Group 1 - Par Pacific Holdings, Inc. announced its 2025 capital expenditure and turnaround outlay guidance, estimating a range of $210 million to $240 million [1] - The breakdown of the 2025 capital expenditure includes approximately $85 to $95 million for turnarounds and catalysts, $75 to $85 million for maintenance, and $50 to $60 million for growth initiatives [2] - The company expects 2024 capital expenditures and turnaround outlays to be at the low end of the previous guidance range of $220 million to $250 million [3] Group 2 - Par Pacific Holdings operates a combined refining capacity of 219,000 barrels per day across four locations in Hawaii, the Pacific Northwest, and the Rockies [4] - The company has an extensive energy infrastructure network, including 13 million barrels of storage and various transportation assets [4] - Par Pacific also operates the Hele retail brand in Hawaii and the 'nomnom' convenience store chain in the Pacific Northwest, and owns 46% of Laramie Energy, LLC, a natural gas production company [4]

Core Insights - Par Pacific (NYSE: PARR) experienced a significant rally following the COVID-19 crash of 2020, which lasted until early 2024, but has since faced deteriorating operating conditions [1] Group 1 - The company saw a massive rally in its stock price post-COVID-19 crash, indicating strong recovery and investor confidence during that period [1] - However, recent months have shown a reversal in fortunes, with operating conditions worsening for the company [1]

Financial Performance - Net income for Q3 2024 decreased to $7.5 million from $171.4 million in Q3 2023, primarily due to a $175.8 million decrease in refining segment operating income[150]. - Adjusted EBITDA for Q3 2024 was $51.4 million, down from $255.7 million in Q3 2023, reflecting a $204.3 million decrease primarily in the refining segment[151]. - For the nine months ended September 30, 2024, net income fell to $22.4 million from $439.3 million in the same period of 2023, driven by a $419.3 million decrease in refining segment operating income[154]. - Adjusted EBITDA for the nine months ended September 30, 2024 was $227.7 million, compared to $574.2 million for the same period in 2023, a decrease of $346.5 million[155]. - Revenues for Q3 2024 were $2,143.9 million, a decrease of 17% from $2,579.3 million in Q3 2023[158]. - Operating income for Q3 2024 was $36.4 million, a significant decline from $196.9 million in Q3 2023[158]. - Total revenues for the three months ended September 30, 2024, were $2,143,933, a decrease from $2,579,308 in the same period of 2023, representing a decline of approximately 16.9%[160]. - For the nine months ended September 30, 2024, revenues increased to $6,142.2 million, a 2% increase from $6,048.4 million in the same period of 2023[159]. Operating Segments - Operating income for the refining segment decreased by $175.8 million to $19.0 million for the three months ended September 30, 2024, compared to $194.8 million for the same period in 2023[187]. - Operating income for the logistics segment increased by $5.5 million to $26.2 million for the three months ended September 30, 2024, compared to $20.7 million for the same period in 2023[188]. - Operating income for the retail segment increased by $5.0 million to $18.3 million for the three months ended September 30, 2024, compared to $13.3 million for the same period in 2023[189]. - For the nine months ended September 30, 2024, operating income for the refining segment was $82.8 million, a decrease of $419.3 million compared to $502.1 million for the same period in 2023[190]. - Operating income for the logistics segment increased by $10.6 million to $64.6 million for the nine months ended September 30, 2024, compared to $54.0 million for the same period in 2023[191]. - Operating income for the retail segment increased by $3.3 million to $45.3 million for the nine months ended September 30, 2024, compared to $42.0 million for the same period in 2023[192]. Costs and Expenses - Cost of revenues for Q3 2024 was $1,905.2 million, down 12% from $2,174.4 million in Q3 2023[158]. - General and administrative expenses for the nine months ended September 30, 2024 rose to $87.3 million, a 32% increase from $66.1 million in the same period of 2023[159]. - Total operating expenses (excluding depreciation) for the three months ended September 30, 2024, were $147,049, compared to $145,183 in the same period of 2023, indicating a slight increase of about 1.3%[160]. - Operating expense (excluding depreciation) for the nine months ended September 30, 2024, was $444.4 million, an increase of $114.2 million compared to $330.1 million for the same period in 2023, driven by the Billings Acquisition[218]. Market Conditions - Average Brent crude oil prices were $78.71 per barrel in Q3 2024, down from $85.92 in Q3 2023, while WTI prices decreased to $75.27 from $82.22[166]. - The 3-1-2 Singapore Crack Spread averaged $11.00 per barrel in Q3 2024, significantly lower than $23.39 in Q3 2023[166]. - The RVO Adjusted Pacific Northwest 3-1-1-1 index declined 56%, the 3-1-2 Singapore Crack Spread declined 53%, and the RVO Adjusted USGC 3-2-1 index declined 52% compared to Q3 2023[203]. Investments and Acquisitions - The logistics segment's increase in operating income was primarily due to a $11.7 million increase in contribution from the Billings Acquisition logistics assets acquired in June 2023[191]. - The anticipated financial and operating results of the recently acquired ExxonMobil Billings refinery are expected to provide renewable growth opportunities and impact cash flows and profitability positively[270]. - The company may seek to raise additional debt or equity capital to fund acquisitions and refinance existing debt[253]. Liquidity and Capital Structure - The company had liquidity of $632.5 million as of September 30, 2024, consisting of $183.0 million in cash and cash equivalents and $449.5 million available under the ABL Credit Facility[252]. - Total current assets as of September 30, 2024, were $1,767.2 million, compared to $1,384.9 million as of September 30, 2023, indicating a 28% increase[234]. - Total liabilities as of September 30, 2024, amounted to $2,599.3 million, compared to $2,203.5 million in the same period of 2023, reflecting an 18% increase[234]. - Total stockholders' equity as of September 30, 2024, was $1,254.0 million, unchanged from the previous year[234]. Risk Management - The company is exposed to market risks related to the volatility in the price of RINs required to comply with the Renewable Fuel Standard, with the EPA setting the RVO percentages annually[276]. - The company has entered into an interest rate collar with a cap of 5.50% and a floor of 2.30%, expiring on May 31, 2026, to manage interest rate risk[278]. - The company utilizes exchange-traded futures, OTC options, and OTC swaps to manage commodity price risks associated with refined products and crude oil[272].

