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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 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.
Par Pacific Holdings, Inc. (NYSE: PARR) announced that its fourth quarter 2022 results will be released on February 22, 2023, post-market close. A subsequent investor conference call is scheduled for February 23, 2023, at 9:00 a.m. Central Time. Interested participants should dial in 10 minutes before the start. The conference call will include details about the company's performance in energy, infrastructure, and retail sectors. Par Pacific operates a significant energy network in Hawaii and is involved in natural gas production in Western Colorado.
Par Pacific Holdings (NYSE: PARR) will participate in notable conferences, including the Goldman Sachs 2023 Global Energy and Clean Technology Conference on January 6, 2023 in Miami, FL, and the 2023 Sankey Research Virtual Refining Conference on January 13, 2023. The company is recognized for its extensive energy network, operating with a refining capacity of 94,000 bpd in Hawaii and 61,000 bpd in the Pacific Northwest and Rockies. Investors can access the latest presentations on Par Pacific's website.
Par Pacific Holdings, Inc. (NYSE: PARR) announced its 2023 capital expenditure guidance of $60 million to $70 million, including $45 million for maintenance and regulatory spending, and $20 million for growth projects. No material turnaround outlays are anticipated during the year. The company is assessing a distillate hydrotreater renewable conversion project in Hawaii, with a final investment decision expected in Q1 2023. The guidance does not include expenditures for this project or the Billings acquisition, set to close in Q2 2023.
Par Pacific Holdings, Inc. (NYSE: PARR) announced key management changes effective January 1, 2023. William Monteleone has been appointed President, succeeding his role as Executive Vice President & Chief Financial Officer, where he served since 2017. He brings extensive experience in operations and financial management. Concurrently, Shawn Flores has been promoted to Senior Vice President & Chief Financial Officer, having previously been Vice President of Finance. These changes aim to enhance operational integration and accelerate renewable fuels production.
Par Pacific Holdings reported a strong financial performance for Q3 2022, with net income soaring to $267.4 million or $4.47 per diluted share, up from $81.8 million or $1.37 in Q3 2021. Adjusted EBITDA reached $214.1 million, compared to $58.2 million last year. The company announced the acquisition of ExxonMobil's Billings refinery for $310 million, expected to enhance its market presence. Key operational metrics showed increasing margins and throughput across refining and retail segments, alongside notable improvements in cash flow and liquidity.
Par Pacific Holdings, Inc. (NYSE: PARR) announced its agreement to acquire the 63,000 bpd Billings refinery and related assets from ExxonMobil for a base price of $310 million. The acquisition, funded by cash on hand and credit lines, is expected to enhance Par Pacific's scale and geographic reach, boosting throughput capacity to about 218,000 bpd. The company anticipates over $30 million in synergies and immediate accretion to Adjusted Net Income and Free Cash Flow per share upon closing in Q2 2023.
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