion consensus. Adjusted EBITDA hit $571.3 million. The quarter also saw a $500 million senior notes offering and an ABL refinancing that boosted liquidity to $1.4 billion, fundamentally resetting the company's financial footing.