Company Quick10K Filing
Par Pacific Holdings
Price22.50 EPS0
Shares51 P/E60
MCap1,146 P/FCF12
Net Debt556 EBIT72
TEV1,703 TEV/EBIT24
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-11
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-12
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-07
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-03-03
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-12
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-06-02
10-K 2013-12-31 Filed 2014-03-31
10-Q 2013-09-30 Filed 2013-11-14
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-12-31 Filed 2013-03-27
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-31
10-Q 2012-03-31 Filed 2012-08-31
10-K 2011-12-31 Filed 2012-08-31
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-12
8-K 2020-05-06 Earnings, Exhibits
8-K 2020-05-05 Officers, Shareholder Vote, Regulation FD, Exhibits
8-K 2020-03-24 Regulation FD, Exhibits
8-K 2020-02-25 Earnings, Exhibits
8-K 2019-12-09 Enter Agreement, Sale of Shares, Exhibits
8-K 2019-11-04 Enter Agreement, Exhibits
8-K 2019-11-04 Earnings, Exhibits
8-K 2019-09-16 Regulation FD, Exhibits
8-K 2019-08-05 Earnings, Exhibits
8-K 2019-05-15 Enter Agreement, Sale of Shares, Regulation FD, Exhibits
8-K 2019-05-13 Shareholder Vote
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-04-02 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-03-05 Earnings, Exhibits
8-K 2019-02-21 Regulation FD, Exhibits
8-K 2019-01-09 Enter Agreement, M&A, Off-BS Arrangement, Sale of Shares, Regulation FD, Exhibits
8-K 2018-12-19 Enter Agreement, Sale of Shares, Regulation FD, Other Events, Exhibits
8-K 2018-12-12 Officers, Regulation FD, Exhibits
8-K 2018-12-10 Enter Agreement, Exhibits
8-K 2018-12-06 Other Events, Exhibits
8-K 2018-11-26 Enter Agreement, Sale of Shares, Regulation FD, Exhibits
8-K 2018-11-07 Regulation FD, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-08-29 Enter Agreement, Sale of Shares, Regulation FD, Exhibits
8-K 2018-08-08 Regulation FD, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-07-26 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-07-19 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-14 Shareholder Vote
8-K 2018-05-09 Regulation FD, Exhibits
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-03-26 Regulation FD, Exhibits
8-K 2018-03-23 Other Events, Regulation FD, Exhibits
8-K 2018-03-06 Officers
8-K 2018-03-05 Earnings, Exhibits
8-K 2018-02-14 Regulation FD, Exhibits
8-K 2018-01-09 Enter Agreement, Regulation FD, Exhibits

PARR 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Overview
Note 2 - Summary of Significant Accounting Policies
Note 3 - Investment in Laramie Energy, Llc
Note 4 - Acquisitions
Note 5 - Revenue Recognition
Note 6 - Inventories
Note 7 - Prepaid and Other Current Assets
Note 8 - Goodwill
Note 9 - Inventory Financing Agreements
Note 10 - Debt
Note 11 - Derivatives
Note 12 - Fair Value Measurements
Note 13 - Leases
Note 14 - Commitments and Contingencies
Note 15 - Stockholders' Equity
Note 16 - Income (Loss) per Share
Note 17 - Income Taxes
Note 18 - Segment Information
Note 19 - Related Party Transactions
Note 20 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosure
Item 5. Other Information
Item 6. Exhibits
EX-10.1 a20200331ex101jaroname.htm
EX-31.1 a20200331ex311-wp20200.htm
EX-31.2 a20200331ex312-wm20200.htm
EX-32.1 a20200331ex321-wp20200.htm
EX-32.2 a20200331ex322-wm20200.htm

Par Pacific Holdings Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2.72.21.61.10.50.02012201420172020
Assets, Equity
1.51.20.90.50.2-0.12012201420172020
Rev, G Profit, Net Income
0.40.30.1-0.0-0.2-0.32012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
________________________________________________________________________________________________________________________
FORM 10-Q
________________________________________________________________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from to

Commission File No. 001-36550
________________________________________________________________________________________________________________________
PAR PACIFIC HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
________________________________________________________________________________________________________________________
Delaware
84-1060803
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
825 Town & Country Lane, Suite 1500
 
Houston,
Texas
77024
(Address of principal executive offices)
(Zip Code)
(281899-4800 
(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)


Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol(s)
 
Name of Each Exchange on Which Registered
Common stock, $0.01 par value
 
PARR
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
 
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
 
 
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act.  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  

53,863,006 shares of Common Stock, $0.01 par value, were outstanding as of May 4, 2020.
 




PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES
TABLE OF CONTENTS



Page No.
Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
The terms “Par,” “Company,” “we,” “our,” and “us” refer to Par Pacific Holdings, Inc. and its consolidated subsidiaries unless the context suggests otherwise.



PART I - FINANCIAL INFORMATION 
Item 1. FINANCIAL STATEMENTS
PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share data)
 
March 31, 2020
 
December 31, 2019
ASSETS
 

 
 

Current assets
 
 
 

Cash and cash equivalents
$
62,080

 
$
126,015

Restricted cash
2,413

 
2,413

Total cash, cash equivalents, and restricted cash
64,493

 
128,428

Trade accounts receivable, net of allowances of $1.2 million at March 31, 2020 and December 31, 2019
191,788

 
228,718

Inventories
319,540

 
615,872

Prepaid and other current assets
36,694

 
59,156

Total current assets
612,515

 
1,032,174

Property, plant, and equipment
 
 
 

Property, plant, and equipment
1,163,822

 
1,146,983

Less accumulated depreciation, depletion, and amortization
(204,724
)
 
(185,040
)
Property, plant, and equipment, net
959,098

 
961,943

Long-term assets
 
 
 

Operating lease right-of-use assets
396,013

 
420,073

Investment in Laramie Energy, LLC
1,874

 
46,905

Intangible assets, net
20,886

 
21,549

Goodwill
127,997

 
195,919

Other long-term assets
22,538

 
21,997

Total assets
$
2,140,921

 
$
2,700,560

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 

Current liabilities
 
 
 

Current maturities of long-term debt
$
12,318

 
$
12,297

Obligations under inventory financing agreements
399,718

 
656,162

Accounts payable
96,561

 
162,402

Deferred revenue
7,884

 
7,905

Accrued taxes
27,343

 
30,813

Operating lease liabilities
67,508

 
79,999

Other accrued liabilities
116,543

 
84,744

Total current liabilities
727,875

 
1,034,322

Long-term liabilities
 
 
 

Long-term debt, net of current maturities
597,571

 
599,634

Common stock warrants

 
8,206

Finance lease liabilities
7,251

 
6,227

Operating lease liabilities
331,926

 
340,909

Other liabilities
45,910

 
63,020

Total liabilities
1,710,533

 
2,052,318

Commitments and contingencies (Note 14)


 


Stockholders’ equity
 
 


Preferred stock, $0.01 par value: 3,000,000 shares authorized, none issued

 

Common stock, $0.01 par value; 500,000,000 shares authorized at March 31, 2020 and December 31, 2019, 53,837,321 shares and 53,254,151 shares issued at March 31, 2020 and December 31, 2019, respectively
538

 
533

Additional paid-in capital
719,547

 
715,069

Accumulated deficit
(290,279
)
 
(67,942
)
Accumulated other comprehensive income
582

 
582

Total stockholders’ equity
430,388

 
648,242

Total liabilities and stockholders’ equity
$
2,140,921

 
$
2,700,560

 
See accompanying notes to the condensed consolidated financial statements.

1


PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
 
Three Months Ended
 
March 31,
 
2020
 
2019
Revenues
$
1,204,083

 
$
1,191,335


 
 
 
Operating expenses
 
 
 
Cost of revenues (excluding depreciation)
1,210,211

 
1,060,732

Operating expense (excluding depreciation)
73,391

 
73,674

Depreciation, depletion, and amortization
21,283

 
20,957

Impairment expense
67,922

 

General and administrative expense (excluding depreciation)
11,784

 
11,665

Acquisition and integration costs
665

 
2,884

Total operating expenses
1,385,256

 
1,169,912


 
 
 
Operating income (loss)
(181,173
)
 
21,423


 
 
 
Other income (expense)
 
 
 
Interest expense and financing costs, net
(18,674
)
 
(18,710
)
Debt extinguishment and commitment costs

 
(5,496
)
Other income, net
24

 
87

Change in value of common stock warrants
4,270

 
(1,282
)
Equity earnings (losses) from Laramie Energy, LLC
(45,031
)
 
301

Total other income (expense), net
(59,411
)
 
(25,100
)

 
 
 
Loss before income taxes
(240,584
)
 
(3,677
)
Income tax benefit
18,247

 
64,769

Net income (loss)
$
(222,337
)
 
$
61,092

 
 
 
 
Income (loss) per share
 
 
 
Basic
$
(4.18
)
 
$
1.23

Diluted
$
(4.18
)
 
$
1.14

Weighted-average number of shares outstanding
 
 
 
Basic
53,153

 
49,127

Diluted
53,153

 
55,550

 


 






See accompanying notes to the condensed consolidated financial statements.

