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
PARR$68.06-0.9%Stored close · as of Nov 6, 2026
Contents
EX-99.1 · Adjusted Gross Margin
Adjusted Gross Margin
Adjusted Gross Margin is defined as Operating income (loss) excluding:
| • | operating expense (excluding depreciation); |
|---|---|
| • | depreciation and amortization (“D&A”); |
| • | Par’s portion of interest, taxes, and D&A expense from refining and logistics investments; |
| • | impairment expense; |
| • | other operating (gain) loss, net (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities); |
| • | Par's portion of accounting policy differences from refining and logistics investments; |
| • | 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 adjustment (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act ("Washington CCA") and Clean Fuel Standard); and |
| • | unrealized loss (gain) on derivatives. |
The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):
| Three months ended December 31, 2025 | Refining | Logistics | Retail |
|---|---|---|---|
| Operating Income | $89,664 | $21,741 | $18,859 |
| Operating expense (excluding depreciation) | 126,599 | 6,632 | 21,571 |
| Depreciation, depletion, and amortization | 26,473 | 6,598 | 2,818 |
| Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 1,051 | 1,205 | — |
| Inventory valuation adjustment | (23,677) | — | — |
| Environmental obligation mark-to-market adjustments | (14,312) | — | — |
| Unrealized loss on derivatives | 15,238 | — | — |
| Par's portion of accounting policy differences from refining and logistics investments | (526) | — | — |
| Other operating loss (gain), net | (6,346) | (1) | 320 |
| Adjusted Gross Margin (1) | $214,164 | $36,175 | $43,568 |
| Three months ended December 31, 2024 | Refining | Logistics | Retail |
|---|---|---|---|
| Operating Income (Loss) | $(65,399) | $24,772 | $19,477 |
| Operating expense (excluding depreciation) | 114,706 | 3,829 | 21,358 |
| Depreciation, depletion, and amortization | 24,524 | 7,140 | 2,566 |
| Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 456 | 1,101 | — |
| Inventory valuation adjustment | 5,929 | — | — |
| Environmental obligation mark-to-market adjustments | (937) | — | — |
| Unrealized loss on derivatives | 9,220 | — | — |
| Par's portion of accounting policy differences from refining and logistics investments | 3,856 | — | — |
| Other operating loss, net | 8 | — | — |
| Adjusted Gross Margin (1) | $92,363 | $36,842 | $43,401 |
| Year ended December 31, 2025 | Refining | Logistics | Retail |
|---|---|---|---|
| Operating Income | $487,032 | $97,558 | $74,706 |
| Operating expense (excluding depreciation) | 481,597 | 21,478 | 84,590 |
| Depreciation, depletion, and amortization | 104,385 | 26,040 | 10,791 |
| Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 4,485 | 3,954 | — |
| Inventory valuation adjustment | (27,200) | — | — |
| Environmental obligation mark-to-market adjustments | (14,360) | — | — |
| Unrealized gain on derivatives | (26,664) | — | — |
| Par's portion of accounting policy differences from refining and logistics investments | (2,523) | — | — |
| Other operating loss (gain), net | (6,165) | (1,419) | 355 |
| Adjusted Gross Margin (1) | $1,000,587 | $147,611 | $170,442 |
| Year ended December 31, 2024 | Refining | Logistics | Retail |
|---|---|---|---|
| Operating Income | $17,412 | $89,351 | $64,800 |
| Operating expense (excluding depreciation) | 479,737 | 15,676 | 88,869 |
| Depreciation, depletion, and amortization | 91,108 | 27,033 | 11,037 |
| Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 2,493 | 3,651 | — |
| Inventory valuation adjustment | (490) | — | — |
| Environmental obligation mark-to-market adjustments | (19,136) | — | — |
| Unrealized loss on derivatives | 43,281 | — | — |
| Par's portion of accounting policy differences from refining and logistics investments | 3,856 | — | — |
| Other operating loss (gain), net | 8 | 124 | (10) |
| Adjusted Gross Margin (1) | $618,269 | $135,835 | $164,696 |
(1)For the three months and years ended December 31, 2025 and 2024, there was no impairment expense in Operating income.
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