Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

PAR PACIFIC HOLDINGS, INC. (PARENT ONLY)

BALANCE SHEETS

(in thousands, except share data)

	December 31, 2019			December 31, 2018
ASSETS
Current assets
Cash and cash equivalents	$	6,309		$	28,701
Restricted cash	743			743
Total cash, cash equivalents, and restricted cash	7,052			29,444
Prepaid and other current assets	12,325			11,711
Due from subsidiaries	180,686			43,928
Total current assets	200,063			85,083
Property, plant, and equipment
Property, plant, and equipment	20,961			18,939
Less accumulated depreciation, depletion, and amortization	(12,117		)	(9,034		)
Property, plant, and equipment, net	8,844			9,905
Long-term assets
Operating lease assets	4,276			—
Investment in subsidiaries	636,742			638,975
Other long-term assets	1,128			3,334
Total assets	$	851,053		$	737,297
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	2,597		$	8,312
Operating lease liabilities	698			—
Other accrued liabilities	14,591			12,349
Due to subsidiaries	125,778			96,963
Total current liabilities	143,664			117,624
Long-term liabilities
Long-term debt, net of current maturities	44,783			100,411
Common stock warrants	8,206			5,007
Finance lease liabilities	223			475
Operating lease liabilities	5,629			—
Other liabilities	306			1,451
Total liabilities	202,811			224,968
Stockholders’ equity
Preferred stock, $0.01 par value: 3,000,000 shares authorized, none issued	—			—
Common stock, $0.01 par value; 500,000,000 shares authorized at December 31, 2019 and December 31, 2018, 53,254,151 shares and 46,983,924 shares issued at December 31, 2019 and December 31, 2018, respectively	533			470
Additional paid-in capital	715,069			617,937
Accumulated deficit	(67,942		)	(108,751		)
Accumulated other comprehensive income	582			2,673
Total stockholders’ equity	648,242			512,329
Total liabilities and stockholders’ equity	$	851,053		$	737,297

This statement should be read in conjunction with the notes to consolidated financial statements.

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

PAR PACIFIC HOLDINGS, INC. (PARENT ONLY)

STATEMENTS OF OPERATIONS

(in thousands)

	Year Ended December 31,
	2019			2018			2017
Operating expenses
Depreciation and amortization	$	2,969		$	4,092		$	2,871
General and administrative expense (excluding depreciation)	20,017			20,721			18,922
Acquisition and integration costs	28			10,118			192
Total operating expenses	23,014			34,931			21,985
Operating loss	(23,014		)	(34,931		)	(21,985		)
Other income (expense)
Interest expense and financing costs, net	(9,952		)	(10,867		)	(13,709		)
Debt extinguishment and commitment costs	(6,091		)	—			(1,804		)
Other income, net	2,303			1,155			631
Change in value of common stock warrants	(3,199		)	1,801			(1,674		)
Equity in earnings (losses) from subsidiaries	81,097			81,942			111,162
Total other income (expense), net	64,158			74,031			94,606
Income before income taxes	41,144			39,100			72,621
Income tax benefit (expense)	(335		)	327			—
Net income	$	40,809		$	39,427		$	72,621

This statement should be read in conjunction with the notes to consolidated financial statements.

STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

	Year Ended December 31,
	2019			2018		2017
Net income	$	40,809		$	39,427	$	72,621
Other comprehensive income (loss): (1)
Other post-retirement benefits income (loss), net of tax	(2,091		)	529		(52		)
Total other comprehensive income (loss), net of tax	(2,091		)	529		(52		)
Comprehensive income	$	38,718		$	39,956	$	72,569

____________________________________________________

(1)Other comprehensive income (loss) relates to benefit plans at our subsidiaries.

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

PAR PACIFIC HOLDINGS, INC. (PARENT ONLY)

STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended December 31,
	2019			2018			2017
Cash flows from operating activities:
Net income	$	40,809		$	39,427		$	72,621
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization	2,969			4,092			2,871
Non-cash interest expense	4,600			4,925			5,617
Change in value of common stock warrants	3,199			(1,801		)	1,674
Stock-based compensation	6,437			6,196			7,204
Equity in losses (income) of subsidiaries	(81,097		)	(81,942		)	(111,162		)
Debt extinguishment and commitment costs	6,091			—			1,804
Net changes in operating assets and liabilities:
Prepaid and other assets	1,592			(2,604		)	(2,568		)
Accounts payable, other accrued liabilities, and operating lease assets and liabilities	(8,441		)	5,601			3,088
Net cash used in operating activities	(23,841		)	(26,106		)	(18,851		)
Cash flows from investing activities:
Investments in subsidiaries	—			—			(2,072		)
Distributions from subsidiaries	16,673			—			70,645
Capital expenditures	(1,829		)	(3,682		)	(5,366		)
Due to (from) subsidiaries	(6,519		)	(25,102		)	80,762
Other investing activities	31			—			—
Net cash provided by (used in) investing activities	8,356			(28,784		)	143,969
Cash flows from financing activities:
Proceeds from sale of common stock, net of offering costs	—			19,318			—
Proceeds from borrowings	63,406			10,770			—
Repayments of borrowings	(76,323		)	(11,253		)	(68,873		)
Payment of deferred loan costs	(252		)	—			—
Exercise of stock options	8,171			—			—
Payment for debt extinguishment and commitment costs	(1,899		)	—			—
Other financing activities, net	(10		)	(860		)	(993		)
Net cash provided by (used in) financing activities	(6,907		)	17,975			(69,866		)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(22,392		)	(36,915		)	55,252
Cash, cash equivalents, and restricted cash at beginning of period	29,444			66,359			11,107
Cash, cash equivalents, and restricted cash at end of period	$	7,052		$	29,444		$	66,359
Supplemental cash flow information:
Net cash received (paid) for:
Interest	$	(5,357	)	$	(5,750	)	$	(7,856	)
Taxes	(220		)	(49		)	(1,478		)
Non-cash investing and financing activities:
Accrued capital expenditures	$	497		$	714		$	370
ROU assets obtained in exchange for new finance lease liabilities	198			539			165
ROU assets obtained in exchange for new operating lease liabilities	134			—			—
Common stock issued for business combination	36,980			—			—
Non-cash contribution to subsidiary for business combination	(36,980		)	—			—
Common stock issued to repurchase convertible notes	74,290			—			—

This statement should be read in conjunction with the notes to consolidated financial statements.