Par Pacific Holdings, Inc. (NYSE:PARR) Q3 2024 Earnings Conference Call November 5, 2024 10:00 AM ET Company Participants Ashimi Patel - Vice President, Investor Relations Will Monteleone - President & Chief Executive Officer Richard Creamer - Executive Vice President, Refining & Logistics Shawn Flores - Senior Vice President & Chief Financial Officer Conference Call Participants Alejandra Magana - JPMorgan Matthew Blair - Tudor, Pickering, and Holt Ryan Todd - Piper Sandler Neil Mehta - Goldman Sachs Jason ...

Core Insights - Par Petroleum (PARR) reported a quarterly loss of $0.10 per share, better than the Zacks Consensus Estimate of a loss of $0.12, but significantly lower than earnings of $3.15 per share a year ago, indicating an earnings surprise of 16.67% [1] - The company posted revenues of $2.14 billion for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 2.55%, but down from $2.58 billion in the same quarter last year [2] - Par Petroleum shares have declined approximately 57.1% year-to-date, contrasting with a 20.1% gain in the S&P 500 [3] Earnings Outlook - The earnings outlook for Par Petroleum is currently unfavorable, with a Zacks Rank of 5 (Strong Sell), suggesting expected underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is -$0.11 on revenues of $1.92 billion, and for the current fiscal year, it is $0.77 on revenues of $8.02 billion [7] Industry Context - The Oil and Gas - Refining and Marketing industry, to which Par Petroleum belongs, is currently ranked in the bottom 2% of over 250 Zacks industries, indicating a challenging environment [8] - Another company in the same industry, Marathon Petroleum (MPC), is expected to report a significant decline in earnings, with a projected EPS of $0.97, representing an 88.1% year-over-year decrease [9]

NEWS RELEASE PAR PACIFIC HOLDINGS REPORTS THIRD QUARTER 2024 RESULTS HOUSTON, November 4, 2024 - Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific" or the "Company") today reported its financial results for the quarter ended September 30, 2024. • Net Income of $7.5 million, or $0.13 per diluted share • Adjusted Net Loss of $(5.5) million, or $(0.10) per diluted share • Adjusted EBITDA of $51.4 million • Record logistics financial results driven by record refining throughput • Liquidity increased by $112 ...

