Par Pacific Holdings, Inc. reported a significant decline in financial performance for the first quarter of 2025, with revenues totaling $1.75 billion, down 12% from $1.98 billion in the same period last year. The company experienced a net loss of $30.4 million, compared to a loss of $3.8 million in the first quarter of 2024. This downturn was primarily attributed to a $47.3 million decrease in operating income from the refining segment, which was impacted by lower crude oil prices and reduced product sales volumes.
The company's operating expenses also saw a decrease, totaling $1.76 billion, down from $1.97 billion in the previous year. Notably, general and administrative expenses dropped by 42% to $24.2 million, largely due to the absence of stock-based compensation expenses related to the CEO transition that occurred in early 2024. However, depreciation and amortization expenses increased by 12% to $36.6 million, reflecting ongoing investments in property and equipment.
In terms of operational developments, Par Pacific's refining segment faced challenges, including an operational incident at its Wyoming refinery that resulted in 47 days of idling during the quarter. This incident contributed to a decrease in feedstock throughput and refined product sales volume across its refineries. The company reported a refining Adjusted Gross Margin of $104.3 million, a significant decline from $207.1 million in the prior year, driven by unfavorable changes in crack spreads and feedstock differentials.
Looking ahead, Par Pacific Holdings remains focused on strategic initiatives, including a share repurchase program authorized for up to $250 million, which aims to enhance shareholder value. The company also plans to continue its investments in refining and logistics to improve operational efficiency. Despite the current challenges, management expressed confidence in the company's ability to navigate market conditions and maintain sufficient liquidity, with $525.4 million available as of March 31, 2025, consisting of cash and credit facility availability.
About PAR PACIFIC HOLDINGS, INC.
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