Par Pacific Holdings Files Q3 2024 10-Q

TL;DR

PAR's Q3 10-Q is in - check financials for refining & logistics performance.

AI Summary

Par Pacific Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which operates in the energy and transportation sector, primarily focusing on refining and logistics. Specific financial figures and segment performance are provided within the report.

Why It Matters

This filing provides investors and analysts with a detailed look at Par Pacific's financial health and operational status for the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a company in the energy sector, Par Pacific is subject to market volatility, regulatory changes, and operational risks inherent in its business.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-07 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• PAR PACIFIC HOLDINGS, INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date
• 825 TOWN & COUNTRY LANE, SUITE 1500, HOUSTON, TX 77024 (address) — Company's business and mailing address
• 001-36550 (company) — SEC File Number

FAQ

Key Financial Figures

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

Filing Documents

• parr-20240930.htm (10-Q) — 3009KB
• a20240930ex311-wm20240930.htm (EX-31.1) — 19KB
• a20240930ex312-sf20240930.htm (EX-31.2) — 19KB
• a20240930ex321-wm20240930.htm (EX-32.1) — 7KB
• a20240930ex322-sf20240930.htm (EX-32.2) — 7KB
• 0000821483-24-000030.txt ( ) — 13382KB
• parr-20240930.xsd (EX-101.SCH) — 80KB
• parr-20240930_cal.xml (EX-101.CAL) — 140KB
• parr-20240930_def.xml (EX-101.DEF) — 444KB
• parr-20240930_lab.xml (EX-101.LAB) — 822KB
• parr-20240930_pre.xml (EX-101.PRE) — 668KB
• parr-20240930_htm.xml (XML) — 2508KB

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 7

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 32

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 59

Controls and Procedures

Item 4. Controls and Procedures 60

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 62

Risk Factors

Item 1A. Risk Factors 62

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 62

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 62

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 62

Other Information

Item 5. Other Information 63

Exhibits

Item 6. Exhibits 64 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) September 30, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 182,977 $ 279,107 Restricted cash 345 339 Total cash, cash equivalents, and restricted cash 183,322 279,446 Trade accounts receivable, net of allowances of $ 0.4 million and $ 0.2 million at September 30, 2024 and December 31, 2023, respectively 429,740 367,249 Inventories 1,071,923 1,160,395 Prepaid and other current assets 82,198 182,405 Total current assets 1,767,183 1,989,495 Property, plant, and equipment Property, plant, and equipment 1,686,003 1,577,801 Less accumulated depreciation and amortization ( 552,046 ) ( 478,413 ) Property, plant, and equipment, net 1,133,957 1,099,388 Long-term assets Operating lease right-of-use ("ROU") assets 435,048 346,454 Refining and logistics equity investments 90,171 87,486 Investment in Laramie Energy, LLC 15,661 14,279 Intangible assets, net 9,764 10,918 Goodwill 129,275 129,275 Other long-term assets 272,218 186,655 Total assets $ 3,853,277 $ 3,863,950 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current maturities of long-term debt $ 4,133 $ 4,255 Obligations under inventory financing agreements 165,168 594,362 Accounts payable 464,766 391,325 Accrued taxes 51,182 40,064 Operating lease liabilities 75,401 72,833 Other accrued liabilities 284,999 421,762 Total current liabilities 1,045,649 1,524,601 Long-term liabilities Long-term debt, net of current maturities 1,039,573 646,603 Finance lease liabilities 11,899 12,438 Operating lease liabilities 370,979 282,517 Other liabilities 131,151 62,367 Total liabilities 2,599,251 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 sha

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View this 10-Q filing on SEC EDGAR