PAR PACIFIC HOLDINGS, INC.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
PARR$67.04-2.3%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net Income | $291,691 | $22,373 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation and amortization | 107,582 | 96,679 |
| Debt extinguishment and commitment costs | 25 | 1,418 |
| Non-cash interest expense | 4,734 | 4,202 |
| Non-cash lower of cost and net realizable value adjustment | (531) | 10,224 |
| Deferred taxes | 81,267 | 9,237 |
| Loss (gain) on sale of assets, net | (1,202) | 114 |
| Stock-based compensation | 11,761 | 22,485 |
| Unrealized (gain) loss on derivative contracts | (41,363) | 33,756 |
| Equity earnings from Laramie Energy, LLC | (10,784) | (2,867) |
| Equity earnings from refining and logistics investments | (21,172) | (12,845) |
| Dividends received from refining and logistics investments | 10,815 | 10,160 |
| Net changes in operating assets and liabilities: | ||
| Trade accounts receivable | 48,897 | (57,237) |
| Prepaid and other assets | (4,340) | 24,827 |
| Inventories | (265,048) | 72,652 |
| Deferred turnaround expenditures | (100,011) | (57,751) |
| Obligations under inventory financing agreements | 46,523 | (82,528) |
| Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities | 192,693 | 4,343 |
| Net cash provided by operating activities | 351,537 | 99,242 |
| Cash flows from investing activities: | ||
| Capital expenditures | (121,338) | (87,864) |
| Proceeds from sale of assets and other | 2,282 | 60 |
| Return of capital from Laramie Energy, LLC | — | 1,485 |
| Net cash used in investing activities | (119,056) | (86,319) |
| Cash flows from financing activities: | ||
| Proceeds from borrowings | 5,013,810 | 3,196,000 |
| Repayments of borrowings | (5,180,660) | (2,826,019) |
| Net borrowings (repayments) of deferred payment arrangements and receivable advances | — | (165,459) |
| Payment of deferred loan costs | (389) | (8,038) |
| Purchase of common stock for retirement | (97,277) | (126,683) |
| Exercise of stock options | (2,089) | — |
| Proceeds from inventory financing agreements | 28,203 | 203,074 |
| Repayments of inventory financing agreements | (28,204) | (382,143) |
| Payments for debt extinguishment and commitment costs | (25) | (977) |
| Other financing activities, net | 1,288 | 1,198 |
| Net cash used in financing activities | (265,343) | (109,047) |
| Net decrease in cash, cash equivalents, and restricted cash | (32,862) | (96,124) |
| Cash, cash equivalents, and restricted cash at beginning of period | 192,267 | 279,446 |
| Cash, cash equivalents, and restricted cash at end of period | $159,405 | $183,322 |
| Supplemental cash flow information: | ||
| Net cash paid for: | ||
| Interest | $(55,657) | $(47,838) |
| Taxes | (124) | (11,379) |
| Non-cash investing and financing activities: | ||
| Accrued capital expenditures | $16,310 | $31,162 |
| ROU assets obtained in exchange for new finance lease liabilities | 1,491 | 1,619 |
| ROU assets obtained in exchange for new operating lease liabilities | 55,860 | 150,308 |
| ROU assets terminated in exchange for release from operating lease liabilities | 23 | 41 |
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