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Par Pacific Holdings (NYSE: PARR) posts $462.1M Q2 profit on strong refining margins

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Par Pacific Holdings reported higher financial results for the quarter ended June 30, 2026, led by its refining operations. Revenue was $2,968,869 thousand and net income attributable to stockholders was $462.1 million, or $9.35 per diluted share, compared with $59.5 million, or $1.17 per diluted share, a year earlier. Adjusted Net Income was $499.2 million and Adjusted EBITDA reached $571.3 million, both higher than in the prior-year quarter.

The Refining segment generated operating income of $629.9 million and Adjusted Gross Margin of $680.4 million, with segment Adjusted Gross Margin per barrel rising to $41.22 from $13.65. Conditions were particularly favorable in Hawaii, where the Hawaii Index averaged $46.06 per barrel and refinery Adjusted Gross Margin was $57.00 per barrel, including a positive net price lag impact of approximately $76.5 million. Montana, Washington, and Wyoming refineries also reported higher per-barrel margins, while Retail and Logistics posted operating income of $14.6 million and $22.5 million, respectively, with Logistics Adjusted EBITDA of $29.8 million.

Net cash provided by operations was $282.6 million, including working capital outflows of $312.2 million and deferred turnaround expenditures of $19.5 million; excluding these items, operating cash flow was $614.3 million. At June 30, 2026, cash was $185.0 million, gross term debt was $505.7 million, and total liquidity was $1.4 billion. During the quarter Par Pacific completed a $500 million Senior Unsecured Notes offering, reducing term debt by more than $130 million.

Positive

  • Net income attributable to stockholders increased to $462.1 million in Q2 2026, or $9.35 per diluted share, compared with $59.5 million, or $1.17 per diluted share, in Q2 2025.
  • Adjusted EBITDA rose to $571.3 million in Q2 2026 from $137.8 million a year earlier, supported by Refining segment Adjusted Gross Margin of $680.4 million and Hawaii Adjusted Gross Margin of $57.00 per barrel.

Negative

  • None.

Filing Explained

This August 4 Form 8-K reports Par Pacific’s June 30 results under Item 2.02 and attaches the news release as Exhibit 99.1; the release and related information are not treated as filed for Section 18 liability or incorporated into other filings unless expressly referenced.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revenues Q2 2026 $2,968,869 thousand Revenues for the three months ended June 30, 2026
Net income attributable to stockholders Q2 2026 $462.1 million Net income attributable to Par Pacific stockholders for the quarter ended June 30, 2026
Diluted EPS Q2 2026 $9.35 Diluted earnings per share for the quarter ended June 30, 2026
Adjusted EBITDA Q2 2026 $571.3 million Adjusted EBITDA for the quarter ended June 30, 2026
Net cash from operations Q2 2026 $282.6 million Net cash provided by operations for the three months ended June 30, 2026
Cash balance June 30, 2026 $184.997 million Cash and cash equivalents at June 30, 2026
Gross term debt June 30, 2026 $505.7 million Gross term debt outstanding at June 30, 2026
Total liquidity June 30, 2026 $1.4 billion Total liquidity at June 30, 2026
Adjusted EBITDA financial
"We believe Adjusted Net Income (Loss) attributable to Par Pacific stockholders, Adjusted EBITDA (as defined below) and Adjusted EBITDA by segment"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted Gross Margin financial
"We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices"
Adjusted gross margin is a measure of how much profit a company makes from its sales after accounting for certain expenses or one-time costs, but before deducting other operating expenses. It helps investors see the company's core profitability more clearly by removing factors that might distort the usual profit picture, similar to a runner measuring their speed without considering obstacles or weather. This metric provides a clearer view of the company's ongoing financial health.
inventory valuation adjustment financial
"inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements"
Environmental obligation mark-to-market adjustments financial
"Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability"
Adjusted EBITDAX financial
"Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative (income) loss, gain (loss) on settled derivative instruments"
Adjusted EBITDAX is a measure of a company’s operating profit that adds back interest, taxes, depreciation, amortization and specific recurring costs (often exploration or similar project expenses), then removes one‑time or unusual items to show recurring cash profitability. Investors use it like a clean yardstick—ignoring financing choices, accounting rules and one‑off events—to compare core performance across periods or peers and assess a business’s ability to generate cash from operations.
Revenues $2,968,869 thousand vs $1,893,438 thousand in the quarter ended June 30, 2025
Net income attributable to Par Pacific stockholders $462,131 thousand vs $59,460 thousand in the quarter ended June 30, 2025
Diluted EPS $9.35 vs $1.17 in the quarter ended June 30, 2025
Adjusted Net Income attributable to Par Pacific stockholders $499,191 thousand vs $78,291 thousand in the quarter ended June 30, 2025
Adjusted EBITDA $571,255 thousand vs $137,829 thousand in the quarter ended June 30, 2025

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FAQ

What were Par Pacific Holdings (PARR) headline financial results for Q2 2026?
Par Pacific reported net income attributable to stockholders of $462.1 million, or $9.35 per diluted share, for Q2 2026. Adjusted Net Income was $499.2 million and Adjusted EBITDA reached $571.3 million, all higher than the prior-year quarter.

