10-Q Filing

PAR PACIFIC HOLDINGS, INC. CIK: 821483 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0000821483-17-000028`
Period End Date	20170331
Filing Date	20170510
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	parr-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 42 Cash Flow Statement 68

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$121.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$167.79M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$47.77M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$46.21M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.25M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.25M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$102.38M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$96.21M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Inventories	`InventoryNet`	$293.07M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	45.53M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	45.76M	shares	Point-in-time
Inventories	`InventoryNet`	$198.33M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$53.38M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$24.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$403.11M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$461.39M	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipmentOther`	$499.87M	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipmentOther`	$504.45M	USD	Point-in-time
Proved oil and gas properties, at cost, successful efforts method of accounting	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$1.12M	USD	Point-in-time
Proved oil and gas properties, at cost, successful efforts method of accounting	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$1.12M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$500.99M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$505.57M	USD	Point-in-time
Less accumulated depreciation and depletion	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$49.73M	USD	Point-in-time
Less accumulated depreciation and depletion	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$57.56M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$448.02M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$451.26M	USD	Point-in-time
Investment in Laramie Energy, LLC	`EquityMethodInvestments`	$117.57M	USD	Point-in-time
Investment in Laramie Energy, LLC	`EquityMethodInvestments`	$108.82M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$29.08M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$29.91M	USD	Point-in-time
Goodwill	`Goodwill`	$105.73M	USD	Point-in-time
Goodwill	`Goodwill`	$105.73M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$41.91M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$46.60M	USD	Point-in-time
Total assets	`Assets`	$1.15B	USD	Point-in-time
Total assets	`Assets`	$1.20B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$20.29M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$20.29M	USD	Point-in-time
Obligations under inventory financing agreements	`OtherCommitment`	$299.74M	USD	Point-in-time
Obligations under inventory financing agreements	`OtherCommitment`	$225.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$47.89M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$65.19M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$54.60M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$72.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$382.76M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$422.51M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$350.11M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$338.12M	USD	Point-in-time
Common stock warrants	`WarrantsAndRightsOutstanding`	$5.82M	USD	Point-in-time
Common stock warrants	`WarrantsAndRightsOutstanding`	$5.13M	USD	Point-in-time
Long-term capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$1.78M	USD	Point-in-time
Long-term capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$1.51M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$36.73M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$36.64M	USD	Point-in-time
Total liabilities	`Liabilities`	$776.52M	USD	Point-in-time
Total liabilities	`Liabilities`	$804.60M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value: 3,000,000 shares authorized, none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value: 3,000,000 shares authorized, none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value; 500,000,000 shares authorized at March 31, 2017 and December 31, 2016, 45,763,555 shares and 45,533,913 shares issued at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$458.00K	USD	Point-in-time
Common stock, $0.01 par value; 500,000,000 shares authorized at March 31, 2017 and December 31, 2016, 45,763,555 shares and 45,533,913 shares issued at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$455.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$587.06M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$589.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-220.80M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-193.01M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.20M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.20M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$368.91M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$399.10M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.20B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.15B	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$377.81M	USD	1 Quarter
Revenues	`Revenues`	$605.25M	USD	1 Quarter
Cost of revenues (excluding depreciation)	`CostOfGoodsSoldExcludingDepreciationDepletionAndAmortization`	$501.29M	USD	1 Quarter
Cost of revenues (excluding depreciation)	`CostOfGoodsSoldExcludingDepreciationDepletionAndAmortization`	$342.39M	USD	1 Quarter
Operating expense (excluding depreciation)	`OtherCostAndExpenseOperating`	$38.18M	USD	1 Quarter
Operating expense (excluding depreciation)	`OtherCostAndExpenseOperating`	$50.35M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$11.26M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$5.09M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$11.20M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$12.91M	USD	1 Quarter
Acquisition and integration expense	`BusinessCombinationAcquisitionRelatedCosts`	$253.00K	USD	1 Quarter
Acquisition and integration expense	`BusinessCombinationAcquisitionRelatedCosts`	$671.00K	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$576.06M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$397.53M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$29.19M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-19.72M	USD	1 Quarter
Interest expense and financing costs, net	`InterestExpense`	$4.61M	USD	1 Quarter
