Quarterly / Earnings Reports | First Quarter (1Q) Update | Financial Results | Capital Markets
Par Petroleum Repots 1Q 2015 Financial Results
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Par Petroleum Corporation reported first quarter 2015 net income of $0.5 million, or $0.01 per diluted share, compared to net loss of $14.6 million, or $(0.48) per share in the first quarter of 2014.
First quarter 2015 net income included a $10.0 million negative impact from the contingent consideration under the Tesoro agreement and revaluation of common stock warrants, compared to a gain of $4.0 million for the first quarter of 2014. Adjusted EBITDA for the first quarter was $22.4 million compared to an Adjusted EBITDA loss of $9.1 million for the first quarter of 2014.
Joseph Israel, Par Petroleum's President and CEO, commented: "Increased on-island sales volume and refinery throughput have supported another positive quarter for Par Petroleum, with Adjusted EBITDA of $22.4 million. Progress continues across the board to optimize our operations, integrate the Mid Pac business and position Par for additional growth."
Refinery operating margin was $52.3 million for the first quarter of 2015 compared to $19.1 million for the same period in 2014. For the quarter, improved Singapore and West Coast products markets generated a $9.09 per barrel 4-1-2-1 Mid Pacific crack spread, $2.25 per barrel more favorable than the first quarter of 2014 average and $0.87 per barrel more favorable than the fourth quarter of 2014. Retail fuel sales volume increased 7% to 12.2 million gallons in the first quarter of 2015 from 11.3 million gallons in the first quarter of 2014.
Israel added: "Market conditions continue to be favorable in the second quarter and refinery throughput is expected to push toward the 80 Mbpd level."
For the first quarter of 2015, net cash provided by operations totaled $86.8 million and $27.2 million of debt was repaid. As of March 31, 2015, Par's cash balance totaled $124.3 million, debt totaled $112.5 million and total liquidity was $206.3 million.