Highest-materiality recent filing
Par Pacific to receive ~$146M from Laramie Energy $485M asset sale
Laramie Energy, 46%-owned by PARR, agreed to sell substantially all oil and gas assets for $485M cash, with $60M deferred to 5th anniversary.
Par Pacific Q2 net income $462M ($9.35 EPS); Adjusted EBITDA $571M, up 4x YoY
Net income $462.1M ($9.35 diluted EPS) vs $59.5M ($1.17) in Q2 2025; Adjusted net income $499.2M ($10.10).
Par Pacific closes $500M 7.375% senior notes due 2034 and upsizes ABL to $1.8B
Issued $500M of 7.375% senior unsecured notes due 2034; proceeds used to repay term loan due 2030.
Par Pacific announces $500M senior notes offering to repay term loan
Par Petroleum, a wholly owned subsidiary, to offer $500M senior unsecured notes due 2034.
Par Pacific swings to Q1 net income $54.5M, adjusted EBITDA $91.5M versus prior-year loss
Net income of $54.5M ($1.10 diluted EPS) vs. $30.4M loss in Q1 2025; adjusted net income $38.5M ($0.78 adjusted diluted EPS).
Par Pacific shareholders elect directors, approve 2026 LTIP at annual meeting
All ten director nominees elected; highest votes withheld for Patricia Martinez (2.8M withheld).
Par Pacific reverses to Q4 net income $77.7M ($1.53 EPS) from year-ago loss
Net income $77.7M ($1.53 diluted EPS) vs Q4 2024 loss of $55.7M ($1.01 loss).
Par Pacific reduces term loan margin by 50 bps, cuts interest expense
Amendment No. 3 to term loan reduces margin 50 bps; base rate loans now base+2.25%, SOFR loans 3.25%.
Par Pacific Q3 net income $262.6M ($5.16/diluted) vs $7.5M YoY; adj EBITDA $372.5M
Net income $262.6M, diluted EPS $5.16, vs $7.5M ($0.13) in Q3 2024.
Par Pacific closes JV with Mitsubishi/ENEOS for 36.5% stake in renewable fuels unit
Joint venture closed Oct 21; Alohi (Mitsubishi/ENEOS) acquired 36.5% equity for $100M in cash.
Hawaii Renewables (subsidiary) and Wells Fargo signed a Framework Agreement for monthly prepaid swaps on soybean oil and crude oil.
Par Pacific Q2 net income $59.5M ($1.17 EPS); adjusted EBITDA $137.8M, up 69% YoY
Net income $59.5M ($1.17 diluted EPS); adjusted net income $78.3M ($1.54 diluted EPS).
Par Pacific forms renewable fuels JV with Mitsubishi/ENEOS; $100M cash infusion
Alohi (Mitsubishi/ENEOS) acquires 36.5% stake in Hawaii Renewables, LLC for $100M cash.
Par Pacific Q1 net loss $30.4M, adjusted net loss $50.3M; repurchased $51M
Net loss of $30.4M ($0.57/share) vs net loss of $3.8M in Q1 2024.
Par Pacific shareholders elect all 10 directors, ratify Deloitte, approve ESPP share increase
All ten directors elected; Katherine Hatcher received 30,585,257 for and 12,023,736 withheld, the most withheld votes.
Q4 2024 net loss $55.7M ($1.01 diluted EPS) vs. Q4 2023 net income $289.3M ($4.77 diluted EPS).
Par Pacific closes $100M incremental term loan increase to $650M total
Incremental term loan of $100M funded net of 1% OID ($1M discount) on Nov 25, 2024.
Par Pacific increases term loan by $100M to $650M aggregate principal
Term loan increased by $100M to $650M aggregate initial principal balance; outstanding $641.75M.
Director Anthony Chase resigns from Par Pacific board, effective Nov 15
Anthony Chase to resign from Par Pacific Board of Directors and Nominating and Corporate Governance Committee, effective November 15, 2024.
Par Pacific Q3 net income $7.5M vs $171.4M a year ago; adjusted loss $(5.5)M
Net income of $7.5M ($0.13/diluted share) versus $171.4M ($2.79/diluted share) in Q3 2023.
