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Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2021
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, 2021December 31, 2020
ASSETS
Current assets
Cash and cash equivalents$4,086 $480 
Restricted cash330 330 
Total cash, cash equivalents, and restricted cash4,416 810 
Prepaid and other current assets15,664 16,983 
Due from subsidiaries94,676 107,995 
Total current assets114,756 125,788 
Property, plant, and equipment
Property, plant, and equipment19,535 21,477 
Less accumulated depreciation, depletion, and amortization(13,869)(14,368)
Property, plant, and equipment, net5,666 7,109 
Long-term assets
Operating lease right-of-use (“ROU”) assets3,280 3,714 
Investment in subsidiaries207,483 209,010 
Other long-term assets724 723 
Total assets$331,909 $346,344 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current maturities of long-term debt$— $47,301 
Accounts payable1,386 2,401 
Accrued taxes48 49 
Operating lease liabilities608 750 
Other accrued liabilities9,805 10,907 
Due to subsidiaries50,195 33,757 
Total current liabilities62,042 95,165 
Long-term liabilities
Long-term debt, net of current maturities— — 
Finance lease liabilities17 77 
Operating lease liabilities4,150 4,783 
Other liabilities— 45 
Total liabilities66,209 100,070 
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, 2021 and December 31, 2020, 60,161,955 shares and 54,002,538 shares issued at December 31, 2021 and December 31, 2020, respectively
602 540 
Additional paid-in capital821,713 726,504 
Accumulated deficit(559,117)(477,028)
Accumulated other comprehensive income (loss)2,502 (3,742)
Total stockholders’ equity265,700 246,274 
Total liabilities and stockholders’ equity$331,909 $346,344 


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,
202120202019
Operating expenses
Depreciation and amortization$2,452 $2,900 $2,969 
Loss (gain) on sale of assets, net15 — — 
General and administrative expense (excluding depreciation)12,435 11,097 20,017 
Acquisition and integration costs87 — 28 
Total operating expenses14,989 13,997 23,014 
Operating loss(14,989)(13,997)(23,014)
Other income (expense)
Interest expense and financing costs, net(2,600)(4,982)(9,952)
Debt extinguishment and commitment costs— — (6,091)
Other income (expense), net(33)(3)2,303 
Change in value of common stock warrants— 4,270 (3,199)
Equity in earnings (losses) from subsidiaries(63,649)(394,197)81,097 
Total other income (expense), net(66,282)(394,912)64,158 
Income (loss) before income taxes(81,271)(408,909)41,144 
Income tax expense(26)(177)(335)
Net income (loss)$(81,297)$(409,086)$40,809 


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,
202120202019
Net income (loss)$(81,297)$(409,086)$40,809 
Other comprehensive income (loss): (1)
Other post-retirement benefits income (loss), net of tax6,244 (4,324)(2,091)
Total other comprehensive income (loss), net of tax6,244 (4,324)(2,091)
Comprehensive income (loss)$(75,053)$(413,410)$38,718 
____________________________________________________
(1)Other comprehensive income (loss) relates to benefit plans at our subsidiaries.
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
PAR PACIFIC HOLDINGS, INC. (PARENT ONLY)
STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
202120202019
Cash flows from operating activities:
Net income (loss)$(81,297)$(409,086)$40,809 
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization2,452 2,900 2,969 
Debt extinguishment and commitment costs— — 6,091 
Non-cash interest expense1,364 2,518 4,600 
Change in value of common stock warrants— (4,270)3,199 
Loss (gain) on sale of assets, net15 — — 
Stock-based compensation8,165 7,342 6,437 
Equity in losses (income) of subsidiaries63,649 394,197 (81,097)
Net changes in operating assets and liabilities:
Trade accounts receivable— — — 
Prepaid and other assets1,318 (4,253)1,592 
Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities(1,380)(187)(8,441)
Net cash used in operating activities(5,714)(10,839)(23,841)
Cash flows from investing activities:
Investments in subsidiaries(146,056)— — 
Distributions from subsidiaries90,183 4,113 16,673 
Capital expenditures(1,126)(1,296)(1,829)
Due to (from) subsidiaries29,752 5,768 (6,519)
Proceeds from sale of assets— 14 31 
Net cash provided by (used in) investing activities(27,247)8,599 8,356 
Cash flows from financing activities:
Proceeds from sale of common stock, net of offering costs87,193 — — 
Proceeds from borrowings12,364 14,437 63,406 
Repayments of borrowings(62,111)(18,603)(76,323)
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(879)164 (10)
Net cash provided by (used in) financing activities36,567 (4,002)(6,907)
Net increase (decrease) in cash, cash equivalents, and restricted cash3,606 (6,242)(22,392)
Cash, cash equivalents, and restricted cash at beginning of period810 7,052 29,444 
Cash, cash equivalents, and restricted cash at end of period$4,416 $810 $7,052 
Supplemental cash flow information:
Net cash received (paid) for:
Interest$(1,230)$(2,475)$(5,357)
Taxes27 (28)(220)
Non-cash investing and financing activities:
Accrued capital expenditures$131 $233 $497 
ROU assets obtained in exchange for new finance lease liabilities— 173 198 
ROU assets obtained in exchange for new operating lease liabilities165 — 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.