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Condended Financial Information of Registrant
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
PAR PACIFIC HOLDINGS, INC. (PARENT ONLY)
BALANCE SHEETS
(in thousands, except share amounts)
 
December 31, 2017
 
December 31, 2016
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
65,615

 
$
10,361

Restricted cash
744

 
746

Prepaid and other current assets
11,768

 
9,200

Due from subsidiaries
8,113

 
66,900

Total current assets
86,240

 
87,207

Property and equipment
 
 
 
Property, plant, and equipment
15,773

 
10,259

Less accumulated depreciation and depletion
(6,226
)
 
(3,485
)
Property and equipment, net
9,547

 
6,774

Long-term assets
 
 
 
Investment in subsidiaries
552,748

 
513,693

Other long-term assets
1,976

 
1,976

Total assets
$
650,511

 
$
609,650

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities
 
 
 
Accounts payable
$
4,510

 
$
4,529

Other accrued liabilities
12,913

 
8,141

Due to subsidiaries
82,524

 
73,529

Total current liabilities
99,947

 
86,199

Long-term liabilities
 
 
 
Long-term debt
95,486

 
148,456

Common stock warrants
6,808

 
5,134

Long-term capital lease obligations
551

 
952

Total liabilities
202,792

 
240,741

Stockholders’ equity
 
 
 
Preferred stock, $0.01 par value: 3,000,000 shares authorized, none issued
—

 
—

Common stock, $0.01 par value; 500,000,000 shares authorized at December 31, 2017 and December 31, 2016, 45,776,087 shares and 45,533,913 shares issued at December 31, 2017 and December 31, 2016, respectively
458

 
455

Additional paid-in capital
593,295

 
587,057

Accumulated deficit
(148,178
)
 
(220,799
)
Accumulated other comprehensive income
2,144

 
2,196

Total stockholders’ equity
447,719

 
368,909

Total liabilities and stockholders’ equity
$
650,511

 
$
609,650




This statement should be read in conjunction with the notes to consolidated financial statements.
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
PAR PACIFIC HOLDINGS, INC. (PARENT ONLY)
STATEMENTS OF OPERATIONS
(in thousands)
 
Year Ended December 31,
 
2017
 
2016
 
2015
Operating expenses
 
 
 
 
 
Depreciation and amortization
$
2,871

 
$
2,205

 
$
963

General and administrative expense (excluding depreciation)
18,922

 
15,618

 
16,558

Acquisition and integration expense
192

 
4,781

 
1,776

Total operating expenses
21,985

 
22,604

 
19,297

 
 
 
 
 
 
Operating loss
(21,985
)
 
(22,604
)
 
(19,297
)
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
Interest expense and financing costs, net
(13,709
)
 
(18,246
)
 
(13,028
)
Loss on termination of financing agreements
(1,804
)
 
—

 
—

Interest income from subsidiaries
—

 
583

 
1,000

Other income (expense), net
631

 
67

 
215

Change in value of common stock warrants
(1,674
)
 
2,962

 
(3,664
)
Equity in earnings (losses) of subsidiaries
111,162

 
(17,170
)
 
(5,137
)
Total other income (expense), net
94,606

 
(31,804
)
 
(20,614
)
 
 
 
 
 
 
Income (loss) before income taxes
72,621

 
(54,408
)
 
(39,911
)
Income tax benefit
—

 
8,573

 
—

Net income (loss)
$
72,621

 
$
(45,835
)
 
$
(39,911
)


This statement should be read in conjunction with the notes to consolidated financial statements.
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
 
Year Ended December 31,
 
2017
 
2016
 
2015
Net income (loss)
$
72,621

 
$
(45,835
)
 
$
(39,911
)
Other comprehensive income (loss): (1)
 
 
 
 
 
Reclassification of other post-retirement benefits loss to net income
—

 
—

 
1,082

Other post-retirement benefits income (loss), net of tax
$
(52
)
 
2,196

 
(636
)
Total other comprehensive income (loss)
(52
)
 
2,196

 
446

Comprehensive income (loss)
$
72,569

 
$
(43,639
)
 
$
(39,465
)
____________________________________________________
(1)Other comprehensive income (loss) relates to benefit plans at our subsidiaries.
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
PAR PACIFIC HOLDINGS, INC. (PARENT ONLY)
STATEMENTS OF CASH FLOWS
(in thousands)
 
Year Ended December 31,
 
2017
 
2016
 
2015
Cash flows from operating activities:
 
 
 
 
 
Net income (loss)
$
72,621

 
$
(45,835
)
 
$
(39,911
)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
 
 
 
 
 
Depreciation and amortization
2,871

 
2,205

 
962

Non-cash interest expense
5,617

 
13,722

 
6,860

Non-cash interest income from subsidiary
—

 
(583
)
 
(1,000
)
Change in value of common stock warrants
1,674

 
(2,962
)
 
3,644

Deferred taxes
—

 
(8,573
)
 
—

Stock-based compensation
7,204

 
2,226

 
3,202

Equity in losses (income) of subsidiaries
(111,162
)
 
17,170

 
5,137

Loss on termination of financing agreements
1,804

 
—

 
—

Net changes in operating assets and liabilities:
 
 
 
 
 
Prepaid and other assets
(2,568
)
 
25

 
(8,466
)
Accounts payable and other accrued liabilities
3,088

 
381

 
3,674

Net cash used in operating activities
(18,851
)
 
(22,224
)
 
(25,898
)
Cash flows from investing activities:
 
 
 
 
 
Investments in subsidiaries
(2,072
)
 
(264,163
)
 
(89,603
)
Distributions from subsidiaries
70,645

 
9,047

 
68,418

Note receivable from subsidiary
—

 
10,000

 
—

Change in restricted cash
2

 
—

 
—

Capital expenditures
(5,366
)
 
(4,321
)
 
(4,461
)
Due to (from) subsidiaries
80,762

 
(23,947
)
 
27,627

Net cash provided by (used in) investing activities
143,971

 
(273,384
)
 
1,981

Cash flows from financing activities:
 
 
 
 
 
Proceeds from sale of common stock, net of offering costs
—

 
49,044

 
76,056

Proceeds from borrowings
—

 
172,282

 
7,378

Repayments of borrowings
(68,873
)
 
(63,062
)
 
(37,214
)
Payment of deferred loan costs
—

 
(6,298
)
 
(307
)
Due to (from) subsidiaries
—

 
63,578

 
—

Other financing activities, net
(993
)
 
(598
)
 
(1,087
)
Net cash provided by (used in) financing activities
(69,866
)
 
214,946

 
44,826

Net increase (decrease) in cash and cash equivalents
55,254

 
(80,662
)
 
20,909

Cash and cash equivalents at beginning of period
10,361

 
91,023

 
70,114

Cash and cash equivalents at end of period
$
65,615

 
$
10,361

 
$
91,023

Supplemental cash flow information:
 
 
 
 
 
Cash received (paid) for:
 
 
 
 
 
Interest
$
(7,856
)
 
$
(4,557
)
 
$
(4,709
)
Taxes
(1,478
)
 
—

 
51

Non-cash investing and financing activities:
 
 
 
 
 
Accrued capital expenditures
$
370

 
$
361

 
$
417

Value of warrants and debt reclassified to equity
—

 
3,084

 
7,691

Capital leases
165

 
1,575

 
216


This statement should be read in conjunction with the notes to consolidated financial statements.