Par Pacific (PARR) Q1 2025 earnings summary

Executive summary

• Reported net loss of $30.4 million ($0.57 per diluted share) for Q1 2025, compared to $3.8 million loss ($0.06 per share) in Q1 2024.

• Adjusted net loss was $50.3 million ($0.94 per share), compared to adjusted net income of $41.7 million in Q1 2024.

• Adjusted EBITDA was $10.1 million, down from $94.7 million year-over-year.

• 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 an incident.

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.

• Interest expense and financing costs increased 22% to $21.8 million due to higher ABL Credit Facility balances.

Outlook and guidance

• Management expects declining capital requirements in the second half of 2025.

• Strategic initiatives progressing, including nearing completion of Montana turnaround and Hawaii SAF project.

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

• Management expects cash flows from operations and available capital resources to be sufficient for capital, turnaround, working capital, and debt service needs over the next 12 months.

• Free cash flow outlook is improving due to solid demand and lower capital requirements in H2.