Par Pacific Holdings, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with a net loss of $33.3 million compared to a net income of $728.6 million in 2023. This downturn was primarily attributed to a $658.8 million decrease in operating income from the refining segment, alongside a reduction in income tax benefits and equity earnings from its investment in Laramie Energy, LLC. Total revenues for the year were approximately $8.0 billion, a decrease from $8.2 billion in the previous year, driven by lower average crack spreads and a slight decline in refined product sales volumes.
The company experienced notable operational changes, including the completion of the Billings Acquisition in June 2023, which added significant refining and logistics assets to its portfolio. This acquisition contributed approximately $1.5 billion in revenues for the year, although it was not enough to offset declines in legacy operations. The refining segment's adjusted gross margin fell to $618.3 million, down from $995.0 million in 2023, reflecting lower crack spreads and a decrease in refined product sales volumes. In contrast, the logistics segment saw an increase in operating income, attributed to contributions from the newly acquired assets.
In terms of operational metrics, Par Pacific's refining throughput averaged 186.7 thousand barrels per day (Mbpd), with refined product sales volume reaching 199.9 Mbpd. The company also reported a workforce of 1,787 employees as of December 31, 2024, with a significant portion represented by unions. The retail segment saw an increase in sales volumes, contributing positively to overall performance despite challenges in the refining sector.
Looking ahead, Par Pacific Holdings anticipates a recovery in global oil demand, particularly from emerging markets, as indicated by the International Energy Agency's projections. However, the company remains cautious due to ongoing geopolitical tensions and fluctuating crude oil prices, which could impact future profitability. The management emphasized the importance of strategic investments and operational efficiency to navigate the current market conditions and enhance shareholder value.
About PAR PACIFIC HOLDINGS, INC.
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