Par Pacific Gets Off to a Good Start
HOUSTON — Par Pacific Holdings Inc.’s first quarter was a good one. The company, which was renamed from Par Petroleum Corp. on Oct. 14, reported strong 2015 fiscal third-quarter results, including at its retail division.
The Houston company’s retail division, which consists of 116 convenience stores in Hawaii, provided $10 million of adjusted EBITDA and $20.779 million of gross margins.
Retail sales volumes increased by more than 10 million gallons to 23.247 million gallons, while same-store fuel sales increased 3 percent year over year.
Merchandise sales also had a strong quarter. For the three-month period ended Sept. 30, same-store merchandise sales increased 11 percent year over year.
Joseph Israel, president and CEO of Par Pacific’s marketing and logistics business, did not provide any further commentary regarding what the retail division did well.
INTRODUCTION OF NEW CEO
Thursday morning's earnings call began and ended with statements from Bill Pate, who recently took over as president and CEO of Par Pacific. Pate explained the company changed its name to reflect its growth-oriented strategy.
He stressed the company will “scour the U.S.” to seek acquisitions, but did not note if any such transactions will involve the retail division.
Regarding companywide earnings, Par Pacific reported net income of $14.7 million in its most recent quarter, compared to a net loss of $39.5 million in the same period in 2014.
“We had four consecutive quarters of strong financial performance,” said Pate.
Although he has only been working at his job for three weeks and one day, he concluded that he is excited about the future of the company.
“I’m delighted to be leading this effort,” Pate said. “We will build on something that is already great with a great team. I’m proud of what we created.”