Par Pacific Holdings Reports Second Quarter 2024 Results
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.
Pacific Holdings (NYSE: PARR) ha pubblicato i risultati finanziari del secondo trimestre 2024, riportando un utile netto di 18,6 milioni di dollari, pari a 0,32 dollari per azione diluita. L'utile netto rettificato è stato di 28,5 milioni di dollari, e l'EBITDA rettificato ha raggiunto 81,6 milioni di dollari. L'azienda ha eseguito con successo il turnaround di Billings e ha completato un rifinanziamento completo del capitale circolante. I principali punti salienti includono:
- Utile operativo del segmento raffinazione: 41,2 milioni di dollari
- Utile operativo del segmento retail: 16,1 milioni di dollari
- Utile operativo del segmento logistica: 18,0 milioni di dollari
- Riacquisto di azioni ordinarie per 66 milioni di dollari nel secondo trimestre
- Saldo di cassa: 179,7 milioni di dollari
- Liquidità totale: 520,4 milioni di dollari
Le prestazioni dell'azienda sono state guidate da operazioni di raffinazione costanti e da contributi stabili dai segmenti retail e logistica.
Pacific Holdings (NYSE: PARR) informó sus resultados financieros del segundo trimestre de 2024, con un ingreso neto de 18,6 millones de dólares, o 0,32 dólares por acción diluida. El ingreso neto ajustado fue de 28,5 millones de dólares, y el EBITDA ajustado alcanzó 81,6 millones de dólares. La compañía ejecutó con éxito la reestructuración de Billings y completó un refinanciamiento integral del capital de trabajo. Los puntos destacados incluyen:
- Ingreso operativo del segmento de refinación: 41,2 millones de dólares
- Ingreso operativo del segmento minorista: 16,1 millones de dólares
- Ingreso operativo del segmento logístico: 18,0 millones de dólares
- Recompra de acciones comunes por 66 millones de dólares en el segundo trimestre
- Saldo de efectivo: 179,7 millones de dólares
- Liquidez total: 520,4 millones de dólares
El desempeño de la empresa se vio impulsado por operaciones de refinación consistentes y contribuciones estables de los segmentos minorista y logístico.
Pacific Holdings (NYSE: PARR)는 2024년 2분기 재무 결과를 보고하며 순이익 1,860만 달러, 즉 희석 주당 0.32달러를 기록했습니다. 조정된 순이익은 2,850만 달러였으며, 조정 EBITDA는 8,160만 달러에 도달했습니다. 이 회사는 Billings의 턴어라운드를 성공적으로 실행하고 포괄적인 운영 자본 재융자를 완료했습니다. 주요 하이라이트는 다음과 같습니다:
- 정제 부문 운영 수익: 4,120만 달러
- 소매 부문 운영 수익: 1,610만 달러
- 물류 부문 운영 수익: 1,800만 달러
- 2분기에 6,600만 달러의 보통주를 재매입
- 현금 잔고: 1억 7,970만 달러
- 총 유동성: 5억 2,040만 달러
회사의 성과는 일관된 정제 운영과 소매 및 물류 부문으로부터의 안정적인 기여에 의해 주도되었습니다.
Pacific Holdings (NYSE: PARR) a annoncé ses résultats financiers pour le deuxième trimestre 2024, avec un bénéfice net de 18,6 millions de dollars, soit 0,32 dollar par action diluée. Le bénéfice net ajusté s'élevait à 28,5 millions de dollars, et l'EBITDA ajusté a atteint 81,6 millions de dollars. L'entreprise a réussi la restructuration de Billings et a complété un refinancement complet de son fonds de roulement. Les principaux faits saillants incluent :
- Bénéfice opérationnel du segment raffinage : 41,2 millions de dollars
- Bénéfice opérationnel du segment retail : 16,1 millions de dollars
- Bénéfice opérationnel du segment logistique : 18,0 millions de dollars
- Rachat de 66 millions de dollars d'actions ordinaires au 2e trimestre
- Solde de trésorerie : 179,7 millions de dollars
- Liquidité totale : 520,4 millions de dollars
Les performances de l'entreprise ont été soutenues par des opérations de raffinage constantes et des contributions stables des segments retail et logistique.
Pacific Holdings (NYSE: PARR) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und meldet einen Nettoertrag von 18,6 Millionen Dollar, was 0,32 Dollar pro verwässerter Aktie entspricht. Der angepasste Nettoertrag betrug 28,5 Millionen Dollar, und das angepasste EBITDA erreichte 81,6 Millionen Dollar. Das Unternehmen hat erfolgreich die Wende bei Billings vollzogen und eine umfassende Refinanzierung des Betriebskapitals abgeschlossen. Zu den wichtigsten Highlights gehören:
- Operativer Gewinn im Refinierungssegment: 41,2 Millionen Dollar
- Operativer Gewinn im Einzelhandelssegment: 16,1 Millionen Dollar
- Operativer Gewinn im Logistiksegment: 18,0 Millionen Dollar
- Rückkauf von 66 Millionen Dollar an Stammaktien im 2. Quartal
- Kassenbestand: 179,7 Millionen Dollar
- Gesamte Liquidität: 520,4 Millionen Dollar
Die Leistung des Unternehmens wurde durch konstante Raffinationsoperationen und stetige Beiträge aus den Einzelhandels- und Logistiksegmenten angetrieben.
