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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) reported a net loss of $40.6 million, or $(0.76) per diluted share, for Q2 2020, compared to a net income of $28.2 million in Q2 2019. Adjusted EBITDA was $(50.3 million), down from $68.5 million in the same period last year. The Refining segment showed an operating loss of $36.8 million and an Adjusted Gross Margin of $(22.3 million). However, Retail operations saw record results, contributing to a positive Adjusted EBITDA of $18.8 million.
Par Pacific Holdings (NYSE: PARR) will announce its second quarter 2020 earnings before the market opens on August 10, 2020. A conference call for investors is scheduled for the same day at 9:00 a.m. Central Time. The company's diverse operations include significant refining capacities in Hawaii and the Pacific Northwest, as well as a stake in Laramie Energy. Par Pacific focuses on acquiring and developing businesses in logistically challenging markets.
Par Pacific Holdings, Inc. (NYSE: PARR) announced the closing of a private offering of $105 million in 12.875% senior secured notes due 2026. The net proceeds will be used for general corporate purposes. The notes are secured senior obligations, guaranteed by existing and certain future subsidiaries. Offered to qualified institutional buyers, the notes were not registered under the Securities Act and cannot be sold in the U.S. without registration. This move strengthens Par Pacific's financial position as it navigates market complexities.
Par Pacific Holdings, Inc. (NYSE: PARR) announced the participation of CEO Joseph Israel in the Reuters Events Downstream Virtual 2020 Conference, scheduled for June 9-11, 2020. Mr. Israel will discuss the Impact of COVID-19 on Refining on June 9 at 9:30 a.m. CDT. Par Pacific operates extensive energy, infrastructure, and retail businesses, including significant refining capacities in Hawaii (148,000 bpd) and the Pacific Northwest (60,000 bpd). Additionally, the company holds a 46% stake in Laramie Energy, LLC, focusing on natural gas production in Western Colorado.
Par Pacific Holdings (NYSE: PARR) announced that CFO Will Monteleone will participate in the Bank of America Securities 2020 Energy Credit Conference via webcast on June 4, 2020. He will host a presentation and engage in one-on-one meetings. Par Pacific, based in Houston, operates significant energy and retail businesses, including the largest energy network in Hawaii with a refining capacity of 148,000 bpd, and an additional 60,000 bpd refining capacity in the Pacific Northwest and Rockies. They also own 46% of Laramie Energy, a natural gas production company.
Par Pacific Holdings, Inc. (NYSE: PARR) has announced a private offering of $105 million in 12.875% senior secured notes due 2026. This offering is targeted at qualified institutional buyers and aims to enhance liquidity amid economic uncertainties. The Notes are secured by the Issuers' assets and expected to close on June 5, 2020. Proceeds will be utilized for general corporate purposes. CEO William Pate emphasized the importance of maintaining liquidity during the ongoing economic recovery post-COVID-19 shutdowns.
Par Pacific Holdings, Inc. (NYSE: PARR) announced plans to offer $100 million in senior secured notes due 2026 through its wholly-owned subsidiaries. These notes will be issued to qualified institutional buyers under Rule 144A and Regulation S. The net proceeds from the offering will be used for general corporate purposes. The notes will be secured and guaranteed on a senior basis and will share collateral with existing senior secured notes and a Term Loan B facility. The notes are not registered under the Securities Act, restricting their sale without registration or exemption.
Par Pacific Holdings, Inc. (NYSE: PARR) announced the furlough of 29 employees due to decreased throughput rates at its Kapolei, Hawaii refineries amid COVID-19. This staffing reduction is not anticipated to disrupt the supply of refined products in Hawaii. Additionally, the President, CEO, and independent Board members will cut their cash salaries by 75% effective immediately. Par Pacific continues to operate significant energy infrastructure in Hawaii and the Pacific Northwest, with a total refining capacity of 208,000 barrels per day.