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]

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].

Par Petroleum (PARR) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.13 per share. This compares to earnings of $1.73 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 276.92%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $0.75 per share when it actually produced earnings of $0.69, delivering a surprise of -8%. Over the last four ...

Financial Performance - Net income for Q2 2024 was $18.6 million, or $0.32 per diluted share, down from $30.0 million, or $0.49 per diluted share in Q2 2023[1] - Adjusted net income for Q2 2024 was $28.5 million, compared to $105.0 million in Q2 2023[1] - Adjusted EBITDA for Q2 2024 was $81.6 million, down from $150.8 million in Q2 2023[1] - Revenues for the three months ended June 30, 2024, increased to $2,017,468, a 13.1% rise from $1,783,927 in the same period of 2023[19] - Operating income for the six months ended June 30, 2024, was $58,156, compared to $307,835 for the same period in 2023, reflecting a significant decrease[19] - Net income for the three months ended June 30, 2024, was $18,638, compared to $267,903 in the same period of 2023, indicating a substantial decline[19] - The company reported a diluted income per share of $0.32 for the three months ended June 30, 2024, down from $4.39 in the same period of 2023[19] - The company experienced a loss of $(6,466) for the three months ended June 30, 2024, compared to a profit of $6,709 for the same period in 2023[48] Segment Performance - Refining segment operating income was $41.2 million in Q2 2024, compared to $44.1 million in Q2 2023[2] - Retail segment reported operating income of $16.1 million in Q2 2024, an increase from $15.2 million in Q2 2023[7] - Logistics segment operating income was $18.0 million in Q2 2024, down from $20.7 million in Q2 2023[9] - The company reported an operating income of $63,806 thousand for Refining, $38,415 thousand for Logistics, and $27,049 thousand for Retail for the six months ended June 30, 2024[31] - Adjusted EBITDA for Refining segment was $63,806, Logistics $38,415, Retail $27,049, and Corporate and Other $(71,114) for the six months ended June 30, 2024[45] Cash and Debt - Cash balance at June 30, 2024, was $179.7 million, with gross term debt of $547.6 million[11] - Total debt, including current portion, increased to $1,058,755 as of June 30, 2024, from $650,858 at the end of December 31, 2023[19] - Cash and cash equivalents decreased to $179,658 as of June 30, 2024, down from $279,107 at the end of December 31, 2023[19] - The company incurred $4,908 in interest expense and loan fees for the three months ended June 30, 2024[48] - The company reported a gain on extinguishment of debt of $10,098 for the six months ended June 30, 2024[48] Operational Metrics - Hawaii refinery's throughput was 81 Mbpd in Q2 2024, down from 84 Mbpd in Q2 2023[3] - Montana refinery's throughput was 38 Mbpd in Q2 2024, down from 63 Mbpd in Q2 2023[4] - Washington Refinery's feedstocks throughput increased to 41.2 Mbpd in Q2 2024 from 40.9 Mbpd in Q2 2023, while Wyoming Refinery's throughput rose to 19.9 Mbpd from 16.7 Mbpd[21] - Refined product sales volume for Washington Refinery dropped to 40.2 Mbpd in Q2 2024 from 44.8 Mbpd in Q2 2023, while Wyoming Refinery's sales volume increased to 20.6 Mbpd from 17.3 Mbpd[21] - Retail sales volumes increased to 30,523 thousand gallons in Q2 2024 from 29,373 thousand gallons in Q2 2023[21] Cost and Margin Analysis - Total operating expenses for the three months ended June 30, 2024, were $1,968,827, up 13.3% from $1,737,494 in the prior year[19] - Adjusted gross margin per barrel for the refining segment decreased to $10.07 for the three months ended June 30, 2024, from $12.08 in the same period of 2023[20] - The Adjusted Gross Margin for the same period in 2023 was $205,575 thousand for Refining, $29,553 thousand for Logistics, and $39,228 thousand for Retail, indicating a decrease in Refining by 14.1%[31] - The Adjusted Gross Margin for Refining was $383,713 thousand, Logistics was $62,709 thousand, and Retail was $78,680 thousand for the six months ended June 30, 2024[31] Market Conditions - Crude oil prices for Brent increased to $85.03 per barrel in Q2 2024 from $77.73 in Q2 2023, while WTI prices rose to $80.66 from $73.56[21] - The 3-1-2 Singapore Crack Spread decreased to $12.49 in Q2 2024 from $13.72 in Q2 2023[21] Adjustments and Non-Operating Items - Adjusted Net Income and Adjusted EBITDA measures will exclude certain non-operating income and expenses starting from Q1 2024, improving comparability between periods[27] - Adjusted Gross Margin is defined to exclude various operating expenses and adjustments, providing a clearer view of the company's earnings potential[28] - The company recognized a non-cash deferred tax expense of $6.2 million for the three months ended June 30, 2024, related to deferred state and federal tax liabilities[36] - The basic Adjusted Net Income per common share for the three months ended June 30, 2024, was $0.50, compared to $1.74 for the same period in 2023[38] - The diluted Adjusted Net Income per common share for the three months ended June 30, 2024, was $0.49, down from $1.72 in the same period of 2023[38]

