PAR PACIFIC HOLDINGS, INC.

For the period ended Sep 30, 2026. Filed Nov 4, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2026 · Filed Nov 4, 2026

PARR$67.04-2.3%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows

	Nine Months Ended September 30,
	2026	2025
Cash flows from operating activities:
Net income	$864,036	$291,691
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	109,932	107,582
Debt extinguishment and commitment costs	11,331	25
Non-cash interest expense	6,050	4,734
Non-cash lower of cost and net realizable value adjustment	(2,856)	(531)
Deferred taxes	139,107	81,267
Other operating loss (gain), net	1,585	(1,202)
Stock-based compensation	12,354	11,761
Unrealized (gain) loss on derivative contracts	139,029	(41,363)
Equity earnings from Laramie Energy, LLC	(7,274)	(10,784)
Equity earnings from refining and logistics investments	(5,745)	(21,172)
Dividends received from refining and logistics investments	10,663	10,815
Net changes in operating assets and liabilities:
Trade accounts receivable	(303,324)	48,897
Prepaid and other assets	(146,543)	(4,340)
Inventories	(325,096)	(265,048)
Deferred turnaround expenditures	(87,440)	(100,011)
Obligations under inventory financing agreements	97,753	46,523
Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities	567,169	192,693
Net cash provided by operating activities	1,080,731	351,537
Cash flows from investing activities:
Capital expenditures	(120,180)	(121,338)
Proceeds from sale of assets and other	—	2,282
Net cash used in investing activities	(120,180)	(119,056)
Cash flows from financing activities:
Proceeds from borrowings	3,540,000	5,013,810
Repayments of borrowings	(3,851,683)	(5,180,660)
Payment of deferred loan costs	(18,363)	(389)
Purchase of common stock for retirement	(47,372)	(97,277)
Proceeds from exercise of stock options	2,952	—
Exercise of stock options	(18,189)	(2,089)
Proceeds from inventory financing agreements	4,880	28,203
Repayments of inventory financing agreements	—	(28,204)
Payments for debt extinguishment and commitment costs	(64)	(25)
Other financing activities, net	1,263	1,288
Net cash used in financing activities	(386,576)	(265,343)
Net increase (decrease) in cash, cash equivalents, and restricted cash	573,975	(32,862)
Cash, cash equivalents, and restricted cash at beginning of period	164,464	192,267
Cash, cash equivalents, and restricted cash at end of period	$738,439	$159,405
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$731,060	$159,055
Restricted cash included in current assets	1,879	350
Restricted cash included in other long-term assets	5,500	—
Total cash, cash equivalents, and restricted cash	$738,439	$159,405

Supplemental cash flow information:
Net cash paid for:
Interest	$(22,303)	$(55,657)
Taxes	(31,310)	(124)
Non-cash investing and financing activities:
Accrued capital expenditures	$23,564	$16,310
ROU assets obtained in exchange for new finance lease liabilities	—	1,491
ROU assets obtained in exchange for new operating lease liabilities	31,306	55,860
ROU assets terminated in exchange for release from finance lease liabilities	—	—
ROU assets terminated in exchange for release from operating lease liabilities	4,363	23

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