Par Pacific Holdings Reports Fourth Quarter And Full-Year 2015 Results

"Par Pacific's strong 2015 financial and operating results are due to the superb execution of business objectives by our people," William Pate, Par Pacific's President and Chief Executive Officer, stated. "We also closed the acquisition of Mid Pac which transformed our Hawaiian operations, and Laramie Energy announced the pending acquisition of Piceance Basin assets, which will more than double its production and significantly expand its drilling inventory. As we enter 2016, we have a strong balance sheet that positions us to capitalize on the emerging opportunities in the energy and infrastructure sectors."

Liquidity

Capital expenditures, excluding acquisitions, totaled approximately $6.5 million in the fourth quarter 2015 and $22.3 million for the full-year 2015, both driven by refinery improvements and information technology system upgrades.  Capital expenditures and major maintenance costs for 2016 are estimated to be between $45 million and $50 million and include scheduled refinery turnaround expenses as well as projects to improve refinery reliability and efficiency and information technology.

Net cash from operations totaled $132.4 million for the year ended December 31, 2015, compared to $54.6 million used in operations for the year ended December 31, 2014. For the full-year 2015, the Company reported net debt repayments of $20.5 million. At December 31, 2015, Par Pacific's cash balance totaled $167.8 million, long term debt totaled $165.2 million and total liquidity was $229.2 million.

Refining

Refining Adjusted EBITDA was $22.5 million in the fourth quarter of 2015, a decrease of $21.0 million compared to $43.6 million in the fourth quarter 2014. The decrease was primarily due to less favorable market conditions. For the full-year 2015, refining Adjusted EBITDA was approximately $96.8 million, an increase of $124.2 million compared to a loss of $27.4 million for the full-year of 2014. The increase was attributed to improved market conditions and higher throughput.

Fourth quarter 2015 refining throughput was 80 thousand barrels per day (Mbpd), or 85% utilization, compared to 66 thousand barrels per day for the same period in 2014, and the refinery operated at an average throughput of 77 thousand barrels per day, or 82% utilization, for the full-year 2015 compared to 68 thousand barrels per day in 2014.  Before depreciation, depletion and amortization, production costs were $3.51 per throughput barrel in the fourth quarter of 2015, compared to $5.41/bbl in the same period in 2014 and $3.90/bbl in the third quarter of 2015. 

In the first quarter of 2016, the Company anticipates refinery throughput will be approximately 75 Mbpd.

Retail

Retail Adjusted EBITDA was $7.4 million in the fourth quarter of 2015, a decrease of $4.0 million compared to $11.5 million in the fourth quarter of 2014. For the full-year of 2015, retail Adjusted EBITDA was $33.0 million, an increase of $13.6 million compared to $19.4 million for the full-year of 2014. The increase was attributed to the fuel sales volume rise as a result of the Mid Pac acquisition on April 1, 2015. Retail sales volumes were 22.6 million gallons in the fourth quarter of 2015 versus 12.8 million gallons in the fourth quarter of 2014. Retail sales volumes for the full year 2015 were 80.6 million gallons compared to 49.5 million gallons for the full-year 2014.

Logistics

Logistics Adjusted EBITDA was $6.4 million in the fourth quarter of 2015, an increase of $0.4 million compared to $6.1 million in the fourth quarter of 2014.  For the full-year 2015, logistics Adjusted EBITDA was $28.6 million, an increase of $2.6 million, compared to $26.0 million for full year 2014. The increase was attributed to the overall increased activity across our system, including throughput and sales. During 2015, our logistics segment consisted entirely of intercompany transactions.

Laramie Energy

As previously announced, on December 17, 2015, Laramie Energy, LLC, formerly known as Piceance Energy, LLC, entered into an agreement to acquire certain properties in the Piceance Basin for $157.5 million.  The Company anticipates the acquisition will result in meaningful cost savings and margin growth for Laramie Energy, LLC. The transaction is expected to close on March 1, 2016 and will result in an increase of Par Pacific's ownership interest in Laramie Energy, LLC to 42.3% from 32.4% as a result of its $55 million investment in Laramie Energy, LLC.  The Company estimated a five year average annual cash flow of $24 million for Laramie Energy, LLC based on existing production and forward NYMEX Henry Hub strip prices as of December 9, 2015.

Hedging Activity

The Company's supply and offtake agreements with J. Aron & Company, a wholly owned subsidiary of Goldman Sachs, require it to hedge its exposure based on the time spread between the pricing of a crude oil cargo and the expected delivery month.  Internally consumed fuel costs have been hedged with a weighted average strike price ranging from a floor of $55.88/bbl to a ceiling of $64.18/bbl. 