Interest expense and financing costs, net	`InterestExpense`	$8.94M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$46.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$130.00K	USD	1 Quarter
Change in value of common stock warrants	`FairValueAdjustmentOfWarrants`	$-1.64M	USD	1 Quarter
Change in value of common stock warrants	`FairValueAdjustmentOfWarrants`	$689.00K	USD	1 Quarter
Change in value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$-6.18M	USD	1 Quarter
Change in value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	-	USD	1 Quarter
Equity earnings (losses) from Laramie Energy, LLC	`IncomeLossFromEquityMethodInvestments`	$8.75M	USD	1 Quarter
Equity earnings (losses) from Laramie Energy, LLC	`IncomeLossFromEquityMethodInvestments`	$-1.87M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$1.38M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-755.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-18.34M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$28.43M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$648.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$336.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$27.79M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-18.67M	USD	1 Quarter
Income (loss) per common share, basic (USD per share)	`EarningsPerShareBasic`	$0.60	USD	1 Quarter
Income (loss) per common share, basic (USD per share)	`EarningsPerShareBasic`	$-0.46	USD	1 Quarter
Income (loss) per common share, diluted (USD per share)	`EarningsPerShareDiluted`	$0.58	USD	1 Quarter
Income (loss) per common share, diluted (USD per share)	`EarningsPerShareDiluted`	$-0.46	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	40.97M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	45.48M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.87M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	40.97M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$27.79M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-18.67M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$11.26M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$5.09M	USD	1 Quarter
Non-cash interest expense	`AmortizationOfFinancingCostsAndDiscounts`	$1.03M	USD	1 Quarter
Non-cash interest expense	`AmortizationOfFinancingCostsAndDiscounts`	$2.36M	USD	1 Quarter
Change in value of common stock warrants	`FairValueAdjustmentOfWarrants`	$-1.64M	USD	1 Quarter
Change in value of common stock warrants	`FairValueAdjustmentOfWarrants`	$689.00K	USD	1 Quarter
Change in value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$-6.18M	USD	1 Quarter
Change in value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	-	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$202.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.19M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.54M	USD	1 Quarter
Unrealized loss (gain) on derivative contracts	`UnrealizedGainLossOnDerivatives`	$-1.61M	USD	1 Quarter
Unrealized loss (gain) on derivative contracts	`UnrealizedGainLossOnDerivatives`	$1.49M	USD	1 Quarter
Equity (earnings) losses from Laramie Energy, LLC	`IncomeLossFromEquityMethodInvestments`	$8.75M	USD	1 Quarter
Equity (earnings) losses from Laramie Energy, LLC	`IncomeLossFromEquityMethodInvestments`	$-1.87M	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-10.47M	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.36M	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-43.99M	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-32.05M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-72.95M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$94.74M	USD	1 Quarter
Obligations under inventory financing agreements	`IncreaseDecreaseSupplyAndExchangeAgreements`	$-84.62M	USD	1 Quarter
Obligations under inventory financing agreements	`IncreaseDecreaseSupplyAndExchangeAgreements`	$76.52M	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-29.79M	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-16.05M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$12.03M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.48M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.58M	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfOtherAssets1`	-	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfOtherAssets1`	$2.23M	USD	1 Quarter
Investment in Laramie Energy, LLC	`PaymentsToAcquireEquityMethodInvestments`	$55.00M	USD	1 Quarter
Investment in Laramie Energy, LLC	`PaymentsToAcquireEquityMethodInvestments`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.58M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-57.24M	USD	1 Quarter
Proceeds from sale of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	$-33.00K	USD	1 Quarter
Proceeds from sale of common stock, net of offering costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromConvertibleDebt`	$74.70M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Repayments of borrowings	`RepaymentsOfLinesOfCredit`	$5.11M	USD	1 Quarter
Repayments of borrowings	`RepaymentsOfLinesOfCredit`	$91.64M	USD	1 Quarter
Net borrowings (repayments) on deferred payment arrangement	`ProceedsFromPaymentsForDeferredPaymentArrangement`	$5.57M	USD	1 Quarter
Net borrowings (repayments) on deferred payment arrangement	`ProceedsFromPaymentsForDeferredPaymentArrangement`	$-1.91M	USD	1 Quarter
Purchase of common stock for retirement	`PaymentsForRepurchaseOfCommonStock`	$186.00K	USD	1 Quarter
Purchase of common stock for retirement	`PaymentsForRepurchaseOfCommonStock`	$95.00K	USD	1 Quarter
Contingent consideration settlements	`PaymentsForPreviousAcquisition`	-	USD	1 Quarter
Contingent consideration settlements	`PaymentsForPreviousAcquisition`	$1.08M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-18.98M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-818.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.56M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-46.03M	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$121.76M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$167.79M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$47.77M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$46.21M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$121.76M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$167.79M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$47.77M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$46.21M	USD	Point-in-time
Cash received (paid) for interest	`InterestPaid`	$2.75M	USD	1 Quarter
Cash received (paid) for interest	`InterestPaid`	$5.25M	USD	1 Quarter
Cash received (paid) for taxes	`IncomeTaxesPaidNet`	$-139.00K	USD	1 Quarter
Cash received (paid) for taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$1.68M	USD	1 Quarter
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$2.44M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.