- Successful execution of Billings turnaround on time and on budget
- Completed comprehensive working capital refinancing, expected to result in annual cash savings of $13 million
- Repurchased $66 million of common stock in Q2, with an additional $17.6 million repurchased through August 5, 2024
- Steady contributions from retail and logistics segments
- Increased retail segment sales volumes and same-store sales
- Net income decreased from $30.0 million in Q2 2023 to $18.6 million in Q2 2024
- Adjusted EBITDA declined from $150.8 million in Q2 2023 to $81.6 million in Q2 2024
- Refining segment Adjusted EBITDA decreased from $128.6 million in Q2 2023 to $60.1 million in Q2 2024
- Lower throughput and higher production costs in the Montana refinery due to turnaround impact
- Net cash used in operations of $4.7 million compared to net cash provided by operations of $173.1 million in Q2 2023
Insights
Par Pacific's Q2 2024 results show a mixed performance. Net income decreased to
The company's refining segment faced challenges, with operating income dropping slightly to
Par Pacific's stock repurchase of
Par Pacific's performance reflects the challenging refining environment in Q2 2024. The decrease in the 3-1-2 Singapore Crack Spread to
The company's diversified portfolio across refining, retail and logistics has provided some stability. The retail segment's
Investors should note the significant capital allocation towards stock repurchases, which may indicate management's belief that the stock is undervalued relative to future prospects.
Par Pacific's Q2 results highlight the ongoing volatility in the refining sector. The company's ability to execute the Billings turnaround on time and on budget is commendable, as it positions them for improved throughput in the future. However, the reduced throughput during the turnaround period impacted financial performance.
The varying performance across refineries is noteworthy. While the Hawaii refinery saw only a slight decrease in throughput, the Montana refinery experienced a significant drop from 63 Mbpd to 38 Mbpd due to the turnaround. This underscores the importance of operational efficiency and the impact of maintenance activities on overall performance.
The company's investment in Laramie Energy presents a mixed picture, with Laramie reporting a net loss of
HOUSTON, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the quarter ended June 30, 2024.
- Net Income of
$18.6 million , or$0.32 per diluted share - Adjusted Net Income of
$28.5 million , or$0.49 per diluted share - Adjusted EBITDA of
$81.6 million - Executed Billings turnaround on time and on budget
- Completed comprehensive working capital refinancing as of May 31, 2024
- Repurchased
$66 million of common stock in the second quarter
Par Pacific reported net income of
“Consistent refining operations and steady contributions from our retail and logistics segments drove solid financial results,” said Will Monteleone, President and Chief Executive Officer. “Additionally, the successful Billings turnaround was a major step towards achieving our longer-term throughput objectives at the site. Safe and reliable operations and crisp project execution across our system remain our key focus areas.”
Refining
The Refining segment reported operating income of
Refining segment Adjusted EBITDA was
Hawaii
The 3-1-2 Singapore Crack Spread was
The Hawaii refinery’s Adjusted Gross Margin was
Montana
The RVO Adjusted USGC 3-2-1 Index averaged
The Montana refinery’s Adjusted Gross Margin was
Washington
The RVO Adjusted Pacific Northwest 3-1-1-1 Index averaged
The Washington refinery’s Adjusted Gross Margin was
Wyoming
The RVO Adjusted USGC 3-2-1 Index averaged
The Wyoming refinery's Adjusted Gross Margin was
Retail
The Retail segment reported operating income of
Retail segment Adjusted EBITDA was
Logistics
The Logistics segment reported operating income of
Logistics segment Adjusted EBITDA was
Liquidity
Net cash used in operations totaled
On May 31, 2024, Par Pacific successfully completed its previously announced comprehensive refinancing. The Company’s ABL credit facility was upsized to
At June 30, 2024, Par Pacific’s cash balance totaled
Laramie Energy
In conjunction with Laramie Energy LLC’s (“Laramie’s”) refinancing and subsequent cash distribution to Par Pacific during the first quarter of 2023, we resumed the application of equity method accounting for our investment in Laramie effective February 21, 2023. During the second quarter of 2024, we received a cash distribution of
Conference Call Information
A conference call is scheduled for Wednesday, August 7, 2024 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-833-974-2377 inside the U.S. or 1-412-317-5782 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until August 21, 2024 and may be accessed by calling 1-877-344-7529 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 1873246.
About Par Pacific
Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns
Forward-Looking Statements
This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the anticipated synergies and other benefits of the Billings refinery and associated marketing and logistics assets (“Billings Acquisition”), including renewable growth opportunities, the anticipated financial and operating results of the Billings Acquisition and the effect on Par Pacific's cash flows and profitability (including Adjusted EBITDA and Adjusted Net Income and Free Cash Flow per share), and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, Israel-Palestine conflict, Houthi attacks in the Red Sea, Iranian activities in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.
