Key Highlights

  • Par Pacific Holdings (NYSE:PARR) traded at USD 79.47 on October 26, 2026, up 3.01%, with a Market Value of USD 3.98 billion, a trailing P/E of 4.64, EPS of USD 17.14 and no Dividend in published market data.
  • Second quarter Net Income was USD 462.1 million, or USD 9.35 per share, and adjusted EBITDA was USD 571.3 million, against USD 137.8 million a year earlier, according to the company release.
  • Refining adjusted gross Margin averaged USD 41.22 per barrel on throughput of 181.4 thousand barrels per day, with Hawaii at USD 57.00, Montana at USD 37.22, Washington at USD 20.31 and Wyoming at USD 34.03.
  • Liquidity was USD 1.4 billion, total Debt USD 739.2 million, and a USD 500 million senior unsecured notes offering reduced term debt by more than USD 130 million.

A Refiner With Island and Rocky Mountain Margins

Par Pacific Holdings (NYSE:PARR) runs four refineries plus retail and logistics assets. Brent traded near USD 114.52 on October 26, 2026, and the second quarter shows how widening product margins can overwhelm higher crude costs: the Hawaii index averaged USD 46.06 per barrel against USD 8.57 a year earlier, and the Wyoming index averaged USD 28.73. Hawaii earned USD 57.00 per barrel on 73.2 thousand barrels per day, helped by a net price lag benefit of about USD 76.5 million, or USD 11.49 per barrel, because June prices were lower than March prices. That lag is timing, not a permanent margin, and could reverse in a quarter when crude rises.

Second Quarter Detail and Balance Sheet

Refining segment adjusted EBITDA was USD 552.0 million, retail was USD 17.3 million and logistics was USD 29.8 million. The Hawaii turnaround was substantially complete, with most processing units back online. Operating Cash Flow of USD 282.6 million included USD 312.2 million of Working Capital outflow, which is typical when prices and inventories rise. Cash was USD 185.0 million, gross term debt was USD 505.7 million, the asset-based revolver carried USD 243.0 million, and the net term debt was USD 320.7 million. The notes offering lowered term debt and the company has no dividend. The release text reviewed did not include buyback amounts or third quarter guidance, so capital return plans are not confirmed here.

Risks and the Next Catalyst

The 4.64 P/E is a trailing figure built on exceptional margins, and refining profit is cyclical, so a normalization of Hawaii and Wyoming indexes could cut Earnings quickly. The price lag benefit can reverse, turnarounds can slip, and a Gulf settlement could pull crude and product prices lower at different speeds. Island Supply chains and regulatory costs add operating risk, and adjusted net income of USD 499.2 million, or USD 10.10 per share, is above GAAP earnings. Third quarter results are expected in early November 2026, though the date had not been confirmed. Investors will watch Hawaii margins after the turnaround, the lag effect and whether free cash flow supports debt reduction.

Where Things Stand

The answer is that Par Pacific Holdings (NYSE:PARR) trades on a 4.64 P/E because the market treats the second quarter margin windfall, including a USD 76.5 million price lag gain, as unlikely to repeat every quarter. Oil near USD 100 helps only if product prices rise faster than crude. The next catalyst is third quarter results in early November, which will show how much of the margin held.