Par Pacific (PARR) Q4 2024 earnings summary

Executive summary

• 2024 adjusted EBITDA was $239 million, with adjusted net income of $0.37 per share, reflecting strong operational performance and record refining throughput despite a challenging market.

• Retail and logistics segments delivered record adjusted EBITDA, offsetting weaker refining performance.

• The Hawaii refining business was highlighted for exceptional performance, while the Wyoming facility experienced an operational incident but is on track for full restoration before Memorial Day.

• Repurchased 5 million shares in 2024, representing 9% of year-end shares outstanding.

Financial highlights

• Q4 2024 adjusted EBITDA was $11 million, with an adjusted net loss of $43 million, or $0.79 per share.

• Full-year adjusted EBITDA totaled $239 million, and adjusted earnings were $21 million, or $0.37 per share.

• Logistics segment achieved a quarterly record with $33 million in adjusted EBITDA, and retail segment reported $22 million in Q4.

• Total quarterly operating costs were $206 million, a $9 million reduction from the previous quarter.

• Year-end 2024 cash balance was $191.9 million; total liquidity $614 million; gross term debt $644 million.

Outlook and guidance

• Market conditions are improving, with tight supply/demand balances and higher European natural gas prices supporting refining margins.

• 2025 focus areas include major turnarounds in Montana, FCC, and Alky units, restarting Wyoming, and starting up the Hawaii SAF unit in H2 2025.

• Cost reduction targets of $30-$40 million in annual savings remain on track.

• Hawaii throughput expected between 79,000-82,000 bpd in Q1, with Washington and Montana also providing stable output.

• Board authorized a new $250 million share repurchase program with no specified end date.