PAR Pacific Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>PAR Pacific Holdings, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

PAR PACIFIC HOLDINGS, INC. (PARR) filed a Annual Report (10-K) with the SEC on February 29, 2024. PAR Pacific Holdings, Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Crude Petroleum & Natural Gas. PAR Pacific Holdings, Inc. is incorporated in Delaware. The company's business address is 825 Town & Country Lane, Suite 1500, Houston, TX 77024.

Why It Matters

For investors and stakeholders tracking PAR PACIFIC HOLDINGS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of PAR Pacific's financial health, operational activities, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess performance and future prospects. As a publicly traded company, the 10-K filing is a mandatory disclosure that offers transparency into the company's business, risks, and financial position, impacting investor confidence and valuation.

Risk Assessment

Risk Level: medium — PAR PACIFIC HOLDINGS, INC. shows moderate risk based on this filing. The company operates in the Crude Petroleum & Natural Gas industry, which is subject to significant price volatility, regulatory changes, and geopolitical risks that can impact financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand PAR Pacific's performance and potential challenges in the energy sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-29 — Filing Date (Date the 10-K was filed)
• 2023-01-01 — Fiscal Year Start (Reporting period start date)
• 001-36550 — SEC File Number (SEC filing identifier)

Key Players & Entities

• PAR PACIFIC HOLDINGS, INC. (company) — Filer name
• 0000821483 (company) — Central Index Key
• 1311 (company) — Standard Industrial Classification code for Crude Petroleum & Natural Gas
• DE (company) — State of incorporation
• 825 TOWN & COUNTRY LANE SUITE 1500 (company) — Business address
• HOUSTON (company) — Business address city
• TX (company) — Business address state
• 77024 (company) — Business address zip code

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial results are significantly impacted by fluctuations in the prices of crude oil, natural gas, and refined products, which are subject to global supply and demand dynamics and geopolitical events.
• Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to extensive federal, state, and local environmental, health, and safety regulations, requiring significant compliance efforts and potentially leading to fines or operational disruptions if not met.
• Operational Risks and Interruptions [medium — operational]: The company faces risks related to the operation of its refineries and logistics infrastructure, including potential equipment failures, accidents, or natural disasters that could disrupt operations and impact production.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-29: 10-K Filing Date — Date PAR Pacific Holdings, Inc. filed its annual report.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value PARR New York Stock Exchange
• $3.52 — ice for regular-grade gasoline averaged $3.52 per gallon in 2023, following gasoline
• $5.01 — g gasoline price highs of approximately $5.01 per gallon in the summer of 2022. This
• $20.8 b — overall total visitor spending rose to $20.8 billion, compared to $19.7 billion in 202
• $19.7 billion — ding rose to $20.8 billion, compared to $19.7 billion in 2022 and $17.7 billion in 2019. Ove
• $17.7 billion — , compared to $19.7 billion in 2022 and $17.7 billion in 2019. Overall, UHERO expects Hawaii
• $62 thousand — r 2023, and the average annual wage was $62 thousand in the first quarter of 2023 in positio

Filing Documents

• parr-20231231.htm (10-K) — 3736KB
• a202312ex108-formofperform.htm (EX-10.8) — 62KB
• a202312ex1020amendmentno1t.htm (EX-10.20) — 9KB
• a202312ex1044-0hollissvple.htm (EX-10.44) — 8KB
• a20231231ex211subsidiaries.htm (EX-21.1) — 13KB
• a202312ex231-202310xkconse.htm (EX-23.1) — 2KB
• a20231231ex311-wp20231231.htm (EX-31.1) — 19KB
• a20231231ex312-sf20231231.htm (EX-31.2) — 19KB
• a20231231ex321-wp20231231.htm (EX-32.1) — 7KB
• a20231231ex322-sf20231231.htm (EX-32.2) — 7KB
• a20231231ex971-parclawback.htm (EX-97.1) — 48KB
• image_0.jpg (GRAPHIC) — 77KB
• image_1.jpg (GRAPHIC) — 0KB
• parr-20231231_g1.jpg (GRAPHIC) — 105KB
• 0000821483-24-000008.txt (&nbsp;) — 19746KB
• parr-20231231.xsd (EX-101.SCH) — 130KB
• parr-20231231_cal.xml (EX-101.CAL) — 190KB
• parr-20231231_def.xml (EX-101.DEF) — 786KB
• parr-20231231_lab.xml (EX-101.LAB) — 1418KB
• parr-20231231_pre.xml (EX-101.PRE) — 1139KB
• parr-20231231_htm.xml (XML) — 3274KB

