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Mar 31, 2020
Par Pacific Q1 2020 Earnings Report
Reported a net loss due to the COVID-19 pandemic and macroeconomic factors.
Key Takeaways
Par Pacific reported a net loss of $222.3 million, or $(4.18) per diluted share, for the quarter ended March 31, 2020. The loss was attributed to the COVID-19 pandemic and other macroeconomic factors. The company has implemented measures to reduce costs and optimize its asset base.
Net Loss of $222.3 million, or $(4.18) per diluted share
Adjusted Net Loss of $30.2 million, or $(0.57) per diluted share
Adjusted EBITDA of $10.7 million
2020 expected cash outlays to be reduced by approximately $150 million
Forward Guidance
Par Pacific expects to reduce cash outlays by approximately $150 million in 2020, including $65 to $70 million in cost of sales related to the decline in crude oil prices and reduced interest rates. The company has adjusted refinery production at each location to address reduced local market demand and deferred the Hawaii turnaround to at least the third quarter of 2020 due to state-mandated restrictions.
Positive Outlook
- Expected reduction in cash outlays by approximately $150 million in 2020
- Adjustment of refinery production to address reduced local market demand
- Deferral of Hawaii turnaround to at least the third quarter of 2020
- Cost reduction measures implemented
- Optimization of asset base
Challenges Ahead
- Extraordinary uncertainty and market volatility from the COVID-19 pandemic
- Significant macroeconomic factors
- Operating loss reported for the Refining segment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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