2







PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
 
Three Months Ended March 31,
 
2020
 
2019
Cash flows from operating activities:
 

 
 

Net Income (Loss)
$
(222,337
)
 
$
61,092

Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
 

 
 

Depreciation, depletion, and amortization
21,283

 
20,957

Impairment expense
67,922

 

Debt extinguishment and commitment costs

 
5,496

Non-cash interest expense
1,634

 
2,574

Non-cash lower of cost or net realizable value adjustment
182,366

 
(3,752
)
Change in value of common stock warrants
(4,270
)
 
1,282

Deferred taxes
(18,373
)
 
(65,129
)
Stock-based compensation
1,615

 
1,535

Unrealized loss on derivative contracts
28,351

 
5,255

Equity (earnings) losses from Laramie Energy, LLC
45,031

 
(301
)
Net changes in operating assets and liabilities:
 

 
 

Trade accounts receivable
30,989

 
(71,361
)
Prepaid and other assets
20,719

 
(58,309
)
Inventories
119,888

 
(76,766
)
Deferred turnaround expenditures
(1,593
)
 

Obligations under inventory financing agreements
(204,375
)
 
82,870

Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities
(54,351
)
 
37,799

Net cash provided by (used in) operating activities
14,499

 
(56,758
)
Cash flows from investing activities:
 

 
 

Acquisitions of businesses, net of cash acquired

 
(274,291
)
Proceeds from purchase price settlement related to asset acquisition

 
3,226

Capital expenditures
(14,948
)
 
(17,864
)
Other investing activities
5

 
188

Net cash used in investing activities
(14,943
)
 
(288,741
)
Cash flows from financing activities:
 

 
 

Proceeds from borrowings
55,000

 
383,006

Repayments of borrowings
(64,762
)
 
(89,038
)
Net borrowings (repayments) on deferred payment arrangements and receivable advances
(52,069
)
 
56,967

Payment of deferred loan costs

 
(13,293
)
Payments for debt extinguishment and commitment costs

 
(6,188
)
Other financing activities, net
(1,660
)
 
(734
)
Net cash provided by (used in) financing activities
(63,491
)
 
330,720

Net decrease in cash, cash equivalents, and restricted cash
(63,935
)
 
(14,779
)
Cash, cash equivalents, and restricted cash at beginning of period
128,428

 
75,819

Cash, cash equivalents, and restricted cash at end of period
$
64,493

 
$
61,040

Supplemental cash flow information:
 

 
 

Net cash received (paid) for:
 
 
 
Interest
$
(8,552
)
 
$
(3,389
)
Taxes
97

 

Non-cash investing and financing activities:
 

 
 

Accrued capital expenditures
$
7,301

 
$
9,457

Value of warrants reclassified to equity
3,936

 

ROU assets obtained in exchange for new finance lease liabilities
1,590

 

ROU assets obtained in exchange for new operating lease liabilities
2,996

 
14,130

ROU assets terminated in exchange for release from operating lease liabilities
7,738

 

Common stock issued for business combination

 
36,980

 


See accompanying notes to the condensed consolidated financial statements.

3







PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)
(in thousands)
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
Additional
 
 
 
Other
 
 
 
Common Stock
 
Paid-In
 
Accumulated
 
Comprehensive
 
Total
 
Shares
 
Amount
 
Capital
 
Deficit
 
Income
 
Equity
Balance, December 31, 2018
46,984

 
$
470

 
$
617,937

 
$
(108,751
)
 
$
2,673

 
$
512,329

Issuance of common stock for business combination
2,364

 
23

 
36,957

 

 

 
36,980

Stock-based compensation
246

 
3

 
1,532

 

 

 
1,535

Purchase of common stock for retirement
(44
)
 

 
(734
)
 

 

