• Adjusted EBITDA: $51 million for the third quarter.

• Adjusted Net Loss: $0.10 per share.

• Refining Throughput: Record of over 198,000 barrels per day.

• Same-Store Fuel Volumes: Declined by 1.4%.

• Merchandise Sales Growth: Increased by 3.8% compared to Q3 2023.

• Total Fuel Volumes: Increased by approximately 100,000 gallons.

• Refining Segment Adjusted EBITDA: $20 million.

• Logistics Segment Adjusted EBITDA: $33 million.

• Retail Segment Adjusted EBITDA: $21 million.

• Net Cash Provided by Operations: $79 million.

• Cash Used in Investing Activities: $28 million.

• Common Stock Repurchase: $22 million during the third quarter.

• Total Liquidity: $633 million as of September 30.

• Warning! GuruFocus has detected 6 Warning Sign with PARR.

Release Date: November 05, 2024

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

Positive Points

• Par Pacific Holdings Inc (NYSE:PARR) achieved a record quarterly refining throughput of over 198,000 barrels per day, demonstrating strong operational performance.

• The company reported record logistics adjusted EBITDA, indicating robust performance in its logistics segment.

• Par Pacific Holdings Inc (NYSE:PARR) is targeting a reduction in 2025 fixed operating expenses by $30 million to $40 million, which will enhance its ability to thrive in various market cycles.

• The Hawaii SAF project is on track for startup in the second half of 2025, which is expected to contribute to future growth.

• The company maintains a strong liquidity position with $633 million, providing flexibility for strategic growth and investments.

Negative Points

• Par Pacific Holdings Inc (NYSE:PARR) reported an adjusted net loss of $0.10 per share for the third quarter, indicating financial challenges.

• The refining segment's adjusted EBITDA decreased to $20 million from $60 million in the previous quarter, reflecting a challenging market environment.

• Same-store fuel volumes in the retail segment declined by 1.4%, indicating potential challenges in maintaining retail sales momentum.

• The Washington refinery faced a tough quarter with low capture rates, highlighting difficulties in the West Coast market.

• The company's operating expenses in Billings were higher than the $10 per barrel target, suggesting room for cost optimization.

Q & A Highlights

Q: How does Par Pacific plan to approach share buybacks given the current crack environment and attractive share prices? A: Shawn Flores, CFO, stated that Par Pacific will maintain an opportunistic approach to share buybacks, balancing the opportunity to buy back stock at attractive prices with the need to maintain a strong balance sheet to support strategic growth and capital investments.