How did Par Pacific (PARR) revenues in Q2 2026 compare to Q2 2025?
Revenues for Q2 2026 were $2,968,869 thousand, compared with $1,893,438 thousand in Q2 2025. The increase reflects stronger refining economics and higher per-barrel margins across Hawaii, Montana, Washington, and Wyoming refineries during the quarter.

What drove Par Pacific (PARR) refining performance in Q2 2026?
The Refining segment generated $629.9 million of operating income and $680.4 million of Adjusted Gross Margin in Q2 2026. Segment Adjusted Gross Margin per barrel rose to $41.22, helped by a Hawaii Index of $46.06 per barrel and strong regional crack spreads.

What was Par Pacific’s (PARR) cash flow from operations and liquidity at June 30, 2026?
Net cash provided by operations for Q2 2026 was $282.6 million, or $614.3 million excluding working capital outflows and deferred turnaround costs. At June 30, 2026, Par Pacific held $185.0 million of cash and total liquidity of $1.4 billion.

How did Par Pacific’s (PARR) Retail and Logistics segments perform in Q2 2026?
In Q2 2026, the Retail segment reported $14.6 million of operating income and $17.3 million of Adjusted EBITDA. The Logistics segment delivered $22.5 million of operating income and $29.8 million of Adjusted EBITDA, comparable to the prior-year quarter.

What was the impact of Laramie Energy on Par Pacific (PARR) in Q2 2026?
Par Pacific recorded $1.7 million of equity losses from Laramie Energy in Q2 2026, while Laramie’s own net loss was $6.7 million. Despite this loss, Laramie generated $17.9 million of Adjusted EBITDAX in the quarter, up from $12.4 million in Q2 2025.
0000821483false00008214832026-08-042026-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2026
 
Par Pacific Holdings, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware1-3655084-1060803
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
825 Town & Country Lane, Suite 1500
Houston,Texas77024
(Address of principal executive offices)(Zip Code)
(281) 899-4800
(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Class
Trading Symbol(s)
Name of each exchange of which registered
Common stock, $0.01 par value
PARR
New York Stock Exchange
Common stock, $0.01 par value
PARR
NYSE Texas, Inc.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02.    Results of Operations and Financial Condition.

On August 4, 2026, Par Pacific Holdings, Inc. (the "Company") issued a news release reporting results for the second quarter ended June 30, 2026. The news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the foregoing information, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information and Exhibit 99.1 be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01    Financial Statements and Exhibits
(d)Exhibits
99.1
News Release dated August 4, 2026.


2




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
Par Pacific Holdings, Inc.
Dated:
August 4, 2026
/s/ Jeffrey R. Hollis
Jeffrey R. Hollis
Senior Vice President, General Counsel, and Secretary

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q4fy15earningsv5image1a55a.gif                    
                                        NEWS RELEASE


PAR PACIFIC HOLDINGS REPORTS SECOND QUARTER 2026 RESULTS

HOUSTON, August 4, 2026 - Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the quarter ended June 30, 2026.

•Net income attributable to Par Pacific stockholders of $462.1 million, or $9.35 per diluted share
•Adjusted Net Income attributable to Par Pacific stockholders of $499.2 million, or $10.10 per diluted share
•Adjusted EBITDA of $571.3 million
•Hawaii turnaround substantially complete, with the majority of processing units now online
•Completed $500 million Senior Unsecured Notes offering, reducing term debt by more than $130 million

The Company reported net income attributable to Par Pacific stockholders of $462.1 million, or $9.35 per diluted share, for the quarter ended June 30, 2026, compared to $59.5 million, or $1.17 per diluted share, for the same quarter in 2025. Second quarter 2026 Adjusted Net Income attributable to Par Pacific stockholders was $499.2 million, compared to $78.3 million in the second quarter of 2025. Second quarter 2026 Adjusted EBITDA was $571.3 million, compared to $137.8 million in the second quarter of 2025. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.

“Our second quarter financial results reflect strong operational and commercial execution in a constructive market,” said Will Monteleone, President and Chief Executive Officer. “With our annual turnaround maintenance substantially complete, we are well positioned to capitalize on the current favorable margin environment.”

Refining
The Refining segment reported operating income of $629.9 million in the second quarter of 2026, compared to $81.3 million in the second quarter of 2025. Adjusted Gross Margin for the Refining segment was $680.4 million in the second quarter of 2026, compared to $231.8 million in the second quarter of 2025.

