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    Michael Laupheimer

    Research Analyst at TD Cowen

    Michael Laupheimer is an Analyst at TD Cowen, specializing in the healthcare sector with a focus on medical technology and diagnostics companies. He covers public companies including those in the life sciences and diagnostics categories, drawing on his recent experience as a Senior Equity Research Associate at Cowen and Company. Laupheimer began his finance career in 2017, has held roles at firms such as Oppenheimer & Co. and Cantor Fitzgerald, and joined Cowen in 2021 before it was acquired by TD. He holds FINRA Series 7, 63, 86, and 87 securities licenses and is registered as a broker with TD Securities (USA) LLC.

    Michael Laupheimer's questions to PAR PACIFIC HOLDINGS (PARR) leadership

    Michael Laupheimer's questions to PAR PACIFIC HOLDINGS (PARR) leadership • Q2 2025

    Question

    Michael Laupheimer of TD Cowen inquired about the quarter-to-date performance and durability of margins in niche markets like the Rockies and Pacific Northwest. He also asked about the company's plans for its excess cash position and its appetite for M&A.

    Answer

    President & CEO Will Monteleone noted the combined index for July was strong at around $13/bbl, supported by a tight distillate market. He highlighted future changes in California's refining fleet as a key factor to watch. SVP & CFO Shawn Flores confirmed the company is in an excess capital position, with liquidity well above its $250-300 million minimum target. Monteleone added that the M&A market remains challenging, and the current focus is on internal projects and smaller bolt-on opportunities.

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    Michael Laupheimer's questions to PAR PACIFIC HOLDINGS (PARR) leadership • Q2 2025

    Question

    Michael Laupheimer of TD Cowen inquired about the quarter-to-date performance and margin durability in Par Pacific's niche Rockies and Pacific Northwest markets. He also asked about the company's view on its excess cash position and M&A appetite.

    Answer

    President & CEO Will Monteleone noted the combined index was strong in July, supported by the distillate market, and pointed to future tightness from potential California refinery closures. SVP & CFO Sean Flores confirmed the minimum liquidity target remains $250-$300 million. Monteleone added that the M&A market is challenging, with a current focus on smaller, internal bolt-on opportunities.

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