帕拉太平洋控股有限公司2025年季度报告

For the transition period from toCommission File No.001-36550________________________________________________________________________________________________________________________PAR PACIFIC HOLDINGS, INC.(Exact name of registrant as specified in its charter)________________________________________________________________________________________________________________________Delaware(State or other jurisdiction ofincorporation or organization) Houston,Texas(Address of principal executive offices)(281)899-4800 (Registrant’s telephone number, including area code) 59,070$590$872,954 Balance, December 31, 2024 75373,539——Purchase of common stock for retirement(3,708)(36)(1,340)(51,186)—————(76) Balance, March 31, 202552,310$523$886,747$214,260$10,280$See accompanying notes to the condensed consolidated financial statements. 5 Note 1—OverviewPar 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 regions. 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 movement of petroleum, refined products, and ethanol in and among the Hawaiian islands, between the U.S. West Coast and Hawaii,and in areas ranging from the state of Washington to the Dakotas and Wyoming.Our Wyoming refinery experienced an operational incident on the evening of February 12, 2025, and remained safely idled during As of March31, 2025, we owned a46.0% equity investment in Laramie Energy, LLC (“Laramie Energy”). Laramie Energy is focused on 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. Principles of Consolidation and Basis of PresentationThe condensed consolidated financial statements include the accounts of Par and its subsidiaries. All intercompany balances andtransactions have been eliminated in consolidation. generally 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 fairpresentation of the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily for the year ended December31, 2024. Use of EstimatesThe 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 could 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 Cost of revenues (excluding depreciation) includes the hydrocarbon-related costs of inventory sold, transportation costs of deliveringproduct to customers, crude oil consumed in the refining process, costs to satisfy our environmental credit obligations, and certain hydrocarbonfees and taxes. Cost of revenues (excluding depreciation) also includes the unrealized gains and losses on derivatives and inventory valuation 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 condensedconsolidated statements of operations (in thousands):Three Months Ended March31,20252024 There have been no recent accounting pronouncements adopted, including the expected dates of adoption and estimated effects on our financial condition, results of operations, and cash flows, that had a material impact on our condensed consolidated financial statements for thethree months ended