United Therapeutics Corporation To Present At The 41st Annual Cowen Health Care Conference

PR Newswire

SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., Feb. 24, 2021 /PRNewswire/ — United Therapeutics Corporation (Nasdaq: UTHR) announced today that Mr. Michael Benkowitz, President and Chief Operating Officer of United Therapeutics, will provide an overview and update on the company’s business during a fireside chat session at the 41st annual Cowen Health Care Conference.

The session will take place virtually on Wednesday March 3, 2021, from 10:20 a.m. to 10:50 a.m., Eastern Standard Time, and can be accessed via a live webcast on the United Therapeutics website at https://ir.unither.com/events-and-presentations. An archived, recorded version of the session will be available approximately 24 hours after the session ends and can be accessed at the same location for 90 days.


About United Therapeutics

 

United Therapeutics Corporation focuses on the strength of a balanced, value-creating biotechnology model. We are confident in our future thanks to our fundamental attributes, namely our obsession with quality and innovation, the power of our brands, our entrepreneurial culture, and our bioinformatics leadership. We also believe that our determination to be responsible citizens – having a positive impact on patients, the environment, and society – will sustain our success in the long term.

Through our wholly owned subsidiary, Lung Biotechnology PBC, we are focused on addressing the acute national shortage of transplantable lungs and other organs with a variety of technologies that either delay the need for such organs or expand the supply. Lung Biotechnology is the first public benefit corporation subsidiary of a public biotechnology or pharmaceutical company.


Forward-looking Statements

 

Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements relating to our ability to create value and sustain our success in the long-term, as well as our efforts to develop technologies that either delay the need for transplantable organs or expand the supply of transplantable organs. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of February 24, 2021 and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events, or any other reason.

For Further Information Contact:
Dewey Steadman at (202) 919-4097
Email: [email protected]   

Cision View original content:http://www.prnewswire.com/news-releases/united-therapeutics-corporation-to-present-at-the-41st-annual-cowen-health-care-conference-301234058.html

SOURCE United Therapeutics Corporation

Harvest One Announces C$4 Million Bought Deal Equity Unit Financing

VANCOUVER, British Columbia, Feb. 24, 2021 (GLOBE NEWSWIRE) — Harvest One Cannabis Inc. (“Harvest One” or the “Company“) (TSX-V: HVT; OTCQB: HRVOF), a uniquely positioned cannabis-infused CPG leader, is pleased to announce that it has entered into an agreement with Mackie Research Capital Corporation, as sole bookrunner, and ATB Capital Markets Inc., as the co-lead underwriters (together, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought-deal basis, 25,810,000 units of the Company (the “Units”) at a price of C$0.155 per Unit (the “Issue Price”) for gross proceeds to the Company of C$4,000,550 (the “Offering”).

Each Unit will consist of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.195 (the “Exercise Price”) at any time up to 36 months following Closing Date (as defined below).

The net proceeds of the Offering will be used to expand the Company’s existing product lines and distribution channels, and for working capital and general corporate purposes.

The Company has granted the Underwriters an option (the “Over-Allotment Option”), exercisable in part or in whole at the Underwriters’ discretion, at any time until thirty (30) days following the Closing Date, to purchase up to the number of additional Units, and/or the components thereof, equal to 15% of the aggregate number of Units sold in the Offering to cover over-allotments, if any, and for market stabilization purposes.

The Offering will be completed: (i) by way of a short form prospectus to be filed in all provinces of Canada other than Quebec pursuant to National Instrument 44-101 – Short Form Prospectus Distributions; and (ii) on a private placement basis in the United States pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and applicable U.S. state securities laws.

The closing of the Offering is expected to occur on or about March 17, 2021 (the “Closing Date”), or such later or earlier date as the Underwriters and the Company may agree upon, and is subject to certain conditions including, but not limited to, the Company receiving all necessary regulatory approvals, including the approval of the TSXV, and the securities regulatory authorities, and the satisfaction of other customary closing conditions.

The securities referred to in this press release have not been, nor will they be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This press release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

About Harvest One
  

Harvest One is a global CPG company that develops and distributes premium health, wellness and selfcare products with a market focus on sleep, pain, and anxiety. Harvest One is a uniquely positioned company in the cannabis space with a focus on cannabis infused and non-infused consumer packaged goods.  Harvest One owns and operates two subsidiaries: Dream Water Global and LivRelief. For more information, please visit  www.harvestone.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance about Harvest One, its business and its operations, and the Offering, which include, among other things, the Closing Date of the Offering, the intended use of proceeds of the Offering, the exercise of the Over-Allotment Option by the Underwriters, regulatory approvals, and Harvest One’s corporate strategy moving forward, its financial position, and future opportunities available for the Company. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The forward-looking information contained in this press release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.