Contact:
Ashimi Patel
VP, Investor Relations & Sustainability
(832) 916-3355
apatel@parpacific.com
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 2,017,468 | $ | 1,783,927 | $ | 3,998,303 | $ | 3,469,136 | |||||||
| Operating expenses | |||||||||||||||
| Cost of revenues (excluding depreciation) | 1,770,197 | 1,574,806 | 3,517,675 | 2,863,826 | |||||||||||
| Operating expense (excluding depreciation) | 144,080 | 101,843 | 297,340 | 184,963 | |||||||||||
| Depreciation and amortization | 32,144 | 28,216 | 64,800 | 52,576 | |||||||||||
| General and administrative expense (excluding depreciation) | 23,168 | 23,168 | 64,923 | 42,454 | |||||||||||
| Equity earnings from refining and logistics investments | (3,744 | ) | (425 | ) | (9,838 | ) | (425 | ) | |||||||
| Acquisition and integration costs | (152 | ) | 7,273 | 91 | 12,544 | ||||||||||
| Par West redevelopment and other costs | 3,071 | 2,613 | 5,042 | 5,363 | |||||||||||
| Loss on sale of assets, net | 63 | — | 114 | — | |||||||||||
| Total operating expenses | 1,968,827 | 1,737,494 | 3,940,147 | 3,161,301 | |||||||||||
| Operating income | 48,641 | 46,433 | 58,156 | 307,835 | |||||||||||
| Other income (expense) | |||||||||||||||
| Interest expense and financing costs, net | (20,434 | ) | (14,909 | ) | (38,318 | ) | (31,159 | ) | |||||||
| Debt extinguishment and commitment costs | (1,418 | ) | 38 | (1,418 | ) | (17,682 | ) | ||||||||
| Other income (loss), net | (124 | ) | 379 | (2,700 | ) | 344 | |||||||||
| Equity earnings (losses) from Laramie Energy, LLC | (1,360 | ) | — | 3,203 | 10,706 | ||||||||||
| Total other expense, net | (23,336 | ) | (14,492 | ) | (39,233 | ) | (37,791 | ) | |||||||
| Income before income taxes | 25,305 | 31,941 | 18,923 | 270,044 | |||||||||||
| Income tax expense | (6,667 | ) | (1,928 | ) | (4,036 | ) | (2,141 | ) | |||||||
| Net income | $ | 18,638 | $ | 30,013 | $ | 14,887 | $ | 267,903 | |||||||
| Weighted-average shares outstanding | |||||||||||||||
| Basic | 57,239 | 60,399 | 57,936 | 60,255 | |||||||||||
| Diluted | 58,045 | 60,993 | 58,402 | 61,020 | |||||||||||
| Income per share | |||||||||||||||
| Basic | $ | 0.33 | $ | 0.50 | $ | 0.26 | $ | 4.45 | |||||||
| Diluted | $ | 0.32 | $ | 0.49 | $ | 0.25 | $ | 4.39 | |||||||
Balance Sheet Data
(Unaudited)
(in thousands)
| June 30, 2024 | December 31, 2023 | ||||||
| Balance Sheet Data | |||||||
| Cash and cash equivalents | $ | 179,658 | $ | 279,107 | |||
| Working capital (1) | 589,809 | 190,042 | |||||
| ABL Credit Facility | 525,000 | 115,000 | |||||
| Term debt (2) | 547,556 | 550,621 | |||||
| Total debt, including current portion | 1,058,755 | 650,858 | |||||
| Total stockholders’ equity | 1,265,780 | 1,335,424 | |||||
_______________________________________
(1) Working capital is calculated as (i) total current assets excluding cash and cash equivalents less (ii) total current liabilities excluding current portion of long-term debt. Total current assets include inventories stated at the lower of cost or net realizable value.
(2) Term debt includes the Term Loan Credit Agreement and other long-term debt.
