Par Pacific (PARR) Q1 2025 earnings summary

Executive summary

• Net loss for Q1 2025 was $30.4 million ($0.57 per diluted share), with adjusted net loss of $50.3 million ($0.94 per share), and adjusted EBITDA of $10.1 million, reflecting lower refining margins and a Wyoming refinery outage.

• Repurchased $51 million of common stock (3.6 million shares), reducing shares outstanding by 5%.

• Wyoming refinery returned to full operations one month ahead of schedule after a February incident.

• Retail and logistics segments delivered improved results, with retail adjusted EBITDA at $18.6–$19 million and logistics adjusted EBITDA at $29.7–$30 million.

• Strategic initiatives progressed, including nearing completion of the Montana turnaround and advancing the Hawaii SAF project.

Financial highlights

• Revenues were $1.75 billion, down from $1.98 billion in Q1 2024.

• Operating loss was $15.8 million, compared to operating income of $9.5 million in Q1 2024.

• Net cash used in operations was $1.4 million, with $42.3 million working capital inflows and $28.2 million deferred turnaround expenditures.

• Cash balance at March 31, 2025 was $133.7 million; gross term debt $642.4 million; total liquidity $525.4 million.

• Adjusted EBITDA margin was 0.6% in Q1 2025, down from 4.8% in Q1 2024.

Outlook and guidance

• Management expects declining capital requirements in the second half of 2025 and improving free cash flow due to solid demand.

• System-wide throughput guidance for Q2 is 178,000–189,000 bbl/day, with specific regional throughput targets.

• Cost reduction initiative on track to achieve $30–$40 million in annual savings relative to 2024.

• Ongoing share repurchase program authorized up to $250 million, with $209.1 million remaining as of March 31, 2025.

• Management expects cash flows and available capital resources to be sufficient for operational and debt service needs over the next 12 months.