Shares of Par Pacific Holdings (NYSE:PARR) surged over 5% in pre-market trading on Monday, following the release of the company's third-quarter 2024 earnings results. While the energy company reported a significant decline in net income and profit margins, it managed to beat analyst expectations on both revenue and earnings per share.
A key highlight for Par Pacific was the record refining throughput of over 198,000 barrels per day, showcasing robust operational performance across its refining assets. Additionally, the company's logistics segment delivered record adjusted EBITDA, contributing to overall strength in that business line.
Investors also took note of Par Pacific's plans to reduce fixed operating expenses by $30 million to $40 million in 2025, aiming to enhance its ability to thrive across various market cycles. Furthermore, the company's Hawaii sustainable aviation fuel (SAF) project remains on track for startup in the second half of 2025, representing a potential growth driver in the future.
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