Segment Information

12 Months Ended

Dec. 31, 2025

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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

PAR PACIFIC HOLDINGS, INC. 10-K