Par Pacific Q2 net income $18.6M ($0.32 EPS), down from $30M YoY
Net income $18.6M ($0.32 diluted EPS) vs $30.0M ($0.49) in Q2 2023.
Par Pacific secures new crude intermediation facility with Citi; ABL commitments increased to $1.4B
New crude-only intermediation facility with Citigroup Energy Inc. effective May 31, 2024, term 36 months, replaces J. Aron facility.
Par Pacific posts Q1 net loss of $3.8M; board authorizes $250M buyback
Net loss of $3.8M (-$0.06/diluted) vs net income of $237.9M ($3.90/diluted) in Q1 2023.
Par Pacific shareholders elect all 12 board nominees, ratify auditor, approve charter amendment
All 12 director nominees elected; Melvyn N. Klein received 17.2M votes withheld (37% of votes cast), highest among nominees.
Par Pacific reduces term loan interest margin by 50 bps, eliminates SOFR adjustment
Base rate loans now at base rate plus 2.75%; SOFR loans at SOFR plus 3.75%, down 50 bps from prior margins.
Par Pacific increases ABL revolver to $1.4B, adds Hawaii refining subsidiary as borrower
Total revolver commitments under ABL facility increased to $1,400,000,000 via incremental commitments.
Par Pacific reports record full-year 2023 net income of $728.6M; Q4 adjusted net income $65.2M
Q4 net income $289.3M ($4.77 diluted EPS) vs $84.7M ($1.40) in Q4 2022.
Par Pacific CEO William Pate to retire; President Will Monteleone named CEO
William Pate will retire as CEO effective April 30, 2024; he will remain on the Board.
Par Pacific Q3 net income $171.4M ($2.79/diluted); record Adj EBITDA $255.7M
Net income of $171.4M, or $2.79 per diluted share, vs $267.4M ($4.47) in Q3 2022.
Par Pacific increases ABL revolver to $900M; terminates Merrill Lynch ISDA facility
ABL revolver commitments increased to $900M, with future incremental capacity up to $400M.
Audited combined financials for Billings Refinery business show 2022 net income $99.6M (2021: $101.9M) on revenue $2.8B (2021: $2.17B).
Par Pacific Q2 net income falls 80% YoY to $30.0M; adjusted EPS $1.73
GAAP net income $30.0M ($0.49/sh) vs $149.1M ($2.50/sh) in Q2 2022.
Par Pacific subsidiary enters $120M uncommitted credit facility; expandable to $350M
Par Hawaii Refining LLC obtains $120M uncommitted revolving credit/LC facility; max can increase to $350M.
Par Pacific amends supply/offtake agreement to replace LIBOR with SOFR rate, effective July 1, 2023
Amendment changes interest rate benchmark from LIBOR to SOFR Rate (Compounded SOFR + 0.26161%) in the S&O Agreement with J. Aron.
Closed acquisition of Billings refinery (63,000 bpd) and Upper Rockies logistics from ExxonMobil; purchase price $310M cash plus ~$290M hydrocarbon inventory.
Par Pacific appoints Patricia Martinez to board; brings energy transition expertise
Patricia Martinez elected to board effective May 18, 2023; will stand for election at 2024 annual meeting.
Shareholders elected all 11 director nominees; Melvyn N. Klein received 25.1M votes for and 21.3M withheld, the lowest support.
Par Pacific Q1 net income $237.9M ($3.90/sh) vs loss year ago; record liquidity
Net income of $237.9M ($3.90 diluted EPS) vs net loss of $137.1M ($2.31 loss/sh) in Q1 2022.
New $150M asset-based revolving credit facility undrawn at closing; can increase by $450M for Billings acquisition and $250M separately.
Par Pacific closes $550M term loan, refinances existing debt and tenders notes
Entered $550M senior secured term loan at 98.5% of face value; proceeds used to refinance existing term loan and repurchase 7.750% 2025 and 12.875% 2026 notes.
Par Pacific swings to $364.2M net income in 2022 from $81.3M loss in 2021
Q4 2022 net income $84.7M ($1.40 diluted EPS) vs $8.1M ($0.14) in Q4 2021; Adjusted Net Income $132.8M ($2.20) vs Adjusted Net Loss $12.8M.
