Welcome to our dedicated page for Par Pacific Holdings news (Ticker: PARR), a resource for investors and traders seeking the latest updates and insights on Par Pacific Holdings stock.
Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a dynamic energy company focused on the acquisition, operation, and management of energy and infrastructure businesses. With a diverse portfolio, Par Pacific plays a significant role in the energy sector, providing both renewable and conventional fuels across the western United States.
Par Pacific operates one of the largest energy infrastructure networks in Hawaii, featuring a 94,000-bpd refinery, a comprehensive logistics network serving the major islands, and 90 retail locations under the Hele brand. In Wyoming, the company owns a refinery and associated logistics network catering to a niche market.
Moreover, Par Pacific owns 46% of Laramie Energy, LLC, which focuses on natural gas operations in the Piceance Basin in Western Colorado. The company also extends its reach into the Pacific Northwest and the Rockies, operating an extensive energy infrastructure network, including 7.6 million barrels of storage and multiple marine, rail, rack, and pipeline assets.
Under its refining segment, Par Pacific produces ultra-low-sulfur diesel, gasoline, jet fuel, marine fuel, and other refined products, generating maximum revenue from this segment. Through its retail segment, the company operates convenience stores like the 'nomnom' chain and supplies ExxonMobil-branded fuel retail stations. The logistics segment ensures efficient crude shipments to refineries and the export of finished products.
Recent notable achievements include a new intermediation financing agreement with Citigroup Energy Inc. for its Kapolei, Hawaii refinery and the initiation of a sweepstakes for nomnom rewards members featuring a trip to Colorado. These strategic moves underline Par Pacific's dedication to growth and innovation in the energy sector.
With a strong business outlook, robust balance sheet, and a talented management team led by CEO Will Monteleone, Par Pacific is well-positioned for future growth, driving shareholder value and maintaining its commitment to operational excellence.
Par Pacific Holdings (NYSE: PARR) has announced its 2025 capital expenditure and turnaround outlay guidance ranging from $210 million to $240 million. The breakdown includes:
- $85-95 million for turnarounds & catalyst
- $75-85 million for maintenance
- $50-60 million for growth initiatives
The growth expenditure includes approximately $30-40 million for completing the Hawaii renewable hydrotreater project and $10 million for ERP system enhancements. Additionally, $10 million is allocated for reliability investments. The company also expects its 2024 capital expenditures to reach the lower end of the previously announced $220-250 million range.
Par Pacific Holdings (NYSE: PARR) reported Q3 2024 financial results with net income of $7.5 million ($0.13 per diluted share), down from $171.4 million ($2.79 per diluted share) in Q3 2023. The company posted an Adjusted Net Loss of $(5.5) million and Adjusted EBITDA of $51.4 million, compared to $193.4 million and $255.7 million respectively in Q3 2023. Despite challenging refining margins, the company achieved record logistics results and refining throughput. The company's liquidity increased by $112.1 million while repurchasing $21.9 million of common stock.
Par Pacific Holdings (NYSE: PARR) has announced the schedule for its third quarter 2024 earnings release and conference call. The company will release its Q3 2024 results after the New York Stock Exchange closes on Monday, November 4, 2024. This will be followed by an investor conference call on Tuesday, November 5, 2024, at 9:00 a.m. Central Time (10:00 a.m. Eastern).
Investors can participate in the conference call by dialing 1-833-974-2377 (toll-free) or 1-412-317-5782 (toll). The full earnings release will be available on Par Pacific's website. A live audio webcast and related presentation materials will also be accessible on the company's website. A replay of the call will be available until November 19, 2024, by dialing 1-877-344-7529 (toll-free) or 1-412-317-0088 (toll) with the passcode 4223997.
nomnom, a subsidiary of Par Pacific Holdings (PARR), has launched the 'Snack Attack' sweepstakes in partnership with the Eastern Washington University Eagles. nomnom rewards members can enter to win a VIP package for the November 16, 2024 game, including four tickets and access to the EWU hospitality suite. The promotion runs until October 31, 2024.
