Q1 2025 Par Pacific Holdings Inc Earnings Call Transcript
Key Points
- Par Pacific Holdings Inc (PARR) reported an improvement in market conditions, with their combined index up by $6 per barrel so far this quarter.
- The retail business delivered solid results with quarterly same-store fuel and in-store revenue increasing by 0.5% and 1.8% respectively compared to the first quarter of 2024.
- The company successfully reduced its shares outstanding by 5% compared to the end of 2024, indicating strong capital management.
- Par Pacific Holdings Inc (PARR) is nearing completion of the Montana turnaround on time and on budget, which is expected to enhance flexibility and competitiveness.
- The company remains in an excess capital position with liquidity of $525 million, supporting strategic priorities and share repurchases.
- First quarter adjusted EBITDA was only $10 million, and the company reported an adjusted net loss of $0.94 per share.
- The refining segment reported an adjusted EBITDA loss of $14 million in the first quarter.
- Wyoming operations experienced elevated operating expenses by $6 million due to an outage, with an additional $4 million expected in the second quarter.
- Montana's first quarter production costs were high at $10.56 per barrel, reflecting ongoing turnaround activities.
- Washington's throughput was impacted by seasonal demand, with production costs at $4.16 per barrel, and the capture rate was only 50%.
Good day and welcome to the Par Pacific first-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would like now to turn the conference over to Ashimi Patel, Vice President of Investor Relations. Please go ahead.
Thank you, Alan. Welcome to Par Pacific's first-quarter earnings conference call. Joining me today are Will Monteleone, President and Chief Executive Officer; Richard Creamer, EVP of Refining and Logistics; and Shawn 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 guaranteed 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
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