Par Petroleum (PARR) reported $1.75 billion in revenue for the quarter ended March 2025, representing a year-over-year decline of 11.9%. EPS of -$0.94 for the same period compares to $0.69 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.6 billion, representing a surprise of +8.77%. The company delivered an EPS surprise of -22.08%, with the consensus EPS estimate being -$0.77.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ...

Delek US (DK) Q1 2025 Earnings Call May 07, 2025 11:00 AM ET Company Participants Robert Wright - EVP & CFOAvigal Soreq - President and CEOJoseph Israel - EVP, President of Refining & RenewablesMark Hobbs - EVP & CFOMatthew Blair - Managing DirectorMohit Bhardwaj - SVP - Strategy & GrowthManav Gupta - Executive DirectorJason Gabelman - MD - Equity Research Conference Call Participants Alexa Petrick - Investment Research AnalystMcKinley Trusclair - AnalystJoe Laetsch - AnalystRyan Todd - Senior Research Anal ...

Delek US (DK) Q1 2025 Earnings Call May 07, 2025 11:00 AM ET Speaker0 name is JL, and I will be your conference operator today. At this time, I would like to welcome everyone to the Delek U. S. First Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. I would now like to turn the conference over to Robert Wright, Senior VP of The U. S. Branch. You may begin. Speaker1 Good morning, and welcome to ...

Group 1 - Marathon Petroleum reported $31.85 billion in revenue for Q1 2025, a year-over-year decline of 4.1%, with an EPS of -$0.24 compared to $2.78 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $30.09 billion by 5.86%, and the EPS surprised positively by 61.90% against a consensus estimate of -$0.63 [1] - The stock has returned +21.9% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change, and currently holds a Zacks Rank 3 (Hold) [3] Group 2 - Net refinery throughput was 2,849 million barrels of oil per day, exceeding the average estimate of 2,765.67 million barrels by four analysts [4] - Crude oil refined was 2,623 million barrels of oil per day, surpassing the average estimate of 2,513.68 million barrels by three analysts [4] - Adjusted EBITDA for Refining & Marketing was $489 million, significantly higher than the average estimate of $286.27 million, while Midstream Adjusted EBITDA was $1.72 billion, slightly above the estimate of $1.68 billion [4]

Financial Data and Key Metrics Changes - First quarter adjusted EBITDA was $10 million, with an adjusted net loss of $0.94 per share, reflecting off-season conditions and the impacts of the Wyoming outage [5][17] - Total adjusted EBITDA exceeded $80 million for the first time in the last twelve months [7] - Ending liquidity was $525 million after share repurchases, with gross term debt at $642 million, representing a leverage ratio of 3.2 times [9][22] Business Line Data and Key Metrics Changes - Refining segment reported an adjusted EBITDA loss of $14 million in Q1, an improvement from a loss of $22 million in the previous quarter [17] - Retail segment adjusted EBITDA was $19 million, down from $22 million in the fourth quarter, but still reflecting strong fuel margins and in-store performance [20] - Logistics segment adjusted EBITDA was $30 million, consistent with mid-cycle run rate guidance [20] Market Data and Key Metrics Changes - Hawaii throughput was 79,000 barrels per day, impacted by planned maintenance [11] - Washington throughput was 39,000 barrels per day, reflecting seasonal demand [12] - Wyoming refinery returned to normal operations a month ahead of schedule, with throughput of 6,000 barrels per day [12][13] Company Strategy and Development Direction - The company is focused on enhancing flexibility and competitiveness, with significant progress on strategic objectives [7][8] - The SAF project in Hawaii is on track for startup in the second half of the year, with encouraging commercial interest from airlines [9][56] - The company aims to achieve $30 million to $40 million in annual cost savings relative to 2024 [20] Management Comments on Operating Environment and Future Outlook - Management noted improving market conditions, with a combined index up by $6 per barrel [5] - The outlook for the Hawaii refining business is strong, despite policy uncertainty surrounding the SAF project [5][9] - Demand across niche markets is steady to increasing, with no signs of recessionary demand observed [61] Other Important Information - The company opportunistically reduced shares outstanding by 5% compared to the end of 2024 [7] - Cash used in operations was $1 million, including $28 million of turnaround expenditures [21] Q&A Session Summary Question: Factors that allowed Wyoming to restart earlier than expected - The efficient team effort and support from third-party contractors contributed to the early restart of the Wyoming facility [26][27] Question: Outlook on crude differentials and market conditions - Current tight heavy Canadian discounts are due to excess pipeline capacity, likely to persist until production increases [28][29] Question: Impact of West Coast and Asian markets on supply and demand - Increased product imports from Asia are favorable for the company's West Coast position [32][33] Question: Capital allocation strategy and free cash flow expectations - The company is in a good position with excess capital, allowing for opportunistic share repurchases [36][37] Question: Demand outlook for Q2 and market conditions in Asia - Steady to increasing demand is observed across product categories, with Singapore market conditions remaining mid-cycle [40][41] Question: Refining capture rates and turnaround impacts - Capture rates are expected to align with guidance, with some impacts from turnarounds being mitigated [43][44] Question: Margin profile in a declining oil environment - The company is well-hedged against price fluctuations, expecting more tailwinds than headwinds in a falling price environment [50][51] Question: SAF project outlook and market positioning - The company remains constructive on the SAF project, citing competitive operating costs and encouraging interest from international airlines [55][56] Question: Potential for small bolt-on deals in logistics and retail - The company is currently focused on share repurchases as the best capital allocation alternative [59] Question: Signs of recessionary demand in retail markets - No reductions in demand have been observed, with retail business performing well in the current macro environment [61]

