Second quarter 2015 financial report reveals growth for Par Petroleum.
Par Petroleum Corp. has released financial results for the second quarter 2015. The highlights of the report are as follows:
- Net Income of $11.7 million, or $0.31 per diluted share in the second quarter of 2015 compared to net loss of $24.7 million, or $(0.81) per share in the second quarter of 2014
- Adjusted Net Income was $17.1 million, or $0.46 per diluted share compared to Adjusted Net Loss of $24.5 million, or $(0.81) per share in the second quarter of 2014
- Adjusted EBITDA for the second quarter was $30.8 million compared to an Adjusted EBITDA loss of $18.6 million in last year’s second quarter
“Strong Adjusted EBITDA in the second quarter was driven by favorable market conditions and solid performance across the board,” said Joseph Israel, Par Petroleum’s president and CEO. “Continued improvement of on-island sales and feedstock flexibility have led to record high refinery throughput at 81 Mbpd, with optimized yields and cost structure of $3.15 per barrel. Throughout the quarter, we continued our efforts to optimize our operations and began successfully integrating Mid Pac. We remain focused on identifying additional integration synergies and on pursuing opportunities that could accelerate our growth.”
Par recorded an $18.6 million tax benefit in the second quarter of 2015 for the release of a valuation allowance due to the Mid Pac Acquisition.
The company has also seen growth in fuel sales volume. Retail fuel sales volume, including Mid Pac, was 22.6 million gallons in the second quarter 2015. Year over year, fuel volume and merchandise sales are up 5% and 14% respectively, on same stores basis.