Refining segment Adjusted EBITDA was $552.0 million in the second quarter of 2026, compared to $108.4 million in the second quarter of 2025. Refining segment throughput was 181 thousand barrels per day (Mbpd) for the second quarter of 2026, compared to 187 Mbpd for the second quarter of 2025.

Hawaii
The Hawaii Index averaged $46.06 per barrel in the second quarter of 2026, compared to $8.57 per barrel in the second quarter of 2025. Throughput in the second quarter of 2026 was 73 Mbpd, compared to 88

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Mbpd for the same quarter in 2025. Production costs were $6.43 per throughput barrel in the second quarter of 2026, compared to $4.18 per throughput barrel in the same period of 2025.

The Hawaii refinery’s Adjusted Gross Margin was $57.00 per barrel during the second quarter of 2026, including a net price lag impact of approximately $76.5 million, or $11.49 per barrel, compared to Adjusted Gross Margin of $10.18 per barrel during the second quarter of 2025.

The net price lag impact reflects the Hawaii refinery's contractual sales volumes that are priced based on prior-month and prior-week average market prices. The second quarter 2026 net price lag benefit was driven by lower refined product prices in June relative to March, partially reversing the negative net price lag impact recognized in the first quarter of 2026 as refined product prices increased rapidly. In general, declining refined product prices produce a positive net price lag impact, while rising prices produce a negative net price lag impact.

Montana
The Montana Index averaged $25.76 per barrel in the second quarter of 2026, compared to $20.29 per barrel in the second quarter of 2025. The Montana refinery’s throughput in the second quarter of 2026 was 53 Mbpd, compared to 44 Mbpd for the same quarter in 2025. Production costs were $10.16 per throughput barrel in the second quarter of 2026, compared to $14.18 per throughput barrel in the same period of 2025.

The Montana refinery’s Adjusted Gross Margin was $37.22 per barrel during the second quarter of 2026, compared to $22.30 per barrel during the second quarter of 2025.

Washington
The Washington Index averaged $20.27 per barrel in the second quarter of 2026, compared to $15.37 per barrel in the second quarter of 2025. The Washington refinery’s throughput was 41 Mbpd in the second quarter of 2026, compared to 41 Mbpd in the second quarter of 2025. Production costs were $4.21 per throughput barrel in the second quarter of 2026, compared to $3.73 per throughput barrel in the same period of 2025.

The Washington refinery’s Adjusted Gross Margin was $20.31 per barrel during the second quarter of 2026, compared to $11.47 per barrel during the second quarter of 2025.

Wyoming
The Wyoming Index averaged $28.73 per barrel in the second quarter of 2026, compared to $21.41 per barrel in the second quarter of 2025. The Wyoming refinery’s throughput was 14 Mbpd in the second quarter of 2026, compared to 13 Mbpd in the second quarter of 2025. Production costs were $15.28 per throughput barrel in the second quarter of 2026, compared to $14.50 per throughput barrel in the same period of 2025.

The Wyoming refinery's Adjusted Gross Margin was $34.03 per barrel during the second quarter of 2026, including a FIFO impact of approximately $(3.2) million, or $(2.48) per barrel, compared to Adjusted Gross Margin of $18.57 per barrel during the second quarter of 2025.

Retail
The Retail segment reported operating income of $14.6 million in the second quarter of 2026, compared to $20.8 million in the second quarter of 2025. Adjusted Gross Margin for the Retail segment was

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$40.7 million in the second quarter of 2026, compared to $43.6 million in the same quarter of 2025.

Retail segment Adjusted EBITDA was $17.3 million in the second quarter of 2026, compared to $23.3 million in the second quarter of 2025. The Retail segment reported fuel sales volumes of 30.7 million gallons in the second quarter of 2026, compared to 30.8 million gallons in the same quarter of 2025. Second quarter 2026 same store fuel volumes declined by 0.8% and inside sales revenue increased by 1.0% compared to the second quarter of 2025.

Logistics
The Logistics segment reported operating income of $22.5 million in the second quarter of 2026, compared to $23.7 million in the second quarter of 2025. Adjusted Gross Margin for the Logistics segment was $35.1 million in the second quarter of 2026, compared to $34.4 million in the same quarter of 2025.

Logistics segment Adjusted EBITDA was $29.8 million in the second quarter of 2026, compared to $29.8 million in the second quarter of 2025.

Liquidity
Net cash provided by operations totaled $282.6 million for the three months ended June 30, 2026, including working capital outflows of $(312.2) million and deferred turnaround expenditures of $(19.5) million. Excluding these items, net cash provided by operations was $614.3 million for the three months ended June 30, 2026. We expect a substantial portion of these working capital outflows to reverse as commodity prices normalize and Hawaii inventory returns to more typical levels following the turnaround. Net cash provided by operations was $133.6 million for the three months ended June 30, 2025. Net cash used in investing activities totaled $(39.7) million for the three months ended June 30, 2026, consisting primarily of capital expenditures, compared to $(45.9) million for the three months ended June 30, 2025. Net cash used in financing activities totaled $(223.0) million for the three months ended June 30, 2026, compared to net cash used in financing activities of $(52.3) million for the three months ended June 30, 2025.
At June 30, 2026, Par Pacific’s cash balance totaled $185.0 million. Gross term debt was $505.7 million and net term debt was $320.7 million at June 30, 2026. Total liquidity was $1.4 billion at June 30, 2026.

Laramie Energy
During the second quarter of 2026, Par Pacific recorded $(1.7) million of equity losses related to Laramie Energy, LLC (“Laramie”). Laramie’s total net loss was $(6.7) million in the second quarter of 2026, including unrealized losses on derivatives of $(7.2) million, compared to a net income of $0.5 million in the second quarter of 2025. Laramie’s total Adjusted EBITDAX was $17.9 million in the second quarter of 2026, compared to $12.4 million in the second quarter of 2025.

Conference Call Information
A conference call is scheduled for Wednesday, August 5, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-800-715-9871 inside the U.S. or 1-646-307-1963 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until August 19, 2026, and may be accessed by calling 1-800-770-2030 inside the U.S. or 1-609-800-9909 outside the U.S. and using the conference ID 5483514.


3


About Par Pacific
Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

Forward-Looking Statements
This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the commercial and other benefits anticipated from the Hawaii renewable fuels joint venture; and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, military conflicts in the Middle East, the political activity in Venezuela, Houthi related disruptions in the Red Sea, the ongoing military conflict with Iran and disruptions in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; the impacts of tariffs; potential operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should any of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.


4


Contact:
Ashimi Patel Vitter
VP, Investor Relations & Sustainability
(832) 916-3355
ir@parpacific.com

5


Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues$2,968,869 $1,893,438 $4,792,619 $3,638,474 
Operating expenses
Cost of revenues (excluding depreciation)2,116,189 1,593,479 3,674,693 3,152,839 
Operating expense (excluding depreciation)157,122 148,680 299,640 292,834 
Depreciation and amortization36,454 34,712 70,914 71,298 
General and administrative expense (excluding depreciation)28,047 23,648 52,922 47,891 
Equity earnings from refining and logistics investments(7,468)(7,305)(13,297)(14,819)
Acquisition and integration costs
— — 64 — 
Par West redevelopment and other costs3,676 4,690 6,661 8,672 
Other operating loss (gain), net296 (1,226)1,147 (1,225)
Total operating expenses2,334,316 1,796,678 4,092,744 3,557,490 
Operating income634,553 96,760 699,875 80,984 
Other income (expense)
Interest expense and financing costs, net(14,268)(22,106)(30,202)(43,954)
Debt extinguishment and commitment costs(11,461)— (11,523)(25)
Other expense, net(171)(163)(185)(534)
Equity earnings (losses) from Laramie Energy, LLC(1,666)1,856 7,513 2,582 
Total other expense, net(27,566)(20,413)(34,397)(41,931)
Income before income taxes606,987 76,347 665,478 39,053 
Income tax expense(144,046)(16,887)(156,386)(9,993)
Net income462,941 59,460 509,092 29,060 
Less:
Net income (loss) attributable to noncontrolling interest810 — (7,489)— 
Net income attributable to Par Pacific stockholders$462,131 $59,460 $516,581 $29,060 
Weighted-average shares outstanding
Basic48,509 50,373 48,460 52,052 
Diluted49,444 50,836 49,544 52,390 
Income attributable to Par Pacific stockholders per share
Basic$9.53 $1.18 $10.66 $0.56 
Diluted $9.35 $1.17 $10.43 $0.55 


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Balance Sheet Data
(Unaudited)
(in thousands)
June 30, 2026December 31, 2025
Balance Sheet Data
Cash and cash equivalents$184,997 $164,113 
Working capital (1)936,710 510,772 
ABL Credit Facility
243,000 175,000 
Term debt (2)
505,692 639,830 
Total debt, including current portion
739,198 802,870 
Total stockholders’ equity1,982,441 1,511,540 
______________________________________
(1)Working capital is calculated as (i) total current assets excluding cash and cash equivalents less (ii) total current liabilities excluding current portion of long-term debt. Total current assets include inventories stated at the lower of cost or net realizable value.
(2)Term debt includes the Senior Notes, Term Loan Credit Agreement, and other long-term debt.

Operating Statistics
The following table summarizes key operational data:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total Refining Segment
Feedstocks Throughput (Mbpd)
181.4 186.6 182.7 181.4 
Refined product sales volume (Mbpd)
201.3 204.5 195.1 194.6 
Adjusted Gross Margin per bbl ($/throughput bbl) (1)$41.22 $13.65 $26.17 $10.24 
Production costs per bbl ($/throughput bbl)7.71 7.20 7.32 7.30 
D&A per bbl ($/throughput bbl)1.61 1.47 1.57 1.56 
Hawaii Refinery
Feedstocks Throughput (Mbpd)73.2 88.1 81.4 83.8 
Yield (% of total throughput)
Gasoline and gasoline blendstocks27.2 %26.9 %28.0 %26.4 %
Distillates33.3 %40.4 %34.8 %37.6 %
Fuel oils34.3 %29.1 %32.2 %30.6 %
Other products2.6 %1.0 %2.3 %2.4 %
Total yield97.4 %97.4 %97.3 %97.0 %
Refined product sales volume (Mbpd)85.3 88.5 87.8 88.6 
Adjusted Gross Margin per bbl ($/throughput bbl) (1)
$57.00 $10.18 $32.96 $9.57 
Production costs per bbl ($/throughput bbl)6.43 4.18 5.47 4.48 
D&A per bbl ($/throughput bbl)0.64 0.25 0.43 0.24 

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Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Montana Refinery
Feedstocks Throughput (Mbpd)
52.7 44.2 54.8 48.0 
Yield (% of total throughput)
Gasoline and gasoline blendstocks47.5 %45.3 %47.1 %45.3 %
Distillates36.0 %30.4 %35.7 %31.5 %
Asphalt7.9 %13.9 %8.6 %12.5 %
Other products3.6 %4.3 %3.4 %3.7 %
Total yield95.0 %93.9 %94.8 %93.0 %
Refined product sales volume (Mbpd)
56.2 55.6 53.5 51.5 
Adjusted Gross Margin per bbl ($/throughput bbl) (1)
$37.22 $22.30 $21.57 $13.02 
Production costs per bbl ($/throughput bbl)10.16 14.18 9.58 12.22 
D&A per bbl ($/throughput bbl)2.66 2.83 2.61 2.56 
Washington Refinery
Feedstocks Throughput (Mbpd)41.2 40.8 32.1 39.7 
Yield (% of total throughput)
Gasoline and gasoline blendstocks24.2 %23.1 %24.1 %23.7 %
Distillates34.7 %35.2 %34.1 %35.5 %
Asphalt19.9 %18.8 %19.2 %17.1 %
Other products18.2 %19.5 %19.4 %20.1 %
Total yield97.0 %96.6 %96.8 %96.4 %
Refined product sales volume (Mbpd)40.7 45.7 35.6 41.1 
Adjusted Gross Margin per bbl ($/throughput bbl) (1)
$20.31 $11.47 $16.02 $6.94 
Production costs per bbl ($/throughput bbl)4.21 3.73 5.40 3.94 
D&A per bbl ($/throughput bbl)1.43 1.91 1.99 1.96 

8


Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Wyoming Refinery
Feedstocks Throughput (Mbpd)14.3 13.5 14.4 9.9 
Yield (% of total throughput)
Gasoline and gasoline blendstocks46.2 %44.1 %47.5 %46.1 %
Distillates44.2 %47.3 %44.1 %46.8 %
Fuel oils3.8 %3.5 %3.0 %3.1 %
Other products2.8 %3.1 %2.4 %2.4 %
Total yield97.0 %98.0 %97.0 %98.4 %
Refined product sales volume (Mbpd)19.1 14.7 18.2 13.4 
Adjusted Gross Margin per bbl ($/throughput bbl) (1)
$34.03 $18.57 $30.49 $19.01 
Production costs per bbl ($/throughput bbl)15.28 14.50 13.52 20.81 
D&A per bbl ($/throughput bbl)3.27 3.64 3.16 6.37 
Market Indices (average $ per barrel)
Hawaii Index$46.06 $8.57 $38.62 $8.35 
Montana Index25.76 20.29 15.36 13.72 
Washington Index20.27 15.37 14.27 9.79 
Wyoming Index28.73 21.41 24.04 20.86 
Combined Index32.94 13.76 26.11 10.59 
Market Cracks (average $ per barrel)
Singapore 3.1.2 Product Crack$49.99 $13.56 $43.04 $13.34 
Montana 6.3.2.1 Product Crack36.64 29.00 25.92 23.04 
Washington 3.1.1.1 Product Crack
33.75 24.16 25.20 18.12 
Wyoming 2.1.1 Product Crack
36.77 22.68 29.54 22.21 
Crude Oil Prices (average $ per barrel)
Brent$96.68 $66.71 $87.58 $70.82 
WTI92.70 63.68 82.74 67.53 
ANS (-) Brent13.07 3.67 8.02 2.93 
Bakken Guernsey (-) WTI4.03 (1.00)2.12 (1.40)
Bakken Williston (-) WTI4.63 (2.20)1.56 (2.64)
WCS Hardisty (-) WTI(14.15)(9.41)(13.95)(10.92)
MSW (-) WTI1.78 (1.67)(0.62)(3.42)
Syncrude (-) WTI8.93 2.17 4.80 0.11 
Brent M1-M36.76 1.42 5.33 1.32 
Retail Segment
Retail sales volumes (thousands of gallons)30,709 30,848 58,773 60,279 
_______________________________________
(1)We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method. Total Refining Segment Adjusted Gross Margin per barrel is presented net of intercompany profit in inventory of ($0.11) per barrel and $0.29 per barrel for the three months ended June 30, 2026 and 2025, respectively, and $0.20 per barrel and $0.19 per barrel for the six months ended June 30, 2026 and 2025, respectively, which represents margin on intercompany sales where the inventory remains on our condensed consolidated balance sheet at period end.    

9


Non-GAAP Performance Measures
Management uses certain financial measures and forecasts to evaluate our operating performance and allocate resources that are considered non-GAAP financial measures. The chief operating decision-maker (“CODM”) is the Chief Executive Officer (“CEO”), who uses certain non-GAAP financial measures and forecasts to allocate resources and evaluate our operating performance. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.
We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Operating expense includes certain shared costs such as finance, accounting, tax, human resources, information technology, and legal costs that are not directly attributable to specific operating segments. The criteria used to determine the allocation of these expenses generally reflect the time and resources required to provide the applicable service to other internal stakeholders. Remaining expenses are included in the reconciliation of reportable segment Adjusted EBITDA to consolidated pre-tax income (loss) as unallocated corporate general and administrative expenses.
Management, including the CODM, uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) attributable to Par Pacific stockholders, Adjusted EBITDA (as defined below) and Adjusted EBITDA by segment (as defined below) are useful supplemental financial measures that allow management and investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure.
Beginning with the financial results reported for the fourth quarter of 2025, Adjusted Net Income (Loss) attributable to Par Pacific stockholders excludes the portion of non-GAAP adjustments associated with the noncontrolling interest in our joint venture established on October 21, 2025. Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA by segment also excludes other operating gains and losses (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities). This modification improves comparability between periods by excluding non-cash gains and losses that do not reflect ongoing underlying business operations.
Beginning with the financial results reported for the fourth quarter of 2025, Adjusted EBITDA includes the Adjusted Net Income (Loss) attributable to noncontrolling interests associated with our joint venture established on October 21, 2025.
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.

10


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 June 30, 2026RefiningLogisticsRetail
Operating Income$629,916 $22,519 $14,553 
Operating expense (excluding depreciation)128,452 5,262 23,408 
Depreciation, depletion, and amortization26,652 6,142 2,759 
Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments
684 1,170 — 
Inventory valuation adjustment(35,704)— — 
Environmental obligation mark-to-market adjustments(41,243)— — 
Unrealized gain on derivatives(28,290)— — 
Par's portion of accounting policy differences from refining and logistics investments(183)— — 
Other operating loss, net144 — — 
Adjusted Gross Margin (1)$680,428 $35,093 $40,720 
Three months ended June 30, 2025RefiningLogisticsRetail
Operating Income$81,320 $23,741 $20,793 
Operating expense (excluding depreciation)123,597 4,797 20,286 
Depreciation, depletion, and amortization24,919 6,530 2,510 
Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments1,204 751 — 
Inventory valuation adjustment28,530 — — 
Environmental obligation mark-to-market adjustments1,360 — — 
Unrealized gain on derivatives(28,815)— — 
Par's portion of accounting policy differences from refining and logistics investments(526)— — 
Other operating loss (gain), net191 (1,417)— 
Adjusted Gross Margin (1)$231,780 $34,402 $43,589 

Six months ended June 30, 2026RefiningLogisticsRetail
Operating Income$686,232 $47,039 $27,558 
Operating expense (excluding depreciation)244,372 11,154 44,114 
Depreciation, depletion, and amortization52,073 11,942 5,194 
Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments1,611 2,252 — 
Inventory valuation adjustment(96,930)— — 
Environmental obligation mark-to-market adjustments(70,751)— — 
Unrealized loss on derivatives48,621 — — 
Par's portion of accounting policy differences from refining and logistics investments(595)— — 
Other operating loss, net870 125 — 
Adjusted Gross Margin (1)$865,503 $72,512 $76,866 

11


Six months ended June 30, 2025RefiningLogisticsRetail
Operating Income$56,599 $45,630 $36,754 
Operating expense (excluding depreciation)242,217 9,162 41,455 
Depreciation, depletion, and amortization51,316 13,349 5,172 
Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments2,356 1,717 — 
Inventory valuation adjustment16,843 — — 
Environmental obligation mark-to-market adjustments6,314 — — 
Unrealized gain on derivatives(38,257)— — 
Par's portion of accounting policy differences from refining and logistics investments(1,471)— — 
Other operating loss (gain), net191 (1,417)1 
Adjusted Gross Margin (1)$336,108 $68,441 $83,382 
________________________________________
(1)For the three and six months ended June 30, 2026 and 2025, there was no impairment expense in Operating income.

Adjusted Net Income (Loss) Attributable to Par Pacific Stockholders and Adjusted EBITDA
Adjusted Net Income (Loss) attributable to Par Pacific stockholders is defined as Net income (loss) attributable to Par Pacific stockholders excluding:
•
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;
•debt extinguishment and commitment costs;
•increase in (release of) tax valuation allowance and other deferred tax items;
•changes in the value of contingent consideration and common stock warrants;
•severance costs and other non-operating expense (income);
•impairment expense;
•impairment expense associated with our investment in Laramie Energy;
•
Par’s share of equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions;
•Par's portion of accounting policy differences from refining and logistics investments;
•other operating (gain) loss, net (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities); and
•noncontrolling interest impact of non GAAP adjustments.
Adjusted EBITDA is defined as Adjusted Net Income (Loss) attributable to Par Pacific stockholders plus Adjusted Net Loss attributable to noncontrolling interests excluding:
•D&A;
•interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain);
•
cash distributions from Laramie Energy, LLC to Par;
•
Par's portion of interest, taxes, and D&A expense from refining and logistics investments; and
•
income tax expense (benefit) excluding the increase in (release of) tax valuation allowance.

12


The following table presents a reconciliation of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA to the most directly comparable GAAP financial measure, Net income (loss) attributable to Par Pacific stockholders, on a historical basis for the periods indicated (in thousands):    
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income attributable to Par Pacific stockholders$462,131 $59,460 $516,581 $29,060 
Inventory valuation adjustment(35,704)28,530 (96,930)16,843 
Environmental obligation mark-to-market adjustments(41,243)1,360 (70,751)6,314 
Unrealized loss (gain) on derivatives(28,892)(28,166)47,987 (37,523)
Acquisition and integration costs— — 64 — 
Par West redevelopment and other costs3,676 4,690 6,661 8,672 
Debt extinguishment and commitment costs11,461 — 11,523 25 
Changes in valuation allowance and other deferred tax items (1)122,340 15,473 132,968 8,579 
Severance costs and other non-operating expense (2)13 552 66 1,278 
Equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions1,666 (1,856)(7,513)(2,582)
Par's portion of accounting policy differences from refining and logistics investments(183)(526)(595)(1,471)
Other operating loss (gain), net296 (1,226)1,147 (1,225)
Noncontrolling interest impact of non-GAAP adjustments3,630 — (3,475)— 
Adjusted Net Income attributable to Par Pacific stockholders (3) 499,191 78,291 537,733 27,970 
Adjusted Net Loss attributable to noncontrolling interests (4)(2,820)— (4,014)— 
Depreciation, depletion, and amortization36,454 34,712 70,914 71,298 
Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain)14,870 21,457 30,836 43,220 
Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments1,854 1,955 3,863 4,073 
Income tax expense21,706 1,414 23,418 1,414 
Adjusted EBITDA (3)$571,255 $137,829 $662,750 $147,975 
___________________________________
(1)For the three and six months ended June 30, 2026, we recognized a non-cash deferred tax expense of $122.3 million and $133.0 million, respectively, driven by an increase in our 2026 taxable income. For the three and six months ended June 30, 2025, we recognized a non-cash deferred tax expense of $15.5 million and $8.6 million, respectively, related to deferred state and federal tax liabilities.
(2)For the six months ended June 30, 2025, we incurred $0.3 million of stock-based compensation expenses associated with equity awards modifications.
(3)For the three and six months ended June 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, cash distributions from Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA made during the reporting periods.
(4)Represents the amount necessary to reconcile Adjusted Net Income (Loss) attributable to Par Pacific stockholders to consolidated adjusted net income (loss) used in calculating Adjusted EBITDA. The amount equals net income (loss) attributable to noncontrolling interest minus the noncontrolling interest impact of non-GAAP adjustments.



13


The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) attributable to Par Pacific stockholders per share (in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Adjusted Net Income attributable to Par Pacific stockholders$499,191 $78,291 $537,733 $27,970 
Numerator for diluted income per common share$499,191 $78,291 $537,733 $27,970 
Basic weighted-average common shares outstanding
48,509 50,373 48,460 52,052 
Add dilutive effects of common stock equivalents (1)935 463 1,084 338 
Diluted weighted-average common shares outstanding
49,444 50,836 49,544 52,390 
Basic Adjusted Net Income attributable to Par Pacific stockholders per common share$10.29 $1.55 $11.10 $0.54 
Diluted Adjusted Net Income attributable to Par Pacific stockholders per common share$10.10 $1.54 $10.85 $0.53 

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 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.

