Par Pacific(US:PARR)2020-11-02 15:52Company Overview - Par Pacific operates essential energy infrastructure in PADD IV and V markets, including 208,000 bpd petroleum refining capacity[9,32] - The company has a multimodal integrated logistics network with 9 million barrels of storage, marine, rail, and pipeline assets[9,50] - Par Pacific owns 124 fuel retail locations in Hawaii and the Pacific Northwest[9,48] - The company holds a 46% ownership interest in Laramie Energy, a natural gas E&P company[9] - As of December 31, 2019, Par Pacific had $1.4 billion in federal tax attributes[9] Financial Performance - The company's LTM Q3 2020 Adjusted EBITDA was $40 million, with Refining at $(50) million, Logistics at $69 million, Retail at $64 million, and Corporate & Other at $(42) million[14] - As of September 30, 2020, the company's share price was $6.68, with an enterprise value of $968 million, net debt of $608 million, and liquidity of $191 million[14] - Par Pacific is on track to achieve $50 million in refining and logistics operating expense savings by the end of 2020, based on Q2/Q3 annualized run-rate[17] - The company estimates an additional $45 million in cost savings opportunities to be realized in 2021[18] Laramie Energy Reserves - Laramie Energy's total proved reserves (1P) were 661 BCFE, with a PV10 of $310 million and a PV20 of $213 million, based on SEC price deck and parameters[99]