XML 51 R32.htm IDEA: XBRL DOCUMENT v3.24.0.1
Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2023
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, 2023December 31, 2022
ASSETS
Current assets
Cash and cash equivalents$10,369 $2,547 
Restricted cash339 331 
Total cash, cash equivalents, and restricted cash10,708 2,878 
Prepaid and other current assets4,767 2,229 
Due from subsidiaries380,159 229,431 
Total current assets395,634 234,538 
Property, plant, and equipment
Property, plant, and equipment21,350 19,865 
Less accumulated depreciation and amortization(16,487)(14,967)
Property, plant, and equipment, net4,863 4,898 
Long-term assets
Operating lease right-of-use (“ROU”) assets7,005 2,649 
Investment in subsidiaries1,070,518 487,943 
Other long-term assets726 723 
Total assets$1,478,746 $730,751 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$4,991 $4,176 
Accrued taxes— 47 
Operating lease liabilities— 787 
Other accrued liabilities947 511 
Due to subsidiaries128,922 77,420 
Total current liabilities134,860 82,941 
Long-term liabilities
Operating lease liabilities8,462 3,273 
Total liabilities143,322 86,214 
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, 2023 and December 31, 2022, 59,755,844 shares and 60,470,837 shares issued at December 31, 2023 and December 31, 2022, respectively
597 604 
Additional paid-in capital860,797 836,491 
Accumulated earnings (deficit)465,856 (200,687)
Accumulated other comprehensive income (loss)8,174 8,129 
Total stockholders’ equity1,335,424 644,537 
Total liabilities and stockholders’ equity$1,478,746 $730,751 


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,
202320222021
Operating expenses
Depreciation and amortization$1,618 $2,131 $2,452 
Loss (gain) on sale of assets, net30 27 15 
General and administrative expense (excluding depreciation)29,258 17,882 12,435 
Acquisition and integration costs— 3,396 87 
Total operating expenses30,906 23,436 14,989 
Operating loss(30,906)(23,436)(14,989)
Other income (expense)
Interest expense and financing costs, net(24)(1)(2,600)
Other income (expense), net44 (20)(33)
Equity in earnings (losses) from subsidiaries759,528 388,008 (63,649)
Total other income (expense), net759,548 387,987 (66,282)
Income (loss) before income taxes728,642 364,551 (81,271)
Income tax benefit (expense)— (362)(26)
Net income (loss)$728,642 $364,189 $(81,297)


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,
202320222021
Net income (loss)$728,642 $364,189 $(81,297)
Other comprehensive income: (1)
Other post-retirement benefits income, net of tax45 5,627 6,244 
Total other comprehensive income, net of tax45 5,627 6,244 
Comprehensive income (loss)$728,687 $369,816 $(75,053)
____________________________________________________
(1)Other comprehensive income 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,
202320222021
Cash flows from operating activities:
Net income (loss)$728,642 $364,189 $(81,297)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization1,618 2,131 2,452 
Non-cash interest expense— — 1,364 
Loss (gain) on sale of assets, net30 27 15 
Stock-based compensation11,633 9,353 8,165 
Equity in losses (income) of subsidiaries(759,528)(388,008)63,649 
Net changes in operating assets and liabilities:
Prepaid and other assets(2,541)13,436 1,318 
Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities1,113 2,651 (1,380)
Net cash provided by (used in) operating activities(19,033)3,779 (5,714)
Cash flows from investing activities:
Investments in subsidiaries(76,000)— (146,056)
Distributions from subsidiaries167,181 — 90,183 
Capital expenditures(1,849)(1,311)(1,126)
Due to (from) subsidiaries(13,408)5,645 29,752 
Net cash provided by (used in) investing activities75,924 4,334 (27,247)
Cash flows from financing activities:
Proceeds from sale of common stock, net of offering costs— — 87,193 
Proceeds from borrowings— — 12,364 
Repayments of borrowings— (9,319)(62,111)
Purchase of common stock for retirement(67,821)(7,834)(2,145)
Exercise of stock options17,129 6,444 58 
Other financing activities, net1,631 1,058 1,208 
Net cash provided by (used in) financing activities(49,061)(9,651)36,567 
Net increase (decrease) in cash, cash equivalents, and restricted cash7,830 (1,538)3,606 
Cash, cash equivalents, and restricted cash at beginning of period2,878 4,416 810 
Cash, cash equivalents, and restricted cash at end of period$10,708 $2,878 $4,416 
Supplemental cash flow information:
Net cash received (paid) for:
Interest$— $(3)$(1,230)
Taxes(5,902)(15)27 
Non-cash investing and financing activities:
Accrued capital expenditures$136 $372 $131 
ROU assets obtained in exchange for new finance lease liabilities— — — 
ROU assets obtained in exchange for new operating lease liabilities8,161 — 165 
This statement should be read in conjunction with the notes to consolidated financial statements.