Par Pacific prices $550M term loan B at SOFR+4.25%, launches tender offers for senior notes
Priced $550M senior secured term loan B due 2030 at 98.5% of face; interest SOFR+4.25% (0.50% floor).
Par Pacific proposes $550M term loan B, provides preliminary Q4 2022 EBITDA $160-180M
Proposed $550M senior secured term loan B due 2030 to refinance existing Term Loan B (2026) and 7.75%/12.875% notes.
Par Pacific appoints William Monteleone as President, Shawn Flores as CFO effective Jan 1, 2023
William Monteleone promoted from EVP & CFO to President, reporting to CEO William Pate.
Par Pacific subsidiary extends Merrill Lynch commodities hedging facility to March 2024
US Oil & Refining extends First Lien ISDA Master Agreement term expiry from Mar 31, 2023 to Mar 31, 2024.
Par Pacific Q3 net income $267M, EPS $4.47; announces $310M Exxon refinery acquisition
Net income $267.4M ($4.47 diluted EPS) vs $81.8M ($1.37) in Q3 2021; Adjusted net income $172.0M ($2.88).
Base purchase price $310M plus hydrocarbon inventory valued at closing; funded by cash on hand and existing credit lines ($495M liquidity at 9/30/22).
Par Pacific appoints Jim Yates as EVP Retail, replacing James Vaughn
James Vaughn resigned as EVP Retail effective August 12, 2022; successor named.
Par Pacific subsidiary amends ISDA master agreement to replace LIBOR with Term SOFR
USOR and Merrill Lynch Commodities replace LIBOR with Adjusted Term SOFR as benchmark rate in 26th amendment to First Lien ISDA Master Agreement.
Par Pacific swings to Q2 net income of $149.1M ($2.50 EPS); Adj. EBITDA $242.1M
Net income $149.1M ($2.50 diluted EPS) vs net loss $109.0M ($1.84 loss) in Q2 2021.
On November 7, 2024, Mr. Anthony Chase announced his intention to resign from his position as a member of the Board of Directors of Par Pacific Holdings, Inc. (the "Company") and its Nominating and Corporate Governance Committee, effective November 15, 2024.
On February 23, 2024, William Pate announced his plans to retire as Chief Executive Officer of Par Pacific Holdings, Inc. (the “Company” or “Par Pacific”), effective as of April 30, 2024.
On February 23, 2024, the Board of Directors of Par Pacific appointed William Monteleone to become the Company’s President and Chief Executive Officer, effective upon Mr. Pate’s retirement.
On May 18, 2023, the Board of Directors of Par Pacific Holdings, Inc. (the “Company”) elected Ms. Patricia Martinez as its newest member.
On December 13, 2022, the Board of Directors of Par Pacific Holdings, Inc. (the “Company” or “Par Pacific”) appointed William Monteleone as President of the Company, to be effective January 1, 2023.
On December 13, 2022, the Board of Directors of the Company appointed Shawn Flores as Senior Vice President and Chief Financial Officer of the Company, to be effective January 1, 2023.
James Matthew Vaughn resigned as Executive Vice President, Retail of Par Pacific Holdings, Inc. (the “Company” or “Par Pacific”) effective August 12, 2022.
Effective August 15, 2022, Jim Yates was appointed Executive Vice President, Retail of the Company.
Effective April 25, 2022, Richard Creamer was appointed as Executive Vice President of Refining and Logistics of Par Pacific Holdings, Inc.
Joseph Israel resigned as director of Par Pacific Holdings, Inc. (the “ Company ” or “ Par Pacific ”) and as President and Chief Executive Officer of Par Petroleum, LLC, a wholly owned subsidiary of the Company, effective January 18, 2022.
James Matthew Vaughn was appointed as Executive Vice President of Retail of Par Pacific.
On October 25, 2021, the Board of Directors of Par Pacific Holdings, Inc. (the “ Company ”) increased the number of directors from eleven to twelve members and elected Mr. Phil Davidson as its newest member to fill the newly created vacancy.
Max materiality 0.85 · Median 0.70 · Most common event earnings