v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
We report the results for the following four reportable segments: (i) Refining, (ii) Retail, (iii) Logistics and (iv) Corporate and Other. Segment asset information is not provided to our chief operating decision-maker.
Summarized financial information concerning reportable segments consists of the following (in thousands).
Three Months Ended June 30, 2026RefiningLogisticsRetailCorporate, Eliminations and Other (1)Total
Revenues
Fuel revenue
$2,849,966 $— $153,696 $(96,691)$2,906,971 
Other revenue
55,116 79,584 27,829 (100,631)61,898 
Total revenues
2,905,082 79,584 181,525 (197,322)2,968,869 
Cost of revenues (excluding depreciation)
Refining intercompany logistics costs75,180 — — (75,180)— 
Other cost of revenues (excluding depreciation)2,049,514 48,353 140,805 (122,483)2,116,189 
Total cost of revenues (excluding depreciation)
2,124,694 48,353 140,805 (197,663)2,116,189 
Operating expense (excluding depreciation)
128,452 5,262 23,408 — 157,122 
Depreciation and amortization26,652 6,142 2,759 901 36,454 
General and administrative expense (excluding depreciation)— — — 28,047 28,047 
Equity earnings from refining and logistics investments(4,776)(2,692)— — (7,468)
Acquisition and integration costs— — — — — 
Par West redevelopment and other costs— — — 3,676 3,676 
Other operating loss, net144 — — 152 296 
Operating income (loss)$629,916 $22,519 $14,553 $(32,435)$634,553 
Interest expense and financing costs, net(14,268)
Debt extinguishment and commitment costs(11,461)
Other loss, net(171)
Equity losses from Laramie Energy, LLC(1,666)
Income before income taxes606,987 
Income tax expense(144,046)
Net income$462,941 
Less:
Net income attributable to noncontrolling interest810 
Net income attributable to Par Pacific stockholders$462,131 
Capital expenditures$28,917 $5,336 $4,747 $711 $39,711 
Three Months Ended June 30, 2025RefiningLogisticsRetailCorporate, Eliminations and Other (1)Total
Revenues
Fuel revenue$1,799,653 $— $118,687 $(83,514)$1,834,826 
Other revenue26,856 73,005 27,998 (69,247)58,612 
Total revenues1,826,509 73,005 146,685 (152,761)1,893,438 
Cost of revenues (excluding depreciation)
Refining intercompany logistics costs69,244 — — (69,244)— 
Other cost of revenues (excluding depreciation)1,532,731 41,166 103,096 (83,514)1,593,479 
Total cost of revenues (excluding depreciation)1,601,975 41,166 103,096 (152,758)1,593,479 
Operating expense (excluding depreciation)123,597 4,797 20,286 — 148,680 
Depreciation and amortization24,919 6,530 2,510 753 34,712 
General and administrative expense (excluding depreciation)— — — 23,648 23,648 
Equity earnings from refining and logistics investments(5,493)(1,812)— — (7,305)
Acquisition and integration costs— — — — — 
Par West redevelopment and other costs— — — 4,690 4,690 
Other operating loss (gain), net191 (1,417)— — (1,226)
Operating income (loss)$81,320 $23,741 $20,793 $(29,094)$96,760 
Interest expense and financing costs, net(22,106)
Debt extinguishment and commitment costs— 
Other loss, net(163)
Equity earnings from Laramie Energy, LLC1,856 
Loss before income taxes76,347 
Income tax expense(16,887)
Net income$59,460 
Less:
Net income attributable to noncontrolling interest— 
Net income attributable to Par Pacific stockholders$59,460 
Capital expenditures$39,221 $6,981 $1,469 455 $48,126 
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(1)Includes eliminations of intersegment revenues and cost of revenues of $197.3 million and $152.8 million for the three months ended June 30, 2026 and 2025, respectively.
Six Months Ended June 30, 2026RefiningLogisticsRetailCorporate, Eliminations and Other (1)Total
Revenues
Fuel revenue$4,590,834 $— $262,305 $(182,821)$4,670,318 
Other revenue86,775 156,430 52,328 (173,232)122,301 
Total revenues
4,677,609 156,430 314,633 (356,053)4,792,619 
Cost of revenues (excluding depreciation)
Refining intercompany logistics costs147,786 — — (147,786)— 
Other cost of revenues (excluding depreciation)3,554,429 91,314 237,767 (208,817)3,674,693 
Total cost of revenues (excluding depreciation)3,702,215 91,314 237,767 (356,603)3,674,693 
Operating expense (excluding depreciation)
244,372 11,154 44,114 — 299,640 
Depreciation and amortization52,073 11,942 5,194 1,705 70,914 
General and administrative expense (excluding depreciation)— — — 52,922 52,922 
Equity earnings from refining and logistics investments(8,153)(5,144)— — (13,297)
Acquisition and integration costs— — — 64 64 
Par West redevelopment and other costs— — — 6,661 6,661 
Other operating loss, net870 125 — 152 1,147 
Operating income (loss)$686,232 $47,039 $27,558 $(60,954)$699,875 
Interest expense and financing costs, net(30,202)
Debt extinguishment and commitment costs(11,523)
Other expense, net(185)
Equity earnings from Laramie Energy, LLC7,513 
Income before income taxes665,478 
Income tax expense(156,386)
Net income$509,092 
Less:
Net loss attributable to noncontrolling interest(7,489)
Net income attributable to Par Pacific stockholders$516,581 
Capital expenditures$60,870 $11,324 $7,979 $2,608 $82,781 
Six Months Ended June 30, 2025RefiningLogisticsRetailCorporate, Eliminations and Other (1)Total
Revenues
Fuel revenue$3,405,188 $— $230,308 $(164,332)$3,471,164 
Other revenue107,450 144,420 52,809 (137,369)167,310 
Total revenues3,512,638 144,420 283,117 $(301,701)3,638,474 
Cost of revenues (excluding depreciation)
Refining intercompany logistics costs137,393 — — (137,393)— 
Other cost of revenues (excluding depreciation)3,035,704 81,733 199,735 (164,333)3,152,839 
Total cost of revenues (excluding depreciation)3,173,097 81,733 199,735 (301,726)3,152,839 
Operating expense (excluding depreciation)242,217 9,162 41,455 — 292,834 
Depreciation and amortization51,316 13,349 5,172 1,461 71,298 
General and administrative expense (excluding depreciation)— — — 47,891 47,891 
Equity earnings from refining and logistics investments(10,782)(4,037)— — (14,819)
Acquisition and integration costs— — — — — 
Par West redevelopment and other costs— — — 8,672 8,672 
Other operating loss (gain), net191 (1,417)1 — (1,225)
Operating income (loss)$56,599 $45,630 $36,754 $(57,999)$80,984 
Interest expense and financing costs, net(43,954)
Debt extinguishment and commitment costs(25)
Other expense, net(534)
Equity earnings from Laramie Energy, LLC2,582 
Income before income taxes39,053 
Income tax expense(9,993)
Net income$29,060 
Less:
Net income attributable to noncontrolling interest— 
Net income attributable to Par Pacific stockholders$29,060 
Capital expenditures$73,195 $10,802 $3,927 $1,135 $89,059 
________________________________________________________ 
(1)Includes eliminations of intersegment revenues and cost of revenues of $356.1 million and $301.7 million for the six months ended June 30, 2026 and 2025, respectively.