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Par Pacific Holdings, Inc. supplies gasoline, diesel, jet fuel and other refined products to wholesale and bulk buyers. Refining generates most of its revenue. Its refineries in Hawaii, Montana, Washington and Wyoming buy all their crude oil from outside suppliers and serve regional markets, with Hawaii production serving the islands and mainland production mainly serving the western United States. It sells primarily through short-term contracts or on the spot market. One unnamed refining customer accounts for a significant minority of company revenue, although its overall customer base is diverse.
The company also sells fuel directly to motorists and merchandise to convenience-store shoppers in Hawaii, Washington and Idaho, using Hele, nomnom and 76-branded locations. Its transport and storage network moves crude to refineries and finished products to buyers and its own retail outlets. This network mainly supports the company's own fuel business rather than generating sales to outside customers.
Earnings depend heavily on the gap between the cost of purchased crude and the selling price of refined products, as well as fuel demand in its regional markets. Under the federal Renewable Fuel Standard, Par Pacific must blend renewable fuels into its transportation fuels or buy compliance credits, adding a cost to supplying petroleum fuels.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
HF Sinclair competes with Par Pacific for transportation-fuel buyers: its Puget Sound and Wyoming refineries serve the same regional markets as Par Pacific’s Washington, Montana and Wyoming plants. Watch its gasoline, diesel and jet-fuel business for signs of Pacific Northwest and Rocky Mountain demand and refining margins.
PBF Energy and Par Pacific compete for wholesale buyers in overlapping western U.S. markets, turning crude into gasoline, diesel and jet fuel. PBF’s West Coast refining business is the relevant comparison for transportation-fuel demand and the margin between fuel prices and crude costs.
Marathon Petroleum competes with Par Pacific for western U.S. wholesale and retail customers buying gasoline, diesel and jet fuel, exposing both to transportation-fuel demand and refining margins.
Phillips 66 competes with Par Pacific for transportation-fuel buyers in the Rocky Mountain and Pacific Northwest regions; both refine crude and market the resulting fuels, tying their businesses to regional fuel demand and refining margins.
Valero Energy competes with Par Pacific to sell gasoline, diesel and jet fuel to wholesale buyers, including in overlapping western U.S. markets. Those fuel sales give both exposure to transportation demand and refining margins.
Delek US and Par Pacific both buy crude and turn it into transportation fuels, so their refining earnings depend on fuel selling prices relative to feedstock costs. Delek’s sales to mainly inland U.S. transportation and industrial customers offer a comparison for that refining exposure, rather than a direct match for Par Pacific’s regional markets.
CVR Energy and Par Pacific both refine crude into transportation fuels for sale, leaving profits sensitive to crude costs, fuel-price spreads and the cost of meeting Renewable Fuel Standard obligations. Watch CVR’s petroleum-segment compliance costs alongside fuel margins; Par Pacific had not assumed exemption relief for its 2025 obligation as of December 31, 2025.
Cenovus Energy’s heavy-oil refining business shares Par Pacific’s exposure to fuel margins and the Canadian crude discounts relevant to its Montana refinery, producing gasoline, diesel and jet fuel for sale. Watch Cenovus’s refining margins rather than its overall earnings: its own oil production partly offsets the effect of heavy-crude discounts.
EIA Crude Oil Stocks Change (Oct/16)
For Par Pacific, weekly counts of U.S. crude oil and gasoline in storage signal shifts in crude supply and fuel-market balance that can change what its refineries pay for crude and receive for gasoline, affecting refining margins.
Read the inventory change as a signal of supply balance: rising crude or gasoline stocks point to looser supply and possible downward pressure on costs and selling prices; falling stocks point to tighter supply and possible upward pressure. For Par Pacific’s refineries, the effect on margins depends on whether crude costs or product prices move more.
HF Sinclair Corporation earningsDINO
HF Sinclair's report will show how fuel demand and refining margins are changing in the Pacific Northwest and Rocky Mountain markets that Par Pacific also serves.
Focus on gasoline, diesel and jet-fuel sales and refining margins at HF Sinclair's Puget Sound and Wyoming refineries. Stronger sales and wider margins suggest firmer regional demand and better pricing for Par Pacific too; weaker sales or narrower margins point to more pressure on its fuel business in Washington, Montana and Wyoming.
Par Pacific Holdings, Inc. earningsThis company
Par Pacific's report will show whether the prices it gets for gasoline, diesel and other fuels cover the crude and operating costs of making them.
Read refining adjusted gross margin per barrel alongside crude throughput. A higher margin with steady throughput means the refineries earned more per barrel at a similar processing rate; a narrower margin or falling throughput points to weaker fuel-versus-crude pricing or operating disruption, either of which weighs on refining earnings. Also separate any small-refinery exemption effects from recurring refining performance.