Operating Statistics
The following table summarizes key operational data:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Total Refining Segment | |||||||||||||||
| Feedstocks throughput (Mbpd) (1) | 179.8 | 162.3 | 180.0 | 147.7 | |||||||||||
| Refined product sales volume (Mbpd) (1) | 191.2 | 168.8 | 192.0 | 159.1 | |||||||||||
| Hawaii Refinery | |||||||||||||||
| Feedstocks throughput (Mbpd) | 81.0 | 84.1 | 80.2 | 80.2 | |||||||||||
| Yield (% of total throughput) | |||||||||||||||
| Gasoline and gasoline blendstocks | 27.3 | % | 26.8 | % | 26.2 | % | 26.8 | % | |||||||
| Distillates | 37.9 | % | 41.0 | % | 38.0 | % | 40.1 | % | |||||||
| Fuel oils | 30.0 | % | 28.2 | % | 32.0 | % | 28.8 | % | |||||||
| Other products | 1.4 | % | 0.8 | % | 0.1 | % | 1.2 | % | |||||||
| Total yield | 96.6 | % | 96.8 | % | 96.3 | % | 96.9 | % | |||||||
| Refined product sales volume (Mbpd) | 82.2 | 87.2 | 84.9 | 88.8 | |||||||||||
| Adjusted Gross Margin per bbl ($/throughput bbl) (2) | $ | 10.07 | $ | 12.08 | $ | 12.02 | $ | 15.41 | |||||||
| Production costs per bbl ($/throughput bbl) (3) | 4.50 | 4.33 | 4.67 | 4.43 | |||||||||||
| D&A per bbl ($/throughput bbl) | 0.57 | 0.67 | 0.58 | 0.70 | |||||||||||
| Montana Refinery | |||||||||||||||
| Feedstocks Throughput (Mbpd) (1) | 37.7 | 62.6 | 45.1 | 62.6 | |||||||||||
| Yield (% of total throughput) | |||||||||||||||
| Gasoline and gasoline blendstocks | 56.6 | % | 46.3 | % | 51.3 | % | 46.3 | % | |||||||
| Distillates | 25.2 | % | 29.3 | % | 29.6 | % | 29.3 | % | |||||||
| Asphalt | 6.9 | % | 13.3 | % | 8.7 | % | 13.3 | % | |||||||
| Other products | 5.0 | % | 6.1 | % | 4.5 | % | 6.1 | % | |||||||
| Total yield | 93.7 | % | 95.0 | % | 94.1 | % | 95.0 | % | |||||||
| Refined product sales volume (Mbpd) (1) | 48.2 | 59.3 | 49.9 | 59.3 | |||||||||||
| Adjusted Gross Margin per bbl ($/throughput bbl) (2) | $ | 16.89 | $ | 30.98 | $ | 15.20 | $ | 30.98 | |||||||
| Production costs per bbl ($/throughput bbl) (3) | 16.18 | 8.07 | 14.09 | 8.07 | |||||||||||
| D&A per bbl ($/throughput bbl) | 1.84 | 1.85 | 1.59 | 1.85 | |||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Washington Refinery | |||||||||||||||
| Feedstocks throughput (Mbpd) | 41.2 | 40.9 | 36.3 | 40.3 | |||||||||||
| Yield (% of total throughput) | |||||||||||||||
| Gasoline and gasoline blendstocks | 24.7 | % | 24.0 | % | 24.2 | % | 23.8 | % | |||||||
| Distillate | 34.4 | % | 34.8 | % | 34.0 | % | 34.6 | % | |||||||
| Asphalt | 18.0 | % | 19.5 | % | 19.3 | % | 19.0 | % | |||||||
| Other products | 20.0 | % | 18.3 | % | 19.1 | % | 18.7 | % | |||||||
| Total yield | 97.1 | % | 96.6 | % | 96.6 | % | 96.1 | % | |||||||
| Refined product sales volume (Mbpd) | 40.2 | 44.8 | 38.2 | 42.8 | |||||||||||
| Adjusted Gross Margin per bbl ($/throughput bbl) (2) | $ | 4.67 | $ | 6.37 | $ | 5.30 | $ | 8.66 | |||||||
| Production costs per bbl ($/throughput bbl) (3) | 3.66 | 3.98 | 4.70 | 4.11 | |||||||||||
| D&A per bbl ($/throughput bbl) | 1.83 | 1.82 | 2.09 | 1.81 | |||||||||||
| Wyoming Refinery | |||||||||||||||
| Feedstocks throughput (Mbpd) | 19.9 | 16.7 | 18.4 | 16.8 | |||||||||||
| Yield (% of total throughput) | |||||||||||||||
| Gasoline and gasoline blendstocks | 44.3 | % | 43.7 | % | 46.8 | % | 45.6 | % | |||||||
| Distillate | 48.9 | % | 48.7 | % | 47.6 | % | 47.3 | % | |||||||
| Fuel oils | 2.2 | % | 2.6 | % | 2.1 | % | 2.5 | % | |||||||
| Other products | 3.1 | % | 2.5 | % | 2.1 | % | 1.7 | % | |||||||
| Total yield | 98.5 | % | 97.5 | % | 98.6 | % | 97.1 | % | |||||||
| Refined product sales volume (Mbpd) | 20.6 | 17.3 | 19.0 | 17.7 | |||||||||||
| Adjusted Gross Margin per bbl ($/throughput bbl) (2) | $ | 14.74 | $ | 20.56 | $ | 14.83 | $ | 24.05 | |||||||
| Production costs per bbl ($/throughput bbl) (3) | 7.08 | 8.30 | 7.46 | 7.85 | |||||||||||
| D&A per bbl ($/throughput bbl) | 2.36 | 2.93 | 2.56 | 2.85 | |||||||||||
| Market Indices ($ per barrel) | |||||||||||||||
| 3-1-2 Singapore Crack Spread (4) | $ | 12.49 | $ | 13.72 | $ | 15.58 | $ | 17.45 | |||||||
| RVO Adj. Pacific Northwest 3-1-1-1 Index (5) | 22.54 | 25.13 | 21.51 | 25.21 | |||||||||||
| RVO Adj. USGC 3-2-1 Index (6) | 17.93 | 21.65 | 19.63 | 24.09 | |||||||||||
| Crude Oil Prices ($ per barrel) | |||||||||||||||
| Brent | $ | 85.03 | $ | 77.73 | $ | 83.39 | $ | 79.90 | |||||||
| WTI | 80.66 | 73.56 | 78.78 | 74.77 | |||||||||||
| ANS | 86.42 | 78.26 | 83.87 | 78.63 | |||||||||||
| Bakken Clearbrook | 79.95 | 75.37 | 77.13 | 77.25 | |||||||||||
| WCS Hardisty | 67.21 | 60.07 | 63.33 | 58.38 | |||||||||||
| Brent M1-M3 | 1.30 | 0.44 | 1.18 | 0.48 | |||||||||||
| Retail Segment | |||||||||||||||
| Retail sales volumes (thousands of gallons) | 30,523 | 29,373 | 59,953 | 56,572 | |||||||||||
________________________________________
(1) Feedstocks throughput and sales volumes per day for the Montana refinery for the three and six months ended June 30, 2023, are calculated based on the 30-day period for which we owned the Montana refinery in the second quarter of 2023. As such, the amounts for the total refining segment represent the sum of the Hawaii, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three and six months ended June 30, 2023, plus the Montana refinery’s throughput or sales volumes averaged over the periods from June 1, 2023, to June 30, 2023. The 2024 amounts for the total refining segment represent the sum of the Hawaii, Montana, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three and six months ended June 30, 2024.