 
(734
)
Net income

 

 

 
61,092

 

 
61,092

Balance, March 31, 2019
49,550

 
$
496

 
$
655,692

 
$
(47,659
)
 
$
2,673

 
$
611,202



 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
Additional
 
 
 
Other
 
 
 
Common Stock
 
Paid-In
 
Accumulated
 
Comprehensive
 
Total
 
Shares
 
Amount
 
Capital
 
Deficit
 
Income
 
Equity
Balance, December 31, 2019
53,254

 
$
533

 
$
715,069

 
$
(67,942
)
 
$
582

 
$
648,242

Exercise of common stock warrants
351

 
3

 
3,933

 

 

 
3,936

Stock-based compensation
296

 
3

 
1,612

 

 

 
1,615

Purchase of common stock for retirement
(64
)
 
(1
)
 
(1,067
)
 

 

 
(1,068
)
Net loss

 

 

 
(222,337
)
 

 
(222,337
)
Balance, March 31, 2020
53,837

 
$
538

 
$
719,547

 
$
(290,279
)
 
$
582

 
$
430,388


























See accompanying notes to the condensed consolidated financial statements.

4

PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
For the Interim Periods Ended March 31, 2020 and 2019




Note 1Overview
Par Pacific Holdings, Inc. and its wholly owned subsidiaries (“Par” or the “Company”) own and operate market-leading energy and infrastructure businesses. Our strategy is to acquire and develop businesses in logistically-complex markets. Currently, we operate in three primary business segments:
1) Refining - We own and operate four refineries with total throughput capacity of over 200 thousand barrels per day (“Mbpd”). Our refineries in Kapolei, Hawaii, Par East and Par West, produce ultra-low sulfur diesel (“ULSD”), gasoline, jet fuel, marine fuel, low sulfur fuel oil (“LSFO”), and other associated refined products primarily for consumption in Hawaii. Our refinery in Newcastle, Wyoming, produces gasoline, ULSD, jet fuel, and other associated refined products that are primarily marketed in Wyoming and South Dakota. Our refinery in Tacoma, Washington, produces distillates, gasoline, asphalt, and other associated refined products primarily marketed in the Pacific Northwest.
2) Retail - Our retail outlets in Hawaii sell gasoline, diesel, and retail merchandise throughout the islands of Oahu, Maui, Hawaii, and Kauai. Our Hawaii retail network includes Hele and “76” branded retail sites, company-operated convenience stores, 7-Eleven operated convenience stores, other sites operated by third parties, and unattended cardlock stations. Through March 31, 2020, we rebranded 40 of our fueling stations in Hawaii to Hele and 31 of our 34 company-operated convenience stores in Hawaii to “nomnom,” a new proprietary brand. Our retail outlets in Washington and Idaho sell gasoline, diesel, and retail merchandise and operate under the “Cenex®” and “Zip Trip®” brand names.
3) Logistics - We operate an extensive multi-modal logistics network spanning the Pacific, the Northwest, and the Rockies. We own and operate terminals, pipelines, a single-point mooring (“SPM”), and trucking operations to distribute refined products throughout the islands of Oahu, Maui, Hawaii, Molokai, and Kauai. We lease marine vessels for the movement of petroleum, refined products, and ethanol between the U.S. West Coast and Hawaii. We own and operate a crude oil pipeline gathering system, a refined products pipeline, storage facilities, and loading racks in Wyoming and a jet fuel storage facility and pipeline that serve Ellsworth Air Force Base in South Dakota. We own and operate logistics assets in Washington, including a marine terminal, a unit train-capable rail loading terminal, storage facilities, a truck rack, and a proprietary pipeline that serves McChord Air Force Base.
As of March 31, 2020, we owned a 46.0% equity investment in Laramie Energy, LLC (“Laramie Energy”). Laramie Energy is focused on producing natural gas in Garfield, Mesa, and Rio Blanco Counties, Colorado.
Our Corporate and Other reportable segment primarily includes general and administrative costs.
Note 2Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation
The condensed consolidated financial statements include the accounts of Par and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts previously reported in our condensed consolidated financial statements for prior periods have been reclassified to conform with the current presentation.
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. The condensed consolidated financial statements contained in this report include all material adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the complete fiscal year or for any other period. The condensed consolidated balance sheet as of December 31, 2019 was derived from our audited consolidated financial statements as of that date. These condensed consolidated financial statements should be read together with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019.
Use of Estimates
The preparation of our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the related disclosures. Actual amounts could differ from these estimates.

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PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
For the Interim Periods Ended March 31, 2020 and 2019



The worldwide spread and severity of a new coronavirus, referred to as COVID-19, and certain developments in the global crude oil markets have impacted our businesses, people, and operations. We are actively responding to these ongoing matters and many uncertainties remain. Due to the rapid development and fluidity of the situation, the full magnitude of the COVID-19 impact on our estimates and assumptions, financial condition, future results of operations, and future cash flows and liquidity is uncertain and has been and may continue to be material.
Allowance for Credit Losses
We are exposed to credit losses primarily through our sales of refined products. Credit limits and/or prepayment requirements are set based on such factors as the customer’s financial results, credit rating, payment history, and industry and are reviewed annually for customers with material credit limits. Credit allowances are reviewed at least quarterly based on changes in the customer’s creditworthiness due to economic conditions, liquidity, and business strategy as publicly reported and through discussions between the customer and the Company. We establish provisions for losses on trade receivables based on the estimated credit loss we expect to incur over the life of the receivable.
As of March 31, 2020 and December 31, 2019, trade receivables were $191.8 million and $228.7 million, respectively, both net of allowances of $1.2 million. We did not have a material change in our allowances during the three months ended March 31, 2020 or 2019.
Cost Classifications
Cost of revenues (excluding depreciation) includes the hydrocarbon-related costs of inventory sold, transportation costs of delivering product to customers, crude oil consumed in the refining process, costs to satisfy our Renewable Identification Numbers (“RINs”) obligations, and certain hydrocarbon fees and taxes. Cost of revenues (excluding depreciation) also includes the unrealized gains (losses) on derivatives and inventory valuation adjustments. Certain direct operating expenses related to our logistics segment are also included in Cost of revenues (excluding depreciation).
Operating expense (excluding depreciation) includes direct costs of labor, maintenance and services, energy and utility costs, property taxes, and environmental compliance costs as well as chemicals and catalysts and other direct operating expenses.
The following table summarizes depreciation and finance lease amortization expense excluded from each line item in our condensed consolidated statements of operations (in thousands):
 
 
Three Months Ended March 31,
 
 
2020
 
2019
Cost of revenues
 
$
4,628

 
$
3,866

Operating expense
 
14,451

 
12,947

General and administrative expense
 
801

 
782


Recent Accounting Pronouncements
There have been no developments to recent accounting pronouncements, including the expected dates of adoption and estimated effects on our financial condition, results of operations, and cash flows, from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019, except for the following:
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This ASU provides for optional expedients and allowable exceptions to GAAP to ease the potential burden in recognizing the effects of reference rate reform, especially in regards to the cessation of the London Interbank Offered Rate (“LIBOR”). ASU 2020-04 is applicable to contract modifications that meet certain requirements and are entered into between March 12, 2020 and December 31, 2022. We have several contracts that reference LIBOR, some of which terminate after LIBOR is anticipated to cease being reported in 2021. We are currently reviewing the effect that the election of ASU 2020-04 would have on our financial condition, results of operations, and cash flows.
Accounting Principles Adopted
On January 1, 2020, we adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended by other ASUs issued since June 2016 (“ASU 2016-13”), using the modified retrospective transition method. Under this optional transition method, information presented prior to January 1, 2020 has not been

6

PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
For the Interim Periods Ended March 31, 2020 and 2019



restated and continues to be reported under the accounting standards in effect for the period. There was no adjustment to our opening retained earnings as a result of the adoption of this ASU. Our adoption of ASU 2016-13 did not have a material impact on our financial condition, results of operations, cash flows, or related disclosures.
ASU 2016-13 requires expected credit losses on financial instruments to be recorded over the estimated life of the financial instrument. Prior to this ASU, the guidance required recording of credit losses when those losses were incurred. ASU 2016-13 is applicable to credit losses and allowances on loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and certain other financial assets, but excludes derivative assets under FASB ASC Topic 815 “Derivatives and Hedging.”
On January 1, 2020, we adopted ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which eliminated Step 2 from the current goodwill impairment test. Under ASU 2017-04, an entity is no longer required to determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under ASU 2017-04, an entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This ASU changed the policy under which we perform our goodwill impairment assessments by eliminating Step 2 of the test.
On January 1, 2020, we adopted ASU No. 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13”). This ASU amended, added, and removed certain disclosure requirements under FASB ASC Topic 820 “Fair Value Measurement.” The adoption of ASU 2018-13 did not have a material impact on our financial condition, results of operations, cash flows, or related disclosures.
On January 1, 2020, we adopted ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (ASU 2018-15”), using the prospective method and information that was presented prior to January 1, 2020 has not been restated and continues to be reported under the accounting standards in effect for that period. This ASU required entities to account for implementation costs incurred in a cloud computing agreement that is a service contract under the guidance in FASB ASC Topic 350, “Goodwill and Intangible Assets,” which results in a capitalized and amortizable intangible asset. The adoption of ASU 2018-15 did not have a material impact on our financial condition, results of operations, or cash flows.
Note 3Investment in Laramie Energy, LLC
As of March 31, 2020, we had a 46.0% ownership interest in Laramie Energy. Laramie Energy is focused on producing natural gas in Garfield, Mesa, and Rio Blanco Counties, Colorado.
Laramie Energy has a $400 million revolving credit facility with a borrowing base currently set at $220 million that is secured by a lien on its natural gas and crude oil properties and related assets. As of March 31, 2020, the balance outstanding on the revolving credit facility was approximately $190.0 million. We are guarantors of Laramie Energy’s credit facility, with recourse limited to the pledge of our equity interest in our wholly owned subsidiary, Par Piceance Energy Equity, LLC. Under the terms of its credit facility, Laramie Energy is generally prohibited from making future cash distributions to its owners, including us. On April 23, 2020, Laramie Energy extended the credit facility from its original maturity date of December 15, 2020 to December 15, 2021.
At March 31, 2020, we conducted an impairment evaluation of our investment in Laramie Energy because of (i) the global economic impact of the COVID-19 pandemic, (ii) an increase in the weighted-average cost of capital for energy companies, and (iii) continuing declines in natural gas prices through the first quarter of 2020. Based on our evaluation, we determined that the estimated fair value of our investment in Laramie Energy was $1.9 million, compared to a carrying value of $47.2 million at March 31, 2020. The fair value estimate was determined using a discounted cash flow analysis based on natural gas forward strip prices as of March 31, 2020 for the years 2020 and 2021 of the forecast, and a blend of forward strip pricing and third-party analyst pricing for years 2022 through December 31, 2028. Other significant inputs used in the discounted cash flow analysis included proved and unproved reserves information, forecasts of operating expenditures, and the applicable discount rate. As a result, we recorded an other-than temporary impairment charge of $45.3 million in Equity earnings (losses) from Laramie Energy, LLC on our condensed consolidated statement of operations for the three months ended March 31, 2020.
The change in our equity investment in Laramie Energy is as follows (in thousands):
 
Three Months Ended March 31, 2020
Beginning balance
$
46,905

Equity earnings from Laramie Energy
263

Impairment of our investment in Laramie Energy
(45,294
)
Ending balance
$
1,874



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PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
For the Interim Periods Ended March 31, 2020 and 2019



Summarized financial information for Laramie Energy is as follows (in thousands):
 
March 31, 2020
 
December 31, 2019
Current assets
$
13,839

 
$
23,367

Non-current assets
385,353

 
393,575

Current liabilities
17,983

 
229,687

Non-current liabilities
278,659

 
85,287

 
Three Months Ended March 31,
 
2020
 
2019
Natural gas and oil revenues
$
34,713

 
$
67,924

Income from operations
1,369

 
13,743

Net income (loss)
574

 
(2,983
)

