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PARR Par Pacific

Par Pacific Holdings, Inc., headquartered in Houston, Texas, owns and operates market-leading energy, infrastructure, and retail businesses. Par Pacific's strategy is to acquire and develop businesses in logistically complex markets. Par Pacific owns and operates one of the largest energy networks in Hawaii with 148,000 bpd of combined refining capacity, a logistics system supplying the major islands of the state and 91 retail locations. In the Pacific Northwest and the Rockies, Par Pacific owns and operates 60,000 bpd of combined refining capacity, related multimodal logistics systems, and 33 retail locations. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado.

Company profile

Ticker
PARR
Exchange
CEO
William Pate
Employees
Incorporated
Location
Fiscal year end
Former names
DELTA PETROLEUM CORP/CO, PAR PETROLEUM CORP/CO
SEC CIK
IRS number
841060803

PARR stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

7 Apr 21
13 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Par Pacific earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 70.31M 70.31M 70.31M 70.31M 70.31M 70.31M
Cash burn (monthly) 19.67M 4.84M 43.93M 35.82M 21.06M 3.1M
Cash used (since last report) 67.76M 16.68M 151.29M 123.36M 72.52M 10.68M
Cash remaining 2.55M 53.63M -80.98M -53.05M -2.21M 59.63M
Runway (months of cash) 0.1 11.1 -1.8 -1.5 -0.1 19.2

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
5 Apr 21 Robert S Silberman RSU Common stock Grant Aquire A No No 0 2,534 0 2,534
5 Apr 21 Dods Walter A JR Common stock Grant Aquire A No No 0 1,520 0 70,607
5 Apr 21 Hatcher Katherine Common stock Grant Aquire A No No 0 1,520 0 18,057
5 Apr 21 Anastasio Curt Common stock Grant Aquire A No No 0 3,582 0 77,910
5 Apr 21 Anastasio Curt RSU Common stock Option exercise Aquire M No No 0 3,582 0 1,704
5 Apr 21 Anastasio Curt RSU Common stock Grant Aquire A No No 0 1,520 0 1,520
5 Apr 21 Clossey Timothy RSU Common stock Grant Aquire A No No 0 1,520 0 1,520

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

97.7% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 127 128 -0.8%
Opened positions 17 15 +13.3%
Closed positions 18 30 -40.0%
Increased positions 31 43 -27.9%
Reduced positions 53 45 +17.8%
13F shares
Current Prev Q Change
Total value 953.9M 420.33M +126.9%
Total shares 52.79M 50.12M +5.3%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Chai Trust 13.05M $182.39M 0.0%
BLK Blackrock 7.51M $104.97M +9.2%
Rubric Capital Management 2.85M $39.84M +4.4%
Vanguard 2.74M $38.35M +2.1%
Eaton Vance Management 2.7M $37.75M NEW
Parametric Portfolio Associates 2.7M $37.73M -2.1%
Nut Tree Capital Management 2.66M $37.22M +22.4%
Lord, Abbett & Co. 1.74M $24.29M +9.8%
Dimensional Fund Advisors 1.62M $22.62M -4.8%
STT State Street 1.55M $21.71M -5.7%
Largest transactions
Shares Bought/sold Change
Eaton Vance Management 2.7M +2.7M NEW
BLK Blackrock 7.51M +632.79K +9.2%
Nut Tree Capital Management 2.66M +487.98K +22.4%
Renaissance Technologies 1.01M -298.1K -22.7%
Dean Capital Investments Management 481.97K -217.19K -31.1%
Park West Asset Management 689.3K -212.45K -23.6%
Fuller & Thaler Asset Management 166.82K +166.82K NEW
Lord, Abbett & Co. 1.74M +154.92K +9.8%
DB Deutsche Bank AG - Registered Shares 33.15K -119.74K -78.3%
Rubric Capital Management 2.85M +119.67K +4.4%

