{ "docId": "019de518-24ac-71ea-820d-856105d966fc", "docSlug": "3eacfd1a7e25544ece7fcc4beaeccc7c", "documentTitle": "Par Pacific | Investor Presentation Deck | 27 slides", "authorId": "par-pacific", "authorName": "Par Pacific", "documentKindSlug": "pitchdeck", "documentKindLabel": "Pitch deck", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-02-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 22, "pageCount": 27, "prevPage": 21, "nextPage": 23, "slideType": "appendix_data", "function": "appendix", "density": "overcrowded", "nDataPoints": 28, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de518-24ac-71ea-820d-856105d966fc/22", "deckHref": "/decks/019de518-24ac-71ea-820d-856105d966fc", "deckJsonHref": "/decks/019de518-24ac-71ea-820d-856105d966fc.json", "deckAnchorHref": "/decks/019de518-24ac-71ea-820d-856105d966fc#slide-22", "components": [ { "bbox": { "h": 0.02, "w": 0.092, "x": 0.454, "y": 0.939 }, "kind": "image", "text": "Par Pacific", "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0b225684-29b1-42c3-a5b2-19131f90f456", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.016, "w": 0.019, "x": 0.49, "y": 0.906 }, "kind": "other", "text": "21", "attrs": {}, "subkind": "unclassified", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c3bbba90-83f5-4595-9b0a-34093a74b2d8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.402, "x": 0.218, "y": 0.162 }, "kind": "paragraph", "text": "Consolidated Adjusted EBITDA by Segment Reconciliation (1)\nFor the twelve months ended December 31, 2023\n($ in thousands)", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a6f7ce54-e7d1-489b-88c9-cc669621718c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.201, "w": 0.857, "x": 0.076, "y": 0.69 }, "kind": "source-note", "text": "(1) Adjusted EBITDA by segment is defined as Operating income (loss) by segment excluding depreciation and amortization expense, inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing\nagreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, contango (gains) and backwardation losses associated with our Washington inventory and intermediation\nobligation, and purchase price allocation adjustments), the LIFO layer liquidation impacts associated with our Washington inventory, Environmental credit mark-to-market adjustments (which represents the income statement effect of reflecting our RINS\nliability and Washington net emissions liability on a net basis), unrealized loss (gain) on derivatives, acquisition and integration costs, severance costs, loss (gain) on sale of assets, and impairment expense. Adjusted EBITDA by segment also includes Gain on\ncurtailment of pension obligation and Other income (expense), net, which are presented below operating income (loss) on our condensed consolidated statements of operations. Beginning with financial results reported for periods in fiscal year 2022, the\ninventory valuation adjustment was modified to include the first-in, first-out (\"FIFO\") inventory gains (losses) associated with our titled manufactured inventory in Hawaii. Beginning with financial results reported for the second quarter of 2022, Adjusted\nNet Income and Adjusted EBITDA also exclude the mark-to-market losses (gains) associated with our net RINs liability. Beginning with the financial results reported in the first quarter of 2023, Adjusted Net Income and Adjusted EBITDA also exclude the\nmark-to-market losses (gains) associated with our net Washington CCA liability and the redevelopment and other costs of our Par West facility. Beginning with financial results report for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net\nIncome (Loss), and Adjusted EBITDA also exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments. This modification was made to better reflect our operating performance and to improve comparability\nbetween periods. Adjusted EBITDA by segment has been recast for prior periods when reported to conform to the modified presentation. Adjusted EBITDA by segment presented by other companies may not be comparable to our presentation as other\ncompanies may define these terms differently. For the twelve months ended December 31, 2023, there was no gain on curtailment of pension obligation or LIFO liquidation adjustment.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c945cc41-59cc-42f4-aea8-8ce362f74c58", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.42, "w": 0.54, "x": 0.218, "y": 0.256 }, "kind": "table", "text": "Operating income (loss)\nAdjustments to operating income (loss):\nDepreciation and amortization\nInventory valuation adjustment\nEnvironmental credit mark-to-market\nadjustments\nUnrealized gain on commodity derivatives\nAcquisition and integration costs\nSeverance costs\nPar West operating and redevelopment costs\nLoss (gain) on sale of assets, net\nPar's portion of interest, taxes, and depreciation\nexpense from refining and logistics investments\nOther income/expense\nAdjusted EBITDA\nRefining\n676,161\n81,017\n102,710\n(189,783)\n(50,511)\n100\n219\n1,586\n621,499\nLogistics\n69,744\n25,122\n580\n1,857\n96,723\nRetail\n56,603\n11,462\n(308)\n68,337\nCorporate and\nOther\n(122,502)\n2,229\n17,482\n1,105\n11,397\n30\n(53)\n(90,312)", "attrs": {}, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1dbf614b-075a-42ce-b8f1-daca9fc1f39e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.026, "w": 0.352, "x": 0.324, "y": 0.054 }, "kind": "title", "text": "Non-GAAP Financial Measures", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cc7ec5f4-efae-4a20-8b77-62fce30a6caa", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Table data", "slug": "table-data", "agent": null, "layer": "slide", "matchId": "f8ed0db2-0d57-49c7-be7a-1e85a454630b", "evidence": "The slide contains a table/data component with numerical data, indicating a table presentation.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [ { "to": 27, "from": 16, "beatId": "5dada9f8-d89c-4860-91d7-b02226c68a5f", "arcName": "Rags to Riches", "arcSlug": "rags-to-riches", "beatName": "The Breakthrough", "beatSlug": "rags-to-riches-the-breakthrough", "evidence": "The deck provides detailed information on the company's financial performance and outlook", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }