HONOLULU, June 03, 2024 (GLOBE NEWSWIRE) -- Hele Kamaʻaina Rewards members are winning at the pump and in the skies this summer! Hele app users not only save $0.25 per gallon every day, but they also have the chance to win round-trip airfare to Tokyo. Hele convenience stores are part of the Par Pacific Holdings, Inc. retail organization. From June 1 to August 31, 2024, customers with the Hele app can enter the "Hele Tokyo Flyaway" sweepstakes for a chance to win 220,000 HawaiianMiles, enough for a round-tri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________________________________________________________________________________ FORM 10-Q ________________________________________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 ...

Financial Data and Key Metrics Changes - The first quarter adjusted EBITDA was $95 million, and adjusted net income was $0.69 per share [7][20] - The Refining segment reported adjusted EBITDA of $81 million compared to $107 million in the previous quarter [20] - Cash provided by operations totaled $83 million, excluding a $44 million working capital outflow [27] Business Line Data and Key Metrics Changes - The Logistics segment reported adjusted EBITDA of $28 million in the first quarter, up from $24 million in the previous quarter [25] - The Retail segment reported adjusted EBITDA of $14 million in the first quarter, down from $17 million in the previous quarter, with same-store fuel and merchandise sales growth of 6% and 5%, respectively [10][25] - Retail fuel margins softened due to rising wholesale prices [25] Market Data and Key Metrics Changes - In Hawaii, the Singapore Index averaged $18.67 per barrel, with a margin capture of 116% [21] - In Billings, the Gulf Coast Index averaged $21.34 per barrel, with margin capture at 65% [22] - In Wyoming, margin capture to the Gulf Coast Index was 70%, with improved gasoline spreads [23] - In Washington, the P&W Index averaged $20.48 per barrel, with margin capture at 30% [24] Company Strategy and Development Direction - The company is focused on safe and reliable operations, project execution, and capital allocation [13] - Renewable fuel initiatives are progressing, with a $90 million renewable hydrotreater project in Hawaii tracking on time and on budget [11] - The company is pivoting from larger SAF and green hydrogen projects to lower-capital, high-return opportunities [11] Management's Comments on Operating Environment and Future Outlook - Management noted that global product inventories are low, with limited supply-side support and elevated refined product freight costs [8][9] - The company expects to optimize throughput heading into the summer season, with specific throughput targets for each refinery [18] - Management expressed optimism about refined product cracks due to geopolitical factors affecting trade flows [34] Other Important Information - The company repurchased more than $70 million of its stock at attractive prices, with total liquidity of over $575 million [12][29] - The cost of debt capital was further reduced through refinancing activities, with annual interest expense lowered by $3 million [28] Q&A Session Summary Question: Insights on Asian markets and Hawaii margins - Management indicated that Singapore margins are influenced by Northwest Europe, with low inventories and high refining incentives expected as summer approaches [33][34] Question: Share repurchase strategy and cash allocation - The share repurchase strategy is opportunistic, driven by liquidity, share price, and fundamental value outlook [35][36] Question: Same-store retail performance attribution - The strong performance is attributed to both market positioning in Hawaii and efforts in retail, particularly with the nomnom brand [40] Question: M&A landscape and NOL position - The strategic focus remains on PADD IV and upper PADD V, with NOL valued at approximately $900 million, shielding taxable income [41][43] Question: Asia market outlook and Hawaii basis - Management expects continued product flow from Asia to Europe, with elevated freight costs impacting Hawaii's margins [50][55] Question: Renewable project pivot in Tacoma - The green hydrogen project has been deferred, with a focus on utilizing logistics assets for lower carbon fuels [59][61] Question: Upcoming maintenance in Montana - The maintenance will focus on optimizing operations and reliability, with plans to push rates post-turnaround [70] Question: Balance sheet liquidity targets - Minimum liquidity targets are dynamic, historically around $200 million, but currently higher due to expanded business [71] Question: Product strength across regions - Gasoline demand is strong in Hawaii and the Pacific Northwest, while diesel is weaker on the West Coast [74][77]

1 The information contained in this presentation has been prepared to assist you in making your own evaluation of the company and does not purport to contain all of the information you may consider important. Any estimates or projections with respect to future performance have been provided to assist you in your evaluation, but should not be relied upon as an accurate representation of future results. Certain statements, estimates and financial information contained in this presentation constitute forward-l ...