14


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 June 30, 2026RefiningLogisticsRetailCorporate and Other
Operating income (loss) by segment$629,916 $22,519 $14,553 $(32,435)
Depreciation, depletion and amortization26,652 6,142 2,759 901 
Inventory valuation adjustment(35,704)— — — 
Environmental obligation mark-to-market adjustments(41,243)— — — 
Unrealized gain on commodity derivatives(28,290)— — — 
Acquisition and integration costs— — — — 
Par West redevelopment and other costs— — — 3,676 
Severance costs and other non-operating expense— 13 — — 
Par's portion of accounting policy differences from refining and logistics investments(183)— — — 
Other operating loss, net144 — — 152 
Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments684 1,170 — — 
Other loss, net— — — (171)
Adjusted EBITDA (1)$551,976 $29,844 $17,312 $(27,877)
Three Months Ended June 30, 2025RefiningLogisticsRetailCorporate and Other
Operating income (loss) by segment$81,320 $23,741 $20,793 $(29,094)
Depreciation, depletion and amortization24,919 6,530 2,510 753 
Inventory valuation adjustment28,530 — — — 
Environmental obligation mark-to-market adjustments1,360 — — — 
Unrealized gain on derivatives(28,815)— — — 
Acquisition and integration costs— — — — 
Par West redevelopment and other costs— — — 4,690 
Severance costs and other non-operating expense201 193 44 114 
Par's portion of accounting policy differences from refining and logistics investments(526)— — — 
Other operating loss (gain), net191 (1,417)— — 
Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments1,204 751 — — 
Other loss, net— — — (163)
Adjusted EBITDA (1)$108,384 $29,798 $23,347 $(23,700)

15


Six months ended June 30, 2026RefiningLogisticsRetailCorporate and Other
Operating income (loss) by segment$686,232 $47,039 $27,558 $(60,954)
Depreciation, depletion and amortization52,073 11,942 5,194 1,705 
Inventory valuation adjustment(96,930)— — — 
Environmental obligation mark-to-market adjustments(70,751)— — — 
Unrealized loss on derivatives48,621 — — — 
Acquisition and integration costs— — — 64 
Par West redevelopment and other costs— — — 6,661 
Severance costs and other non-operating expense— 13 53 — 
Par's portion of accounting policy differences from refining and logistics investments(595)— — — 
Other operating loss, net870 125 — 152 
Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments1,611 2,252 — — 
Other loss, net— — — (185)
Adjusted EBITDA (1)$621,131 $61,371 $32,805 $(52,557)
Six months ended June 30, 2025RefiningLogisticsRetailCorporate and Other
Operating income (loss) by segment$56,599 $45,630 $36,754 $(57,999)
Depreciation, depletion and amortization51,316 13,349 5,172 1,461 
Inventory valuation adjustment16,843 — — — 
Environmental obligation mark-to-market adjustments6,314 — — — 
Unrealized gain on derivatives(38,257)— — — 
Acquisition and integration costs— — — — 
Par West redevelopment and other costs— — — 8,672 
Severance costs and other non-operating expense201 193 44 840 
Par's portion of accounting policy differences from refining and logistics investments(1,471)— — — 
Other operating loss (gain), net191 (1,417)1 — 
Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments2,356 1,717 — — 
Other loss, net— — — (534)
Adjusted EBITDA (1)$94,092 $59,472 $41,971 $(47,560)
________________________________________
(1)For the three and six months ended June 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.


16


Laramie Energy Adjusted EBITDAX
Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative (income) loss, gain (loss) on settled derivative instruments, interest expense (income) and loan fees, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, bonus accrual, equity-based compensation expense, phantom units, expired acreage (non-cash), and other non-operating expenses. We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.
The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income (loss)$(6,677)$527 $10,222 $(539)
Commodity derivative (income) loss(6,593)(3,356)(21,320)6,501 
Gain (loss) on settled derivative instruments13,777 4,243 16,467 (1,455)
Interest expense and loan fees4,695 4,712 9,333 9,323 
Gain on contingency— (294)— (294)
Depreciation, depletion, amortization, and accretion11,142 8,171 20,355 15,970 
Phantom units1,333 (1,756)2,070 (3,270)
Expired acreage (non-cash)207 132 655 228 
Other non-operating expenses
26 — 26 — 
Total Adjusted EBITDAX (1)
$17,910 $12,379 $37,808 $26,464 
________________________________________
(1)For the three and six months ended June 30, 2026 and 2025, there was no gain on extinguishment of debt, non-cash preferred dividend, bonus accrual, or equity-based compensation expense.

17

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