帕拉太平洋控股有限公司2025年季度报告

FORM 10-Q_____________________________________________________________________________________________________________________ For the transition period from to PAR PACIFIC HOLDINGS, INC. (Exact name of registrant as specified in its charter)_____________________________________________________________________________________________________________________ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for suchshorter 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, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theSecurities Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒ 51,578,861 shares of Common Stock, $0.01 par value, were outstanding as of May 1, 2025. PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIESTABLE OF CONTENTS Item 1.Financial StatementsCondensed Consolidated Balance Sheets1Condensed Consolidated Statements of Operations2Condensed Consolidated Statements of Comprehensive Income (Loss)3Condensed Consolidated Statements of Cash Flows4Condensed Consolidated Statements of Changes in Stockholders’ Equity5Notes to Condensed Consolidated Financial Statements6Item 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations25Item 3.Quantitative and Qualitative Disclosures About Market Risk48Item 4.Controls and Procedures50PART II OTHER INFORMATIONItem 1.Legal Proceedings51Item 1A.Risk Factors51Item 2.Unregistered Sales of Equity Securities and Use of Proceeds51Item 3.Defaults Upon Senior Securities52 Item 1. FINANCIAL STATEMENTS March 31, 2025December 31,2024 PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(Unaudited)(in thousands) PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIESNotes to Condensed Consolidated Financial StatementsFor the Interim Periods Ended March 31, 2025 and 2024 Note 1—Overview Par Pacific Holdings, Inc. and its wholly owned subsidiaries (“Par” or the “Company”) provide bothrenewable and conventional fuels to the western United States. Currently, we operate in three primary businesssegments: 1)Refining- We own and operate four refineries. Our refineries in Kapolei, Hawaii, Newcastle, Wyoming,Tacoma, Washington, and Billings, Montana, convert crude oil into gasoline, distillate, asphalt, and otherproducts to serve the state of Hawaii and areas ranging from Washington state to the Dakotas andWyoming. 2)Retail- We operate fuel retail outlets in Hawaii, Washington, and Idaho. We operate convenience storesand fuel retail sites under our “Hele” and “nomnom” brands, “76” branded fuel retail sites, and other sitesoperated by third parties that sell gasoline, diesel, and retail merchandise such as soft drinks, preparedfoods, and other sundries. We also operate unattended cardlock stations. 3)Logistics- We operate an extensive multi-modal logistics network spanning the Pacific, the Northwest,and the Rocky Mountain regions. This network includes a single point mooring (“SPM”) in Hawaii, a unittrain-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, andremained safely idled during repair and recovery work through the end of the quarter ended March 31, 2025. As of March 31, 2025, we owned a 46.0% 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 March 31, 2025, we own a 65% and a 40% equity investment in Yellowstone Energy LimitedPartnership, (“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