Par Pacific Holdings Inc (MEX:PARR)

Q3 2024 Par Pacific Holdings Inc Earnings Call Transcript

Nov 05, 2024 / 03:00PM GMT

Release Date Price: MXN335.43

Transcript 10-Q8-K

Key Points

Positve

Par Pacific Holdings Inc (PARR) achieved a record quarterly refining throughput of over 198,000 barrels per day, demonstrating strong operational performance.
The company reported record logistics adjusted EBITDA, indicating robust performance in its logistics segment.
Par Pacific Holdings Inc (PARR) is targeting a reduction in 2025 fixed operating expenses by $30 million to $40 million, which will enhance its ability to thrive in various market cycles.
The Hawaii SAF project is on track for startup in the second half of 2025, which is expected to contribute to future growth.
The company maintains a strong liquidity position with $633 million, providing flexibility for strategic growth and investments.

Negative

Par Pacific Holdings Inc (PARR) reported an adjusted net loss of $0.10 per share for the third quarter, indicating financial challenges.
The refining segment's adjusted EBITDA decreased to $20 million from $60 million in the previous quarter, reflecting a challenging market environment.
Same-store fuel volumes in the retail segment declined by 1.4%, indicating potential challenges in maintaining retail sales momentum.
The Washington refinery faced a tough quarter with low capture rates, highlighting difficulties in the West Coast market.
The company's operating expenses in Billings were higher than the $10 per barrel target, suggesting room for cost optimization.

Operator

Good day, and welcome to the Par Pacific third-quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

I would now like to turn the conference over to Ashimi Patel, Vice President, Investor Relations. Please go ahead.

Ashimi Patel

Par Pacific Holdings Inc - Director - Investor Relations

Thank you, Todd. Welcome to Par Pacific's third quarter earnings conference call. Joining me today are Will Monteleone, President and Chief Executive Officer; Richard Kremer, EVP of Refining and Logistics; and Sean Flores, SVP and Chief Financial Officer.

Before we begin, note that our comments today may include forward-looking statements. Any forward-looking statements are subject to change and are not guarantees of future performance or events. They are subject to risks and uncertainties, and actual results may differ materially from these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements, and we disclaim any obligation to update or revise them.

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