帕拉太平洋控股有限公司2025年季度报告

FORM10-Q________________________________________________________________________________________________________________________ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation 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 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew 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☒ 51,578,861shares of Common Stock, $0.01 par value, were outstanding as of May1, 2025. Net loss PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIESNotes to Condensed Consolidated Financial Statements Note 1—Overview Par Pacific Holdings, Inc. and its wholly owned subsidiaries (“Par” or the “Company”) provide both renewable and conventional fuelsto the western United States. Currently, we operate inthreeprimary business segments: 1)Refining- We own and operatefourrefineries. Our refineries in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, andBillings, Montana, convert crude oil into gasoline, distillate, asphalt, and other products to serve the state of Hawaii and areas ranging 2)Retail- We operate fuel retail outlets in Hawaii, Washington, and Idaho. We operate convenience stores and fuel retail sites underour “Hele” and “nomnom” brands, “76” branded fuel retail sites, and other sites operated by third parties that sell gasoline, diesel, and 3)Logistics- We operate an extensive multi-modal logistics network spanning the Pacific, the Northwest, and the Rocky Mountainregions. This network includes a single point mooring (“SPM”) in Hawaii, a unit train-capable rail loading terminal in Washington,and other terminals, pipelines, trucking operations, marine vessels, storage facilities, loading and truck racks, and rail facilities for the Our Wyoming refinery experienced an operational incident on the evening of February 12, 2025, and remained safely idled duringrepair and recovery work through the end of the quarter ended March 31, 2025. As of March31, 2025, we owned a46.0% equity investment in Laramie Energy, LLC (“Laramie Energy”). Laramie Energy is focusedon developing and producing natural gas in Garfield, Mesa, and Rio Blanco counties, Colorado. As of March31, 2025, we own a65% and a40% equity investment in Yellowstone Energy Limited Partnership, (“YELP”) and Yellowstone Pipeline Company (“YPLC”), respectively. Our Corporate and Other reportable segment primarily includes general and administrative costs. Note 2—Summary 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 andtransactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principlesgenerally accepted in the United States (“GAAP”)for interim financial information, the instructions to Form 10-Q, and Article10 ofRegulationS-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, they do not include all of theinformation and notes required by GAAP for complete consolidated financial statements. The condensed consolidated financial statementscontained in this report include all material adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires us to make estimates andassumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the related disclosures. Actual amounts coulddiffer from these estimates. Allowance for Credit Losses We are exposed to credit losses primarily through our sales of refined products.Credit limits and/or prepayment requirements are setbased on such factors as the customer’s financial results, credit rating, payment history, and industry and PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIESNotes to Condensed Consolidated Financial Statements are reviewed annually for customers with material credit limits. Credit allowances are reviewed at least quarterly based on changes in thecustomer’s creditworthiness due to eco