10-Q Filing

PAR PACIFIC HOLDINGS, INC. CIK: 821483 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0000821483-18-000036`
Period End Date	20180331
Filing Date	20180510
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	parr-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 42 Cash Flow Statement 62

Balance Sheet 86 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
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$118.33M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$64.96M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$744.00K	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$743.00K	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.02M	USD	Point-in-time
Total cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.46M	USD	Point-in-time
Total cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$119.08M	USD	Point-in-time
Total cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.70M	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
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	45.78M	shares	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$128.12M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$121.83M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	46.02M	shares	Point-in-time
Inventories	`InventoryNet`	$296.27M	USD	Point-in-time
Inventories	`InventoryNet`	$345.36M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$17.28M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$98.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$588.23M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$603.54M	USD	Point-in-time
Property, plant, and equipment	`PropertyPlantAndEquipmentOther`	$566.26M	USD	Point-in-time
Property, plant, and equipment	`PropertyPlantAndEquipmentOther`	$529.24M	USD	Point-in-time
Proved oil and gas properties, at cost, successful efforts method of accounting	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$400.00K	USD	Point-in-time
Proved oil and gas properties, at cost, successful efforts method of accounting	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$400.00K	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$566.66M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$529.64M	USD	Point-in-time
Less accumulated depreciation and depletion	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$87.69M	USD	Point-in-time
Less accumulated depreciation and depletion	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$79.62M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$478.97M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$450.02M	USD	Point-in-time
Investment in Laramie Energy, LLC	`EquityMethodInvestments`	$127.19M	USD	Point-in-time
Investment in Laramie Energy, LLC	`EquityMethodInvestments`	$132.77M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$25.94M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$26.60M	USD	Point-in-time
Goodwill	`Goodwill`	$107.19M	USD	Point-in-time
Goodwill	`Goodwill`	$152.88M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$32.86M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$29.34M	USD	Point-in-time
Total assets	`Assets`	$1.35B	USD	Point-in-time
Total assets	`Assets`	$1.41B	USD	Point-in-time
Obligations under inventory financing agreements	`OtherCommitment`	$383.81M	USD	Point-in-time
Obligations under inventory financing agreements	`OtherCommitment`	$363.76M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$61.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$52.54M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$9.52M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$10.02M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$19.29M	USD	Point-in-time
Accrued taxes	`TaxesPayableCurrent`	$17.69M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$27.44M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$34.97M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$470.95M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$509.18M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$386.50M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$384.81M	USD	Point-in-time
Common stock warrants	`WarrantsAndRightsOutstanding`	$6.06M	USD	Point-in-time
Common stock warrants	`WarrantsAndRightsOutstanding`	$6.81M	USD	Point-in-time
Long-term capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$1.22M	USD	Point-in-time
Long-term capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$6.39M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$35.90M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$36.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$899.69M	USD	Point-in-time
Total liabilities	`Liabilities`	$944.33M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 12)	`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, 2018 and December 31, 2017, 46,018,511 shares and 45,776,087 shares issued at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$459.00K	USD	Point-in-time
Common stock, $0.01 par value; 500,000,000 shares authorized at March 31, 2018 and December 31, 2017, 46,018,511 shares and 45,776,087 shares issued at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$458.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$594.19M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$593.29M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-148.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-132.99M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.14M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.14M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$447.72M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$463.80M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.41B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.35B	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$765.44M	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`	$661.90M	USD	1 Quarter
Operating expense (excluding depreciation)	`OtherCostAndExpenseOperating`	$51.01M	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`	$13.04M	USD	1 Quarter
General and administrative expense (excluding depreciation)	`GeneralAndAdministrativeExpense`	$12.91M	USD	1 Quarter
General and administrative expense (excluding depreciation)	`GeneralAndAdministrativeExpense`	$11.21M	USD	1 Quarter
Acquisition and integration expense	`BusinessCombinationAcquisitionRelatedCosts`	$632.00K	USD	1 Quarter
