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Sep 30, 2020
Par Pacific Q3 2020 Earnings Report
Reported a net loss due to depressed market conditions, but positioned for a return to positive free cash flow in 2021 through cost-saving initiatives and strategic projects.
Key Takeaways
Par Pacific Holdings reported a net loss of $14.3 million for the third quarter of 2020, compared to a net loss of $83.9 million for the same quarter in 2019. The company focused on completing major turnarounds and cost-saving initiatives to prepare for a return to positive free cash flow in 2021.
Successfully completed two major turnarounds.
Accomplished additional cost-saving initiatives.
Positioned for a return to positive free cash flow in 2021.
Confident in ability to rebound strongly as the economy recovers and market conditions improve.
Forward Guidance
Par Pacific is positioning itself for a return to positive free cash flow in 2021 despite depressed market conditions, focusing on cost-saving initiatives, commercial improvements, and strategic renewable fuels projects.
Positive Outlook
- Successfully completed two major turnarounds.
- Accomplished additional cost-saving initiatives.
- Commercial improvements in Hawaii.
- Completion of a strategic renewable fuels project in Tacoma logistics system.
- Confident in ability to rebound strongly as the economy recovers and market conditions improve.
Challenges Ahead
- Persistence of depressed market conditions.
- Net cash used in operations totaled $7.8 million.
- Refining segment reported an operating loss of $5.1 million.
- Retail segment reported lower sales volumes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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