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Investing.com -- Par Pacific Holdings Inc. (NYSE:PARR) shares jumped 5.5% in after-hours trading Tuesday after the refining company reported third-quarter earnings that vastly exceeded analyst expectations, boosted by significant small refinery exemptions from renewable fuel requirements.
The company reported adjusted earnings of $5.95 per share for the quarter ended September 30, 2025, crushing the analyst estimate of $1.84 by $4.11. Revenue came in at $2.01 billion, surpassing the consensus estimate of $1.74 billion. The exceptional results included a $195.9 million benefit from small refinery exemptions (SREs) granted by the U.S. Environmental Protection Agency for the 2019-2024 compliance years.
Excluding the SRE impact, Par Pacific still delivered strong operational performance with record contributions from its retail and logistics segments. The company’s adjusted EBITDA reached $372.5 million, with approximately $202.6 million attributed to the exemptions.
"Record combined retail and logistics contribution and strong refining operations led to exceptional third quarter financial results for the core business," said Will Monteleone, President and Chief Executive Officer. "Results were further bolstered by the small refinery exemption gain of approximately $200 million."
The company’s refining segment reported operating income of $340.8 million, compared to just $19.0 million in the same quarter last year. Adjusted gross margin for refining was $450.3 million versus $142.2 million in Q3 2024.
Par Pacific also strengthened its balance sheet, with total liquidity increasing by approximately 14% during the quarter to $735.2 million. The company repurchased $16.4 million of common stock at a weighted average price of $31.57 per share during the period.
Additionally, Par Pacific closed its Hawaii Renewables joint venture in October, receiving cash proceeds of $100 million, and remains on track to complete construction of its renewable fuels unit this year.
The company announced it will dual list its common stock on NYSE Texas effective November 5, 2025, while maintaining its primary listing on the NYSE under the ticker symbol "PARR."
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