Par Pacific Holdings ( (PARR) ) has released its Q3 earnings. Here is a breakdown of the information Par Pacific Holdings presented to its investors.
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Par Pacific Holdings, Inc., headquartered in Houston, Texas, operates in the energy sector, focusing on providing both renewable and conventional fuels to the western United States, with significant refining capacity and a network of energy infrastructure.
In its latest earnings report for the third quarter of 2024, Par Pacific Holdings announced a net income of $7.5 million, a significant decrease from the $171.4 million reported in the same quarter of 2023. Despite the challenging refining margin environment, the company set a quarterly record in refining throughput and saw strong performance in its retail and logistics segments.
Key financial highlights include an adjusted net loss of $5.5 million and an adjusted EBITDA of $51.4 million, compared to $255.7 million in the previous year. The refining segment’s operating income dropped to $19 million from $194.8 million in 2023, with adjusted gross margins also seeing significant declines across various refineries. However, the logistics and retail segments reported improved operating incomes and adjusted EBITDA, reflecting growth in these areas.
Despite the downturn in refining margins, Par Pacific’s liquidity increased by $112.1 million, partly due to stock repurchases, and the Hawaii SAF project entered the construction phase. The company remains focused on enhancing operational efficiency and maintaining safe and reliable operations.
Looking ahead, Par Pacific Holdings is committed to navigating the current market challenges by improving capital efficiency and exploring growth opportunities, as highlighted by the management’s strategic initiatives and ongoing projects.
