Par Pacific Holdings Reports Third Quarter 2017 Results

Logistics
The Logistics segment generated operating income of $10.4 million in the third quarter of 2017, compared to $2.8 million for the third quarter of 2016. Wyoming contributed approximately $2.3 million of operating income to the Logistics segment during the third quarter of 2017. Adjusted Gross Margin for the Logistics segment was $16.0 million in the third quarter of 2017, compared to $8.8 million in the same quarter last year. Logistics Adjusted EBITDA was $12.0 million in the third quarter of 2017, compared to $4.1 million in the third quarter of 2016.

Laramie Energy
Equity earnings from Laramie Energy, LLC ("Laramie") in the third quarter of 2017 were $0.6 million, compared to equity earnings of $3.7 million in the third quarter of 2016. Third quarter 2017 earnings attributable to Par Pacific's 42.3% ownership interest in Laramie included $1.0 million in unrealized gains on derivative instruments compared to $5.4 million in unrealized gains on derivative instruments during  the third quarter of 2016.

Laramie averaged 142 million cubic feet equivalent per day (MMcfed) of production during the third quarter of 2017 and exited the quarter with daily production of 142 MMcfe. The relatively flat daily exit production when comparing the second quarter to the third quarter of 2017 was primarily a result of the renegotiation of certain gathering and processing agreements by Laramie and Laramie's consequent election to retain ethane.

Liquidity
Par Pacific reduced its net debt by $35.8 million during the third quarter of 2017 and $77.5 million during the first nine months of 2017. Net cash provided by operations totaled $105.5 million for the nine months ended September 30, 2017, compared to $(41.2) million used in the nine months ended September 30, 2016. At September 30, 2017, Par Pacific's cash balance totaled $78.3 million, long-term debt totaled $330.2 million (including current maturities), and total liquidity was $137.3 million.

Conference Call Information
A conference call is scheduled for Tuesday, November 7, 2017 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 until November 21, 2017 and may be accessed by calling 1-877-660-6853 inside the U.S. or 1-201-612-7415 outside the U.S. and using the conference ID 13672032#.

About Par Pacific
Par Pacific Holdings, Inc., headquartered in Houston, Texas, owns, manages, and maintains interests in energy and infrastructure businesses. Par Pacific's strategy is to identify, acquire and operate energy and infrastructure companies with attractive competitive positions. Par Pacific owns and operates one of the largest energy infrastructure networks in Hawaii with a 94,000-bpd refinery, a logistics network supplying the major islands of the state, and 91 retail locations. In Wyoming, Par Pacific owns a refinery and associated logistics network in a niche market. Par Pacific also owns 42.3% of Laramie Energy, LLC which has natural gas operations and assets concentrated in the Piceance Basin in Western Colorado. More information is available at www.parpacific.com.

Forward-Looking Statements
This news release (and oral statements regarding the subject matter of this news 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;  anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards on them; the uncertainty inherent in estimating natural gas and oil reserves; our ability to identify, acquire and operate energy and infrastructure companies with attractive competitive positions; and other risks and uncertainties detailed in Par Pacific's Annual Report on Form 10-K for the year ended December 31, 2016 and any other documents that Par Pacific has 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 our refineries 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 Laborde
Director, Investor Relations & Public Affairs
(832) 916-3396
claborde@parpacific.com

Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2017				2016				2017				2016
Revenues	$	610,506			$	510,305			$	1,780,004			$	1,301,909
Operating expenses
Cost of revenues (excluding depreciation)	509,476				459,296				1,485,118				1,166,347
Operating expense (excluding depreciation)	51,718				51,240				153,741				125,325
Depreciation, depletion, and amortization	11,304				9,643				33,848				19,839
General and administrative expense (excluding depreciation)	11,292				9,863				34,688				31,654
Acquisition and integration expense	—				2,047				253				3,563
Total operating expenses	583,790				532,089				1,707,648				1,346,728
Operating income (loss)	26,716				(21,784)				72,356				(44,819)
Other income (expense)
Interest expense and financing costs, net	(7,419)				(11,232)				(25,500)				(21,951)
Loss on termination of financing agreements	—				—				(1,804)				—
Other income (expense), net	649				(56)				886				60
Change in value of common stock warrants	(975)				657				(2,211)				3,477
Change in value of contingent consideration	—				1,025				—				10,753
Equity earnings (losses) from Laramie Energy, LLC	553				3,659 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 03:00 - PR Newswire AECI Limited - Acceptance of awards of performance shares: Long-term Incentive Plan (LTIP) 02:00 - PR Newswire Carnival PLC - Carnival Announces Closing of €500 Million 5.75% Senior Unsecured Notes Offering; Repricing of Senior Secured First Lien Term Loan B Facilities as Part of Ongoing Debt and Interest Expense Reduction 02:00 - PR Newswire Vesuvius Plc - Transaction in Own Shares Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59