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Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Registrant

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

PAR PACIFIC HOLDINGS, INC. (PARENT ONLY)

BALANCE SHEETS

(in thousands, except share data)

			December 31, 2024						December 31, 2023
ASSETS
Current assets
Cash and cash equivalents			$	7,095					$	10,369
Restricted cash			346						339
Total cash, cash equivalents, and restricted cash			7,441						10,708
Prepaid and other current assets			12,355						4,767
Due from subsidiaries			368,222						380,159
Total current assets			388,018						395,634
Property, plant, and equipment
Property, plant, and equipment			24,536						21,350
Less accumulated depreciation and amortization			(17,240)						(16,487)
Property, plant, and equipment, net			7,296						4,863
Long-term assets
Operating lease right-of-use (“ROU”) assets			7,369						7,005
Investment in subsidiaries			993,901						1,070,518
Other long-term assets			726						726
Total assets			$	1,397,310					$	1,478,746
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable			$	4,257					$	4,991
Operating lease liabilities			4						—
Other accrued liabilities			1,796						947
Due to subsidiaries			189,232						128,922
Total current liabilities			195,289						134,860
Long-term liabilities
Finance lease liabilities			464						—
Operating lease liabilities			10,255						8,462
Total liabilities			206,008						143,322
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, 2024 and December 31, 2023, 55,265,421 shares and 59,755,844 shares issued at December 31, 2024 and December 31, 2023, respectively			552						597
Additional paid-in capital			884,548						860,797
Accumulated earnings			295,846						465,856
Accumulated other comprehensive income (loss)			10,356						8,174
Total stockholders’ equity			1,191,302						1,335,424
Total liabilities and stockholders’ equity			$	1,397,310					$	1,478,746

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,
			2024						2023						2022
Operating expenses
Depreciation and amortization			$	1,636					$	1,618					$	2,131
General and administrative expense (excluding depreciation)			33,490						29,258						17,882
Acquisition and integration costs (2)			—						—						3,396
Loss on sale of assets, net			100						30						27
Total operating expenses			35,226						30,906						23,436
Operating loss			(35,226)						(30,906)						(23,436)
Other income
Interest expense and financing costs, net			(40)						(24)						(1)
Other income (expense), net			(31)						44						(20)
Equity in earnings from subsidiaries			1,975						759,528						388,008
Total other income, net			1,904						759,548						387,987
Income (loss) before income taxes			(33,322)						728,642						364,551
Income tax benefit (expense) (1)			—						—						(362)
Net income (loss)			$	(33,322)					$	728,642					$	364,189

________________________________________

(1)    The income tax benefit (expense) of the Parent Guarantor and Issuer and Subsidiaries is determined using the separate return method. The Non-Guarantor Subsidiaries and Eliminations column includes tax benefits recognized at the Par consolidated level that are primarily associated with changes to the consolidated valuation allowance and other deferred tax balances.

(2)    The acquisition and integration expense related to the Billings Acquisition was pushed down from the Parent Guarantor to the Issuer and Subsidiaries upon consummation of the transaction.

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,
			2024						2023						2022
Net income (loss)			$	(33,322)					$	728,642					$	364,189
Other comprehensive income: (1)
Other post-retirement benefits income, net of tax			2,182						45						5,627
Total other comprehensive income, net of tax			2,182						45						5,627
Comprehensive income (loss)			$	(31,140)					$	728,687					$	369,816

____________________________________________________

(1)Other comprehensive income 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,
			2024						2023						2022
Cash flows from operating activities:
Net income (loss)			$	(33,322)					$	728,642					$	364,189
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization			1,636						1,618						2,131
Loss (gain) on sale of assets, net			100						30						27
Stock-based compensation			25,704						11,633						9,353
Equity in losses (income) of subsidiaries			(1,975)						(759,528)						(388,008)
Net changes in operating assets and liabilities:
Prepaid and other assets			(7,588)						(2,541)						13,436
Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities			683						1,113						2,651
Net cash provided by (used in) operating activities			(14,762)						(19,033)						3,779
Cash flows from investing activities:
Investments in subsidiaries			—						(76,000)						—
Distributions from subsidiaries			68,058						167,181						—
Capital expenditures			(3,330)						(1,849)						(1,311)
Due to (from) subsidiaries			84,964						(13,408)						5,645
Net cash provided by (used in) investing activities			149,692						75,924						4,334
Cash flows from financing activities:
Repayments of borrowings			(45)						—						(9,319)
Purchase of common stock for retirement			(141,974)						(67,821)						(7,834)
Exercise of stock options			1,514						17,129						6,444
Other financing activities, net			2,308						1,631						1,058
Net cash provided by (used in) financing activities			(138,197)						(49,061)						(9,651)
Net increase (decrease) in cash, cash equivalents, and restricted cash			(3,267)						7,830						(1,538)
Cash, cash equivalents, and restricted cash at beginning of period			10,708						2,878						4,416
Cash, cash equivalents, and restricted cash at end of period			$	7,441					$	10,708					$	2,878
Supplemental cash flow information:
Net cash received (paid) for:
Interest			$	(20)					$	—					$	(3)
Taxes			(12,029)						(5,902)						(15)
Non-cash investing and financing activities:
Accrued capital expenditures			$	284					$	136					$	372
ROU assets obtained in exchange for new finance lease liabilities			691						—						—
ROU assets obtained in exchange for new operating lease liabilities			623						8,161						—

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

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-11

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