Par Pacific's stock plummeted 11.14% in pre-market trading on Wednesday following the release of its first-quarter 2026 financial results.

The company reported adjusted earnings per share of $0.78, missing the $0.81 analyst estimate. Other key profitability metrics also fell short of expectations, with adjusted EBITDA coming in at $91.5 million versus the $99.9 million forecast and adjusted net income at $38.5 million compared to the $49.1 million estimate.

While revenue of $1.82 billion exceeded the $1.77 billion consensus, investors focused on the profit shortfalls. The company noted that Hawaii refinery margins were negatively affected by a net price lag, where contractual sales pricing trailed rapidly rising refined product prices. Additionally, the retail segment saw declines in operating income, gross margin, and sales volumes from the prior year.