When Fuel Gets Too Expensive, Par Pacific's Boom And The Risk Behind It

Par Pacific Holdings is benefiting from a refining margin super cycle, driving record profits, especially due to its dominant Hawaii position. PARR's Q2 2026 adjusted EBITDA surged to $571 million, with system-wide margin capture at 125%, far exceeding historical and peer averages. Despite current profitability, PARR trades at low multiples, reflecting market skepticism about the sustainability of these cycle-peak earnings.