PAR PACIFIC HOLDINGS REPORTS FIRST QUARTER 2024 RESULTS HOUSTON, May 6, 2024 - Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific" or the "Company") today reported its financial results for the quarter ended March 31, 2024. Par Pacific reported a net loss of $(3.8) million, or $(0.06) per diluted share, for the quarter ended March 31, 2024, compared to net income of $237.9 million, or $3.90 per diluted share, for the same quarter in 2023. During the first quarter of 2023, the Company recorded a $94.7 mil ...

OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________________________________________________________________________________ FORM 10-K ________________________________________________________________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR ...

Par Pacific 9 INVESTOR PRESENTATION I FEBRUARY 2024 Forward-Looking Statements / Disclaimers 1 The information contained in this presentation has been prepared to assist you in making your own evaluation of the company and does not purport to contain all of the information you may consider important. Any estimates or projections with respect to future performance have been provided to assist you in your evaluation, but should not be relied upon as an accurate representation of future results. Certain statem ...

Financial Data and Key Metrics Changes - The company reported fourth quarter adjusted EBITDA of $122 million and adjusted earnings of $65 million, or $1.08 per share, with full year adjusted EBITDA reaching $696 million and adjusted earnings of $501 million, or $8.21 per share, reflecting a 3% increase over 2022 [28][62] - Cash provided by operations during the fourth quarter totaled $130 million, excluding a net working capital outflow of $132 million, primarily due to a cash settlement of prior periods environmental credits [3][46] - Total liquidity at year-end was $644 million, consisting of $279 million in cash and $365 million in availability [3][46] Business Line Data and Key Metrics Changes - The Logistics segment reported adjusted EBITDA of $24 million in the fourth quarter, down from $29 million in the third quarter, attributed to elevated maintenance costs [2] - The Retail segment achieved adjusted EBITDA of $68 million for the full year, with fourth quarter same-store sales growth of 7.3% for fuel and 4.2% for merchandise [26][62] - The Refining segment's adjusted EBITDA was $107 million in the fourth quarter, a decrease from $234 million in the third quarter, impacted by net price lag benefits and a negative FIFO impact [29] Market Data and Key Metrics Changes - Fourth quarter throughput was 186,000 barrels per day, with Hawaii throughput at 81,000 barrels per day and production costs of $4.80 per barrel [20][21] - In Washington, fourth quarter throughput was 38,000 barrels per day, with production costs of $4.53 per barrel, and capture improved to 44% [22] - Montana throughput was 50,000 barrels per day, with production costs totaling $12.03 per barrel, elevated due to reliability projects and seasonal energy costs [24] Company Strategy and Development Direction - The company aims to focus on lower capital, higher return opportunities, such as the $90 million Hawaii SAF conversion project, expected to begin production in 2025 [48] - The company is committed to sustainability and renewable energy, particularly in Hawaii and Tacoma initiatives, while also pursuing M&A opportunities to grow its footprint [49][73] - The management emphasized the importance of improving reliability and capitalizing on market strength to ensure well-supplied markets [72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market outlook, citing robust Singapore cracks and favorable local production conditions due to high freight costs [56] - The company plans to address heater system constraints with a 15-day outage in the first quarter, which is expected to impact profitability by $5 million to $8 million [23] - The management highlighted a strong operational year for 2023, with significant improvements in safety metrics and energy efficiency [19][47] Other Important Information - The company completed a comprehensive refinancing, consolidating high-cost debt into a single-term loan, which is expected to reduce cash funding costs by over $10 million this year [5][6] - The company repurchased over $62 million of common stock last year at an average cost well below the current share price [46] Q&A Session Summary Question: M&A market interest and deal flow - Management indicated that while M&A remains a key part of the strategy, the current refining market presents challenges due to high seller expectations [9][10] Question: Business mix and distillate yield - Management confirmed a focus on distillate production, aiming to increase flexibility in production to meet community needs [15][16] Question: Upcoming turnaround schedule - Management noted a small 15-day outage planned in Washington, with no major turnarounds scheduled for the year [81]

NEWS RELEASE PAR PACIFIC REPORTS FOURTH QUARTER AND RECORD 2023 RESULTS HOUSTON, February 27, 2024 - Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific" or the "Company") today reported its financial results for the fourth quarter and twelve months ended December 31, 2023. Par Pacific reported net income of $728.6 million, or $11.94 per diluted share, for the twelve months ended December 31, 2023, compared to $364.2 million, or $6.08 per diluted share, for the twelve months ended December 31, 2022. Full ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________________________________________________________________________________ FORM 10-Q ________________________________________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION ...