Par Pacific (PARR)

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

William Pate
Fiscal year end
Former names
Hermes Consolidated, LLC • Par Hawaii, LLC • Par Hawaii Refining, LLC • Par Hawaii Shared Services, LLC • Par Pacific Hawaii Property Company, LLC • Par Petroleum Finance Corp. • Par Petroleum, LLC • Par Piceance Energy Equity LLC • Par Tacoma, LLC • U.S. Oil and Refining Co. ...
IRS number

PARR stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
Low target
High target
Piper Sandler
19 Jul 22
JP Morgan
17 May 22

Investment data

Data from SEC filings
Securities sold
Number of investors


6 May 22
12 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 144.87M 144.87M 144.87M 144.87M 144.87M 144.87M
Cash burn (monthly) (no burn) 5.99M 45.83M 10.36M 2.56M 380.83K
Cash used (since last report) n/a 26.35M 201.67M 45.58M 11.27M 1.68M
Cash remaining n/a 118.52M -56.79M 99.3M 133.6M 143.2M
Runway (months of cash) n/a 19.8 -1.2 9.6 52.2 376.0

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
5 Jul 22 Phillip S Davidson RSU Common stock Grant Acquire A No No 0 1,480 0 1,480
5 Jul 22 Hatcher Katherine Common stock Grant Acquire A No No 0 1,480 0 25,358
5 Jul 22 Clossey Timothy Common stock Grant Acquire A No No 0 1,480 0 63,250
5 Jul 22 Dods Walter A JR Common stock Grant Acquire A No No 0 1,480 0 77,908
5 Jul 22 Robert S Silberman RSU Common stock Grant Acquire A No No 0 2,465 0 2,465
92.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 146 156 -6.4%
Opened positions 11 26 -57.7%
Closed positions 21 15 +40.0%
Increased positions 62 50 +24.0%
Reduced positions 47 56 -16.1%
13F shares Current Prev Q Change
Total value 725.35M 1.49B -51.3%
Total shares 55.4M 54.86M +1.0%
Total puts 52.9K 34.6K +52.9%
Total calls 1.42M 2.46M -42.4%
Total put/call ratio 0.0 0.0 +165.3%
Largest owners Shares Value Change
Chai Trust 10.27M $133.68M -13.5%
BLK Blackrock 7.58M $98.74M +0.2%
Rubric Capital Management 3.7M $48.17M 0.0%
Vanguard 3.62M $47.12M +10.6%
Nut Tree Capital Management 2.91M $37.92M 0.0%
STT State Street 2.79M $36.3M +34.2%
Oaktree Capital Management 2.21M $28.77M 0.0%
Littlejohn & Co 1.66M $21.65M +24.2%
Cetus Capital VI 1.32M $21.83M 0.0%
Boston Partners 1.28M $16.8M NEW
Largest transactions Shares Bought/sold Change
Lord, Abbett & Co. 0 -2.19M EXIT
Chai Trust 10.27M -1.6M -13.5%
Boston Partners 1.28M +1.28M NEW
STT State Street 2.79M +710.46K +34.2%
Millennium Management 264.26K -678.53K -72.0%
Philosophy Capital Management 606.71K +362.64K +148.6%
Vanguard 3.62M +346.96K +10.6%
Littlejohn & Co 1.66M +324.27K +24.2%
Solas Capital Management 898.59K +298.59K +49.8%
Dean Capital Investments Management 234.73K +234.73K NEW

Financial report summary

  • 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.
  • We may incur significant costs and liabilities resulting from performance of pipeline integrity programs and related repairs.
  • Compliance with and changes in tax laws could materially and adversely affect our financial condition, results of operations and cash flows.
  • 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 Loss. Our financial results declined from a net loss of $62.2 million for the three months ended March 31, 2021 to a net loss of $137.1 million for the three months ended March 31, 2022. The increase in our net loss was primarily driven by a gain of $63.9 million related to the Sale-Leaseback Transactions and a $2.0 million gain on curtailment of pension obligation in the three months ended March 31, 2021 with no such gains in the 2022 comparable period . Other factors impacting our results period over period include higher utilities and repair and maintenance costs and higher employee expenses.
  •     Adjusted EBITDA and Adjusted Net Loss. For the three months ended March 31, 2022, Adjusted EBITDA was $8.3 million compared to a loss of $34.4 million for the three months ended March 31, 2021. The improvement was primarily related to favorable crack spreads across all our refineries and lower RINs costs, partially offset by unfavorable feedstock and purchased product costs and higher costs related to our inventory financing agreements. Other factors impacting our results period over period include realized derivative unfavorability and increased fuel burn costs for the three months ended March 31, 2022.
  •     For the three months ended March 31, 2022, Adjusted Net Loss was $31.4 million compared to $75.4 million for the three months ended March 31, 2021. The improvement was primarily related to the same factors described above for the increase in Adjusted EBITDA.

Content analysis

H.S. sophomore Avg
New words: accordion, administered, Airline, allegedly, alter, appeal, Asian, attract, combustion, community, complex, conflict, cruise, DD, debottlenecking, drove, engine, entirety, escalate, exacerbate, Exporting, fare, Geopolitical, highest, incremental, inflationary, interpretation, invasion, Japan, lender, logistically, mandated, maximum, modest, modification, niche, OPEC, outlet, outlook, overnight, posting, procurement, raw, rental, retaliatory, retroactive, rose, Russia, Russian, signifying, size, SOFR, standby, steady, stronger, struck, sublimit, suspended, swingline, talent, Ukraine, vacuum, wider, York
Removed: actuarial, added, affiliated, aggregating, Aid, alternative, American, annum, application, ASC, ASU, bargaining, bear, benchmark, BOH, book, bore, brand, budget, Building, burden, call, cancelled, cessation, charge, clarified, collective, comprehensive, conduct, consistency, consummate, consummation, contract, conversion, covered, covering, declared, deducting, defer, deferral, deferring, delaying, determining, discontinued, discounted, domestically, ease, entry, Escrow, evolving, executing, execution, exercised, expenditure, Facilitation, failed, FASB, favor, Fidelity, fifteen, freeze, funding, goodwill, hedged, hourly, idled, improve, instrument, IRS, issuable, issue, leased, low, Lynch, manufacturing, Master, matching, mature, Merrill, minimal, monthly, Morgan, navigating, optional, point, predictable, projected, proprietary, prospective, ranging, real, rebranding, recognizing, redemption, refund, removed, removing, rent, repaying, responsible, retained, retirement, retrospective, segregated, shared, simplified, Simplifying, situation, steep, substitute, sum, superior, sustaining, thereof, top, Topic, transaction, treated, underground, undertaken, underwriting, underwritten, unpaid, utilizing, vaccinated, warrant, weighted, WRC, yield