Par Pacific(PARR) - 2025 Q2 - Quarterly Results

Executive Summary & Highlights This section provides an overview of Par Pacific Holdings' strong Q2 2025 financial performance, strategic achievements, and capital allocation efforts Q2 2025 Financial Highlights Par Pacific Holdings reported significantly improved financial results for Q2 2025 compared to Q2 2024, with net income more than tripling and Adjusted EBITDA increasing by 69% The company also highlighted record Hawaii refining throughput and a new joint venture | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :----------------------- | :---------- | :---------- | :----------- | | Net Income | $59.5 million | $18.6 million | +220% | | Diluted EPS | $1.17 | $0.32 | +266% | | Adjusted Net Income | $78.3 million | $28.5 million | +175% | | Adjusted EBITDA | $137.8 million| $81.6 million | +69% | - Repurchased $28 million of common stock at an average price of $17.36 per share during the second quarter, contributing to an 8% year-to-date reduction in shares outstanding[4][6][18] - Achieved record Hawaii refining quarterly throughput of 88 thousand barrels per day (Mbpd)[6] - Announced Hawaii Renewables joint venture with expected cash proceeds of $100 million[4][6] - Successfully completed the Montana turnaround[4][6] CEO's Strategic Commentary President and CEO Will Monteleone highlighted strong operational and commercial execution, advancing key strategic priorities including the Montana turnaround, Hawaii SAF project, and the Hawaii Renewables joint venture The company also opportunistically reduced shares outstanding - Second quarter results reflected strong operational and commercial execution[4] - Advanced key strategic priorities, including completing the Montana turnaround and progressing construction of the Hawaii SAF project[4] - Announced the Hawaii Renewables joint venture at an attractive implied valuation with strategic partners, bringing strong commercial capabilities and expanded market access[4] - Opportunistically reduced shares outstanding by 3% during the quarter, bringing total reductions to 8% year-to-date[4] Segment Performance Overview This section details the financial and operational performance of Par Pacific's Refining, Retail, and Logistics segments for Q2 2025 Refining Segment The Refining segment demonstrated strong growth in Q2 2025, with operating income more than doubling and Adjusted EBITDA increasing significantly year-over-year, driven by improved margins across most refineries | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------- | :---------- | :---------- | :----------- | | Operating Income | $81.3 million | $41.2 million | +97.3% | | Adjusted Gross Margin | $231.8 million| $176.6 million| +31.3% | | Adjusted EBITDA | $108.4 million| $60.1 million | +80.4% | | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Feedstocks throughput (Mbpd)| 186.6 | 179.8 | +3.8% | | Refined product sales (Mbpd)| 204.5 | 191.2 | +6.9% | | Adjusted Gross Margin ($/bbl)| $13.65 | $10.79 | +26.5% | | Production costs ($/bbl) | $7.20 | $7.04 | +2.3% | Hawaii Refinery The Hawaii refinery achieved record throughput and improved its Adjusted Gross Margin in Q2 2025, despite a net price lag impact | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Hawaii Index ($/bbl) | $8.57 | $7.41 | +15.6% | | Throughput (Mbpd) | 88 | 81 | +8.6% | | Production costs ($/bbl) | $4.18 | $4.50 | -7.2% | | Adjusted Gross Margin ($/bbl)| $10.18 | $10.07 | +1.1% | - Adjusted Gross Margin for Hawaii refinery included a net price lag impact of approximately $(3.7) million, or $(0.46) per barrel, in Q2 2025[7] Montana Refinery The Montana refinery significantly increased throughput and Adjusted Gross Margin in Q2 2025, benefiting from lower production costs | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Montana Index ($/bbl) | $20.29 | $19.15 | +6.0% | | Throughput (Mbpd) | 44 | 38 | +15.8% | | Production costs ($/bbl) | $14.18 | $16.18 | -12.3% | | Adjusted Gross Margin ($/bbl)| $22.30 | $16.89 | +32.0% | Washington Refinery The Washington refinery maintained stable throughput in Q2 2025, achieving a substantial increase in Adjusted Gross Margin | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Washington Index ($/bbl) | $15.37 | $7.25 | +112.0% | | Throughput (Mbpd) | 41 | 41 | 0.0% | | Production costs ($/bbl) | $3.73 | $3.66 | +1.9% | | Adjusted Gross Margin ($/bbl)| $11.47 | $4.67 | +145.6% | Wyoming Refinery The Wyoming refinery experienced a decrease in throughput and a significant rise in production costs in Q2 2025, yet improved its Adjusted Gross Margin | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Wyoming Index ($/bbl) | $21.41 | $17.45 | +22.7% | | Throughput (Mbpd) | 13 | 20 | -35.0% | | Production costs ($/bbl) | $14.50 | $7.08 | +104.8% | | Adjusted Gross Margin ($/bbl)| $18.57 | $14.74 | +26.0% | - Adjusted Gross Margin for Wyoming refinery included a FIFO impact of approximately $0.9 million, or $0.74 per barrel, in Q2 2025[13] Retail Segment The Retail segment experienced solid growth in Q2 2025, with increased operating income, Adjusted Gross Margin, and Adjusted EBITDA, supported by higher sales volumes and improved same-store metrics | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------- | :---------- | :---------- | :----------- | | Operating Income | $20.8 million | $16.1 million | +29.2% | | Adjusted Gross Margin | $43.6 million | $41.6 million | +4.8% | | Adjusted EBITDA | $23.3 million | $18.7 million | +24.6% | | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Sales volumes (million gallons)| 30.8 | 30.5 | +1.0% | | Same store fuel volumes | +1.8% | N/A | N/A | | Inside sales revenue | +3.0% | N/A | N/A | Logistics Segment The Logistics segment also showed strong performance in Q2 2025, with notable increases in operating income, Adjusted Gross Margin, and Adjusted EBITDA compared to the prior year | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------- | :---------- | :---------- | :----------- | | Operating Income | $23.7 million | $18.0 million | +31.7% | | Adjusted Gross Margin | $34.4 million | $30.8 million | +11.7% | | Adjusted EBITDA | $29.8 million | $26.1 million | +14.2% | Liquidity and Capital Allocation This section outlines Par Pacific's cash flow, balance sheet position, and share repurchase activities, reflecting its financial health and capital management strategy Cash Flow and Balance Sheet Par Pacific significantly improved its cash flow from operations in Q2 2025, moving from a net cash outflow in the prior year to a substantial inflow, while also increasing total liquidity and managing its debt | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :---------- | :---------- | :----------- | | Net cash provided by operations | $133.6 million| $(4.7) million| +$138.3 million| | Net cash used in investing activities| $(45.9) million| $(35.4) million| +$10.5 million| | Net cash used in financing activities| $(52.3) million| $(8.6) million| +$43.7 million| | Cash balance (as of June 30) | $169.2 million| N/A | N/A | | Gross term debt (as of June 30) | $640.7 million| N/A | N/A | | Net term debt (as of June 30) | $471.5 million| N/A | N/A | | Total liquidity (as of June 30) | $647.0 million| N/A | +23% (QoQ) | - Net cash provided by operations for Q2 2025 included working capital inflows of $122.9 million and deferred turnaround expenditures of $(72.3) million[17] Share Repurchases The company continued its share repurchase program, buying back $28 million of common stock during Q2 2025, contributing to a year-to-date reduction of 8% in shares outstanding - Repurchased $28 million of common stock at a weighted average price of $17.36 per share during the second quarter of 2025[6][18] - Total shares outstanding reductions reached 8% year-to-date[4] Laramie Energy Performance This section reviews the financial contribution and operational metrics of Par Pacific's equity investment in Laramie Energy, LLC Laramie Energy Performance Par Pacific's