Brian Gray, Head of Marketing at Par Pacific Holdings, emphasized the exclusive opportunity for fans to enjoy the game in luxury. To participate, users need to download the nomnom rewards app, sign up as a member, and enter the sweepstakes. This initiative aims to boost app downloads and reward program memberships while leveraging nomnom's sponsorship of the EWU Eagles.
Par Pacific Holdings (NYSE: PARR) has announced its management team's participation in two upcoming investor conferences. The first is the Barclays CEO Energy-Power Conference on September 5, 2024, in New York, NY. The second is the NYSE Energy/Utilities Investor Conference on September 10, 2024, which will be held virtually.
Investors and interested parties can access the most up-to-date investor presentation on the Investors section of Par Pacific's website at www.parpacific.com. This announcement highlights Par Pacific's commitment to engaging with investors and sharing company updates through these important industry events.
Cormetech, a leading manufacturer of SCR Catalyst and Carbon Capture Adsorbers, has announced a significant leadership change. Patricia Martinez will be appointed as the new President & CEO, effective August 19th, 2024. She brings over 25 years of industry experience, with a focus on low-carbon energy solutions. Mike Mattes, the current President & CEO, will transition to the role of Chairman of the Board.
Martinez's appointment is expected to drive Cormetech's growth in the emissions control industry, particularly in areas such as Electrification, Carbon Capture Utilization and Sequestration (CCUS), Bio Energy, and Hydrogen. The company aims to leverage her expertise to expand its product lines and solidify its position as an industry leader.
Par Pacific Holdings (NYSE: PARR) reported its Q2 2024 financial results with net income of $18.6 million, or $0.32 per diluted share. Adjusted Net Income was $28.5 million, and Adjusted EBITDA reached $81.6 million. The company successfully executed the Billings turnaround and completed a comprehensive working capital refinancing. Key highlights include:
- Refining segment operating income: $41.2 million
- Retail segment operating income: $16.1 million
- Logistics segment operating income: $18.0 million
- Repurchased $66 million of common stock in Q2
- Cash balance: $179.7 million
- Total liquidity: $520.4 million
The company's performance was driven by consistent refining operations and steady contributions from retail and logistics segments.
Par Pacific Holdings (NYSE: PARR) announced it will release its Q2 2024 financial results after the NYSE closes on August 6, 2024. A conference call for investors is scheduled for August 7, 2024, at 9:00 a.m. Central Time (10:00 a.m. Eastern). The earnings release and related presentation materials will be available on Par Pacific's website. Investors can participate by dialing a provided toll-free or toll number 10 minutes before the call. A replay will be accessible until August 21, 2024.
Par Pacific has announced a new crude-only intermediation financing agreement with Citigroup Energy to supply crude oil to its Hawaii refinery. The company also terminated a previous supply agreement with J. Aron & Company. Additionally, Par Pacific confirmed an increase in lender commitments under its asset-based revolving credit facility to up to $1.4 billion, based on added collateral assets in Hawaii, including refined product inventory and accounts receivable. All changes became effective on May 31, 2024.
Hele Kamaʻaina Rewards members can enjoy significant savings and exciting opportunities this summer. From June 1 to August 31, 2024, users of the Hele app can enter the 'Hele Tokyo Flyaway' sweepstakes, offering a chance to win 220,000 HawaiianMiles, enough for a round-trip flight to Tokyo on Hawaiian Airlines.
Hele Kamaʻaina Rewards members save $0.25 per gallon daily, and the sweepstakes is exclusive to Hawaii residents aged 18 and older. Participants need a free HawaiianMiles account to receive the miles. Hele convenience stores, part of Par Pacific Holdings, offer this program, accessible via the Hele app available on Google Play and the Apple App Store.
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