Par Pacific Reports Fourth Quarter and 2024 Results

Core Insights - Par Pacific Holdings reported a significant net loss of $(33.3) million for the year ended December 31, 2024, compared to a net income of $728.6 million for 2023, indicating a drastic decline in financial performance [2][3] - The company's Adjusted EBITDA for 2024 was $238.7 million, down from $696.2 million in 2023, reflecting challenges in the refining segment [2][3] - The Retail and Logistics segments showed strong performance, with record Adjusted EBITDA, contributing positively to the overall results despite losses in refining [4][16][20] Financial Performance - For the fourth quarter of 2024, Par Pacific reported a net loss of $(55.7) million, or $(1.01) per diluted share, compared to a net income of $289.3 million, or $4.77 per diluted share, in the same quarter of 2023 [3][9] - Adjusted Net Loss for Q4 2024 was $(43.4) million, compared to Adjusted Net Income of $65.2 million in Q4 2023 [3][9] - Revenues for the year ended December 31, 2024, were $7.97 billion, down from $8.23 billion in 2023 [35] Segment Performance Refining Segment - The Refining segment generated an operating income of $17.4 million for 2024, a sharp decline from $676.2 million in 2023 [4][5] - Adjusted Gross Margin for the Refining segment was $618.3 million in 2024, down from $995.0 million in 2023 [4][5] - The Hawaii refinery's Adjusted Gross Margin dropped to $7.36 per barrel in Q4 2024 from $16.73 per barrel in Q4 2023 [7][8] Retail Segment - The Retail segment reported operating income of $64.8 million for 2024, an increase from $56.6 million in 2023 [16][19] - Retail Adjusted EBITDA for 2024 was $76.0 million, compared to $68.3 million in 2023, with fuel sales volumes increasing to 121.5 million gallons [17][19] Logistics Segment - The Logistics segment generated operating income of $89.4 million for 2024, up from $69.7 million in 2023 [20][21] - Adjusted EBITDA for the Logistics segment was $120.2 million for 2024, compared to $96.7 million in 2023 [21] Liquidity and Capital Structure - As of December 31, 2024, the company had a cash balance of $191.9 million and gross term debt of $644.2 million [27][36] - Net cash provided by operations totaled $83.8 million for 2024, a decrease from $579.2 million in 2023 [23][24] Market Conditions - The Hawaii Index averaged $5.52 per barrel in Q4 2024, significantly lower than $12.48 per barrel in Q4 2023 [7][9] - The Montana Index averaged $5.75 per barrel in Q4 2024, down from $14.80 in Q4 2023 [9][10] - The Washington Index averaged $(0.62) per barrel in Q4 2024, compared to $5.23 per barrel in Q4 2023 [11][12]