PAR PACIFIC HOLDINGS, INC.
For the period ended Feb 24, 2026. Filed Feb 24, 2026.
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Feb 24, 2026 · Filed Feb 24, 2026
Contents
EX-99.1 · Adjusted EBITDA by Segment
Adjusted EBITDA by Segment
Adjusted EBITDA by segment is defined as Operating income (loss) excluding:
| • | D&A; |
|---|---|
| • | inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory); |
| • | Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard); |
| • | unrealized (gain) loss on derivatives; |
| • | acquisition and integration costs; |
| • | redevelopment and other costs related to Par West; |
| • | severance costs and other non-operating expense (income); |
| • | other operating loss (gain), net (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities); |
| • | impairment expense; |
| • | Par's portion of interest, taxes, and D&A expense from refining and logistics investments; and |
| • | Par's portion of accounting policy differences from refining and logistics investments. |
Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations.
The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands):
| Three Months Ended December 31, 2025 | Refining | Logistics | Retail | Corporate and Other |
|---|---|---|---|---|
| Operating income (loss) by segment | $89,664 | $21,741 | $18,859 | $(31,006) |
| Depreciation, depletion and amortization | 26,473 | 6,598 | 2,818 | 854 |
| Inventory valuation adjustment | (23,677) | — | — | — |
| Environmental obligation mark-to-market adjustments | (14,312) | — | — | — |
| Unrealized loss on commodity derivatives | 15,238 | — | — | — |
| Acquisition and integration costs | — | — | — | 2,362 |
| Par West redevelopment and other costs | — | — | — | 1,596 |
| Severance costs and other non-operating expense | — | 13 | — | 149 |
| Par's portion of accounting policy differences from refining and logistics investments | (526) | — | — | — |
| Other operating loss (gain), net | (6,346) | (1) | 320 | 9 |
| Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 1,051 | 1,205 | — | — |
| Other loss, net | — | — | — | (22) |
| Adjusted EBITDA (1) | $87,565 | $29,556 | $21,997 | $(26,058) |
| Three Months Ended December 31, 2024 | Refining | Logistics | Retail | Corporate and Other |
|---|---|---|---|---|
| Operating income (loss) by segment | $(65,399) | $24,772 | $19,477 | $(25,809) |
| Depreciation, depletion and amortization | 24,524 | 7,140 | 2,566 | 681 |
| Inventory valuation adjustment | 5,929 | — | — | — |
| Environmental obligation mark-to-market adjustments | (937) | — | — | — |
| Unrealized loss on derivatives | 9,220 | — | — | — |
| Acquisition and integration costs | — | — | — | 32 |
| Par West redevelopment and other costs | — | — | — | 3,500 |
| Severance costs and other non-operating expense | — | — | 154 | — |
| Par's portion of accounting policy differences from refining and logistics investments | 3,856 | — | — | — |
| Other operating loss, net | 8 | — | — | 100 |
| Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 456 | 1,101 | — | — |
| Other loss, net | — | — | — | (422) |
| Adjusted EBITDA (1) | $(22,343) | $33,013 | $22,197 | $(21,918) |
| Year ended December 31, 2025 | Refining | Logistics | Retail | Corporate and Other |
|---|---|---|---|---|
| Operating income (loss) by segment | $487,032 | $97,558 | $74,706 | $(120,538) |
| Depreciation, depletion and amortization | 104,385 | 26,040 | 10,791 | 3,109 |
| Inventory valuation adjustment | (27,200) | — | — | — |
| Environmental obligation mark-to-market adjustments | (14,360) | — | — | — |
| Unrealized gain on derivatives | (26,664) | — | — | — |
| Acquisition and integration costs | — | — | — | 4,335 |
| Par West redevelopment and other costs | — | — | — | 14,793 |
| Severance costs and other non-operating expense | 259 | 206 | 44 | 989 |
| Par's portion of accounting policy differences from refining and logistics investments | (2,523) | — | — | — |
| Other operating loss (gain), net | (6,165) | (1,419) | 355 | 9 |
| Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 4,485 | 3,954 | — | — |
| Other loss, net | — | — | — | (665) |
| Adjusted EBITDA (1) | $519,249 | $126,339 | $85,896 | $(97,968) |
| Year ended December 31, 2024 | Refining | Logistics | Retail | Corporate and Other |
|---|---|---|---|---|
| Operating income (loss) by segment | $17,412 | $89,351 | $64,800 | $(123,935) |
| Depreciation, depletion and amortization | 91,108 | 27,033 | 11,037 | 2,412 |
| Inventory valuation adjustment | (490) | — | — | — |
| Environmental obligation mark-to-market adjustments | (19,136) | — | — | — |
| Unrealized loss on derivatives | 43,281 | — | — | — |
| Acquisition and integration costs | — | — | — | 100 |
| Par West redevelopment and other costs | — | — | — | 12,548 |
| Severance costs and other non-operating expense | 642 | — | 154 | 14,006 |
| Par's portion of accounting policy differences from refining and logistics investments | 3,856 | — | — | — |
| Other operating loss (gain), net | 8 | 124 | (10) | 100 |
| Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 2,493 | 3,651 | — | — |
| Other loss, net | — | — | — | (1,869) |
| Adjusted EBITDA (1) | $139,174 | $120,159 | $75,981 | $(96,638) |
(1)For the three months and years ended December 31, 2025 and 2024, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference.
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