Par Pacific Holdings Reports Third Quarter 2024 Results

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].