Core Viewpoint - Par Pacific Holdings, Inc. reported a significant decline in financial performance for the third quarter of 2024 compared to the same period in 2023, primarily due to challenging refining margins, despite achieving record refining throughput and strong logistics results [1][2]. Financial Performance - Net income for Q3 2024 was $7.5 million, or $0.13 per diluted share, down from $171.4 million, or $2.79 per diluted share, in Q3 2023 [1]. - Adjusted net loss for Q3 2024 was $(5.5) million, compared to adjusted net income of $193.4 million in Q3 2023 [1]. - Adjusted EBITDA for Q3 2024 was $51.4 million, a decrease from $255.7 million in Q3 2023 [1]. Refining Segment - The refining segment reported operating income of $19.0 million in Q3 2024, down from $194.8 million in Q3 2023 [3]. - Adjusted gross margin for the refining segment was $142.2 million in Q3 2024, compared to $350.6 million in Q3 2023 [3]. - Adjusted EBITDA for the refining segment was $20.1 million in Q3 2024, down from $233.6 million in Q3 2023 [3]. Hawaii Operations - The 3-1-2 Singapore Crack Spread averaged $11.00 per barrel in Q3 2024, down from $23.39 per barrel in Q3 2023 [4]. - Hawaii refinery throughput was 81 thousand barrels per day (Mbpd) in Q3 2024, slightly down from 82 Mbpd in Q3 2023 [4]. - Adjusted gross margin for the Hawaii refinery was $6.10 per barrel in Q3 2024, compared to $13.47 per barrel in Q3 2023 [5]. Montana Operations - The RVO Adjusted USGC 3-2-1 Index averaged $14.14 per barrel in Q3 2024, down from $29.65 in Q3 2023 [6]. - Montana refinery throughput was 57 Mbpd in Q3 2024, up from 55 Mbpd in Q3 2023 [6]. - Adjusted gross margin for the Montana refinery was $12.42 per barrel in Q3 2024, down from $26.49 per barrel in Q3 2023 [7]. Washington Operations - The RVO Adjusted Pacific Northwest 3-1-1-1 Index averaged $15.48 per barrel in Q3 2024, down from $35.00 in Q3 2023 [8]. - Washington refinery throughput was stable at 41 Mbpd in both Q3 2024 and Q3 2023 [8]. - Adjusted gross margin for the Washington refinery was $1.76 per barrel in Q3 2024, down from $12.30 per barrel in Q3 2023 [9]. Wyoming Operations - The RVO Adjusted USGC 3-2-1 Index averaged $14.14 per barrel in Q3 2024, down from $29.65 in Q3 2023 [10]. - Wyoming refinery throughput was 19 Mbpd in Q3 2024, down from 20 Mbpd in Q3 2023 [10]. - Adjusted gross margin for the Wyoming refinery was $13.65 per barrel in Q3 2024, down from $37.01 per barrel in Q3 2023 [11]. Retail Segment - The retail segment reported operating income of $18.3 million in Q3 2024, up from $13.3 million in Q3 2023 [12]. - Adjusted gross margin for the retail segment was $42.6 million in Q3 2024, compared to $38.2 million in Q3 2023 [12]. - Retail segment adjusted EBITDA was $21.0 million in Q3 2024, up from $16.7 million in Q3 2023 [13]. Logistics Segment - The logistics segment reported operating income of $26.2 million in Q3 2024, compared to $20.7 million in Q3 2023 [14]. - Adjusted gross margin for the logistics segment was $36.3 million in Q3 2024, compared to $35.3 million in Q3 2023 [14]. - Logistics segment adjusted EBITDA was $33.0 million in Q3 2024, up from $29.1 million in Q3 2023 [14]. Liquidity and Capital Management - Liquidity increased by $112.1 million, with a cash balance of $183.0 million and gross term debt of $546.0 million as of September 30, 2024 [16]. - The company repurchased $21.9 million of common stock during the quarter [16]. - Net cash provided by operations totaled $78.5 million for Q3 2024, down from $269.2 million in Q3 2023 [15].

Core Viewpoint - Par Pacific Holdings, Inc. is set to release its third quarter 2024 financial results on November 4, 2024, followed by a conference call for investors on November 5, 2024 [1][2]. Company Overview - Par Pacific Holdings, Inc. is headquartered in Houston, Texas, and operates as a growing energy company providing both renewable and conventional fuels to the western United States [4]. - The company has a combined refining capacity of 219,000 barrels per day (bpd) across four locations in Hawaii, the Pacific Northwest, and the Rockies [4]. - Par Pacific has an extensive energy infrastructure network, including 13 million barrels of storage and various transportation assets such as marine, rail, rack, and pipeline [4]. - The company operates the Hele retail brand in Hawaii and the "nomnom" convenience store chain in the Pacific Northwest [4]. - Par Pacific also holds a 46% stake in Laramie Energy, LLC, which focuses on natural gas production in Western Colorado [4].

HOUSTON, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific") today announced that members of its management team will participate in the following investor conferences: Barclays CEO Energy-Power Conference on September 5, 2024, in New York, NY NYSE Energy/Utilities Investor Conference on September 10, 2024, virtual The most current investor presentation is available on the Investors section of Par Pacific's website at www.parpacific.com. About Par Pacific Par Pacific Ho ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________________________________________________________________________________ FORM 10-Q ________________________________________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 O ...