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PARR · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Par Pacific Holdings, Inc. Common Stock (PARR) stock moving?
Par Pacific reported a large third-quarter beat on Nov 3: adjusted EPS of $10.70 against a $6.30 estimate, sales of $3.052B against $2.195B, net income of $353.3M and Adjusted EBITDA of $646.0M. The company attributed part of the strength to small refinery exemption benefits, which are a policy-driven and potentially non-recurring source of earnings, so the quality of the beat is open to question. The market did not reward the results. The stock closed at $71.28 on Nov 3, then traded to a $65.84 low on Nov 4 on 1.95M shares, the heaviest volume in the 30-day window, and has kept sliding, closing at $67.04 on Nov 10 after a $65.04 intraday low. The shares are down about 16% from the $80.18 close on Oct 22, and the post-earnings selling suggests investors are discounting the beat. Volume has eased to 615K on Nov 10, so the sell-off may be losing momentum, but no news in the window offers a positive offset. The outlook over one to six months depends on whether the refinery exemption benefits continue, which the available news does not address.
News behind the analysis
- Par Pacific Holdings, Inc. Reports Third Quarter 2026 Financial ResultsPar Pacific reported third-quarter 2026 net income of $353.3 million and Adjusted EBITDA of $646.0 million, with small refinery exemption benefits contributing to the results.
- Par Pacific Hldgs Q3 Adj. EPS $10.70 Beats $6.30 Estimate, Sales $3.052B Beat $2.195B EstimateAdjusted EPS of $10.70 beat the $6.30 consensus estimate, and sales of $3.052B beat the $2.195B estimate by a wide margin.
About Par Pacific Holdings, Inc. Common Stock
Par Pacific Holdings is a Houston-based independent refiner that supplies gasoline, diesel, jet fuel and renewable fuels to the western US. It runs about 219,000 barrels per day of refining capacity at four refineries in Hawaii, Washington and Wyoming (including Montana-area Rockies assets), and it is Hawaii's main local fuel refiner and retailer.
How it makes money
Most of its revenue comes from refining crude oil and selling fuels such as gasoline, diesel and jet fuel. Profit depends mainly on the refining margin, which is the gap between what crude costs and what the finished products sell for. It also earns money from logistics assets, including about 13 million barrels of storage plus marine, rail and pipeline networks, and from retail fuel and convenience stores under the Hele brand in Hawaii and nomnom in the Pacific Northwest. A renewable fuels business is growing at the Hawaii refinery. In 2026 it agreed to sell its minority stake in natural gas producer Laramie Energy for about $485 million.
What usually moves PARR
- Refining margins (crack spreads) in Hawaii, the Pacific Northwest and the Rockies
- Crude oil prices and product price lag
- Refinery downtime and turnarounds
- Renewable fuel credits and small refinery exemption rulings
- Jet fuel and travel demand in Hawaii