Par Pacific Holdings' stock experienced a significant 24-hour plunge of 8.60% in pre-market trading on Wednesday, following the release of the company's fourth-quarter financial results.

The sharp decline appears to be driven by the company's quarterly earnings report, which showed that Par Pacific missed analyst estimates on key profitability metrics. The company reported adjusted earnings per share of $1.17, falling short of the consensus estimate of $1.27. Additionally, adjusted EBITDA of $113.1 million came in below the expected $124.1 million.

While the company's quarterly revenue of $1.813 billion exceeded estimates, the misses on profitability measures likely prompted investor concern. The earnings release also detailed full-year 2025 results and provided updates on the company's share repurchase program and Hawaii renewable fuels project.