Par Pacific Holdings Files Q2 2024 10-Q

TL;DR

**PAR PACIFIC HOLDINGS (Parr) Q2 10-Q FILED: Financials and segment details for Refining/Logistics and Laramie Energy out.**

AI Summary

Par Pacific Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance and operational updates. Key financial data and business segments, such as Refining and Logistics Investments and Laramie Energy LLC, were detailed within the filing.

Why It Matters

This filing provides investors with a detailed look into Par Pacific's financial health and operational performance for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a company in the energy sector, Par Pacific Holdings is subject to market volatility, regulatory changes, and operational risks inherent in the crude petroleum and natural gas industry.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-08-08 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-12-31 — Prior Year End Date (Provides a comparison point to the previous fiscal year-end.)

Key Players & Entities

• PAR PACIFIC HOLDINGS, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Date of filing
• 0000821483 (company) — Central Index Key for Par Pacific Holdings
• PAR PACIFIC HOLDINGS, INC. (company) — Company name
• CRUDE PETROLEUM & NATURAL GAS [1311] (industry) — Standard Industrial Classification
• DE (location) — State of Incorporation
• HOUSTON (location) — Business and Mail Address City
• TX (location) — Business and Mail Address State
• 77024 (location) — Business and Mail Address Zip Code

FAQ

Key Financial Figures

• $0.01 — ange on Which Registered Common stock, $0.01 par value PARR New York Stock Exchange

Filing Documents

• parr-20240630.htm (10-Q) — 2970KB
• a20240630ex311-wm20240630.htm (EX-31.1) — 19KB
• a20240630ex312-sf20240630.htm (EX-31.2) — 19KB
• a20240630ex321-wm20240630.htm (EX-32.1) — 7KB
• a20240630ex322-sf20240630.htm (EX-32.2) — 7KB
• 0000821483-24-000022.txt ( ) — 13327KB
• parr-20240630.xsd (EX-101.SCH) — 80KB
• parr-20240630_cal.xml (EX-101.CAL) — 139KB
• parr-20240630_def.xml (EX-101.DEF) — 446KB
• parr-20240630_lab.xml (EX-101.LAB) — 822KB
• parr-20240630_pre.xml (EX-101.PRE) — 669KB
• parr-20240630_htm.xml (XML) — 2501KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Page No.

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Condensed Consolidated Statements of Cash Flows 4 Condensed Consolidated Statements of Changes in Stockholders' Equity 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 58

Controls and Procedures

Item 4. Controls and Procedures 59

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 60

Risk Factors

Item 1A. Risk Factors 60

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 60

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 60

Other Information

Item 5. Other Information 60

Exhibits

Item 6. Exhibits 62 The terms "Par," "Company," "we," "our," and "us" refer to Par Pacific Holdings, Inc. and its consolidated subsidiaries unless the context suggests otherwise.

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) June 30, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 179,658 $ 279,107 Restricted cash 343 339 Total cash, cash equivalents, and restricted cash 180,001 279,446 Trade accounts receivable, net of allowances of $ 0.3 million and $ 0.2 million at June 30, 2024 and December 31, 2023, respectively 486,300 367,249 Inventories 1,258,337 1,160,395 Prepaid and other current assets 51,717 182,405 Total current assets 1,976,355 1,989,495 Property, plant, and equipment Property, plant, and equipment 1,642,056 1,577,801 Less accumulated depreciation and amortization ( 526,978 ) ( 478,413 ) Property, plant, and equipment, net 1,115,078 1,099,388 Long-term assets Operating lease right-of-use ("ROU") assets 349,192 346,454 Refining and logistics equity investments 88,218 87,486 Investment in Laramie Energy, LLC 15,997 14,279 Intangible assets, net 10,009 10,918 Goodwill 129,275 129,275 Other long-term assets 252,823 186,655 Total assets $ 3,936,947 $ 3,863,950 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current maturities of long-term debt $ 4,165 $ 4,255 Obligations under inventory financing agreements 251,058 594,362 Accounts payable 549,040 391,325 Accrued taxes 52,239 40,064 Operating lease liabilities 69,662 72,833 Other accrued liabilities 284,889 421,762 Total current liabilities 1,211,053 1,524,601 Long-term liabilities Long-term debt, net of current maturities 1,054,590 646,603 Finance lease liabilities 12,411 12,438 Operating lease liabilities 289,436 282,517 Other liabilities 103,677 62,367 Total liabilities 2,671,167 2,528,526 Commitments and contingencies (Note 15) Stockholders' equity Preferred stock, $ 0.01 par value: 3,000,000 shares authorized, none issued — — Common stock, $ 0.01 par value; 500,000,000 shares autho

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