Laramie Energy’s net income for the three months ended March 31, 2020 includes $9.3 million of depreciation, depletion, and amortization (“DD&A”) and $2.4 million of unrealized gains on derivative instruments. Laramie Energy’s net loss for the three months ended March 31, 2019 includes $21.4 million of DD&A and $2.7 million of unrealized gains on derivative instruments.
Note 4Acquisitions
Washington Acquisition
On November 26, 2018, we entered into a Purchase and Sale Agreement to acquire U.S. Oil & Refining Co. and certain affiliated entities (collectively, “U.S. Oil”), a privately-held downstream business (the “Washington Acquisition”). The Washington Acquisition included a 42 Mbpd refinery, a marine terminal, a unit train-capable rail loading terminal, and 2.9 MMbbls of refined product and crude oil storage. The refinery and associated logistics system are strategically located in Tacoma, Washington, and currently serve the Pacific Northwest market. On January 11, 2019, we completed the Washington Acquisition for a total purchase price of $326.5 million, including acquired working capital, consisting of cash consideration of $289.5 million and approximately 2.4 million shares of Par’s common stock with a fair value of $37.0 million issued to the seller of U.S. Oil. The cash consideration was funded in part through cash on hand, proceeds from borrowings under a new term loan facility entered into with Goldman Sachs Bank USA, as administrative agent, of $250.0 million (the “Term Loan B”), and proceeds from borrowings under a term loan from the Bank of Hawaii of $45.0 million (the “Par Pacific Term Loan”). Please read Note 10—Debt for further information on the Term Loan B and Par Pacific Term Loan. In January 2019, we incurred $5.4 million of commitment fees associated with the funding of the Washington Acquisition. Such commitment fees are presented as Debt extinguishment and commitment costs on our condensed consolidated statements of operations for the three months ended March 31, 2019.
In connection with the consummation of the Washington Acquisition, we assumed the Washington Refinery Intermediation Agreement with Merrill Lynch Commodities, Inc. (“MLC”) that provides a structured financing arrangement based on U.S. Oil’s crude oil and refined products inventories and associated accounts receivable. Please read Note 9—Inventory Financing Agreements for further information on the Washington Refinery Intermediation Agreement.
We accounted for the Washington Acquisition as a business combination whereby the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values on the date of the acquisition. Goodwill recognized in the transaction was attributable to opportunities expected to arise from combining our operations with those of the Washington refinery and the utilization of our net operating loss carryforwards, as well as other intangible assets that do not qualify for separate recognition. Goodwill recognized as a result of the Washington Acquisition is not expected to be deductible for income tax reporting purposes.

8

PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
For the Interim Periods Ended March 31, 2020 and 2019



A summary of the fair value of the assets acquired and liabilities assumed is as follows (in thousands):
Cash
$
16,146

Accounts receivable
34,954

Inventories
98,367

Prepaid and other assets
5,320

Property, plant, and equipment
412,766

Operating lease right-of-use assets
62,337

Goodwill (1)
42,522

Total assets (2)
672,412

Obligations under inventory financing agreements
(116,873
)
Accounts payable
(55,357
)
Current operating lease obligations
(21,571
)
Other current liabilities
(18,411
)
Long-term operating lease obligations
(40,766
)
Deferred tax liability
(92,103
)
Other non-current liabilities
(804
)
Total liabilities
(345,885
)
Total
$
326,527

______________________________________________
(1)
We allocated $24.7 million and $17.8 million of goodwill to our refining and logistics segments, respectively.
(2)
We allocated $403.9 million and $268.5 million of total assets to our refining and logistics segments, respectively.
As of December 31, 2019, we finalized the Washington Acquisition purchase price allocation. We incurred $2.2 million of acquisition costs related to the Washington Acquisition for the three months ended March 31, 2019. These costs are included in Acquisition and integration costs on our condensed consolidated statement of operations.
The results of operations of U.S. Oil were included in our results beginning on January 11, 2019. For the three months ended March 31, 2019, our results of operations included revenues of $245.8 million and loss before income taxes of $3.1 million related to U.S. Oil. The following unaudited pro forma financial information presents our consolidated revenues and net income (loss) as if the Washington Acquisition had been completed on January 1, 2018 (in thousands except per share information):
 
Three Months Ended March 31,
 
2019
Revenues
$
1,219,243

Net income
218

 
 
Income per share
 
Basic
$

Diluted
$


These pro forma results were based on estimates and assumptions that we believe are reasonable. They are not necessarily indicative of our consolidated results of operations in future periods or the results that actually would have been realized had we been a combined company during the periods presented. The pro forma results for the three months ended March 31, 2019 include adjustments to record interest and other debt extinguishment costs related to issuance of the Term Loan B and Par Pacific Term Loan and to adjust U.S. Oil’s historical depreciation expense as a result of the fair value adjustment to Property, plant, and equipment, net. Additionally, the pro forma results include the elimination the $65.4 million tax benefit that was recognized by the Company in connection with the Washington Acquisition. Including this tax benefit, the pro forma net income would have been $65.6 million and the pro forma earnings per share and diluted earnings per share would have been $1.35 and $1.24 per share, respectively.