Par Pacific (PARR) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Company Participants Ashimi Patel - VP - IR & SustainabilityWilliam Monteleone - President & CEORichard Creamer - Executive Vice President of Refining & LogisticsShawn Flores - Senior VP & CFOMatthew Blair - Managing DirectorJason Gabelman - MD - Equity ResearchManav Gupta - Executive Director Conference Call Participants Ryan Todd - Senior Research AnalystAlexa Petrick - Investment Research Analyst Operator Good day and welcome to the Par Pa ...

Financial Data and Key Metrics Changes - NAV decreased by $336 million from Q4 2024, primarily due to negative performance in funds and accrual for distribution, partially offset by increases in CVI and auto service [5] - Investment funds ended down approximately 8.4% for the quarter, mainly driven by healthcare investments [6] - The company ended the quarter with $1.3 billion in cash and cash equivalents at the holding company, and an additional $900 million of cash at the funds [6] Business Line Data and Key Metrics Changes - Energy segment consolidated EBITDA was negative $61 million for Q1 2025, compared to $203 million in Q1 2024, impacted by the Coffeyville refinery turnaround and unfavorable RINs valuation [11] - Automotive segment sales were down 9% year over year; excluding the wind down of the parts business, sales were down 6% [12] - Adjusted EBITDA for the automotive segment was negative $6 million, with profitability suffering due to labor hiring and inventory optimization efforts [13] - Real estate's Q1 2025 adjusted EBITDA decreased by $1 million compared to the prior year quarter [15] - Food Packaging's adjusted EBITDA decreased by $6 million due to lower prices and higher material costs [16] - Pharma's adjusted EBITDA for Q1 2025 came in lower by $3 million due to increased R&D spending and marketing expenses [17] Market Data and Key Metrics Changes - The company noted a modestly positive performance quarter to date when marking to market the funds and adding in CVI and UAN [6][25] Company Strategy and Development Direction - The company is focusing on significant investments in labor, inventory, equipment, and marketing to improve the automotive segment's performance [12] - The board maintained a quarterly distribution at $0.50 per depositary unit, indicating a commitment to returning value to shareholders [7] - The company is exploring the sale of additional properties in its portfolio and seeking new opportunities that fit its investment strategy [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the resolution of outstanding litigation related to small refinery exemptions, which could remove a $438 million liability [5] - The company sees considerable value creation potential in its portfolio despite market volatility [7] - Management believes that investments in the automotive segment, while painful in the short term, are necessary for long-term profitability [13] Other Important Information - The company has a significant liquidity position, with $3.8 billion in cash and investments at the holding company and $1.3 billion at subsidiaries [18] Q&A Session Summary Question: Can you provide details on the automotive segment store closures? - Management refrained from discussing the aggregate EBITDA loss from store closures but indicated that many previously profitable stores are now money-losing and are being evaluated for closure [20][21] Question: Are there any liabilities associated with the store closures? - Management noted that some closures present opportunities, with one previously underperforming store sold for $4 million, indicating that many closures should not be considered liabilities [22][23] Question: What is the current status of indicative net asset value? - Management clarified that the public portfolio and marked investments were modestly positive as of the last Friday [25]

Here is how Delek US Holdings performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: View all Key Company Metrics for Delek US Holdings here>>> Delek US Holdings (DK) reported $2.64 billion in revenue for the quarter ended March 2025, representing a year-over-year decline of 18.2%. EPS of -$2.32 for the same period compares to -$0.41 a year ago. The reported revenue represents a surprise of +8.54% over the Zacks Consensus Estimate of $2.43 ...

Icahn Enterprises (IEP) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Speaker0 Good morning, and welcome to the Icahn Enterprise LP First Quarter twenty twenty five Earnings Call with Andrew Tino, President and CEO Ted Papapostolu, Chief Financial Officer and Robert Flint, Chief Accounting Officer. I would now like to hand the call over to Robert Flint, who will read the opening statement. Please go ahead. Speaker1 Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a safe ha ...

Par Pacific (PARR) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Speaker0 Good day and welcome to the Par Pacific First Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would like now to turn the conference over to Ashini Patel, Vice President of Investor Relations. Please go ahead. Speaker1 Thank you, Alan. Welcome to Par Pacific's first q ...