Acquisition and integration expense	`BusinessCombinationAcquisitionRelatedCosts`	$253.00K	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$576.06M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$737.78M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$27.66M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$29.19M	USD	1 Quarter
Interest expense and financing costs, net	`InterestExpense`	$8.94M	USD	1 Quarter
Interest expense and financing costs, net	`InterestExpense`	$8.38M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$130.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$119.00K	USD	1 Quarter
Change in value of common stock warrants	`FairValueAdjustmentOfWarrants`	$-745.00K	USD	1 Quarter
Change in value of common stock warrants	`FairValueAdjustmentOfWarrants`	$689.00K	USD	1 Quarter
Change in value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	-	USD	1 Quarter
Change in value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$10.50M	USD	1 Quarter
Equity earnings from Laramie Energy, LLC	`IncomeLossFromEquityMethodInvestments`	$5.58M	USD	1 Quarter
Equity earnings from Laramie Energy, LLC	`IncomeLossFromEquityMethodInvestments`	$8.75M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-12.44M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-755.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$15.22M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$28.43M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$34.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$648.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$27.79M	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.19M	USD	1 Quarter
Basic (USD per share)	`EarningsPerShareBasic`	$0.60	USD	1 Quarter
Basic (USD per share)	`EarningsPerShareBasic`	$0.33	USD	1 Quarter
Diluted (USD per share)	`EarningsPerShareDiluted`	$0.33	USD	1 Quarter
Diluted (USD per share)	`EarningsPerShareDiluted`	$0.58	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	45.48M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	45.63M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.87M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	45.68M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$27.79M	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.19M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$11.26M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$13.04M	USD	1 Quarter
Non-cash interest expense	`AmortizationOfFinancingCostsAndDiscounts`	$2.36M	USD	1 Quarter
Non-cash interest expense	`AmortizationOfFinancingCostsAndDiscounts`	$1.86M	USD	1 Quarter
Change in value of common stock warrants	`FairValueAdjustmentOfWarrants`	$-745.00K	USD	1 Quarter
Change in value of common stock warrants	`FairValueAdjustmentOfWarrants`	$689.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$31.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$202.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.44M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.54M	USD	1 Quarter
Unrealized (gain) loss on derivative contracts	`UnrealizedGainLossOnDerivatives`	$1.49M	USD	1 Quarter
Unrealized (gain) loss on derivative contracts	`UnrealizedGainLossOnDerivatives`	$846.00K	USD	1 Quarter
Equity (earnings) losses from Laramie Energy, LLC	`IncomeLossFromEquityMethodInvestments`	$5.58M	USD	1 Quarter
Equity (earnings) losses from Laramie Energy, LLC	`IncomeLossFromEquityMethodInvestments`	$8.75M	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.36M	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.09M	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-32.05M	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$79.12M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$94.74M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-53.48M	USD	1 Quarter
Obligations under inventory financing agreements	`IncreaseDecreaseSupplyAndExchangeAgreements`	$76.52M	USD	1 Quarter
Obligations under inventory financing agreements	`IncreaseDecreaseSupplyAndExchangeAgreements`	$-1.49M	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-29.79M	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$21.46M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$24.99M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$12.64M	USD	1 Quarter
Acquisitions of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Acquisitions of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$74.68M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.61M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.58M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.58M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-84.29M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromConvertibleDebt`	$25.00M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromConvertibleDebt`	$74.70M	USD	1 Quarter
Repayments of borrowings	`RepaymentsOfLinesOfCredit`	$91.64M	USD	1 Quarter
Repayments of borrowings	`RepaymentsOfLinesOfCredit`	$27.66M	USD	1 Quarter
Net borrowings (repayments) on deferred payment arrangement	`ProceedsFromPaymentsForDeferredPaymentArrangement`	$21.54M	USD	1 Quarter
Net borrowings (repayments) on deferred payment arrangement	`ProceedsFromPaymentsForDeferredPaymentArrangement`	$-1.91M	USD	1 Quarter
Payment of deferred loan costs	`PaymentsOfLoanCosts`	-	USD	1 Quarter
Payment of deferred loan costs	`PaymentsOfLoanCosts`	$72.00K	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-543.00K	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-128.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-18.98M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$18.27M	USD	1 Quarter
Net decrease in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-53.38M	USD	1 Quarter
Net decrease in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.56M	USD	1 Quarter
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.02M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.46M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$119.08M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.70M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.02M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.46M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$119.08M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.70M	USD	Point-in-time
Interest received	`InterestReceived`	$3.22M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$5.25M	USD	1 Quarter
Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$1.68M	USD	1 Quarter
Accrued capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$1.47M	USD	1 Quarter

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