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
Website
CEO
William Pate
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
DELTA PETROLEUM CORP/CO, PAR PETROLEUM CORP/CO
SEC CIK
Corporate docs
Subsidiaries
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
841060803
PARR stock data
Analyst ratings and price targets
Current price
Average target
$18.50
Low target
$17.00
High target
$20.00
Piper Sandler
Maintains
$20.00
JP Morgan
Maintains
$17.00
Investment data
Securities sold
Number of investors
Calendar
6 May 22
12 Aug 22
31 Dec 22
Financial summary
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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 |
Recent insider trades
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 |
Institutional ownership, Q1 2022
92.1% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 146 |
Opened positions | 11 |
Closed positions | 21 |
Increased positions | 62 |
Reduced positions | 47 |
13F shares | Current |
---|---|
Total value | 725.35M |
Total shares | 55.4M |
Total puts | 52.9K |
Total calls | 1.42M |
Total put/call ratio | 0.0 |
Largest owners | Shares | Value |
---|---|---|
Chai Trust | 10.27M | $133.68M |
BLK Blackrock | 7.58M | $98.74M |
Rubric Capital Management | 3.7M | $48.17M |
Vanguard | 3.62M | $47.12M |
Nut Tree Capital Management | 2.91M | $37.92M |
STT State Street | 2.79M | $36.3M |
Oaktree Capital Management | 2.21M | $28.77M |
Littlejohn & Co | 1.66M | $21.65M |
Cetus Capital VI | 1.32M | $21.83M |
Boston Partners | 1.28M | $16.8M |
Financial report summary
?Competition
CanadaRisks
- 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
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H.S. sophomore Avg
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New words:
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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
Financial reports
Current reports
8-K
Par Pacific Holdings Reports Strong Second Quarter 2022 Results
8 Aug 22
8-K
Departure of Directors or Certain Officers
25 May 22
8-K
Entry into a Material Definitive Agreement
19 May 22
8-K
Submission of Matters to a Vote of Security Holders
6 May 22
8-K
Par Pacific Holdings Reports First Quarter 2022 Results
5 May 22
8-K
Departure of Directors or Certain Officers
29 Apr 22
8-K
Entry into a Material Definitive Agreement
27 Apr 22
8-K
Regulation FD Disclosure
7 Apr 22
8-K
Entry into a Material Definitive Agreement
1 Apr 22
8-K
Entry into a Material Definitive Agreement
10 Mar 22
Registration and prospectus
S-3ASR
Automatic shelf registration
13 Feb 22
S-8
Registration of securities for employees
14 May 21
424B5
Prospectus supplement for primary offering
17 Mar 21
424B5
Prospectus supplement for primary offering
15 Mar 21
424B3
Prospectus supplement
8 Feb 19
424B3
Prospectus supplement
8 Feb 19
S-3/A
Shelf registration (amended)
5 Feb 19
S-3
Shelf registration
20 Dec 18
Proxies
DEFA14A
Additional proxy soliciting materials
23 Mar 22
DEFA14A
Additional proxy soliciting materials
19 Apr 21
DEFA14A
Additional proxy soliciting materials
25 Mar 21
DEFA14A
Additional proxy soliciting materials
12 Apr 20
DEFA14A
Additional proxy soliciting materials
26 Mar 20
DEFA14A
Additional proxy soliciting materials
28 Mar 19
DEF 14A
Definitive proxy
28 Mar 19
Other
EFFECT
Notice of effectiveness
19 Feb 19
UPLOAD
Letter from SEC
14 Feb 19
CORRESP
Correspondence with SEC
13 Feb 19
EFFECT
Notice of effectiveness
8 Feb 19
EFFECT
Notice of effectiveness
8 Feb 19
CT ORDER
Confidential treatment order
5 Feb 19
CORRESP
Correspondence with SEC
4 Feb 19
CORRESP
Correspondence with SEC
4 Feb 19
UPLOAD
Letter from SEC
3 Feb 19
UPLOAD
Letter from SEC
3 Feb 19
Ownership
SC 13D/A
PAR PACIFIC / CHAI TRUST ownership change
2 Aug 22
SC 13D/A
PAR PACIFIC / CHAI TRUST ownership change
21 Jul 22
SC 13D/A
PAR PACIFIC / CHAI TRUST ownership change
8 Jul 22
4
PAR PACIFIC / MELVYN N KLEIN ownership change
7 Jul 22
4
PAR PACIFIC / CURT ANASTASIO ownership change
7 Jul 22
4
PAR PACIFIC / L Melvin Cooper ownership change
7 Jul 22
4
PAR PACIFIC / ANTHONY R CHASE ownership change
7 Jul 22
4
PAR PACIFIC / ROBERT S SILBERMAN ownership change
7 Jul 22
4
PAR PACIFIC / WALTER A DODS JR ownership change
7 Jul 22
4
PAR PACIFIC / Timothy Clossey ownership change
7 Jul 22
Transcripts
2022 Q1
Earnings call transcript
7 May 22
2021 Q4
Earnings call transcript
26 Feb 22
2021 Q3
Earnings call transcript
6 Nov 21
2021 Q2
Earnings call transcript
7 Aug 21
2021 Q1
Earnings call transcript
8 May 21
2020 Q4
Earnings call transcript
26 Feb 21
2020 Q3
Earnings call transcript
2 Nov 20
2020 Q3
Earnings call transcript
2 Nov 20
2020 Q3
Earnings call transcript
2 Nov 20
2020 Q2
Earnings call transcript
10 Aug 20
Reddit threads
Daily Discussion Thread - August 5th, 2022
5 Aug 22
Running is cheaper than putting gas. P.s. credit Wall Street silver
31 May 22
Daily Discussion Thread - May 4th, 2022
4 May 22
Daily Discussion Thread - May 3rd, 2022
3 May 22
Daily Discussion Thread - May 2nd, 2022
2 May 22
Daily Discussion Thread - February 23rd, 2022
23 Feb 22
Daily Discussion Thread - February 22nd, 2022
22 Feb 22
Daily Discussion Thread - February 21st, 2022
21 Feb 22
Daily Discussion Thread - November 3rd, 2021
3 Nov 21
Daily Discussion Thread - November 2nd, 2021
2 Nov 21