(2) We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method.
(3) Management uses production costs per barrel to evaluate performance and compare efficiency to other companies in the industry. There are a variety of ways to calculate production costs per barrel; different companies within the industry calculate it in different ways. We calculate production costs per barrel by dividing all direct production costs, which include the costs to run the refineries including personnel costs, repair and maintenance costs, insurance, utilities, and other miscellaneous costs, by total refining throughput. Our production costs are included in Operating expense (excluding depreciation) on our condensed consolidated statements of operations, which also includes costs related to our bulk marketing operations and severance costs.
(4) We believe the 3-1-2 Singapore Crack Spread (or three barrels of Brent crude oil converted into one barrel of gasoline and two barrels of distillates (diesel and jet fuel)) is the most representative market indicator for our operations in Hawaii.
(5) We believe the RVO Adjusted Pacific Northwest 3-1-1-1 (or three barrels of WTI crude oil converted into one barrel of Pacific Northwest gasoline, one barrel of Pacific Northwest ULSD and one barrel of USGC VGO, less
(6) We believe the RVO Adjusted USGC 3-2-1 (or three barrels of WTI crude oil converted into two barrels of USGC gasoline and one barrel of USGC ULSD, less
Non-GAAP Performance Measures
Management uses certain financial measures to evaluate our operating performance that are considered non-GAAP financial measures. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.
We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Management uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) and Adjusted EBITDA (as defined below) are useful supplemental financial measures that allow investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure. We believe Adjusted EBITDA by segment (as defined below) is a useful supplemental financial measure to evaluate the economic performance of our segments without regard to financing methods, capital structure, or historical cost basis.
Beginning with financial results reported for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA also exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments acquired on June 1, 2023, as part of the Billings Acquisition.
Beginning with financial results reported for the fourth quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA excludes all hedge losses (gains) associated with our Washington ending inventory and LIFO layer increment impacts associated with our Washington inventory. In addition, we have modified our environmental obligation mark-to-market adjustment to include only the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act (“Washington CCA”) and Clean Fuel Standard. This modification was made as part of our change in how we estimate our environmental obligation liabilities.
Beginning with financial results reported for the fourth quarter of 2023, Adjusted Net Income (loss) excludes unrealized interest rate derivative losses (gains) and all Laramie Energy related impacts with the exception of cash distributions. We have recast Adjusted Net Income (Loss) for prior periods when reported to conform to the modified presentation.
Beginning with financial results reported for the first quarter of 2024, Adjusted Net Income (loss) also excludes other non-operating income and expenses. This modification improves comparability between periods by excluding income and expenses resulting from non-operating activities.
Adjusted Gross Margin
Adjusted Gross Margin is defined as operating income (loss) excluding:
| • | operating expense (excluding depreciation); | |
| • | depreciation and amortization (“D&A”); | |
| • | Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments; | |
| • | impairment expense; | |
| • | loss (gain) on sale of assets, net; | |
| • | inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory); | |
| • | Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard); and | |
| • | unrealized loss (gain) on derivatives. | |
The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):
| Three months ended June 30, 2024 | Refining | Logistics | Retail | ||||||||
| Operating income | $ | 41,206 | $ | 18,041 | $ | 16,053 | |||||
| Operating expense (excluding depreciation) | 116,509 | 4,701 | 22,870 | ||||||||
| Depreciation and amortization | 21,691 | 7,193 | 2,675 | ||||||||
| Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments | 661 | 761 | — | ||||||||
| Inventory valuation adjustment | (21,101 | ) | — | — | |||||||
| Environmental obligation mark-to-market adjustments | (3,504 | ) | — | — | |||||||
| Unrealized loss on commodity derivatives | 21,141 | — | — | ||||||||
| Loss on sale of assets, net | — | 63 | — | ||||||||
| Adjusted Gross Margin (1) | $ | 176,603 | $ | 30,759 | $ | 41,598 | |||||
| Three months ended June 30, 2023 | Refining | Logistics | Retail | ||||||||
| Operating income | $ | 44,139 | $ | 20,691 | $ | 15,220 | |||||
| Operating expense (excluding depreciation) | 76,971 | 3,596 | 21,276 | ||||||||
| Depreciation and amortization | 19,826 | 5,059 | 2,732 | ||||||||
| Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments | — | 207 | — | ||||||||
| Inventory valuation adjustment | 33,118 | — | — | ||||||||
| Environmental obligation mark-to-market adjustments | 9,343 | — | — | ||||||||
| Unrealized loss on commodity derivatives | 22,178 | — | — | ||||||||
| Adjusted Gross Margin (1) | $ | 205,575 | $ | 29,553 | $ | 39,228 | |||||
| Six Months Ended June 30, 2024 | Refining | Logistics | Retail | ||||||||
| Operating income | $ | 63,806 | $ | 38,415 | $ | 27,049 | |||||
| Operating expense (excluding depreciation) | 242,977 | 8,513 | 45,850 | ||||||||
| Depreciation and amortization | 43,961 | 13,968 | 5,791 | ||||||||
| Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments | 1,379 | 1,689 | — | ||||||||
| Inventory valuation adjustment | (20,476 | ) | — | — | |||||||
| Environmental obligation mark-to-market adjustments | (13,767 | ) | — | — | |||||||
| Unrealized loss on commodity derivatives | 65,833 | — | — | ||||||||
| Loss (gain) on sale of assets, net | — | 124 | (10 | ) | |||||||
| Adjusted Gross Margin (1) | $ | 383,713 | $ | 62,709 | $ | 78,680 | |||||
| Six Months Ended June 30, 2023 | Refining | Logistics | Retail | ||||||||
| Operating income | $ | 307,276 | $ | 33,299 | $ | 28,694 | |||||
| Operating expense (excluding depreciation) | 135,853 | 7,043 | 42,067 | ||||||||
| Depreciation and amortization | 35,549 | 10,093 | 5,811 | ||||||||
| Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments | — | 207 | — | ||||||||
| Inventory valuation adjustment | 53,976 | — | — | ||||||||
| Environmental obligation mark-to-market adjustments | (123,958 | ) | — | — | |||||||
| Unrealized loss on commodity derivatives | 8,508 | — | — | ||||||||
| Adjusted Gross Margin (1) | $ | 417,204 | $ | 50,642 | $ | 76,572 | |||||
________________________________________
(1) For the three and six months ended June 30, 2024 and 2023, there was no impairment expense recorded in Operating income. For the three and six months ended June 30, 2023, there was no (gain) loss on sale of assets recorded in Operating income.
Adjusted Net Income (Loss) and Adjusted EBITDA
Adjusted Net Income (Loss) is defined as Net income (loss) excluding:
| • | inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory); | |
| • | Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard); | |
| • | unrealized (gain) loss on derivatives; | |
| • | acquisition and integration costs; | |
| • | redevelopment and other costs related to Par West; | |
| • | debt extinguishment and commitment costs; | |
| • | increase in (release of) tax valuation allowance and other deferred tax items; | |
| • | changes in the value of contingent consideration and common stock warrants; | |
| • | severance costs and other non-operating expense (income); | |
| • | (gain) loss on sale of assets; | |
| • | impairment expense; | |
| • | impairment expense associated with our investment in Laramie Energy; and | |
| • | Par’s share of equity losses from Laramie Energy, LLC, excluding cash distributions. | |
Adjusted EBITDA is defined as Adjusted Net Income (Loss) excluding:
| • | D&A; | |
| • | interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain); | |
| • | cash distributions from Laramie Energy, LLC to Par; | |
| • | Par's portion of interest, taxes, and depreciation expense from refining and logistics investments; and | |
| • | income tax expense (benefit) excluding the increase in (release of) tax valuation allowance. | |
The following table presents a reconciliation of Adjusted Net Income (Loss) and Adjusted EBITDA to the most directly comparable GAAP financial measure, net income (loss), on a historical basis for the periods indicated (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income | $ | 18,638 | $ | 30,013 | $ | 14,887 | $ | 267,903 | |||||||
| Inventory valuation adjustment | (21,101 | ) | 33,118 | (20,476 | ) | 53,976 | |||||||||
| Environmental obligation mark-to-market adjustments | (3,504 | ) | 9,343 | (13,767 | ) | (123,958 | ) | ||||||||
| Unrealized loss on derivatives | 21,104 | 21,635 | 64,952 | 7,965 | |||||||||||
| Acquisition and integration costs | (152 | ) | 7,273 | 91 | 12,544 | ||||||||||
| Par West redevelopment and other costs | 3,071 | 2,613 | 5,042 | 5,363 | |||||||||||
| Debt extinguishment and commitment costs | 1,418 | (38 | ) | 1,418 | 17,682 | ||||||||||
| Changes in valuation allowance and other deferred tax items (1) | 6,162 | — | 3,531 | — | |||||||||||
| Severance costs and other non-operating expense (2) | — | 1,070 | 16,138 | 1,070 | |||||||||||
| Loss on sale of assets, net | 63 | — | 114 | — | |||||||||||
| Equity earnings from Laramie Energy, LLC, excluding cash distributions | 2,845 | — | (1,718 | ) | — | ||||||||||
| Adjusted Net Income | 28,544 | 105,027 | 70,212 | 242,545 | |||||||||||
| Depreciation and amortization | 32,144 | 28,216 | 64,800 | 52,576 | |||||||||||
| Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain) | 20,471 | 15,452 | 39,199 | 31,702 | |||||||||||
| Laramie Energy, LLC cash distributions to Par | (1,485 | ) | — | (1,485 | ) | (10,706 | ) | ||||||||
| Par's portion of interest, taxes, and depreciation expense from refining and logistics investments | 1,422 | 207 | 3,068 | 207 | |||||||||||
| Income tax expense (benefit) | 505 | 1,928 | 505 | 2,141 | |||||||||||
| Adjusted EBITDA (3) | $ | 81,601 | $ | 150,830 | $ | 176,299 | $ | 318,465 | |||||||
___________________________________
(1) For the three and six months ended June 30, 2024, we recognized a non-cash deferred tax expense of
(2) For the six months ended June 30, 2024, we incurred
(3) For the three and six months ended June 30, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, or impairments associated with our investment in Laramie Energy. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) and Adjusted EBITDA made during the reporting periods.
