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Par Pacific Par Pacific Holdings Reports First Quarter 2021 Results HOUSTON , May 05 , 2021 ( GLOBE NEWSWIRE ) -- Par Pacific Holdings , Inc. ( NYSE : PARR ) ( " Par Pacific " or the " Company " ) today reported its financial results for the quarter ended March 31 , 2021 . First Quarter 2021 Highlights Net Loss of $ 62.2 million , or $ ( 1.15 ) per diluted share • Adjusted Net Loss of $ 84.4 million , or $ ( 1.55 ) per diluted share • Adjusted EBITDA of $ ( 43.3 ) million • Financial results include a $ 46.9 million RINS mark - to - market ( MTM ) expense related to the 2019 and 2020 compliance years • Closed equity offering for net proceeds of $ 87.4 million on March 19 , 2021 Par Pacific reported a net loss of $ 62.2 million , or $ ( 1.15 ) per diluted share , for the quarter ended March 31 , 2021 , compared to a net loss of $ 222.3 million , or $ ( 4.18 ) per diluted share , for the same quarter in 2020. First quarter 2021 Adjusted Net Loss was $ 84.4 million , compared to Adjusted Net Loss of $ 27.3 million in the first quarter of 2020. First quarter 2021 Adjusted EBITDA was $ ( 43.3 ) million , compared to $ 13.7 million in the first quarter of 2020. A reconciliation of reported non - GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release . " Our first quarter results reflect the ongoing economic recovery . Conditions continue to improve in the second quarter , " said William Pate , President and Chief Executive Officer . " Over the past 15 months , we completed three turnarounds and positioned our refineries for demand recovery while improving both liquidity and net debt . These actions are consistent with our focus on delivering long - term value to our shareholders . " Refining The Refining segment reported an operating loss of $ 90.9 million in the first quarter of 2021 , compared to operating loss of $ 168.6 million in the first quarter of 2020. Adjusted Gross Margin for the Refining segment was $ ( 3.9 ) million in the first quarter of 2021 , compared to $ 39.6 million in the first quarter of 2020 . Refining Adjusted EBITDA was $ ( 55.4 ) million in the first quarter of 2021 , compared to $ ( 12.6 ) million in the first quarter of 2020. First quarter 2021 Refining segment Adjusted EBITDA was negatively impacted by a MTM expense of $ 46.9 million related to increased RINs prices . Hawaii The 3-1-2 Singapore Crack Spread was $ 3.80 per barrel in the first quarter of 2021 , compared to $ 8.11 per barrel in the first quarter of 2020 . Throughput in the first quarter of 2021 was 81 thousand barrels per day ( Mbpd ) , compared to 95 Mbpd for the same quarter in 2020 . Production costs were $ 3.97 per throughput barrel in the first quarter of 2021 , compared to $ 3.36 per throughput barrel in the same period in 2020 . The Hawaii refinery's Adjusted Gross Margin of $ ( 0.46 ) per barrel during the first quarter of 2021 reflects a RINS MTM expense of approximately $ 26.1 million , or $ 3.57 per barrel . Washington The Pacific Northwest 5-2-2-1 Index averaged $ 11.46 per barrel in the first quarter of 2021 , compared to $ 13.24 per barrel in the first quarter of 2020. The Washington refinery's throughput was 32 Mbpd in the first quarter of 2021 , reflecting the 20 - day turnaround , compared to 41 Mbpd