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, Inc. (NYSE: PARR) reported significant financial losses for the fiscal year and fourth quarter ended December 31, 2020. The company recorded a net loss of $409.1 million, or $(7.68) per share, with an adjusted net loss of $249.8 million. The fourth quarter saw a net loss of $131.9 million, compared to a profit of $35.4 million the year prior. Despite these challenges, the company completed a renewables logistics project and reduced operating expenses by approximately $55 million. A recent sale-leaseback of Hawaii retail properties aims to enhance liquidity.
Par Pacific Holdings (PARR) has successfully completed a sale-leaseback transaction with Realty Income Corporation, selling 21 retail convenience store properties in Hawaii for $109.4 million. The transaction includes a master lease agreement, allowing Par Hawaii to lease the properties for 15 years, with an option to extend for an additional 20 years. Approximately $51.7 million of the proceeds will be used to repay debt, while the remainder is allocated for general corporate purposes. The company assures no disruptions in operations due to this transaction.
Par Pacific Holdings, Inc. (NYSE: PARR) announced a sale-leaseback transaction with Realty Income Corporation, involving the sale of 22 retail convenience store/fuel station properties in Hawaii for $116.1 million. The company will lease back the properties for 15 years with an option to extend for 20 years. Approximately $53.2 million from the proceeds will be used to repay debt, with the remainder for general corporate purposes. The transaction is expected to close in Q1 2021 without disruption to operations.
Par Pacific Holdings, Inc. (NYSE: PARR) will release its fourth quarter 2020 results on February 24, 2021, after market closure. An investor conference call is scheduled for February 25, 2021, at 9:00 a.m. Central Time. Participants should dial in 10 minutes early at either 1-866-807-9684 (toll-free) or 1-412-317-5415 (toll). A replay will be available until March 11, 2021. Par Pacific operates major energy networks in Hawaii and the Pacific Northwest, featuring significant refining capacities and retail locations. Further details are available on their website.
Par Pacific Holdings (NYSE: PARR) announced participation in upcoming investor events, including the 3rd Annual Mizuho Virtual Refining Conference on January 5, 2021, and the Goldman Sachs Global Energy Conference on January 7, 2021. The management team will present and engage in 1x1 sessions with investors. Par Pacific operates extensive energy networks in Hawaii, with a combined refining capacity of 148,000 bpd and 91 retail locations. In the Pacific Northwest and Rockies, the company manages 60,000 bpd of refining capacity and 33 retail locations. Details are available on their website.
Par Pacific Holdings (NYSE: PARR) announced that its President & CEO, Joseph Israel, will speak at the Reuters Events Downstream Leadership Forum on November 19-20, 2020. During the event, Israel will lead a virtual discussion on the refining industry's outlook at 8:15 a.m. CST, followed by a Q&A session. Par Pacific operates a robust energy network, with significant refining capacity in Hawaii and the Pacific Northwest, along with retail locations and a stake in natural gas production.
Par Pacific reported a net loss of $14.3 million for Q3 2020, significantly improved from a $83.9 million loss in Q3 2019. Adjusted Net Loss was $56.5 million, compared to an Adjusted Net Income of $4.0 million last year. The company's Adjusted EBITDA was $(16.1) million, down from $47.0 million in 2019. Despite challenges, Par Pacific successfully completed two major turnarounds and aims for positive cash flow in 2021, aided by strategic improvements in Hawaii and logistics projects.
Par Pacific Holdings, Inc. (NYSE: PARR) will release its third quarter 2020 earnings on November 2, 2020, before market opening. The company will hold a conference call for investors at 9:30 a.m. Central Time, which can be accessed via a provided dial-in number or online at Par Pacific’s website. The earnings release and related materials will be available on their site. Par Pacific operates significant energy and retail businesses, particularly in Hawaii, with a combined refining capacity of 148,000 bpd.
Par Pacific Holdings, Inc. (NYSE: PARR) reported a net loss of $40.6 million, or $(0.76) per diluted share, for Q2 2020, compared to a net income of $28.2 million in Q2 2019. Adjusted EBITDA was $(50.3 million), down from $68.5 million in the same period last year. The Refining segment showed an operating loss of $36.8 million and an Adjusted Gross Margin of $(22.3 million). However, Retail operations saw record results, contributing to a positive Adjusted EBITDA of $18.8 million.
Par Pacific Holdings (NYSE: PARR) will announce its second quarter 2020 earnings before the market opens on August 10, 2020. A conference call for investors is scheduled for the same day at 9:00 a.m. Central Time. The company's diverse operations include significant refining capacities in Hawaii and the Pacific Northwest, as well as a stake in Laramie Energy. Par Pacific focuses on acquiring and developing businesses in logistically challenging markets.
FAQ
What is the current stock price of Par Pacific Holdings (PARR)?
What is the market cap of Par Pacific Holdings (PARR)?
What does Par Pacific Holdings, Inc. do?
Where is Par Pacific Holdings, Inc. headquartered?
What segments does Par Pacific operate in?
What is Par Pacific's refining capacity?
What recent achievements has Par Pacific accomplished?
What is Par Pacific's market symbol?
What is the significance of Par Pacific's logistics network?
How does Par Pacific contribute to the Hawaiian energy market?
Who leads Par Pacific Holdings, Inc.?
What are the primary products of Par Pacific's refining segment?
