Par Pacific Holdings, Inc. reported significant financial results for the three and nine months ended September 30, 2024, reflecting a challenging operating environment, particularly in its refining segment. For the third quarter of 2024, the company generated revenues of $2,143.9 million, a decrease of 17% from $2,579.3 million in the same period of 2023. The decline was primarily attributed to a $300 million drop in refining revenue and lower crude oil prices, with average WTI and Brent prices decreasing by approximately 8%.

Operating income for the third quarter fell sharply to $36.4 million from $196.9 million year-over-year, while net income plummeted to $7.5 million compared to $171.4 million in the prior year. This decline was largely driven by a $175.8 million decrease in refining segment operating income, which was partially offset by increases in logistics and retail segment operating income.

For the nine months ended September 30, 2024, revenues increased slightly to $6,142.2 million from $6,048.4 million in 2023, primarily due to contributions from the Billings Acquisition, which closed in June 2023. However, net income for the nine-month period fell to $22.4 million from $439.3 million in the previous year, reflecting a $419.3 million decrease in refining segment operating income and increased general and administrative expenses.

The company’s total operating expenses for the third quarter were $2,107.5 million, down from $2,382.4 million in the same period of 2023. For the nine months, total operating expenses rose to $6,047.6 million from $5,543.7 million, driven by higher costs associated with the Billings Acquisition.

In terms of strategic developments, Par Pacific completed the Billings Acquisition for approximately $625.4 million, enhancing its refining capacity and logistics capabilities. The company also entered into an Inventory Intermediation Agreement with Citigroup Energy to support its Hawaii refining operations, which provided $203.1 million in net cash proceeds.

As of September 30, 2024, Par Pacific's total assets were $3,853.3 million, with total liabilities of $2,599.3 million, resulting in stockholders' equity of $1,254.0 million. The company reported cash and cash equivalents of $183.0 million, down from $279.1 million at the end of 2023.

The company has not paid dividends on its common stock and does not anticipate doing so in the near future due to restrictions under its credit facilities. Additionally, Par Pacific has an ongoing share repurchase program, with $61.3 million remaining under authorization as of the end of the reporting period.