Par Pcifc Hldngs Stock Price, News & Analysis

Par Pacific Holdings, Inc. (NYSE: PARR) announced it will release its first quarter 2023 results on May 3, 2023, after market close. This will be followed by an investor conference call on May 4, 2023, at 9:00 a.m. Central Time. The conference can be accessed via dial-in or online at Par Pacific's website. The company owns and operates significant energy and retail businesses in Hawaii and the Pacific Northwest, boasting a refining capacity of 94,000 bpd in Hawaii and 61,000 bpd in the Pacific Northwest. In addition, Par Pacific holds a 46% stake in Laramie Energy, a natural gas producer in Western Colorado. This financial update underscores the company's operational scale and strategic positioning within niche markets.

Par Pacific Holdings, Inc. (NYSE: PARR) announced participation in the Piper Sandler 23rd Annual Energy Conference on March 21, 2023, in Las Vegas. The management team will highlight Par Pacific's strategic focus on acquiring and developing niche market businesses in the energy sector.

Par Pacific owns one of Hawaii's largest energy networks, with 94,000 bpd refining capacity and 90 retail locations. Additionally, it operates 61,000 bpd in the Pacific Northwest and Rockies and holds a 46% stake in Laramie Energy, a natural gas production company in Colorado. For more details, visit www.parpacific.com.

Par Pacific Holdings, Inc. (NYSE: PARR) announced the results of its cash tender offers for two series of senior secured notes, totaling approximately $312 million. The offers expired on February 23, 2023, with about 92.74% of the 2025 Notes and 92.73% of the 2026 Notes validly tendered. The company will accept and pay for these notes, pending the successful raising of at least $550 million through a private term loan due 2030. Par Pacific has also exercised its optional redemption rights for the outstanding notes, satisfying the indentures on the settlement date.

Par Pacific Holdings reported strong financial results for Q4 and the full year 2022. Q4 net income hit $84.7 million ($1.40 per diluted share), while full-year net income was $364.2 million ($6.08 per diluted share), a significant turnaround from a loss of $(81.3) million in 2021. Adjusted EBITDA for 2022 reached $643.4 million, up from $125.6 million in 2021. The refining segment showed substantial gains, with an operating income of $401.9 million, driven by improved margins and throughput. However, the retail segment's operating income declined compared to 2021, affected by prior asset sales. Overall, the robust market conditions contributed to record financial performance in 2022.

Par Pacific Holdings (NYSE: PARR) announced cash tender offers for approximately $281 million of 7.750% Senior Secured Notes due 2025 and $31.3 million of 12.875% Senior Secured Notes due 2026. The offers, valid until 5:00 p.m. ET on February 23, 2023, allow holders to receive cash consideration of $1,021.20 and $1,090.44 per $1,000 principal amount, respectively, plus accrued interest. The offers are contingent upon raising at least $550 million from a private senior secured term loan due 2030. After the tender, the company plans to redeem any remaining notes and discharge the indentures.

Par Pacific Holdings, Inc. (NYSE: PARR) announced the pricing of a private $550 million senior secured term loan B due in 2030. The loans will be issued at 98.5% of their face value, with an interest rate of SOFR plus 4.25%, subject to a step-down to 4.00% upon credit rating upgrades. Proceeds will refinance existing debts and cover general corporate needs, with the closing expected around February 28, 2023. The company operates a significant energy network in Hawaii and the Pacific Northwest, holding a 46% stake in Laramie Energy, LLC.

Par Pacific Holdings, Inc. (NYSE: PARR) announced a proposed $550 million senior secured term loan B due 2030 to refinance existing debts and extend its maturity profile. The company plans to simplify its capital structure by refinancing its Term Loan B due 2026 and 7.750% and 12.875% Senior Secured Notes due in 2025 and 2026. Additionally, Par Pacific anticipates refinancing its ABL credit facility with a new $150 million facility, expected to upsize to $550 million after a recent acquisition. Preliminary unaudited financial results for Q4 2022 indicate an estimated net income range of $60,000 to $90,000 and Adjusted EBITDA between $160,000 and $180,000.