Core Viewpoint - Par Pacific Holdings, Inc. reported a decline in net income and adjusted net income for the second quarter of 2024 compared to the same period in 2023, despite solid contributions from refining operations and retail segments [2][3]. Financial Performance - Net income for Q2 2024 was $18.6 million, or $0.32 per diluted share, down from $30.0 million, or $0.49 per diluted share in Q2 2023 [2]. - Adjusted net income for Q2 2024 was $28.5 million, compared to $105.0 million in Q2 2023 [2]. - Adjusted EBITDA for Q2 2024 was $81.6 million, down from $150.8 million in Q2 2023 [2]. Refining Segment - The refining segment reported operating income of $41.2 million in Q2 2024, compared to $44.1 million in Q2 2023 [3]. - Adjusted gross margin for the refining segment was $176.6 million in Q2 2024, down from $205.6 million in Q2 2023 [3][4]. - Adjusted EBITDA for the refining segment was $60.1 million in Q2 2024, compared to $128.6 million in Q2 2023 [4]. Hawaii Refinery - The 3-1-2 Singapore Crack Spread was $12.49 per barrel in Q2 2024, down from $13.72 per barrel in Q2 2023 [5]. - Throughput in Q2 2024 was 81 thousand barrels per day (Mbpd), compared to 84 Mbpd in Q2 2023 [5]. - Production costs were $4.50 per throughput barrel in Q2 2024, compared to $4.33 in Q2 2023 [5]. Montana Refinery - The RVO Adjusted USGC 3-2-1 Index averaged $17.93 per barrel in Q2 2024, down from $23.20 in Q2 2023 [7]. - The Montana refinery's throughput was 38 Mbpd in Q2 2024, down from 63 Mbpd in Q2 2023 [7]. - Adjusted gross margin for the Montana refinery was $16.89 per barrel in Q2 2024, compared to $30.98 per barrel in Q2 2023 [8]. Washington Refinery - The RVO Adjusted Pacific Northwest 3-1-1-1 Index averaged $22.54 per barrel in Q2 2024, down from $25.13 in Q2 2023 [9]. - The Washington refinery's throughput was 41 Mbpd in Q2 2024, unchanged from Q2 2023 [9]. - Adjusted gross margin for the Washington refinery was $4.67 per barrel in Q2 2024, down from $6.37 in Q2 2023 [10]. Wyoming Refinery - The RVO Adjusted USGC 3-2-1 Index averaged $17.93 per barrel in Q2 2024, down from $21.65 in Q2 2023 [11]. - The Wyoming refinery's throughput was 20 Mbpd in Q2 2024, up from 17 Mbpd in Q2 2023 [11]. - Adjusted gross margin for the Wyoming refinery was $14.74 per barrel in Q2 2024, down from $20.56 in Q2 2023 [12]. Retail Segment - The retail segment reported operating income of $16.1 million in Q2 2024, compared to $15.2 million in Q2 2023 [13]. - Adjusted gross margin for the retail segment was $41.6 million in Q2 2024, up from $39.2 million in Q2 2023 [13]. - Retail sales volumes were 30.5 million gallons in Q2 2024, compared to 29.4 million gallons in Q2 2023 [14]. Logistics Segment - The logistics segment reported operating income of $18.0 million in Q2 2024, down from $20.7 million in Q2 2023 [15]. - Adjusted gross margin for the logistics segment was $30.8 million in Q2 2024, up from $29.6 million in Q2 2023 [15]. - Logistics segment adjusted EBITDA was $26.1 million in Q2 2024, compared to $26.0 million in Q2 2023 [15]. Liquidity and Capital Structure - Net cash used in operations totaled $(4.7) million for Q2 2024, including working capital outflows of $(61.3) million [16]. - The company completed a comprehensive working capital refinancing as of May 31, 2024, with an upsized ABL credit facility of $1.4 billion [17]. - As of June 30, 2024, the cash balance was $179.7 million, with gross term debt of $547.6 million [18].

Company Overview - Par Pacific Holdings, Inc. is a growing energy company headquartered in Houston, Texas, providing both renewable and conventional fuels to the western United States [6] - The company owns and operates 219,000 barrels per day (bpd) of combined refining capacity across four locations in Hawaii, the Pacific Northwest, and the Rockies [6] - 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 [6] - The company operates the Hele retail brand in Hawaii and the "nomnom" convenience store chain in the Pacific Northwest [6] - Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company focused on operations and assets in Western Colorado [6] Upcoming Financial Events - Par Pacific will release its second quarter 2024 results after the New York Stock Exchange closes on August 6, 2024 [4] - A conference call for investors is scheduled for August 7, 2024, at 9:00 a.m. Central Time (10:00 a.m. Eastern) [4] - The full text of the earnings release will be available on Par Pacific's website [4][5]

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 [5] - The company owns and operates 219,000 barrels per day (bpd) of combined refining capacity across four locations in Hawaii, the Pacific Northwest, and the Rockies [5] - 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 [5] - The company operates the Hele retail brand in Hawaii and the "nomnom" convenience store chain in the Pacific Northwest [5] - Par Pacific also holds a 46% stake in Laramie Energy, LLC, which focuses on natural gas production in Western Colorado [5] Upcoming Financial Events - Par Pacific will release its second quarter 2024 results after the New York Stock Exchange closes on August 6, 2024 [3] - A conference call for investors is scheduled for August 7, 2024, at 9:00 a.m. Central Time (10:00 a.m. Eastern) [3][6] - The live audio webcast and related presentation materials will be accessible on Par Pacific's website [4]

Par Pacific Holdings, Inc. (NYSE:PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand ...

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