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Par Pacific Holdings, Inc. reports developments for an energy company that produces and supplies conventional and renewable fuels in the western United States. Its updates commonly cover refining results, throughput, adjusted margins, capital spending, turnaround activity, liquidity and share repurchases across operations in Hawaii, the Pacific Northwest and the Rockies.
The company’s news also follows its logistics network, retail fuel and convenience brands, renewable fuels activity in Hawaii, and its ownership interest in Laramie Energy, LLC, a Western Colorado natural gas producer. Recurring announcements include quarterly earnings, conference-call schedules, debt and credit matters, refinery reliability projects, and commercial partnerships tied to transportation fuels and sustainable aviation fuel supply chains.
Par Pacific Holdings, Inc. (NYSE: PARR) announced a public offering of 5,000,000 shares of common stock, with an option for underwriters to purchase an additional 750,000 shares. The proceeds will be allocated to general corporate purposes, including repaying debt and funding capital expenditures. The offering is managed by J.P. Morgan and Goldman Sachs, pending market conditions. This move follows an effective shelf registration statement filed with the SEC.
Par Pacific Holdings, Inc. (NYSE: PARR) announced participation in several upcoming virtual conferences throughout March 2021. Key events include the Credit Suisse 26th Annual Energy Summit on March 2-3, the BofA Securities 2021 Refining Conference on March 10, and the 49th Annual Scotia Howard Weil Energy Conference on March 24. Investors can access the latest presentation on the investor relations section of Par Pacific’s website. The company operates significant energy and retail businesses across Hawaii and the Pacific Northwest, with a refining capacity of 94,000 bpd in Hawaii and 60,000 bpd in the Rockies.
Par Pacific Holdings, Inc. (NYSE: PARR) reported significant financial losses for the fiscal year and fourth quarter ended December 31, 2020. The company recorded a net loss of $409.1 million, or $(7.68) per share, with an adjusted net loss of $249.8 million. The fourth quarter saw a net loss of $131.9 million, compared to a profit of $35.4 million the year prior. Despite these challenges, the company completed a renewables logistics project and reduced operating expenses by approximately $55 million. A recent sale-leaseback of Hawaii retail properties aims to enhance liquidity.
Par Pacific Holdings (PARR) has successfully completed a sale-leaseback transaction with Realty Income Corporation, selling 21 retail convenience store properties in Hawaii for $109.4 million. The transaction includes a master lease agreement, allowing Par Hawaii to lease the properties for 15 years, with an option to extend for an additional 20 years. Approximately $51.7 million of the proceeds will be used to repay debt, while the remainder is allocated for general corporate purposes. The company assures no disruptions in operations due to this transaction.
Par Pacific Holdings, Inc. (NYSE: PARR) announced a sale-leaseback transaction with Realty Income Corporation, involving the sale of 22 retail convenience store/fuel station properties in Hawaii for $116.1 million. The company will lease back the properties for 15 years with an option to extend for 20 years. Approximately $53.2 million from the proceeds will be used to repay debt, with the remainder for general corporate purposes. The transaction is expected to close in Q1 2021 without disruption to operations.
Par Pacific Holdings, Inc. (NYSE: PARR) will release its fourth quarter 2020 results on February 24, 2021, after market closure. An investor conference call is scheduled for February 25, 2021, at 9:00 a.m. Central Time. Participants should dial in 10 minutes early at either 1-866-807-9684 (toll-free) or 1-412-317-5415 (toll). A replay will be available until March 11, 2021. Par Pacific operates major energy networks in Hawaii and the Pacific Northwest, featuring significant refining capacities and retail locations. Further details are available on their website.
Par Pacific Holdings (NYSE: PARR) announced participation in upcoming investor events, including the 3rd Annual Mizuho Virtual Refining Conference on January 5, 2021, and the Goldman Sachs Global Energy Conference on January 7, 2021. The management team will present and engage in 1x1 sessions with investors. Par Pacific operates extensive energy networks in Hawaii, with a combined refining capacity of 148,000 bpd and 91 retail locations. In the Pacific Northwest and Rockies, the company manages 60,000 bpd of refining capacity and 33 retail locations. Details are available on their website.
Par Pacific Holdings (NYSE: PARR) announced that its President & CEO, Joseph Israel, will speak at the Reuters Events Downstream Leadership Forum on November 19-20, 2020. During the event, Israel will lead a virtual discussion on the refining industry's outlook at 8:15 a.m. CST, followed by a Q&A session. Par Pacific operates a robust energy network, with significant refining capacity in Hawaii and the Pacific Northwest, along with retail locations and a stake in natural gas production.
Par Pacific reported a net loss of $14.3 million for Q3 2020, significantly improved from a $83.9 million loss in Q3 2019. Adjusted Net Loss was $56.5 million, compared to an Adjusted Net Income of $4.0 million last year. The company's Adjusted EBITDA was $(16.1) million, down from $47.0 million in 2019. Despite challenges, Par Pacific successfully completed two major turnarounds and aims for positive cash flow in 2021, aided by strategic improvements in Hawaii and logistics projects.
Par Pacific Holdings, Inc. (NYSE: PARR) will release its third quarter 2020 earnings on November 2, 2020, before market opening. The company will hold a conference call for investors at 9:30 a.m. Central Time, which can be accessed via a provided dial-in number or online at Par Pacific’s website. The earnings release and related materials will be available on their site. Par Pacific operates significant energy and retail businesses, particularly in Hawaii, with a combined refining capacity of 148,000 bpd.