equity earnings from Laramie Energy, LLC improved significantly in Q2 2025, with Laramie Energy reporting net income compared to a net loss in the prior year, and an increase in Adjusted EBITDAX | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------- | :---------- | :---------- | :----------- | | Par Pacific Equity Earnings | $1.9 million | $(1.4) million| +$3.3 million| | Laramie Net Income | $0.5 million | $(6.5) million| +$7.0 million| | Laramie Adjusted EBITDAX| $12.4 million | $10.0 million | +24.0% | - Laramie's total net income in Q2 2025 included unrealized losses on derivatives of $(0.9) million[19] Company Information This section provides an overview of Par Pacific Holdings, including its business operations, upcoming conference call details, and important forward-looking statements About Par Pacific Par Pacific Holdings, Inc. is a Houston-based energy company focused on providing renewable and conventional fuels to the western United States, operating refining capacity across four locations and an extensive energy infrastructure network It also holds a significant stake in a natural gas production company - Headquartered in Houston, Texas, Par Pacific Holdings, Inc. is a growing energy company providing both renewable and conventional fuels to the western United States[21] - Owns and operates 219,000 bpd of combined refining capacity across four locations: Hawaii, the Pacific Northwest, and the Rockies[21] - Manages an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets[21] - Operates the Hele retail brand in Hawaii and the 'nomnom' convenience store chain in the Pacific Northwest[21] - Owns 46% of Laramie Energy, LLC, a natural gas production company with operations concentrated in Western Colorado[21][22] Conference Call Details Par Pacific scheduled a conference call for August 6, 2025, to discuss its Q2 2025 financial results, with details provided for live access and replay - A conference call is scheduled for Wednesday, August 6, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time)[20] - Access details for the call and webcast are provided, along with information for a telephone replay available until August 20, 2025[20] Forward-Looking Statements & Contact The report includes a standard disclaimer regarding forward-looking statements, outlining various risks and uncertainties that could cause actual results to differ materially Contact information for investor relations is also provided - The news release contains forward-looking statements subject to risks, trends, and uncertainties, including market conditions, operational disruptions, environmental risks, and political/regulatory changes[23] - Investors are cautioned not to place undue reliance on these statements, which are current only as of the report date, and the company does not intend to update or revise them[23] - Contact for Investor Relations & Sustainability: Ashimi Patel Vitter at (832) 916-3355 or apatel@parpacific.com[24] Financial Statements (GAAP) This section presents Par Pacific's condensed consolidated statements of operations and balance sheet data in accordance with GAAP for the reported periods Condensed Consolidated Statements of Operations The condensed consolidated statements of operations show a significant increase in operating income and net income for both the three and six months ended June 30, 2025, compared to the same periods in 2024, despite a decrease in total revenues | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | | Revenues | $1,893,438 | $2,017,468 | | Total operating expenses | $1,796,678 | $1,968,827 | | Operating income | $96,760 | $48,641 | | Total other expense, net | $(20,413) | $(23,336) | | Income before income taxes | $76,347 | $25,305 | | Income tax expense | $(16,887) | $(6,667) | | Net income | $59,460 | $18,638 | | Diluted Income per share | $1.17 | $0.32 | | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Revenues | $3,638,474 | $3,998,303 | | Total operating expenses | $3,557,490 | $3,940,147 | | Operating income | $80,984 | $58,156 | | Total other expense, net | $(41,931) | $(39,233) | | Income before income taxes | $39,053 | $18,923 | | Income tax expense | $(9,993) | $(4,036) | | Net income | $29,060 | $14,887 | | Diluted Income per share | $0.55 | $0.25 | Balance Sheet Data As of June 30, 2025, Par Pacific maintained a healthy cash balance and managed its debt levels, though working capital and total stockholders' equity saw a decrease compared to December 31, 2024 | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------ | :------------ | :---------------- | | Cash and cash equivalents | $169,195 | $191,921 | | Working capital | $347,968 | $488,940 | | ABL Credit Facility | $485,000 | $483,000 | | Term debt | $640,653 | $644,233 | | Total debt | $1,112,473 | $1,112,967 | | Total stockholders' equity| $1,148,415 | $1,191,302 | Operating Statistics This section provides detailed operational metrics for Par Pacific's refining and retail segments, along with market indices and crude oil prices Total Refining Segment Statistics The total refining segment saw increased throughput and refined product sales volumes in Q2 2025, alongside a significant improvement in Adjusted Gross Margin per barrel, despite a slight rise in production costs | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | | Feedstocks throughput (Mbpd)| 186.6 | 179.8 | +3.8% | | Refined product sales (Mbpd)| 204.5 | 191.2 | +6.9% | | Adjusted Gross Margin ($/bbl)| $13.65 | $10.79 | +26.5% | | Production costs ($/bbl) | $7.20 | $7.04 | +2.3% | | D&A per bbl ($/throughput bbl)| $1.47 | $1.33 | +10.5% | Refinery Specific Operating Data Detailed operating statistics for individual refineries show varied performance, with Hawaii and Montana increasing throughput and improving production costs, while Wyoming's throughput decreased and production costs rose significantly Washington maintained throughput with a substantial increase in Adjusted Gross Margin | Refinery | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :--------- | :-------------------------- | :------ | :------ | :----------- | | Hawaii | Feedstocks throughput (Mbpd)| 88.1 | 81.0 | +8.8% | | | Production costs ($/bbl) | $4.18 | $4.50 | -7.1% | | | Adjusted Gross Margin ($/bbl)| $10.18 | $10.07 | +1.1% | | Montana| Feedstocks Throughput (Mbpd)| 44.2 | 37.7 | +17.2% | | | Production costs ($/bbl) | $14.18 | $16.18 | -12.3% | | | Adjusted Gross Margin ($/bbl)| $22.30 | $16.89 | +32.0% | | Washington| Feedstocks throughput (Mbpd)| 40.8 | 41.2 | -1.0% | | | Production costs ($/bbl) | $3.73 | $3.66 | +1.9% | | | Adjusted Gross Margin ($/bbl)| $11.47 | $4.67 | +145.6% | | Wyoming| Feedstocks throughput (Mbpd)| 13.5 | 19.9 | -32.1% | | | Production costs ($/bbl) | $14.50 | $7.08 | +104.8% | | | Adjusted Gross Margin ($/bbl)| $18.57 | $14.74 | +26.0% | Market Indices and Crude Oil Prices Par Pacific's regional indices and market cracks generally improved in Q2 2025 compared to Q2 2024, indicating stronger market conditions for refined products, while benchmark crude oil prices (Brent and WTI) decreased | Index | Q2 2025 ($/bbl) | Q2 2024 ($/bbl) | Change (YoY) | | :---------------- | :-------------- | :-------------- | :----------- | | Hawaii Index | $8.57 | $7.41 | +15.6% | | Montana Index | $20.29 | $19.15 | +6.0% | | Washington Index | $15.37 | $7.25 | +112.0% | | Wyoming Index | $21.41 | $17.45 | +22.7% | | Combined Index | $13.76 | $10.95 | +25.7% | | Market Crack | Q2 2025 ($/bbl) | Q2 2024 ($/bbl) | Change (YoY) | | :----------------------- | :-------------- | :-------------- | :----------- | | Singapore 3.1.2 Product Crack | $13.56 | $12.49 | +8.6% | | Montana 6.3.2.1 Product Crack | $29.00 | $25.50 | +13.7% | | Washington 3.1.1.1 Product Crack| $24.16 | $15.76 | +53.3% | | Wyoming 2.1.1 Product Crack | $22.68 | $19.33 | +17.3% | | Crude Oil Price | Q2 2025 ($/bbl) | Q2 2024 ($/bbl) | Change (YoY) | | :---------------- | :-------------- | :-------------- | :----------- | | Brent | $66.71 | $85.03 | -21.5% | | WTI | $63.68 | $80.66 | -21.1% | - Beginning in 2025, new regional indices (Hawaii, Montana, Washington, Wyoming, Combined) and updated crude oil prices/differentials were established to better reflect key drivers impacting refinery financial performance and feedstock costs[30][31][37] Retail Sales Volumes Retail sales volumes showed a modest increase for both the three and six months ended June 30, 2025, compared to the prior year | Metric | Q2 2025 (thousands of gallons) | Q2 2024 (thousands of gallons) | Change (YoY) | | :-------------------- | :----------------------------- | :----------------------------- | :----------- | | Retail sales volumes | 30,848 | 30,523 | +1.1% | | Metric | H1 2025 (thousands of gallons) | H1 2024 (thousands of gallons) | Change (YoY) | | :-------------------- | :----------------------------- | :----------------------------- | :----------- | | Retail sales volumes | 60,279 | 59,953 | +0.5% | Non-GAAP Financial Measures & Reconciliations This section defines and reconciles Par Pacific's non-GAAP financial measures, offering a clearer view of underlying operational performance Non-GAAP Definitions and Rationale Par Pacific utilizes several non-GAAP financial measures, including Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA, to provide investors with a clearer view of operational performance by excluding volatile commodity prices, non-cash items, and certain non-operating expenses Definitions and calculation methodologies have been updated for improved comparability - Non-GAAP measures are used to evaluate operating performance and allocate resources, providing supplemental information to GAAP measures[32] - Adjusted Gross Margin eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences to demonstrate earnings potential[33] - Adjusted Net Income (Loss) and Adjusted EBITDA assess financial performance without regard to financing methods, capital structure, or historical cost basis[34] - Effective Q1 2024, Adjusted Net Income (loss) excludes other non-operating income and expenses for better comparability[35] - Effective Q4 2024, definitions of Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA were modified to align accounting treatment for deferred turnaround costs from refining and logistics investments[36] Adjusted Gross Margin Reconciliation Reconciliations show how Adjusted Gross Margin is derived from Operating Income for the Refining, Logistics, and Retail segments, highlighting adjustments for operating expenses, D&A, inventory valuation, and unrealized gains/losses on derivatives | Metric (in thousands) | Refining (Q2 2025) | Logistics (Q2 2025) | Retail (Q2 2025) | | :-------------------------------- | :------------------- | :------------------ | :--------------- | | Operating income | $81,320 | $23,741 | $20,793 | | Operating expense (excl. D&A) | $123,597 | $4,797 | $20,286 | | Depreciation and amortization | $24,919 | $6,530 | $2,510 | | Inventory valuation adjustment | $28,530 | — | — | | Unrealized gain on commodity derivatives| $(28,815) | — | — | | Adjusted Gross Margin | $231,780 | $34,402 | $43,589 | | Metric (in thousands) | Refining (Q2 2024) | Logistics (Q2 2024) | Retail (Q2 2024) | | :-------------------------------- | :------------------- | :------------------ | :--------------- | | Operating income | $41,206 | $18,041 | $16,053 | | Operating expense (excl. D&A) | $116,509 | $4,701 | $22,870 | | Depreciation and amortization | $21,691 | $7,193 | $2,675 | | Inventory valuation adjustment | $(21,101) | — | — | | Unrealized loss on commodity derivatives| $21,141 | — | — | | Adjusted Gross Margin | $176,603 | $30,759 | $41,598 | Adjusted Net Income (Loss) and Adjusted EBITDA Reconciliation The reconciliation tables demonstrate the calculation of Adjusted Net Income and Adjusted EBITDA from GAAP Net Income, adjusting for various non-cash items, non-operating expenses, and timing differences to provide a clearer view of core profitability | Metric (in thousands) | Q2 