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Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2022
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, 2022December 31, 2021
ASSETS
Current assets
Cash and cash equivalents$2,547 $4,086 
Restricted cash331 330 
Total cash, cash equivalents, and restricted cash2,878 4,416 
Prepaid and other current assets2,229 15,664 
Due from subsidiaries229,431 94,676 
Total current assets234,538 114,756 
Property, plant, and equipment
Property, plant, and equipment19,865 19,535 
Less accumulated depreciation and amortization(14,967)(13,869)
Property, plant, and equipment, net4,898 5,666 
Long-term assets
Operating lease right-of-use (“ROU”) assets2,649 3,280 
Investment in subsidiaries487,943 207,483 
Other long-term assets723 724 
Total assets$730,751 $331,909 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$4,176 $1,386 
Accrued taxes47 48 
Operating lease liabilities787 608 
Other accrued liabilities511 9,805 
Due to subsidiaries77,420 50,195 
Total current liabilities82,941 62,042 
Long-term liabilities
Finance lease liabilities— 17 
Operating lease liabilities3,273 4,150 
Total liabilities86,214 66,209 
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, 2022 and December 31, 2021, 60,470,837 shares and 60,161,955 shares issued at December 31, 2022 and December 31, 2021, respectively
604 602 
Additional paid-in capital836,491 821,713 
Accumulated deficit(200,687)(559,117)
Accumulated other comprehensive income (loss)8,129 2,502 
Total stockholders’ equity644,537 265,700 
Total liabilities and stockholders’ equity$730,751 $331,909 


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,
202220212020
Operating expenses
Depreciation and amortization$2,131 $2,452 $2,900 
Loss (gain) on sale of assets, net27 15 — 
General and administrative expense (excluding depreciation)17,882 12,435 11,097 
Acquisition and integration costs3,396 87 — 
Total operating expenses23,436 14,989 13,997 
Operating loss(23,436)(14,989)(13,997)
Other income (expense)
Interest expense and financing costs, net(1)(2,600)(4,982)
Other expense, net(20)(33)(3)
Change in value of common stock warrants— — 4,270 
Equity in earnings (losses) from subsidiaries388,008 (63,649)(394,197)
Total other income (expense), net387,987 (66,282)(394,912)
Income (loss) before income taxes364,551 (81,271)(408,909)
Income tax expense(362)(26)(177)
Net income (loss)$364,189 $(81,297)$(409,086)


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,
202220212020
Net income (loss)$364,189 $(81,297)$(409,086)
Other comprehensive income (loss): (1)
Other post-retirement benefits income (loss), net of tax5,627 6,244 (4,324)
Total other comprehensive income (loss), net of tax5,627 6,244 (4,324)
Comprehensive income (loss)$369,816 $(75,053)$(413,410)
____________________________________________________
(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,
202220212020
Cash flows from operating activities:
Net income (loss)$364,189 $(81,297)$(409,086)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization2,131 2,452 2,900 
Non-cash interest expense— 1,364 2,518 
Change in value of common stock warrants— — (4,270)
Loss (gain) on sale of assets, net27 15 — 
Stock-based compensation9,353 8,165 7,342 
Equity in losses (income) of subsidiaries(388,008)63,649 394,197 
Net changes in operating assets and liabilities:
Prepaid and other assets13,436 1,318 (4,253)
Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities2,651 (1,380)(187)
Net cash provided by (used in) operating activities3,779 (5,714)(10,839)
Cash flows from investing activities:
Investments in subsidiaries— (146,056)— 
Distributions from subsidiaries— 90,183 4,113 
Capital expenditures(1,311)(1,126)(1,296)
Due to (from) subsidiaries5,645 29,752 5,768 
Proceeds from sale of assets— — 14 
Net cash provided by (used in) investing activities4,334 (27,247)8,599 
Cash flows from financing activities:
Proceeds from sale of common stock, net of offering costs— 87,193 — 
Proceeds from borrowings— 12,364 14,437 
Repayments of borrowings(9,319)(62,111)(18,603)
Other financing activities, net(332)(879)164 
Net cash provided by (used in) financing activities(9,651)36,567 (4,002)
Net increase (decrease) in cash, cash equivalents, and restricted cash(1,538)3,606 (6,242)
Cash, cash equivalents, and restricted cash at beginning of period4,416 810 7,052 
Cash, cash equivalents, and restricted cash at end of period$2,878 $4,416 $810 
Supplemental cash flow information:
Net cash received (paid) for:
Interest$(3)$(1,230)$(2,475)
Taxes(15)27 (28)
Non-cash investing and financing activities:
Accrued capital expenditures$372 $131 $233 
ROU assets obtained in exchange for new finance lease liabilities— — 173 
ROU assets obtained in exchange for new operating lease liabilities— 165 — 
This statement should be read in conjunction with the notes to consolidated financial statements.