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Par Pacific Par Pacific Holdings Reports Third Quarter 2021 Results HOUSTON , Nov. 03 , 2021 ( GLOBE NEWSWIRE ) -- Par Pacific Holdings , Inc. ( NYSE : PARR ) ( " Par Pacific " or the " Company " ) today reported its financial results for the quarter ended September 30 , 2021 . Third Quarter 2021 Highlights . Record Quarterly Net Income of $ 81.8 million , or $ 1.37 per diluted share • Adjusted Net Income of $ 45.1 million , or $ 0.76 per diluted share • Adjusted EBITDA of $ 84.7 million • Financial results include a $ 29.1 million RINs mark - to - market ( MTM ) benefit related to the 2019 and 2020 compliance years Par Pacific reported net income of $ 81.8 million , or $ 1.37 per diluted share , for the quarter ended September 30 , 2021 , compared to a net loss of $ 14.3 million , or $ ( 0.27 ) per diluted share , for the same quarter in 2020. Third quarter 2021 Adjusted Net Income was $ 45.1 million , compared to Adjusted Net Loss of $ 56.5 million in the third quarter of 2020. Third quarter 2021 Adjusted EBITDA was $ 84.7 million , compared to $ ( 16.1 ) million in the third quarter of 2020. A reconciliation of reported non - GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release . " Strong operational execution during the ongoing global recovery enabled us to generate record net income for our investors in the third quarter , " said William Pate , President and Chief Executive Officer . " With the continued improvement in market conditions and debt repayment of nearly $ 150 million in 2021 , we are looking forward to a very strong 2022. " Refining The Refining segment reported an operating income of $ 86.4 million in the third quarter of 2021 , compared to an operating loss of $ 5.1 million in the third quarter of 2020. Adjusted Gross Margin for the Refining segment was $ 120.0 million in the third quarter of 2021 , compared to $ 16.3 million in the third quarter of 2020 . Refining Adjusted EBITDA was $ 64.5 million in the third quarter of 2021 , compared to $ ( 33.7 ) million in the third quarter of 2020. Third quarter 2021 Refining segment Adjusted EBITDA was impacted by a MTM benefit of $ 29.1 million related to favorable RINS prices . Hawaii The 3-1-2 Singapore Crack Spread was $ 6.20 per barrel in the third quarter of 2021 , compared to $ 1.92 per barrel in the third quarter of 2020 . Throughput in the third quarter of 2021 was 81 thousand barrels per day ( Mbpd ) , compared to 51 Mbpd for the same quarter in 2020 . Production costs were $ 4.28 per throughput barrel in the third quarter of 2021 , compared to $ 5.80 per throughput barrel in the same period in 2020 . The Hawaii refinery's Adjusted Gross Margin of $ 7.66 per barrel during the third quarter of 2021 reflects a RINS MTM benefit of approximately $ 16.7 million , or $ 2.24 per barrel . Washington The Pacific Northwest 5-2-2-1 Index averaged $ 18.59 per barrel in the third quarter of 2021 , compared to $ 9.39 per barrel in the third quarter of 2020. The Washington refinery's throughput was 38 Mbpd in the third quarter of 2021 , compared to 41 Mbpd in the third quarter of 2020 . Production costs were $ 3.60 per throughput barrel in the third quarter of 2021 , compared to $ 3.40 per throughput barrel in the same period