PAR PACIFIC HOLDINGS, INC.PARR
PAR PACIFIC HOLDINGS, INC. Segments Disclosure
Segment Information
We report the results for the following four reportable segments: (i) Refining, (ii) Logistics, (iii) Retail, and (iv) Corporate and Other.
Our CODM is the Chief Executive Officer, who regularly uses the operating results of these segments, including Adjusted Gross Margin and Adjusted EBITDA, to assess their performance and make decisions about resources to be allocated to the segments. The nearest U.S. GAAP equivalents, gross margin and Operating income, are presented below.
General and administrative expense includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs that are not directly attributable to each operating segment. These expenses are, in general, allocated based on the time and resources spent to provide those individual services. The remaining non-operating expenses are included in the reconciliation of reportable segment to consolidated Net income (loss) as unallocated expenses.
Summarized financial information concerning reportable segments consists of the following (in thousands):
| Year Ended December 31, 2025 | Refining | Logistics | Retail | Corporate, Eliminations and Other (1) | Total | |||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||
| Fuel revenue | $ | 7,018,088 | $ | — | $ | 468,496 | $ | (332,908) | $ | 7,153,676 | ||||||||||||||||||||||
| Other revenue | 188,057 | 298,442 | 108,233 | (283,758) | 310,974 | |||||||||||||||||||||||||||
Total revenues | 7,206,145 | 298,442 | 576,729 | $ | (616,666) | 7,464,650 | ||||||||||||||||||||||||||
Cost of revenues (excluding depreciation) | ||||||||||||||||||||||||||||||||
| Refining intercompany logistics costs | 283,515 | — | — | (283,515) | — | |||||||||||||||||||||||||||
| Other cost of revenues (excluding depreciation) | 5,873,329 | 163,515 | 406,287 | (333,309) | 6,109,822 | |||||||||||||||||||||||||||
| Total cost of revenues (excluding depreciation) | 6,156,844 | 163,515 | 406,287 | (616,824) | 6,109,822 | |||||||||||||||||||||||||||
Operating expense (excluding depreciation) | 481,597 | 21,478 | 84,590 | — | 587,665 | |||||||||||||||||||||||||||
| Depreciation and amortization | 104,385 | 26,040 | 10,791 | 3,109 | 144,325 | |||||||||||||||||||||||||||
| General and administrative expense (excluding depreciation) | — | — | — | 98,450 | 98,450 | |||||||||||||||||||||||||||
| Equity earnings from refining and logistics investments | (17,548) | (8,730) | — | (26,278) | ||||||||||||||||||||||||||||
| Acquisition and integration costs | — | — | — | 4,335 | 4,335 | |||||||||||||||||||||||||||
| Par West redevelopment and other costs | — | — | — | 14,793 | 14,793 | |||||||||||||||||||||||||||
| Other operating loss (gain), net | (6,165) | (1,419) | 355 | 9 | (7,220) | |||||||||||||||||||||||||||
| Operating income (loss) | $ | 487,032 | $ | 97,558 | $ | 74,706 | $ | (120,538) | $ | 538,758 | ||||||||||||||||||||||
| Interest expense and financing costs, net | (82,383) | |||||||||||||||||||||||||||||||
| Debt extinguishment and commitment costs | (1,147) | |||||||||||||||||||||||||||||||
| Other expense, net | (665) | |||||||||||||||||||||||||||||||
| Equity earnings from Laramie Energy, LLC | 23,308 | |||||||||||||||||||||||||||||||
| Income before income taxes | 477,871 | |||||||||||||||||||||||||||||||
| Income tax expense | (110,783) | |||||||||||||||||||||||||||||||
| Net income | 367,088 | |||||||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interest | (2,303) | |||||||||||||||||||||||||||||||
| Net income attributable to Par Pacific stockholders | $ | 369,391 | ||||||||||||||||||||||||||||||
| Total assets (2) | $ | 2,904,457 | $ | 620,078 | $ | 222,360 | $ | 86,794 | $ | 3,833,689 | ||||||||||||||||||||||
| Goodwill | 39,821 | 55,232 | 32,223 | — | 127,276 | |||||||||||||||||||||||||||
| Capital expenditures | 113,583 | 22,882 | 10,657 | 1,751 | 148,873 | |||||||||||||||||||||||||||
________________________________________________________
(1)Includes eliminations of intersegment revenues and cost of revenues of $616.7 million for the year ended December 31, 2025.
(2)Refining segment includes $130.3 million of renewables fuels facility assets for the year ended December 31, 2025.