Conference Call Information

A conference call is scheduled for Monday, February 29, 2016 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-877-404-9648 inside the U.S. or 1-412-902-0030 outside the U.S. and ask for the Par Pacific call. The webcast may be accessed online through the Company's website at http://www.parpacific.com on the Investor Relations page. Please log on at least 10 minutes early to register. A telephone replay will be available through March 14, 2016 and may be accessible by calling 1-877-660-6853 inside the U.S. or 1-201-612-7415 outside the U.S. and using the conference ID 13629417#. A webcast archive will also be available at http://www.parpacific.com shortly after the call and will be accessible for approximately 90 days.

About Par Pacific

Par Pacific Holdings, Inc., headquartered in Houston, Texas, is a growth-oriented company that manages and maintains interests in energy related assets. Par Pacific, through its subsidiaries, owns and operates a 94 Mbpd refinery with related logistics and retail network in Hawaii. Par Pacific owns an equity investment in Laramie Energy, LLC (formerly Piceance Energy, LLC), which has natural gas production and reserves located in the Piceance Basin of Colorado. In addition, Par Pacific also transports, markets and distributes crude oil from the Western United States and Canada to refining hubs in the Midwest, Gulf Coast, East Coast and to Hawaii. More information is available at www.parpacific.com.

Forward-Looking Statements

This press release (and oral statements regarding the subject matter of this press release, including those made on the conference call and webcast announced herein) includes certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about expected market conditions; expected refinery throughput and the timing and duration of our refinery turnaround; anticipated capital expenditures, including major maintenance costs; anticipated retail sales volumes and on-island sales;  the anticipated closing of the Laramie Energy, LLC acquisition, and estimated cash flows, cost savings, and margin growth related thereto; our ability to identify and successfully pursue growth opportunities, including potential investment opportunities; and other risks and uncertainties detailed in Par Pacific's Annual Report on Form 10-K for the year ended December 31, 2015 and any other documents that Par Pacific filed with the Securities and Exchange Commission (SEC).   Additionally, forward looking statements are subject to certain risks, trends, and uncertainties, such as changes to financial condition and liquidity; the volatility of crude oil and refined product prices; operating disruptions at the refinery resulting from unplanned maintenance events; uncertainties inherent in estimating oil, natural gas and NGL reserves; environmental risks; and risks of political or regulatory changes. Par Pacific cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct.  Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date.  Par Pacific does not intend to update or revise any forward-looking statements made herein or any other forward looking statements as a result of new information, future events or otherwise. The Company further expressly disclaims any written or oral statements made by a third party regarding the subject matter of this news release.

Contact: 
Christine Thorp 
Director, Investor Relations & Public Affairs 
(832) 916-3396 
cthorp@parpacific.com

Consolidated Statements of Operations (in thousands)
	Three Months Ended December 31,								Twelve Months Ended December 31,
	2015				2014				2015				2014
Revenues	$	443,464			$	708,356			$	2,066,337			$	3,108,025
Operating expenses
Cost of revenues	399,678				614,684				1,787,368				2,937,472
Operating expense, excluding depreciation, depletion and amortization expense	33,540				31,003				136,338				140,900
Lease operating expense	669				1,710				5,283				5,673
Depreciation, depletion and amortization	7,066				4,628				19,918				14,897
Impairment expense	—				—				9,639				—
Loss on sale of assets, net	—				—				—				624
General and administrative expense	12,393				15,522				44,271				34,304
Acquisition and integration expense	195				2,561				2,006				11,687
Total operating expenses	453,541				670,108				2,004,823				3,145,557
Operating income (loss)	(10,077)				38,248				61,514 Werbung Mehr Nachrichten zur Par Pacific Holdings Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 08:15 - PR Newswire BlackRock Frontiers Investment Trust Plc - Mandatory closed period - Compliance with Market Abuse Regulations 06:41 - PR Newswire Premier Miton Group Plc - Form 8.3 - Tyman plc 02:00 - PR Newswire BlackRock Throgmorton Trust Plc - Total Voting Rights Der KI-Boom ist vorbei!    Aber dieser heiße Sektor verspricht, weiter zu wachsen... weiterlesen» Anzeige wo-site-teaser-box-16737_site-teaser-box_2024-04-23_09%253A00%253A00_2024-04-24_09%253A00%253A59