Par Pacific Holdings Reports Third Quarter 2020 Results
Nov 02, 2020
HOUSTON, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific" or the "Company") today reported its financial results for the quarter ended September 30, 2020.
Par Pacific reported a net loss of $14.3 million, or $(0.27) per diluted share, for the quarter ended September 30, 2020, compared to a net loss of $83.9 million, or $(1.65) per diluted share, for the same quarter in 2019. Third quarter 2020 Adjusted Net Loss was $56.5 million, compared to Adjusted Net Income of $4.0 million in the third quarter of 2019. Third quarter 2020 Adjusted EBITDA was $(16.1) million, compared to $47.0 million in the third quarter of 2019. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.
"We successfully completed two major turnarounds and accomplished additional cost-saving initiatives to position us for a return to positive free cash flow in 2021 despite the persistence of depressed market conditions," said William Pate, President and Chief Executive Officer. "Coupled with commercial improvements we have made in Hawaii and completion of a strategic renewable fuels project in our Tacoma logistics system, we remain confident in our ability to rebound strongly as the economy recovers and market conditions improve."
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