Michael Laupheimer's questions to Par Pacific Holdings Inc (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.