 HOUSTON, Aug. 09, 2020 GLOBE NEWSWIRE -- Par Pacific Holdings, Inc. NYSE: PARR Par Pacific or the Company today reported its financial results for the quarter ended June 30, 2020. Par Pacific reported a net loss of 40.6 million, or 0.76 per diluted share, for the quarter ended June 30, 2020, compared to net income of 28.2 million, or 0.56 per diluted share, for the same quarter in 2019. Second quarter 2020 Adjusted Net Loss was 90.8 million, compared to Adjusted Net Income of 22.4 million in the second quarter of 2019. Second quarter 2020 Adjusted EBITDA was 50.3 million, compared to 68.5 million in the second 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 are pleased with the record results from our Retail operations, and the positive Adjusted EBITDA contribution from our Washington and Wyoming Refining Logistics business units. However, Hawaii Refining Logistics was extremely challenged by the pandemic, said William Pate, President and Chief Executive Officer. With the multiple actions that we have taken, we believe we are well-positioned to manage effectively during a lengthy pandemic and to thrive as economic activities resume.RefiningThe Refining segment reported an operating loss of 36.8 million in the second quarter of 2020, compared to operating income of 33.2 million in the second quarter of 2019. Adjusted Gross Margin for the Refining segment was 22.3 million in the second quarter of 2020, compared to 98.2 million in the second quarter of 2019.Refining Adjusted EBITDA was 71.7 million in the second quarter of 2020, compared to 42.8 million in the second quarter of 2019.Hawaii The 3-1-2 Singapore Crack Spread was 0.14 per barrel in the second quarter of 2020, compared to 9.39 per barrel in the second quarter of 2019. The Hawaii refineries throughput in the second quarter of 2020 was a combined 67 thousand barrels per day Mbpd, compared to 116 Mbpd for the same quarter in 2019. Production costs were 4.45 per throughput barrel in the second quarter of 2020, compared to 2.82 per throughput barrel in the same period in 2019.Washington The Pacific Northwest 5-2-2-1 Index averaged 11.92 per barrel in the second quarter of 2020, compared to 17.14 per barrel in the second quarter of 2019. The Washington refinerys throughput was 36 Mbpd in the second quarter of 2020, compared to 39 Mbpd in the second quarter of 2019. Production costs were 3.76 per throughput barrel in the second quarter of 2020, compared to 4.42 per throughput barrel in the same period in 2019.Wyoming During the second quarter of 2020, the Wyoming 3-2-1 Index averaged 17.39 per barrel, compared to 28.89 per barrel in the second quarter of 2019. The Wyoming refinerys throughput was 13 Mbpd in the second quarter of 2020, compared to 18 Mbpd in the second quarter of 2019. Production costs were 7.72 per throughput barrel in the second quarter of 2020, compared to 5.58 per throughput barrel in the same period in 2019.The Wyoming refinerys Adjusted Gross Margin of 6.22 per barrel during the second quarter of 2020 reflects a FIFO First in, First out benefit of approximately 3.3 million, or 2.79 per barrel.RetailThe Retail segment reported an operating income of 16.2 million in the second quarter of 2020, compared to 12.0 million in the second quarter of 2019. Adjusted Gross Margin for the Retail segment was 34.2 million in the second quarter of 2020 and 31.0 million in the same quarter of 2019.Retail Adjusted EBITDA was a record 18.8 million in the second quarter of 2020, compared to 14.6 million in the second quarter of 2019. The Retail segment reported sales volumes of 22.6 million gallons in the second quarter of 2020, compared to 31.8 million gallons in the same quarter of 2019.LogisticsThe Logistics segment reported operating income of 6.3 million in the second quarter of 2020, compared to 16.4 million in the second quarter of 2019. Adjusted Gross Margin for the Logistics segment was 14.5 million in the second quarter of 2020, compared to 23.4 million in the same quarter of 2019.Logistics Adjusted EBITDA was 12.2 million in the second quarter of 2020, compared to 20.4 million in the second quarter of 2019.Laramie EnergyEquity losses from Laramie in the second quarter of 2020 were 1.9 million, compared to equity earnings of 0.5 million in the second quarter of 2019. Laramies total net loss was 14.3 million in the second quarter of 2020, compared to net loss of 2.6 million in the second quarter of 2019. Laramies total Adjusted EBITDAX was 5.4 million in the second quarter of 2020, compared to 14.2 million in the second quarter of 2019.LiquidityNet cash provided by operations totaled 19.3 million for the three months ended June 30, 2020, compared to 81.0 million for the three months ended June 30, 2019. Net cash used in investing activities totaled 15.2 million for the three months ended June 30, 2020, compared to 23.5 million for the three months ended June 30, 2019. Net cash provided by financing activities totaled 76.7 million for the three months ended June 30, 2020, compared to net cash used in financing activities of 9.9 million for the three months ended June 30, 2019. At June 30, 2020, Par Pacifics cash balance totaled 142.9 million, long-term debt totaled 712.4 million, and total liquidity was 203.8 million.Conference Call InformationA conference call is scheduled for Monday, August 10, 2020 at 9:00 a.m. Central Time 10:00 a.m. Eastern Time. To access the call, please dial 1-877-407-3982 inside the U.S. or 1-201-493-6780 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Companys website at on the Investor Relations page. A telephone replay will be available until August 24, 2020 and may be accessed by calling 1-844-512-2921 inside the U.S. or 1-412-317-6671 outside the U.S. and using the conference ID 13707235.About Par PacificPar Pacific Holdings, Inc. NYSE: PARR, headquartered in Houston, Texas, owns and operates market-leading energy, infrastructure, and retail businesses. Par Pacifics strategy is to acquire and develop businesses in logistically complex markets. Par Pacific owns and operates one of the largest energy networks in Hawaii with 148,000 bpd of combined refining capacity, a logistics system supplying the major islands of the state and 91 retail locations. In the Pacific Northwest and the Rockies, Par Pacific owns and operates 60,000 bpd of combined refining capacity, related multimodal logistics systems, and 33 retail locations. Par Pacific also owns 46 of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at StatementsThis news release and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; expected refinery throughput; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire and operate energy, related retailing and infrastructure companies with attractive competitive positions; the timing and expected results of certain development projects, including Par Pacifics investment in an isomerization unit and diesel hydrotreater, as well as the impact of such investments on Par Pacifics product mix and on-island sales; our expectations regarding the impact of COVID-19 on our business, including turnaround delay and an anticipated reduction in cash outlays, operating expenses, capital expenses and cost of sales; and other risks and uncertainties detailed in Par Pacifics Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that Par Pacific files with the Securities and Exchange Commission SEC. Additionally, forward looking statements are subject to certain risks, trends, and uncertainties, such as changes to financial condition and liquidity; the volatility of crude oil and refined product prices; operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; uncertainties inherent in estimating oil, natural gas and NGL reserves; environmental risks; and risks of political or regulatory changes. Par Pacific cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. 