| Year Ended December 31, 2024 | Refining | Logistics | Retail | Corporate, Eliminations and Other (1) | Total | |||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||
| Fuel revenue | $ | 7,509,773 | $ | — | $ | 474,330 | $ | (355,072) | $ | 7,629,031 | ||||||||||||||||||||||
| Other revenue | 224,093 | 299,532 | 110,430 | (288,629) | 345,426 | |||||||||||||||||||||||||||
| Total revenues | 7,733,866 | 299,532 | 584,760 | $ | (643,701) | 7,974,457 | ||||||||||||||||||||||||||
| Cost of revenues (excluding depreciation) | ||||||||||||||||||||||||||||||||
| Refining intercompany logistics costs | 288,645 | — | — | (288,645) | — | |||||||||||||||||||||||||||
| Other cost of revenues (excluding depreciation) | 6,860,619 | 175,590 | 420,064 | (355,125) | 7,101,148 | |||||||||||||||||||||||||||
| Total cost of revenues (excluding depreciation) | 7,149,264 | 175,590 | 420,064 | (643,770) | 7,101,148 | |||||||||||||||||||||||||||
| Operating expense (excluding depreciation) | 479,737 | 15,676 | 88,869 | — | 584,282 | |||||||||||||||||||||||||||
| Depreciation and amortization | 91,108 | 27,033 | 11,037 | 2,412 | 131,590 | |||||||||||||||||||||||||||
| General and administrative expense (excluding depreciation) | — | — | — | 108,844 | 108,844 | |||||||||||||||||||||||||||
| Equity earnings from refining and logistics investments | (3,663) | (8,242) | — | (11,905) | ||||||||||||||||||||||||||||
| Acquisition and integration costs | — | — | — | 100 | 100 | |||||||||||||||||||||||||||
| Par West redevelopment and other costs | — | — | — | 12,548 | 12,548 | |||||||||||||||||||||||||||
| Other operating loss (gain), net | 8 | 124 | (10) | 100 | 222 | |||||||||||||||||||||||||||
| Operating income (loss) | $ | 17,412 | $ | 89,351 | $ | 64,800 | $ | (123,935) | $ | 47,628 | ||||||||||||||||||||||
| Interest expense and financing costs, net | (82,793) | |||||||||||||||||||||||||||||||
| Debt extinguishment and commitment costs | (1,688) | |||||||||||||||||||||||||||||||
| Other expense, net | (1,869) | |||||||||||||||||||||||||||||||
| Equity losses from Laramie Energy, LLC | (296) | |||||||||||||||||||||||||||||||
| Loss before income taxes | (39,018) | |||||||||||||||||||||||||||||||
| Income tax benefit | 5,696 | |||||||||||||||||||||||||||||||
| Net loss | (33,322) | |||||||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interest | — | |||||||||||||||||||||||||||||||
| Net loss attributable to Par Pacific stockholders | $ | (33,322) | ||||||||||||||||||||||||||||||
| Total assets | $ | 2,723,020 | $ | 693,177 | $ | 236,055 | $ | 177,119 | $ | 3,829,371 | ||||||||||||||||||||||
| Goodwill | 39,821 | 55,232 | 34,222 | — | 129,275 | |||||||||||||||||||||||||||
| Capital expenditures | 108,920 | 16,867 | 6,423 | 3,330 | 135,540 | |||||||||||||||||||||||||||
________________________________________________________
(1)Includes eliminations of intersegment revenues and cost of revenues of $643.7 million for the year ended December 31, 2024.
| For the year ended December 31, 2023 | Refining | Logistics | Retail | Corporate, Eliminations and Other (1) | Total | |||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||
Fuel revenue | $ | 7,821,130 | $ | — | $ | 487,709 | $ | (347,313) | $ | 7,961,526 | ||||||||||||||||||||||
Other revenue | 148,350 | 260,779 | 104,771 | (243,471) | 270,429 | |||||||||||||||||||||||||||
Total revenues | 7,969,480 | 260,779 | 592,480 | (590,784) | 8,231,955 | |||||||||||||||||||||||||||
| Cost of revenues (excluding depreciation) | ||||||||||||||||||||||||||||||||
Refining intercompany logistics costs | 243,537 | — | — | (243,537) | — | |||||||||||||||||||||||||||
Other cost of revenues (excluding depreciation) | 6,602,297 | 145,944 | 437,198 | (347,330) | 6,838,109 | |||||||||||||||||||||||||||
Total cost of revenues (excluding depreciation) | 6,845,834 | 145,944 | 437,198 | (590,867) | 6,838,109 | |||||||||||||||||||||||||||
| Operating expense (excluding depreciation) | 373,612 | 24,450 | 87,525 | — | 485,587 | |||||||||||||||||||||||||||
| Depreciation and amortization | 81,017 | 25,122 | 11,462 | 2,229 | 119,830 | |||||||||||||||||||||||||||
| General and administrative expense (excluding depreciation) | — | — | — | 91,447 | 91,447 | |||||||||||||||||||||||||||
| Equity earnings from refining and logistics investments | (7,363) | (4,481) | — | — | (11,844) | |||||||||||||||||||||||||||
| Acquisition and integration costs | — | — | — | 17,482 | 17,482 | |||||||||||||||||||||||||||
| Par West redevelopment and other costs | — | — | — | 11,397 | 11,397 | |||||||||||||||||||||||||||
| Other operating loss (gain), net | 219 | — | (308) | 30 | (59) | |||||||||||||||||||||||||||
| Operating income (loss) | $ | 676,161 | $ | 69,744 | $ | 56,603 | $ | (122,502) | $ | 680,006 | ||||||||||||||||||||||
| Interest expense and financing costs, net | (72,450) | |||||||||||||||||||||||||||||||
| Debt extinguishment and commitment costs | (19,182) | |||||||||||||||||||||||||||||||
| Other expense, net | (53) | |||||||||||||||||||||||||||||||
| Equity earnings from Laramie Energy, LLC | 24,985 | |||||||||||||||||||||||||||||||
| Income before income taxes | 613,306 | |||||||||||||||||||||||||||||||
| Income tax benefit | 115,336 | |||||||||||||||||||||||||||||||
| Net income | 728,642 | |||||||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interest | — | |||||||||||||||||||||||||||||||
| Net income attributable to Par Pacific stockholders | $ | 728,642 | ||||||||||||||||||||||||||||||
| Total assets | $ | 2,904,563 | $ | 530,214 | $ | 256,711 | $ | 172,462 | $ | 3,863,950 | ||||||||||||||||||||||
| Goodwill | 39,821 | 55,232 | 34,222 | — | 129,275 | |||||||||||||||||||||||||||
| Capital expenditures | 42,711 | 18,916 | 18,801 | 1,849 | 82,277 | |||||||||||||||||||||||||||
________________________________________________________
(1)Includes eliminations of intersegment revenues and cost of revenues of $590.8 million for the year ended December 31, 2023.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.