HOUSTON – Par Pacific Holdings, Inc. (NYSE:PARR), a player in the crude petroleum and natural gas industry, disclosed the upcoming departure of a key board member this week. Mr. Anthony Chase, a member of the company's Board of Directors and its Nominating and Corporate Governance Committee, has announced his intention to resign effective November 15, 2024.
The announcement, made on November 7, was included in an 8-K filing with the U.S. Securities and Exchange Commission.
According to the filing, Mr. Chase's decision to step down is due to personal reasons and does not stem from any disagreements with the company's operations, policies, or practices. This clarification is a standard disclosure aimed at providing transparency to shareholders and the public regarding the nature of a director's departure.
The resignation will leave a vacancy on the Board and its Nominating and Corporate Governance Committee, which is responsible for overseeing corporate governance and nominating candidates to the board. Par Pacific has not yet announced a successor or how they plan to fill the upcoming vacancy.
Par Pacific, headquartered in Houston, Texas, operates under the industrial classification of crude petroleum and natural gas with a fiscal year-end on December 31.
The information reported is based on the latest SEC filing by the company.
In other recent news, Par Pacific Holdings Inc. reported a mixed performance for the third quarter of 2024, recording an adjusted EBITDA of $51 million and an adjusted net loss of $0.10 per share. Despite a 1.4% decline in same-store fuel volumes, the company achieved a record refining throughput of 198,000 barrels per day and a 3.8% increase in merchandise sales.
Par Pacific has announced plans to cut its fixed operating expenses by $30 million to $40 million in 2025 to improve market resilience. As part of its strategic growth initiatives, the company is investing in a Sustainable Aviation Fuel (SAF) project in Hawaii. The company maintains a strong liquidity position with $633 million in cash.
These are recent developments that reflect the company's focus on operational efficiency, cost reduction, and strategic growth.
InvestingPro Insights
As Par Pacific Holdings, Inc. (NYSE:PARR) navigates this leadership transition, recent financial data and market trends offer additional context for investors. According to InvestingPro, PARR's market capitalization stands at $949.51 million, with a notably low P/E ratio of 3.16, suggesting the stock may be undervalued relative to earnings. This valuation metric aligns with an InvestingPro Tip indicating that the company is "trading at a low revenue valuation multiple."
Despite the upcoming board change, PARR has demonstrated profitability over the last twelve months, with a revenue of $8.33 billion. However, investors should note that the stock has experienced significant volatility, with InvestingPro data showing a 43.15% price decline over the past six months. This volatility is further emphasized by an InvestingPro Tip highlighting that "stock price movements are quite volatile."
For those seeking a more comprehensive analysis, InvestingPro offers 13 additional tips on PARR, providing a deeper dive into the company's financial health and market position. These insights could be particularly valuable as the company prepares for changes in its board composition and potentially its governance approach.
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