PAR PACIFIC HOLDINGS, INC.
For the period ended Nov 3, 2026. Filed Nov 4, 2026.
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Nov 3, 2026 · Filed Nov 4, 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 RINs and 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 includes the impacts of the non-cash 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). For comparative purposes, previously reported 2026 interim periods have been recast to align with our current segment presentation. In 2025, an immaterial amount of Renewables costs was included in the Refining segment. As such, the 2025 comparative periods were not recast.
| Three months ended September 30, 2026 | Refining | Logistics | Retail | Renewables | Corporate and Other |
|---|---|---|---|---|---|
| Operating income (loss) by segment | $454,449 | $23,660 | $15,963 | $8,657 | $(30,589) |
| Depreciation, depletion and amortization | 26,301 | 6,175 | 2,642 | 3,008 | 892 |
| Inventory valuation adjustment | (14,909) | — | — | (7,320) | — |
| Environmental obligation mark-to-market adjustments | 51,444 | — | — | — | — |
| Unrealized loss on commodity derivatives | 91,591 | — | — | 748 | — |
| Acquisition and integration costs | — | — | — | — | — |
| Par West redevelopment and other costs | — | — | — | — | 3,377 |
| Severance costs and other non-operating expense | — | — | — | — | 79 |
| Par's portion of accounting policy differences from refining and logistics investments | 7,898 | — | — | — | — |
| Other operating loss (gain), net | 528 | (90) | — | — | — |
| Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 684 | 947 | — | — | — |
| Other expense, net | — | — | — | — | (158) |
| Adjusted EBITDA (1) | $617,986 | $30,692 | $18,605 | $5,093 | $(26,399) |
| Three months ended September 30, 2025 | Refining | Logistics | Retail | Corporate and Other |
|---|---|---|---|---|
| Operating income (loss) by segment | $340,769 | $30,187 | $19,093 | $(31,533) |
| Depreciation, depletion and amortization | 26,596 | 6,093 | 2,801 | 794 |
| Inventory valuation adjustment | (20,366) | — | — | — |
| Environmental obligation mark-to-market adjustments | (6,362) | — | — | — |
| Unrealized gain on derivatives | (3,645) | — | — | — |
| Acquisition and integration costs | — | — | — | 1,973 |
| Par West redevelopment and other costs | — | — | — | 4,525 |
| Severance costs and other non-operating expense | 58 | — | — | — |
| Par's portion of accounting policy differences from refining and logistics investments | (526) | — | — | — |
| Other operating loss (gain), net | (10) | (1) | 34 | — |
| Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 1,078 | 1,032 | — | — |
| Other expense, net | — | — | — | (109) |
| Adjusted EBITDA (1) | $337,592 | $37,311 | $21,928 | $(24,350) |
| Nine months ended September 30, 2026 | Refining | Logistics | Retail | Renewables | Corporate and Other |
|---|---|---|---|---|---|
| Operating income (loss) by segment | $1,169,472 | $70,699 | $43,521 | $(20,134) | $(91,543) |
| Depreciation, depletion and amortization | 75,937 | 18,117 | 7,836 | 5,445 | 2,597 |
| Inventory valuation adjustment | (126,977) | — | — | 7,818 | — |
| Environmental obligation mark-to-market adjustments | (19,307) | — | — | — | — |
| Unrealized loss on derivatives | 140,309 | — | — | 651 | — |
| Acquisition and integration costs | — | — | — | — | 64 |
| Par West redevelopment and other costs | — | — | — | — | 10,038 |
| Severance costs and other non-operating expense | — | 13 | 53 | — | 79 |
| Par's portion of accounting policy differences from refining and logistics investments | 7,303 | — | — | — | — |
| Other operating loss, net | 1,398 | 35 | — | — | 152 |
| Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 2,295 | 3,199 | — | — | — |
| Other expense, net | — | — | — | — | (343) |
| Adjusted EBITDA (1) | $1,250,430 | $92,063 | $51,410 | $(6,220) | $(78,956) |
| Nine months ended September 30, 2025 | Refining | Logistics | Retail | Corporate and Other |
|---|---|---|---|---|
| Operating income (loss) by segment | $397,368 | $75,817 | $55,847 | $(89,532) |
| Depreciation, depletion and amortization | 77,912 | 19,442 | 7,973 | 2,255 |
| Inventory valuation adjustment | (3,523) | — | — | — |
| Environmental obligation mark-to-market adjustments | (48) | — | — | — |
| Unrealized gain on derivatives | (41,902) | — | — | — |
| Acquisition and integration costs | — | — | — | 1,973 |
| Par West redevelopment and other costs | — | — | — | 13,197 |
| Severance costs and other non-operating expense | 259 | 193 | 44 | 840 |
| Par's portion of accounting policy differences from refining and logistics investments | (1,997) | — | — | — |
| Other operating loss (gain), net | 181 | (1,418) | 35 | — |
| Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 3,434 | 2,749 | — | — |
| Other expense, net | — | — | — | (643) |
| Adjusted EBITDA (1) | $431,684 | $96,783 | $63,899 | $(71,910) |
(1)For the three and nine months ended September 30, 2026 and 2025, 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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