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PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
For the Interim Periods Ended March 31, 2020 and 2019



Note 5Revenue Recognition
As of March 31, 2020 and December 31, 2019, receivables from contracts with customers were $182.8 million and $214.5 million, respectively. Our refining segment recognizes deferred revenues when cash payments are received in advance of delivery of products to the customer. Deferred revenue was $7.9 million as of both March 31, 2020 and December 31, 2019.
The following table provides information about disaggregated revenue by major product line and includes a reconciliation of the disaggregated revenues to total segment revenues (in thousands):
Three Months Ended March 31, 2020
 
Refining
 
Logistics
 
Retail
Product or service:
 
 
 
 
 
 
Gasoline
 
$
286,598

 
$

 
$
72,847

Distillates (1)
 
583,708

 

 
8,450

Other refined products (2)
 
264,167

 

 

Merchandise
 

 

 
21,029

Transportation and terminalling services
 

 
59,150

 

Other revenue
 
13,653

 

 
487

Total segment revenues (3)
 
$
1,148,126

 
$
59,150

 
$
102,813

Three Months Ended March 31, 2019

Refining

Logistics

Retail
Product or service:









Gasoline

$
288,200


$


$
69,763

Distillates (1)

555,892




9,009

Other refined products (2)

301,446





Merchandise





20,609

Transportation and terminalling services



45,209



Other revenue

526




450

Total segment revenues (3)

$
1,146,064


$
45,209


$
99,831

_______________________________________________________
(1)
Distillates primarily include diesel and jet fuel.
(2)
Other refined products include fuel oil, gas oil, asphalt, and naphtha.
(3)
Refer to Note 18—Segment Information for the reconciliation of segment revenues to total consolidated revenues.
Note 6Inventories
Inventories at March 31, 2020 consisted of the following (in thousands):
 
Titled Inventory
 
Supply and Offtake Agreements (1)
 
Total
Crude oil and feedstocks
$
34,527

 
$
73,706

 
$
108,233

Refined products and blendstock
76,506

 
72,426

 
148,932

Warehouse stock and other (2)
62,375

 

 
62,375

Total
$
173,408

 
$
146,132

 
$
319,540


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PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
For the Interim Periods Ended March 31, 2020 and 2019



Inventories at December 31, 2019 consisted of the following (in thousands):
 
Titled Inventory
 
Supply and Offtake Agreements (1)
 
Total
Crude oil and feedstocks
$
117,717

 
$
148,303

 
$
266,020

Refined products and blendstock
127,966

 
158,737

 
286,703

Warehouse stock and other (2)
63,149

 

 
63,149

Total
$
308,832

 
$
307,040

 
$
615,872


________________________________________________________
(1)
Please read Note 9—Inventory Financing Agreements for further information.
(2)
Includes $17.8 million and $19.1 million of RINs and environmental credits as of March 31, 2020 and December 31, 2019, respectively. RINs and environmental obligations of $38.3 million and $22.8 million are included in Other Liabilities on our condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively.
As of March 31, 2020, there was a $176.4 million reserve for the lower of cost or net realizable value of inventory. As of December 31, 2019, there was no reserve for the lower of cost or net realizable value of inventory. Our last-in, first-out (“LIFO”) inventories, net of the lower of cost or net realizable reserve, were equal to current cost as of March 31, 2020. As of December 31, 2019, the excess of current replacement cost over the LIFO inventory carrying value at the Washington refinery was approximately $6.4 million.
Note 7Prepaid and Other Current Assets
Prepaid and other current assets at March 31, 2020 and December 31, 2019 consisted of the following (in thousands):
 
March 31, 2020
 
December 31, 2019
Advances to suppliers
$
1,756

 
$
27,635

Collateral posted with broker for derivative instruments (1)
19,043

 
10,306

Prepaid insurance
9,058

 
13,536

Derivative assets

 
2,075

Other
6,837

 
5,604

Total
$
36,694

 
$
59,156


_________________________________________________________
(1)
Our cash margin that is required as collateral deposits on our commodity derivatives cannot be offset against the fair value of open contracts except in the event of default. Please read Note 11—Derivatives for further information.
Note 8Goodwill
During the three months ended March 31, 2020, the change in the carrying amount of goodwill was as follows (in thousands):