HOUSTON, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) today reported its financial results for the quarter ended September 30, 2020.

Par Pacific reported a net loss of $14.3 million, or $(0.27) per diluted share, for the quarter ended September 30, 2020, compared to a net loss of $83.9 million, or $(1.65) per diluted share, for the same quarter in 2019. Third quarter 2020 Adjusted Net Loss was $56.5 million, compared to Adjusted Net Income of $4.0 million in the third quarter of 2019. Third quarter 2020 Adjusted EBITDA was $(16.1) million, compared to $47.0 million in the third quarter of 2019. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.

“We successfully completed two major turnarounds and accomplished additional cost-saving initiatives to position us for a return to positive free cash flow in 2021 despite the persistence of depressed market conditions,” said William Pate, President and Chief Executive Officer. “Coupled with commercial improvements we have made in Hawaii and completion of a strategic renewable fuels project in our Tacoma logistics system, we remain confident in our ability to rebound strongly as the economy recovers and market conditions improve.”

Refining

The Refining segment reported an operating loss of $5.1 million in the third quarter of 2020, compared to operating income of $3.3 million in the third quarter of 2019. Adjusted Gross Margin for the Refining segment was $16.3 million in the third quarter of 2020, compared to $86.1 million in the third quarter of 2019.

Refining Adjusted EBITDA was $(33.7) million in the third quarter of 2020, compared to $23.0 million in the third quarter of 2019.

Hawaii
The 3-1-2 Singapore Crack Spread was $1.92 per barrel in the third quarter of 2020, compared to $12.41 per barrel in the third quarter of 2019. Throughput in the third quarter of 2020 was 51 thousand barrels per day (Mbpd), compared to 95 Mbpd for the same quarter in 2019. Production costs were $5.80 per throughput barrel in the third quarter of 2020, compared to $4.17 per throughput barrel in the same period in 2019.

Washington
The Pacific Northwest 5-2-2-1 Index averaged $9.39 per barrel in the third quarter of 2020, compared to $14.76 per barrel in the third quarter of 2019. The Washington refinery’s throughput was 41 Mbpd in the third quarter of 2020, compared to 38 Mbpd in the third quarter of 2019. Production costs were $3.40 per throughput barrel in the third quarter of 2020, compared to $4.40 per throughput barrel in the same period in 2019.

The Washington refinery’s GAAP results include an approximate $6.2 million expense from an expected liquidation of a LIFO (last-in, first-out) cost layer.

WyomingDuring the third quarter of 2020, the Wyoming 3-2-1 Index averaged $19.63 per barrel, compared to $27.32 per barrel in the third quarter of 2019. The Wyoming refinery’s throughput was 13 Mbpd in the third quarter of 2020, compared to 17 Mbpd in the third quarter of 2019. Production costs were $7.51 per throughput barrel in the third quarter of 2020, compared to $6.33 per throughput barrel in the same period in 2019.

The Wyoming refinery's Adjusted Gross Margin of $8.53 per barrel during the third quarter of 2020 reflects a FIFO (first-in, first-out) benefit of approximately $0.9 million, or $0.72 per barrel.

Retail

The Retail segment reported operating income of $12.1 million in the third quarter of 2020, compared to $14.4 million in the third quarter of 2019. Adjusted Gross Margin for the Retail segment was $31.0 million in the third quarter of 2020 and $34.6 million in the same quarter of 2019.

Retail Adjusted EBITDA was $14.9 million in the third quarter of 2020, compared to $17.0 million in the third quarter of 2019. The Retail segment reported sales volumes of 25.9 million gallons in the third quarter of 2020, compared to 32.8 million gallons in the same quarter of 2019.

Logistics

The Logistics segment reported operating income of $6.4 million in the third quarter of 2020, compared to $13.6 million in the third quarter of 2019. Adjusted Gross Margin for the Logistics segment was $15.3 million in the third quarter of 2020, compared to $20.9 million in the same quarter of 2019.

Logistics Adjusted EBITDA was $11.9 million in the third quarter of 2020, compared to $18.4 million in the third quarter of 2019.

Laramie Energy

Equity earnings (losses) from Laramie in the third quarter of 2020 were $0.0 million, compared to equity losses of $85.6 million in the third quarter of 2019. Laramie’s total net loss was $12.6 million in the third quarter of 2020, compared to net loss of $12.6 million in the third quarter of 2019. Laramie’s total Adjusted EBITDAX was $8.1 million in the third quarter of 2020, compared to $18.6 million in the third quarter of 2019.

Liquidity

Net cash used in operations totaled $7.8 million for the three months ended September 30, 2020, compared to net cash provided by operations of $74.4 million for the three months ended September 30, 2019. Net cash used in operations of $7.8 million includes $18.6 million in deferred turnaround expenditures for the three months ended September 30, 2020. Net cash used in investing activities totaled $12.3 million for the three months ended September 30, 2020, compared to $22.0 million for the three months ended September 30, 2019. Net cash provided by financing activities totaled $4.1 million for the three months ended September 30, 2020, compared to net cash used in financing activities of $47.9 million for the three months ended September 30, 2019. At September 30, 2020, Par Pacific’s cash balance totaled $127.3 million, long-term debt totaled $710.5 million, and total liquidity was $190.6 million.

About Par Pacific

Par Pacific Holdings, Inc. (NYSE: PARR), 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. More information is available at www.parpacific.com.