The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) per share (in thousands, except per share amounts):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Adjusted Net Income | $ | 28,544 | $ | 105,027 | $ | 70,212 | $ | 242,545 | |||||||
| Plus: effect of convertible securities | — | — | — | — | |||||||||||
| Numerator for diluted income per common share | $ | 28,544 | $ | 105,027 | $ | 70,212 | $ | 242,545 | |||||||
| Basic weighted-average common stock shares outstanding | 57,239 | 60,399 | 57,936 | 60,255 | |||||||||||
| Add dilutive effects of common stock equivalents | 806 | 594 | 466 | 765 | |||||||||||
| Diluted weighted-average common stock shares outstanding | 58,045 | 60,993 | 58,402 | 61,020 | |||||||||||
| Basic Adjusted Net Income per common share | $ | 0.50 | $ | 1.74 | $ | 1.21 | $ | 4.03 | |||||||
| Diluted Adjusted Net Income per common share | $ | 0.49 | $ | 1.72 | $ | 1.20 | $ | 3.97 | |||||||
Adjusted EBITDA by Segment
Adjusted EBITDA by segment is defined as Operating income (loss) excluding:
| • | D&A; | |
| • | inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory); | |
| • | Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard); | |
| • | unrealized (gain) loss on derivatives; | |
| • | acquisition and integration costs; | |
| • | redevelopment and other costs related to Par West; | |
| • | severance costs and other non-operating expense (income); | |
| • | (gain) loss on sale of assets; | |
| • | impairment expense; and | |
| • | Par's portion of interest, taxes, and depreciation expense from refining and logistics investments. | |
Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations.
The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands):
| Three Months Ended June 30, 2024 | |||||||||||||||
| Refining | Logistics | Retail | Corporate and Other | ||||||||||||
| Operating income (loss) by segment | $ | 41,206 | $ | 18,041 | $ | 16,053 | $ | (26,659 | ) | ||||||
| Depreciation and amortization | 21,691 | 7,193 | 2,675 | 585 | |||||||||||
| Inventory valuation adjustment | (21,101 | ) | — | — | — | ||||||||||
| Environmental obligation mark-to-market adjustments | (3,504 | ) | — | — | — | ||||||||||
| Unrealized loss on commodity derivatives | 21,141 | — | — | — | |||||||||||
| Acquisition and integration costs | — | — | — | (152 | ) | ||||||||||
| Par West redevelopment and other costs | — | — | — | 3,071 | |||||||||||
| Severance costs and other non-operating expense | — | — | — | — | |||||||||||
| Loss on sale of assets, net | — | 63 | — | — | |||||||||||
| Par's portion of interest, taxes, and depreciation expense from refining and logistics investments | 661 | 761 | — | — | |||||||||||
| Other loss, net | — | — | — | (124 | ) | ||||||||||
| Adjusted EBITDA (1) | $ | 60,094 | $ | 26,058 | $ | 18,728 | $ | (23,279 | ) | ||||||
| Three Months Ended June 30, 2023 | |||||||||||||||
| Refining | Logistics | Retail | Corporate and Other | ||||||||||||
| Operating income (loss) by segment | $ | 44,139 | $ | 20,691 | $ | 15,220 | $ | (33,617 | ) | ||||||
| Depreciation and amortization | 19,826 | 5,059 | 2,732 | 599 | |||||||||||
| Inventory valuation adjustment | 33,118 | — | — | — | |||||||||||
| Environmental obligation mark-to-market adjustments | 9,343 | — | — | — | |||||||||||
| Unrealized loss on commodity derivatives | 22,178 | — | — | — | |||||||||||
| Acquisition and integration costs | — | — | — | 7,273 | |||||||||||
| Par West redevelopment and other costs | — | — | — | 2,613 | |||||||||||
| Severance costs and other non-operating expenses | — | — | — | 1,070 | |||||||||||
| Par's portion of interest, taxes, and depreciation expense from refining and logistics investments | — | 207 | — | — | |||||||||||
| Other income, net | — | — | — | 379 | |||||||||||
| Adjusted EBITDA (1) | $ | 128,604 | $ | 25,957 | $ | 17,952 | $ | (21,683 | ) | ||||||
| Six Months Ended June 30, 2024 | |||||||||||||||
| Refining | Logistics | Retail | Corporate and Other | ||||||||||||
| Operating income (loss) by segment | $ | 63,806 | $ | 38,415 | $ | 27,049 | $ | (71,114 | ) | ||||||
| Depreciation and amortization | 43,961 | 13,968 | 5,791 | 1,080 | |||||||||||
