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• Adjusted EBITDA (2024): $239 million.

• Adjusted Net Income (2024): $0.37 per share.

• Fourth Quarter Adjusted EBITDA: $11 million.

• Fourth Quarter Adjusted Earnings: Loss of $43 million or $0.79 per share.

• Refining Throughput (2024): 187,000 barrels per day.

• Hawaii Throughput (Q4): 83,000 barrels per day.

• Washington Throughput (Q4): 39,000 barrels per day.

• Wyoming Throughput (Q4): 14,000 barrels per day.

• Billings Throughput (Q4): 52,000 barrels per day.

• Retail Segment Adjusted EBITDA (Q4): $22 million.

• Logistics Segment Adjusted EBITDA (Q4): $33 million.

• Corporate Expenses (Q4): $22 million.

• Net Cash Used in Operations (Q4): $16 million.

• Cash Used in Investment Activities (Q4): $48 million.

• Full Year Deferred Turnaround and CapEx: $209 million on a cash basis, $234 million on an accrued basis.

• Share Repurchases (2024): Approximately 5 million shares or 9% of total shares outstanding.

• Gross Term Debt (as of Dec 31): $644 million.

• Total Liquidity (as of Dec 31): $614 million.

• Warning! GuruFocus has detected 7 Warning Signs with PARR.

Release Date: February 26, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Par Pacific Holdings Inc (NYSE:PARR) reported a strong operational performance in 2024 with record refining throughput and improvements in safety and logistics.

• The company's diversified business model and unique market presence have provided resilience in a challenging refining market.

• The Retail segment delivered exceptional results with a 10% increase in adjusted EBITDA from 2023, driven by strong in-store gross margins and expanding fuel volumes.

• Par Pacific Holdings Inc (NYSE:PARR) successfully repurchased nearly 5 million shares, or 9% of outstanding shares, at attractive prices, demonstrating strong capital allocation.

• The Hawaii SAF project is progressing on schedule, with strong commercial interest and strategic advantages in logistics and distribution.

Negative Points

• The Wyoming facility experienced an operational incident, resulting in damage to the crude heater furnace, impacting throughput and requiring restoration efforts.

• Fourth quarter adjusted EBITDA and earnings were negative, with a loss of $43 million or $0.79 per share.

• The Refining segment reported an adjusted EBITDA loss of $22 million in the fourth quarter, reflecting challenges in the refining market.

• Washington's throughput and production costs indicate challenges, with the Washington Index showing negative margins in the fourth quarter.

• The Wyoming refinery outage will result in reduced throughput and lost production, impacting financial performance in the first quarter of 2025.