It has been about a month since the last earnings report for Par Petroleum (PARR Quick QuotePARR - Free Report) . Shares have lost about 8.2% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Par Petroleum due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Par Pacific Holdings, Inc. before we dive into how investors and analysts have reacted as of late.

Par Pacific Misses on Q1 Earnings Estimateas

Par Pacific reported adjusted earnings of 78 cents per share, missing the Zacks Consensus Estimate of $1.05 by 25.7%. The bottom line improved from an adjusted loss of 94 cents per share in the year-ago quarter.

Quarterly revenues were $1.8 billion, up 4.5% from the year-ago figure of $1.7 million. The top line missed the Zacks Consensus Estimate of $1.9 billion by 5.3%.

Management credited stronger market conditions and reliability across the system, while the lower-than-expected quarterly earnings were tied to margin realization dynamics rather than volumes.

PARR Segment Revenue Mix Remains Refining-Heavy

Segment revenues for the quarter were $1.8 billion in Refining, $76.8 million in Logistics and $133.1 million in Retail. In the year-ago quarter, the company recorded refining revenues of $1.7 billion, logistics revenues of $71.4 million and retail revenues of $136.4 million.

The year-over-year revenue increase reflected stronger product pricing and higher refining volumes. Retail revenues declined due to softer fuel and merchandise trends, while Logistics improved on higher utilization across key assets.

Par Pacific Results Mixed as Reported Profit Rose Y/Y

Adjusted EBITDA for the reported quarter was $91.5 million, a sharp increase from $10.1 million in the first quarter of 2025.

PARR reported net income attributable to stockholders of $54.5 million, or $1.10 per share, against a net loss of $30.4 million or 57 cents per share, in the prior-year quarter. On an adjusted basis, net income attributable to stockholders was $38.5 million against an adjusted net loss of $50.3 million a year ago.

PARR’s Refining Gains Tempered by Price Lag

The Refining segment produced operating income of $56.3 million against an operating loss of $24.7 million a year earlier. Refining adjusted EBITDA was $69.2 million, supported by higher benchmark indices and improved execution across the footprint.

The Hawaii Index averaged $31.11 per barrel compared with $8.13 per barrel a year ago, while Hawaii feedstocks throughput increased to 89.8 thousand barrels per day (Mbpd) from 79.4 Mbpd. Hawaii refined product sales volume was 90.4 Mbpd, higher than the 88.6 Mbpd recorded in the first quarter of 2025. The Hawaii refinery’s adjusted gross margin was $13.10 per barrel compared with $8.90 per barrel a year ago. Hawaii’s first-quarter 2026 adjusted gross margin included a net price lag impact of approximately $125.5 million, which reduced the quarter’s adjusted gross margin.

The Montana Index averaged $4.84 per barrel, lower than the $7.07 per barrel a year ago. Montana feedstock throughput increased to 56.9 Mbpd from 51.7 Mbpd in the prior-year quarter. Montana refined product sales volume was 50.7 Mbpd, higher than the 47.4 Mbpd recorded in the first quarter of 2025. The Montana refinery’s adjusted gross margin was $6.93 per barrel compared with $5.04 per barrel a year ago.

The Washington Index averaged $8.20 per barrel, higher than the $4.15 per barrel a year ago. Washington feedstock throughput declined to 23 Mbpd from 38.6 Mbpd in the prior-year quarter. Washington refined product sales volume was 30.4 Mbpd, lower than the 36.5 Mbpd recorded in the first quarter of 2025. The Washington refinery’s adjusted gross margin increased to $8.17 per barrel from the year-ago quarter’s figure of $5.04 per barrel.

The Wyoming Index averaged $19.30 per barrel compared with $20.31 per barrel a year ago, while Wyoming feedstock throughput increased to 14.6 Mbpd from 6.3 Mbpd. Wyoming refined product sales volume was 17.3 Mbpd, higher than the 12.1 Mbpd recorded in the first quarter of 2025. The Wyoming refinery’s adjusted gross margin was $26.79 per barrel, higher than $19.83 per barrel a year ago.

Par Pacific Retail Softened on Lower Fuel Economics

The Retail segment generated operating income of $13.0 million, down from $16.0 million in the first quarter of 2025. Retail adjusted EBITDA was $15.5 million compared with $18.6 million a year ago, as fuel margins compressed amid rapidly rising wholesale prices during the quarter.

Sales volume also declined. Retail fuel sales volume totaled 28.1 million gallons compared with 29.4 million gallons in the year-ago quarter. Same-store fuel volumes declined 3.3% and inside sales revenue decreased 1.0%, reflecting shifting consumer refueling patterns and the impact of flooding-related closures in Hawaii.

PARR Logistics Showed Stability

Logistics continued to provide a steadier earnings contribution. Segment operating income increased to $24.5 million from $21.9 million a year ago, while Logistics adjusted EBITDA rose to $31.5 million from $29.7 million, driven by increased throughput activity across Wyoming, Hawaii and Montana.

Par Pacific’s Cash Flow

Net cash used in operations was $40.7 million, including working capital outflows of $184.8 million and deferred turnaround expenditures of $17.9 million. Excluding those items, net cash provided by operations was $162.0 million.

Balance Sheet of PARR

As of March 31, 2026, the company reported $637.9 million in long-term debt, net of current maturities. Its cash, cash equivalents and restricted cash totaled $172.5 million and total liquidity was $937.7 million.

Par Pacific Outlook Highlights Stronger Margin Backdrop

Management emphasized an improving market setup entering the second quarter. On the earnings call, the company noted that April consolidated refining indices averaged $42 per barrel, up $23 per barrel compared with the first quarter, pointing to stronger distillate-led margins.

Par Pacific expects second-quarter throughput to remain near first-quarter levels, with Hawaii projected to be in the range of 77-81 Mbpd due to a planned turnaround beginning in late June that is expected to last 30 to 45 days. The company expects Washington throughput to be in the range of 40-42 Mbpd.

Driven by scheduled April maintenance across the Rockies system, PARR projects Wyoming quarterly throughput to be between 14Mbpd and 16 Mbpd, and Montana throughput in the range of 45Mbpd to 49 Mbpd, resulting in a system-wide midpoint of 182 Mbpd. Due to operational optimizations and inventory building, Renewables sales volumes and earnings are expected to remain modest in the second quarter, with significant growth expected in the second half of 2026 following the Hawaii turnaround.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a flat trend in fresh estimates.

VGM Scores

Currently, Par Petroleum has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. However, the stock has a grade of A on the value side, putting it in the top quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Par Petroleum has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Par Petroleum belongs to the Zacks Oil and Gas - Refining and Marketing industry. Another stock from the same industry, PBF Energy (PBF Quick QuotePBF - Free Report) , has gained 2.3% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

PBF Energy reported revenues of $7.9 billion in the last reported quarter, representing a year-over-year change of +11.9%. EPS of -$0.88 for the same period compares with -$3.09 a year ago.

PBF Energy is expected to post earnings of $3.20 per share for the current quarter, representing a year-over-year change of +410.7%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for PBF Energy. Also, the stock has a VGM Score of A.