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Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Registrant
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
PAR PACIFIC HOLDINGS, INC. (PARENT ONLY)
BALANCE SHEETS
(in thousands, except share data)
December 31, 2020December 31, 2019
ASSETS
Current assets
Cash and cash equivalents$480 $6,309 
Restricted cash330 743 
Total cash, cash equivalents, and restricted cash810 7,052 
Prepaid and other current assets16,983 12,325 
Due from subsidiaries107,995 180,686 
Total current assets125,788 200,063 
Property, plant, and equipment
Property, plant, and equipment21,477 20,961 
Less accumulated depreciation, depletion, and amortization(14,368)(12,117)
Property, plant, and equipment, net7,109 8,844 
Long-term assets
Operating lease right-of-use (“ROU”) assets3,714 4,276 
Investment in subsidiaries209,010 636,742 
Other long-term assets723 1,128 
Total assets$346,344 $851,053 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current maturities of long-term debt$47,301 $— 
Accounts payable2,401 2,597 
Accrued taxes49 — 
Operating lease liabilities750 698 
Other accrued liabilities10,907 14,591 
Due to subsidiaries33,757 125,778 
Total current liabilities95,165 143,664 
Long-term liabilities
Long-term debt, net of current maturities— 44,783 
Common stock warrants— 8,206 
Finance lease liabilities77 223 
Operating lease liabilities4,783 5,629 
Other liabilities45 306 
Total liabilities100,070 202,811 
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, 2020 and December 31, 2019, 54,002,538 shares and 53,254,151 shares issued at December 31, 2020 and December 31, 2019, respectively
540 533 
Additional paid-in capital726,504 715,069 
Accumulated deficit(477,028)(67,942)
Accumulated other comprehensive income (loss)(3,742)582 
Total stockholders’ equity246,274 648,242 
Total liabilities and stockholders’ equity$346,344 $851,053 


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,
202020192018
Operating expenses
Depreciation and amortization$2,900 $2,969 $4,092 
General and administrative expense (excluding depreciation)11,097 20,017 20,721 
Acquisition and integration costs— 28 10,118 
Total operating expenses13,997 23,014 34,931 
Operating loss(13,997)(23,014)(34,931)
Other income (expense)
Interest expense and financing costs, net(4,982)(9,952)(10,867)
Debt extinguishment and commitment costs— (6,091)— 
Other income (expense), net(3)2,303 1,155 
Change in value of common stock warrants4,270 (3,199)1,801 
Equity in earnings (losses) from subsidiaries(394,197)81,097 81,942 
Total other income (expense), net(394,912)64,158 74,031 
Income (loss) before income taxes(408,909)41,144 39,100 
Income tax benefit (expense)(177)(335)327 
Net income (loss)$(409,086)$40,809 $39,427 


This statement should be read in conjunction with the notes to consolidated financial statements.
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
Year Ended December 31,
202020192018
Net income (loss)$(409,086)$40,809 $39,427 
Other comprehensive income (loss): (1)
Other post-retirement benefits income (loss), net of tax(4,324)(2,091)529 
Total other comprehensive income (loss), net of tax(4,324)(2,091)529 
Comprehensive income (loss)$(413,410)$38,718 $39,956 
____________________________________________________
(1)Other comprehensive income (loss) relates to benefit plans at our subsidiaries.
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
PAR PACIFIC HOLDINGS, INC. (PARENT ONLY)
STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
202020192018
Cash flows from operating activities:
Net income (loss)$(409,086)$40,809 $39,427 
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization2,900 2,969 4,092 
Non-cash interest expense2,518 4,600 4,925 
Change in value of common stock warrants(4,270)3,199 (1,801)
Stock-based compensation7,342 6,437 6,196 
Equity in losses (income) of subsidiaries394,197 (81,097)(81,942)
Debt extinguishment and commitment costs— 6,091 — 
Net changes in operating assets and liabilities:
Prepaid and other assets(4,253)1,592 (2,604)
Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities(187)(8,441)5,601 
Net cash used in operating activities(10,839)(23,841)(26,106)
Cash flows from investing activities:
Investments in subsidiaries— — — 
Distributions from subsidiaries4,113 16,673 — 
Capital expenditures(1,296)(1,829)(3,682)
Due to (from) subsidiaries5,768 (6,519)(25,102)
Other investing activities14 31 — 
Net cash provided by (used in) investing activities8,599 8,356 (28,784)
Cash flows from financing activities:
Proceeds from sale of common stock, net of offering costs— — 19,318 
Proceeds from borrowings14,437 63,406 10,770 
Repayments of borrowings(18,603)(76,323)(11,253)
Payment of deferred loan costs— (252)— 
Exercise of stock options— 8,171 — 
Payment for debt extinguishment and commitment costs— (1,899)— 
Other financing activities, net164 (10)(860)
Net cash provided by (used in) financing activities(4,002)(6,907)17,975 
Net increase (decrease) in cash, cash equivalents, and restricted cash(6,242)(22,392)(36,915)
Cash, cash equivalents, and restricted cash at beginning of period7,052 29,444 66,359 
Cash, cash equivalents, and restricted cash at end of period$810 $7,052 $29,444 
Supplemental cash flow information:
Net cash received (paid) for:
Interest$(2,475)$(5,357)$(5,750)
Taxes(28)(220)(49)
Non-cash investing and financing activities:
Accrued capital expenditures$233 $497 $714 
ROU assets obtained in exchange for new finance lease liabilities173 198 539 
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.