$PARR

PAR PETROLEUM CORP/CO

CIK:0000821483|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 2,968,869	$ 1,893,438	$ 4,792,619	$ 3,638,474
Operating expenses
Cost of revenues (excluding depreciation)	2,116,189	1,593,479	3,674,693	3,152,839
Operating expense (excluding depreciation)	157,122	148,680	299,640	292,834
Depreciation and amortization	36,454	34,712	70,914	71,298
General and administrative expense (excluding depreciation)	28,047	23,648	52,922	47,891
Equity earnings from refining and logistics investments	(7,468)	(7,305)	(13,297)	(14,819)
Acquisition and integration costs	0	0	64	0
Par West redevelopment and other costs	3,676	4,690	6,661	8,672
Other operating loss (gain), net	296	(1,226)	1,147	(1,225)
Total operating expenses	2,334,316	1,796,678	4,092,744	3,557,490
Operating income	634,553	96,760	699,875	80,984
Other income (expense)
Interest expense and financing costs, net	(14,268)	(22,106)	(30,202)	(43,954)
Debt extinguishment and commitment costs	(11,461)	0	(11,523)	(25)
Other expense, net	(171)	(163)	(185)	(534)
Equity earnings (losses) from Laramie Energy, LLC	(1,666)	1,856	7,513	2,582
Total other expense, net	(27,566)	(20,413)	(34,397)	(41,931)
Income before income taxes	606,987	76,347	665,478	39,053
Income tax expense	(144,046)	(16,887)	(156,386)	(9,993)
Net income	462,941	59,460	509,092	29,060
Less:
Net income (loss) attributable to noncontrolling interest	810	0	(7,489)	0
Net income attributable to Par Pacific stockholders	$ 462,131	$ 59,460	$ 516,581	$ 29,060
Income attributable to Par Pacific stockholders per share
Basic (in dollars per share)	$ 9.53	$ 1.18	$ 10.66	$ 0.56
Diluted (in dollars per share)	$ 9.35	$ 1.17	$ 10.43	$ 0.55
Weighted-average number of shares outstanding
Basic (in shares)	48,509	50,373	48,460	52,052
Diluted (in shares)	49,444	50,836	49,544	52,390

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net Income	$ 509,092	$ 29,060
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	70,914	71,298
Debt extinguishment and commitment costs	11,461	25
Non-cash interest expense	4,258	3,084
Non-cash lower of cost and net realizable value adjustment	8,271	(2,288)
Deferred taxes	132,967	8,579
Other operating loss (gain), net	1,147	(1,225)
Stock-based compensation	8,234	8,022
Unrealized (gain) loss on derivative contracts	47,987	(37,523)
Equity earnings from Laramie Energy, LLC	(7,513)	(2,582)
Equity earnings from refining and logistics investments	(13,297)	(14,819)
Dividends received from refining and logistics investments	2,823	5,840
Net changes in operating assets and liabilities:
Trade accounts receivable	(206,593)	11,447
Prepaid and other assets	(255,487)	(4,220)
Inventories	(222,454)	46,582
Deferred turnaround expenditures	(37,424)	(100,508)
Obligations under inventory financing agreements	815	(33,204)
Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities	186,660	144,611
Net cash provided by operating activities	241,861	132,179
Cash flows from investing activities:
Capital expenditures	(82,781)	(89,059)
Proceeds from sale of assets and other	0	2,271
Net cash used in investing activities	(82,781)	(86,788)
Cash flows from financing activities:
Proceeds from borrowings	3,540,000	3,306,000
Repayments of borrowings	(3,607,775)	(3,319,617)
Payment of deferred loan costs	(16,204)	(47)
Purchase of common stock for retirement	(37,061)	(80,835)
Proceeds from exercise of stock options	1,956	0
Exercise of stock options	(18,189)	0
Proceeds from inventory financing agreements	4,880	25,122
Payments for debt extinguishment and commitment costs	(64)	(25)
Other financing activities, net	1,263	1,288
Net cash used in financing activities	(131,194)	(68,114)
Net increase (decrease) in cash, cash equivalents, and restricted cash	27,886	(22,723)
Cash, cash equivalents, and restricted cash at beginning of period	164,464	192,267
Cash, cash equivalents, and restricted cash at end of period	192,350	169,544
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	184,997	169,195
Restricted cash included in current assets	1,853	349
Restricted cash included in other long-term assets	5,500	0
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Total	192,350	169,544
Net cash paid for:
Interest	(21,781)	(37,904)
Taxes	(16,848)	(39)
Non-cash investing and financing activities:
Accrued capital expenditures	23,318	16,269
ROU assets obtained in exchange for new finance lease liabilities	0	471
ROU assets obtained in exchange for new operating lease liabilities	24,245	52,634
ROU assets terminated in exchange for release from operating lease liabilities	$ 4,267	$ 23

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 184,997	$ 164,113
Restricted cash	1,853	351
Trade accounts receivable, net of allowances of $0.6 million and $0.4 million at June 30, 2026, and December 31, 2025, respectively	514,384	312,672
Inventories	1,441,156	1,228,787
Prepaid and other current assets	311,919	70,168
Total current assets	2,454,309	1,776,091
Property, plant, and equipment
Property, plant, and equipment	1,934,371	1,863,105
Less accumulated depreciation and amortization	(707,071)	(665,154)
Property, plant, and equipment, net	1,227,300	1,197,951
Long-term assets
Operating lease right-of-use (“ROU”) assets	361,234	391,395
Intangible assets, net	9,949	9,484
Goodwill	127,276	127,276
Other long-term assets	201,519	197,032
Total assets	4,534,034	3,833,689
Current liabilities
Current maturities of long-term debt	1,048	4,930
Obligations under inventory financing agreements	162,307	161,492
Accounts payable	539,476	341,555
Accrued taxes	37,571	31,565
Operating lease liabilities	110,005	99,558
Other accrued liabilities	483,243	467,036
Total current liabilities	1,333,650	1,106,136
Long-term liabilities
Long-term debt, net of current maturities	738,150	797,940
Finance lease liabilities	10,842	12,002
Operating lease liabilities	271,689	312,450
Other liabilities	160,648	52,645
Total liabilities	2,514,979	2,281,173
Noncontrolling interest	36,614	40,976
Stockholders’ equity
Preferred stock, $0.01 par value: 3,000,000 shares authorized, none issued	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized at June 30, 2026, and December 31, 2025, 49,274,156 shares and 49,685,138 shares issued at June 30, 2026, and December 31, 2025, respectively	493	497
Additional paid-in capital	940,696	957,941
Accumulated earnings	1,029,711	541,376
Accumulated other comprehensive income	11,541	11,726
Total stockholders’ equity	1,982,441	1,511,540
Total liabilities, noncontrolling interest, and stockholders’ equity	4,534,034	3,833,689
Refining and logistics equity investments
Long-term assets
Refining and logistics equity investments and Investment in Laramie Energy, LLC	109,128	98,654
Investment in Laramie Energy, LLC
Long-term assets
Refining and logistics equity investments and Investment in Laramie Energy, LLC	$ 43,319	$ 35,806