RISK FACTORS 13

Item 1A. RISK FACTORS 13

UNRESOLVED STAFF COMMENTS 26

Item 1B. UNRESOLVED STAFF COMMENTS 26

CYBERSECURITY

Item 1C. CYBERSECURITY 26

PROPERTIES 27

Item 2. PROPERTIES 27

LEGAL PROCEEDINGS 27

Item 3. LEGAL PROCEEDINGS 27

MINE SAFETY DISCLOSURES 27

Item 4. MINE SAFETY DISCLOSURES 27 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 28

Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 28

[RESERVED] 29

Item 6. [RESERVED] 29

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 58

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 58

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 60

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 60

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 60

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 60

CONTROLS AND PROCEDURES 60

Item 9A. CONTROLS AND PROCEDURES 60

OTHER INFORMATION 63

Item 9B. OTHER INFORMATION 63

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION 63

Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION 63 PART III

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 63

Item 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 63

EXECUTIVE COMPENSATION 63

Item 11. EXECUTIVE COMPENSATION 63

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 63

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 63

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 63

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 63

PRINCIPAL ACCOUNTANT FEES AND SERVICES 63

Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 63 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 64

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 64

FORM 10-K SUMMARY F- 60

Item 16. FORM 10-K SUMMARY F- 60 i Glossary of Selected Industry Terms Unless otherwise noted or indicated by context, the following terms used in this Annual Report on Form 10- K have the following meanings: barrel or bbl A common unit of measure in the oil industry, which equates to 42 gallons. blendstocks Various compounds that are combined with gasoline or diesel from the crude oil refining process to make finished gasoline and diesel; these may include natural gasoline, FCC unit gasoline, ethanol, reformate, or butane, among others. Brent A light, sweet North Sea crude oil, characterized by an API gravity of 38 degrees and a sulfur content of approximately 0.4% by weight that is used as a benchmark for other crude oils. cardlock Automated unattended fueling sites that are open all day and are designed for commercial fleet vehicles. catalyst A substance that alters, accelerates, or instigates chemical changes, but is not produced as a product of the refining process. CO 2 Carbon dioxide. condensate Light hydrocarbons which are in gas form underground but are a liquid at normal temperatures and pressure. crack spread A simplified calculation that measures the difference between the price for refined products and crude oil. For example, we reference the 3-1-2 Singapore crack spread, which approximates the per barrel results from processing three barrels of Brent crude oil to produce one barrel of gasoline and two barrels of distillates (diesel and jet fuel). distillates Refers primarily to diesel, heating oil, kerosene, and jet fuel. ethanol A clear, colorless, flammable oxygenated liquid. Ethanol is typically produced chemically from ethylene or biologically from fermentation of various sugars from carbohydrates found in agricultural crops and cellulosic residues from crops or wood. It is used in the United States as a gasoline octane enhancer and oxygenate. feedstocks Crude oil or partially refined petroleum products that are further

BUSINESS

Item 1. BUSINESS OVERVIEW Par Pacific Holdings, Inc., headquartered in Houston, Texas, is a growth-oriented energy company providing both renewable and conventional fuels to the western United States. Our business is organized into three primary segments: 1) Refining - We own and operate four refineries with total operating crude oil throughput capacity of 219 Mbpd. Our refineries in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana, convert crude oil into gasoline, distillate, asphalt and other products to serve the state of Hawaii and areas ranging from Washington state to the Dakotas and Wyoming. 2) Retail - We operate fuel retail outlets in Hawaii, Washington, and Idaho. We operate convenience stores and fuel retail sites under our "Hele" and "nomnom" brands, "76" branded fuel retail sites and other sites operated by third parties that sell gasoline, diesel, and retail merchandise such as soft drinks, prepared foods, and other sundries. We also operate unattended cardlock stations. 3) Logistics - We operate an extensive multi-modal logistics network spanning the Pacific, the Northwest, and the Rocky Mountain regions. This network includes an SPM in Hawaii, a unit train-capable rail loading terminal in Washington, and other terminals, pipelines, trucking operations, marine vessels, storage facilities, loading and truck racks, and rail facilities for the movement of petroleum, refined products, and ethanol in and among the Hawaiian islands, between the U.S. West Coast, and the Rocky Mountain region. As of December 31, 2023, we owned a 46% equity investment in Laramie Energy, LLC ("Laramie Energy"), an entity focused on developing and producing natural gas in Garfield, Mesa, and Rio Blanco counties, Colorado. As of December 31, 2023, through the Billings Acquisition (as defined in Note 5—Acquisitions under Item 8 of this Annual Report on Form 10-K), we own a 65% and a 40% equity investment in Yellowstone Energy Limited Partnersh

View Full Filing

View this 10-K filing on SEC EDGAR