Par Pacific Holdings, Inc. (NYSE: PARR) recently released its financial results for the fourth quarter and twelve months ended December 31, 2024. The company reported a net loss of $(55.7) million, or $(1.01) per diluted share for the fourth quarter of 2024, compared to a net income of $289.3 million, or $4.77 per diluted share for the same quarter in 2023. Adjusted net loss for the fourth quarter of 2024 was $(43.4) million, compared to adjusted net income of $65.2 million in the fourth quarter of 2023.
For the twelve months ended December 31, 2024, Par Pacific reported a net loss of $(33.3) million, or $(0.59) per diluted share, compared to a net income of $728.6 million, or $11.94 per diluted share for the same period in 2023. Adjusted net income for 2024 was $21.2 million, compared to $501.2 million for 2023.
The company's adjusted EBITDA for the fourth quarter of 2024 was $10.9 million, a significant decrease from $122.0 million in the fourth quarter of 2023. For the full year 2024, the adjusted EBITDA was $238.7 million, down from $696.2 million in 2023.
The refining segment's operating income decreased to $17.4 million for the year ended December 31, 2024, from $676.2 million for the same period in 2023. Adjusted gross margin for the refining segment in 2024 was $618.3 million, down from $995.0 million in 2023. Refining segment adjusted EBITDA for 2024 was $139.2 million, a significant decrease from $621.5 million in 2023.
In the retail segment, operating income for the twelve months ended December 31, 2024, was $64.8 million, compared to $56.6 million in 2023. The adjusted EBITDA for the retail segment in 2024 was $76.0 million, up from $68.3 million in 2023.
The logistics segment generated operating income of $89.4 million for the twelve months ended December 31, 2024, compared to $69.7 million for the same period in 2023. Adjusted EBITDA for the logistics segment was $120.2 million for 2024, up from $96.7 million for 2023.
The company's liquidity position also changed, with net cash provided by operations totaling $83.8 million for the twelve months ended December 31, 2024, down from $579.2 million in 2023.
The company also provided an update on its Wyoming refinery, which experienced an operational incident on the evening of February 12, 2025, and has remained safely idled through extreme winter weather conditions. The company expects to restart the refinery in mid-April at reduced throughput and return to full operations by the end of May.
Par Pacific Holdings, Inc. is a growing energy company providing both renewable and conventional fuels to the western United States. It owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest, and the Rockies, and an extensive energy infrastructure network. The market has reacted to these announcements by moving the company's shares -10.2% to a price of $13.86. For more information, read the company's full 8-K submission here.