Financial report summary

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Competition
Canada
Risks
  • Our operations are subject to operational hazards that could expose us to potentially significant losses.
  • The volatility of crude oil prices and refined product prices and changes in the demand for such products may have a material adverse effect on our cash flow and results of operations.
  • Our business, financial condition, results of operations, and liquidity have been adversely affected by the COVID-19 pandemic that has caused, and is expected to continue to cause, the global slowdown of economic activity (including the decrease in demand for crude oil and the refined products that we produce and sell), disruptions in global supply chains,
  • and significant volatility and disruption of financial markets and that also has adversely affected workforces, customers, and regional and local economies.
  • Instability in the global economic and political environment can lead to volatility in the cost and availability of crude oil and prices for refined products, which could adversely impact our results of operations.
  • Many of our refined products could cause serious injury or death if mishandled or misused by us or our purchasers, or if defects occur during manufacturing.
  • Our business is impacted by increased risks of spills, discharges, or other releases of petroleum or hazardous substances in our refining and logistics operations.
  • Our operations, including the operation of underground storage tanks, are also subject to the risk of environmental litigation and investigations which could affect our results of operations.
  • Our insurance coverage may be inadequate to protect us from the liabilities that could arise in our business.
  • We are subject to interruptions of supply and increased costs as a result of our reliance on third-party transportation of crude oil and refined products to and from our refineries.
  • The financial and operating results of our refineries, including the products they refine and sell, can be seasonal.
  • We rely upon certain critical information systems for the operation of our business and the failure of any critical information system, including a cyber security breach, may result in harm to our business.
  • Through our investment in Laramie Energy, we are subject to all of the risks of natural gas and oil exploration and production, but we lack the ability to control Laramie Energy’s operations and our ability to extract value is limited.
  • Meeting the requirements of evolving environmental, health, and safety laws and regulations, including those related to climate change and marine protection, could adversely affect our performance.
  • Renewable fuels mandates may reduce demand for the petroleum fuels we produce, which could have a material adverse effect on our business results of operations and financial condition.
  • Potential legislative and regulatory actions addressing climate change could increase our costs, reduce our revenue and cash flow from natural gas and oil sales, or otherwise alter the way we conduct our business.
  • In connection with the WRC Acquisition, we will be required to undertake significant remediation and other corrective actions with respect to certain environmental matters.
  • The locations of our refineries and related assets in certain limited geographic areas create an exposure to localized economic risks.
  • We must make substantial capital expenditures at our refineries and related assets to maintain their reliability and efficiency. If we are unable to complete capital projects at their expected costs or in a timely manner, or if the market conditions assumed in our project economics deteriorate, our financial condition, results of operations, or cash flows could be adversely affected.
  • The retail market is diverse and highly competitive. Aggressive competition and the development of alternative fuels could adversely impact our business.
  • If we are unable to obtain crude oil supplies for our refineries without the benefit of certain intermediation agreements, the capital required to finance our crude oil supply could negatively impact our liquidity.
  • The Intermediation Agreements expose us to counterparty credit and performance risk.
  • Inadequate liquidity could materially and adversely affect our business operations in the future.
  • Our ability to generate cash and repay our indebtedness or fund capital expenditures depends on many factors beyond our control and any failure to do so could harm our business, financial condition, and results of operations.
  • Our substantial level of indebtedness could adversely affect our financial condition.
  • Despite our current debt levels, we may still incur substantially more debt or take other actions which would intensify the risks associated with our substantial leverage.
  • Our debt agreements impose significant operating and financial restrictions on us.
  • We may incur losses and incur additional costs as a result of our forward-contract activities and derivative transactions.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly and otherwise impact our ability to incur indebtedness for acquisitions and working capital needs.
  • We cannot be certain that our net operating loss tax carryforwards will continue to be available to offset our tax liability.
  • We may be unable to successfully identify, execute, or effectively integrate future acquisitions, which may negatively affect our results of operations.
  • Acquisitions may prove to be worth less than we paid because of uncertainties in evaluating potential liabilities.
  • A substantial portion of our refining workforce is unionized and we may face labor disruptions that would interfere with our operations.
  • Adverse changes in global economic conditions and the demand for transportation fuels may impact our business and financial condition in ways that we currently cannot predict.
  • Because we have no near term plans to pay cash dividends on our common stock, investors must look solely to stock appreciation for a return on their investment in us.
  • If securities or industry analysts do not publish research or reports about our business, if they adversely change their recommendations regarding our common stock, or if our operating results do not meet their expectations, our stock price could decline.
  • The price of our common stock historically has been volatile. This volatility may affect the price at which you could sell your common stock.
  • An impairment of an equity investment, a long-lived asset, or goodwill could reduce our earnings or negatively impact the value of our common stock.
  • The market for our common stock has been historically illiquid, which may affect your ability to sell your shares.
  • Delaware law, our charter documents, and concentrated stock ownership may impede or discourage a takeover, which could reduce the market price of our common stock.
  • We may issue preferred stock with terms that could adversely affect the voting power or value of our common stock and any future issuances of our common stock may reduce our stock price.
  • Investor sentiment towards climate change, fossil fuels, sustainability, and other Environmental, Social, and Governance (“ESG”) matters could adversely affect our business and our stock price.
Management Discussion
  • Net Income (Loss). Our net income decreased from $40.8 million for the year ended December 31, 2019 to a net loss of $409.1 million for the year ended December 31, 2020. The decrease in our net income (loss) was primarily driven by lower refining sales volumes and unfavorable crack spreads related to COVID-19 demand destruction, increased RINs expenses and derivative costs, goodwill and asset impairments of $85.8 million, and an unfavorable change in lower of cost and net realizable value adjustments, partially offset by cost reductions across our businesses in response to COVID-19 and higher retail fuel margins. In addition, we incurred an other-than-temporary impairment of $45.3 million related to our equity investment in Laramie Energy in 2020, as compared to an other-than-temporary impairment of $83.2 million in 2019. Other factors impacting our results period over period include a $49.0 million reduction in our income tax benefit and lower debt extinguishment and commitment costs.
Content analysis
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