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | | Net income | $59,460 | $18,638 | | Inventory valuation adjustment | $28,530 | $(21,101)| | Unrealized loss (gain) on derivatives| $(28,166)| $21,104 | | Par West redevelopment and other costs| $4,690 | $3,071 | | Changes in valuation allowance and other deferred tax items| $15,473 | $6,162 | | Adjusted Net Income | $78,291| $28,544| | Depreciation and amortization | $34,712 | $32,144 | | Interest expense and financing costs, net| $21,457 | $20,471 | | Adjusted EBITDA | $137,829| $81,601| | Metric (in thousands) | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | | Net income | $29,060 | $14,887 | | Inventory valuation adjustment | $16,843 | $(20,476)| | Unrealized loss (gain) on derivatives| $(37,523)| $64,952 | | Par West redevelopment and other costs| $8,672 | $5,042 | | Changes in valuation allowance and other deferred tax items| $8,579 | $3,531 | | Adjusted Net Income | $27,970| $70,212| | Depreciation and amortization | $71,298 | $64,800 | | Interest expense and financing costs, net| $43,220 | $39,199 | | Adjusted EBITDA | $147,975| $176,299| | Metric | Q2 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | | Basic Adjusted Net Income per share| $1.55 | $0.50 | | Diluted Adjusted Net Income per share| $1.54 | $0.49 | Adjusted EBITDA by Segment Reconciliation Segment-specific Adjusted EBITDA reconciliations provide a detailed view of each segment's economic performance by adjusting operating income for D&A, inventory valuation, environmental obligations, and other non-operating items | Metric (in thousands) | Refining (Q2 2025) | Logistics (Q2 2025) | Retail (Q2 2025) | Corporate and Other (Q2 2025) | | :-------------------------------- | :------------------- | :------------------ | :--------------- | :---------------------------- | | Operating income (loss) by segment| $81,320 | $23,741 | $20,793 | $(29,094) | | Depreciation and amortization | $24,919 | $6,530 | $2,510 | $753 | | Inventory valuation adjustment | $28,530 | — | — | — | | Unrealized gain on commodity derivatives| $(28,815) | — | — | — | | Par West redevelopment and other costs| — | — | — | $4,690 | | Adjusted EBITDA | $108,384 | $29,798 | $23,347 | $(23,700) | | Metric (in thousands) | Refining (Q2 2024) | Logistics (Q2 2024) | Retail (Q2 2024) | Corporate and Other (Q2 2024) | | :-------------------------------- | :------------------- | :------------------ | :--------------- | :---------------------------- | | Operating income (loss) by segment| $41,206 | $18,041 | $16,053 | $(26,659) | | Depreciation and amortization | $21,691 | $7,193 | $2,675 | $585 | | Inventory valuation adjustment | $(21,101) | — | — | — | | Unrealized loss on commodity derivatives| $21,141 | — | — | — | | Par West redevelopment and other costs| — | — | — | $3,071 | | Adjusted EBITDA | $60,094 | $26,058 | $18,728 | $(23,279) | Laramie Energy Adjusted EBITDAX Reconciliation The reconciliation for Laramie Energy's Adjusted EBITDAX from net income (loss) highlights adjustments for commodity derivatives, interest expense, and DDA, providing insight into the operational performance of the natural gas production company | Metric (in thousands) | Q2 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | | Net income (loss) | $527 | $(6,466)| | Commodity derivative (income) loss| $(3,356)| $(4,560)| | Gain (loss) on settled derivative instruments| $4,243 | $7,815 | | Interest expense and loan fees | $4,712 | $4,908 | | Depreciation, depletion, amortization, and accretion| $8,171 | $8,788 | | Total Adjusted EBITDAX | $12,379| $10,024| | Metric (in thousands) | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | | Net income (loss) | $(539) | $(57) |\ | Commodity derivative (income) loss| $6,501 | $(10,587)|\ | Gain (loss) on settled derivative instruments| $(1,455)| $8,636 |\ | Interest expense and loan fees | $9,323 | $10,038 |\n| Depreciation, depletion, amortization, and accretion| $15,970 | $16,555 |\ | Total Adjusted EBITDAX | $26,464| $24,864|