| Inventory valuation adjustment | (20,476 | ) | — | — | — | ||||||||||
| Environmental obligation mark-to-market adjustments | (13,767 | ) | — | — | — | ||||||||||
| Unrealized loss on commodity derivatives | 65,833 | — | — | — | |||||||||||
| Acquisition and integration costs | — | — | — | 91 | |||||||||||
| Severance costs and other non-operating expenses | 642 | — | — | 15,496 | |||||||||||
| Par West redevelopment and other costs | — | — | — | 5,042 | |||||||||||
| Loss (gain) on sale of assets, net | — | 124 | (10 | ) | — | ||||||||||
| Par's portion of interest, taxes, and depreciation expense from refining and logistics investments | 1,379 | 1,689 | — | — | |||||||||||
| Other loss, net | — | — | — | (2,700 | ) | ||||||||||
| Adjusted EBITDA (1) | $ | 141,378 | $ | 54,196 | $ | 32,830 | $ | (52,105 | ) | ||||||
| Six Months Ended June 30, 2023 | |||||||||||||||
| Refining | Logistics | Retail | Corporate and Other | ||||||||||||
| Operating income (loss) by segment | $ | 307,276 | $ | 33,299 | $ | 28,694 | $ | (61,434 | ) | ||||||
| Depreciation and amortization | 35,549 | 10,093 | 5,811 | 1,123 | |||||||||||
| Inventory valuation adjustment | 53,976 | — | — | — | |||||||||||
| Environmental obligation mark-to-market adjustments | (123,958 | ) | — | — | — | ||||||||||
| Unrealized loss on commodity derivatives | 8,508 | — | — | — | |||||||||||
| Acquisition and integration costs | — | — | — | 12,544 | |||||||||||
| Severance costs and other non-operating expenses | — | — | — | 1,070 | |||||||||||
| Par West redevelopment and other costs | — | — | — | 5,363 | |||||||||||
| Par's portion of interest, taxes, and depreciation expense from refining and logistics investments | — | 207 | — | — | |||||||||||
| Other income, net | — | — | — | 344 | |||||||||||
| Adjusted EBITDA (1) | $ | 281,351 | $ | 43,599 | $ | 34,505 | $ | (40,990 | ) | ||||||
________________________________________
(1) For the three and six months ended June 30, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, or impairments associated with our investment in Laramie Energy. For the three and six months ended June 30, 2023, there was no loss (gain) on sale of assets.
Laramie Energy Adjusted EBITDAX
Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative loss (gain), loss (gain) on settled derivative instruments, interest expense, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, exploration and geological and geographical expense, bonus accrual, equity-based compensation expense, loss (gain) on disposal of assets, phantom units, and expired acreage (non-cash). We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.
The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) | $ | (6,466 | ) | $ | 6,709 | $ | (57 | ) | $ | 57,527 | |||||
| Commodity derivative income | (4,560 | ) | (12,384 | ) | (10,587 | ) | (34,840 | ) | |||||||
| Gain (loss) on settled derivative instruments | 7,815 | 4,411 | 8,636 | (4,208 | ) | ||||||||||
| Interest expense and loan fees | 4,908 | 4,974 | 10,038 | 8,959 | |||||||||||
| Gain on extinguishment of debt | — | — | — | 10,098 | |||||||||||
| Non-cash preferred dividend | — | — | — | 2,910 | |||||||||||
| Depreciation, depletion, amortization, and accretion | 8,788 | 6,193 | 16,555 | 13,217 | |||||||||||
| Phantom units | (859 | ) | 147 | (286 | ) | 746 | |||||||||
| Loss on sale of assets, net | — | 58 | — | 68 | |||||||||||
| Expired acreage (non-cash) | 398 | 116 | 565 | 112 | |||||||||||
| Total Adjusted EBITDAX (1) | $ | 10,024 | $ | 10,224 | $ | 24,864 | $ | 54,589 | |||||||
________________________________________
(1) For the three and six months ended June 30, 2024 and 2023, there was no exploration and geological and geographical expense, bonus accrual, or equity-based compensation expense.
FAQ
What was Par Pacific's (PARR) net income for Q2 2024?
How much did Par Pacific (PARR) spend on stock repurchases in Q2 2024?
What was Par Pacific's (PARR) Adjusted EBITDA for Q2 2024?
How did Par Pacific's (PARR) refining segment perform in Q2 2024?
What was Par Pacific's (PARR) cash balance as of June 30, 2024?
