Par Pacific Holdings announced that Laramie Energy, in which it holds a 46% non-controlling interest, entered into a definitive agreement to sell substantially all of its oil and gas assets for $485 million in cash. The transaction includes potential earn-out payments of up to $65 million. Par Pacific expects to receive approximately $146 million from the sale, net of debt repayment and fees, with about $27.5 million payable on the fifth anniversary. Additionally, Par Pacific is eligible for up to $30 million in earn-outs. The company will exit its investment in Laramie Energy upon closing, which is expected by the end of 2026 subject to regulatory approvals. Par Pacific operates as an energy company providing renewable and conventional fuels across the western United States.

Par Pacific Holdings reported second quarter 2026 net income attributable to stockholders of $462.1 million, or $9.35 per diluted share, compared to $59.5 million in the prior year period. Adjusted Net Income was $499.2 million and Adjusted EBITDA reached $571.3 million. The company completed a $500 million Senior Unsecured Notes offering, reducing term debt by more than $130 million. Refining segment operating income surged to $629.9 million from $81.3 million year-over-year, driven by strong margins across its Hawaii, Montana, Washington, and Wyoming facilities. The Hawaii turnaround was substantially complete with most processing units online. Par Pacific operates in the energy sector, owning and managing refining capacity, logistics infrastructure, and retail fuel stations.