Investor Relations:                                    
Colin Clancy                                             
Investor Relations                                             
[email protected]                                    
1-877-915-7934                                             



Hamilton Beach Brands Holding Company Declares Quarterly Dividend

PR Newswire

GLEN ALLEN, Va., Feb. 24, 2021 /PRNewswire/ — Hamilton Beach Brands Holding Company (NYSE: HBB) today announced that the Board of Directors declared a regular cash dividend of $0.095 per share. The dividend is payable on both the Class A and Class B Common Stock and will be paid March 16, 2021 to stockholders of record at the close of business on March 8, 2021. 


About Hamilton Beach Brands Holding Company

Hamilton Beach Brands Holding Company is a holding company for Hamilton Beach Brands, Inc., a leading designer, marketer and distributor of a wide range of branded small electric household and specialty housewares appliances, as well as commercial products for restaurants, fast food chains, bars and hotels. The Company’s consumer brands include Hamilton Beach®, Proctor Silex®, Hamilton Beach® Professional, Weston® field-to-table and farm-to-table food preparation equipment, TrueAir® air purifiers,  and BrightlineTM personal care products. Hamilton Beach licenses the brands for Wolf Gourmet® countertop appliances and CHI® premium garment care products. Hamilton Beach markets the Bartesian® premium cocktail delivery system through an exclusive multiyear agreement. Commercial brands include Hamilton Beach Commercial® and Proctor Silex Commercial®.  For more information about Hamilton Beach Brands Holding Company, visit the Company’s website at www.hamiltonbeachbrands.com.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/hamilton-beach-brands-holding-company-declares-quarterly-dividend-301235031.html

SOURCE Hamilton Beach Brands Holding Company

Wyndham Hotels & Resorts Declares Quarterly Cash Dividend

PR Newswire

PARSIPPANY, N.J., Feb. 24, 2021 /PRNewswire/ — Wyndham Hotels & Resorts, Inc. (NYSE: WH) announced today its Board of Directors declared a quarterly cash dividend of $0.16 per share on its common stock, payable March 31, 2021 to shareholders of record as of March 17, 2021.  The cash dividend represents a 100% increase from the $0.08 per share quarterly dividend paid during the second, third and fourth quarters of 2020.


About Wyndham Hotels & Resorts

Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with over 8,900 hotels across nearly 95 countries on six continents. Through its network of approximately 796,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services. The Company’s award-winning Wyndham Rewards loyalty program offers 86 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com. The Company may use its website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Disclosures of this nature will be included on the Company’s website in the Investors section, which can currently be accessed at www.investor.wyndhamhotels.com. Accordingly, investors should monitor this section of the Company’s website in addition to following the Company’s press releases, filings submitted with the Securities and Exchange Commission and any public conference calls or webcasts.


Forward-Looking Statements


This press release contains “forward-looking statements” within the meaning of federal securities laws, including statements related to Wyndham Hotels’
 quarterly dividend
.  Forward-looking statements include those that convey management’s expectations as to the future based on plans, estimates and projections at the time Wyndham Hotels makes the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham Hotels to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, general economic conditions; the continuation or worsening of the effects from the COVID-19 pandemic, its scope, duration and impact on the Company’s business operations, financial results, cash flows and liquidity, as well as the impact on the Company’s franchisees and property owners, guests and team members, the hospitality industry and overall demand for travel; the success of the Company’s mitigation efforts in response to the COVID-19 pandemic;
the Company’s performance in any recovery from the COVID-19 pandemic; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising and management businesses; the Company’s relationships with franchisees and property owners; the impact of war, terrorist activity, political instability or political strife; concerns with or threats of pandemics, contagious diseases or health epidemics, including the effects of the COVID-19 pandemic and any resurgence or mutations of the virus and actions governments, businesses and individuals take in response to the pandemic, including stay-in-place directives and other travel restrictions; risks related to restructuring or strategic initiatives; risks related to the Company’s relationship with CorePoint Lodging; the Company’s ability to satisfy obligations and agreements under its outstanding indebtedness, including the payment of principal and interest and compliance with the covenants thereunder; risks related to the Company’s ability to obtain financing and the terms of such financing,
including access to liquidity and capital as a result of COVID-19; and the Company’s limitations related to share repurchases and ability to pay dividends under its credit facility and the timing and amount of any future dividends, as well as the risks described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any subsequent reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise.

 



Contacts


Investors:                                                              

Matt Capuzzi

Senior Vice President, Investor Relations

973 753-6453

[email protected]

 


Media: 

Dave DeCecco
Group Vice President, Global Communications  
973 753-7474 
[email protected]

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/wyndham-hotels–resorts-declares-quarterly-cash-dividend-301234909.html

SOURCE Wyndham Hotels & Resorts

West Announces Second-Quarter 2021 Dividend

PR Newswire

EXTON, Pa., Feb. 24, 2021 /PRNewswire/ — West Pharmaceutical Services, Inc. (NYSE: WST), a global leader in innovative solutions for injectable drug administration, announced today that the Company’s Board of Directors has approved a second-quarter 2021 dividend of $0.17 per share. The dividend will be paid on May 5, 2021, to shareholders of record as of April 21, 2021. 

About West
  
West Pharmaceutical Services, Inc. is a leading provider of innovative, high-quality injectable solutions and services. As a trusted partner to established and emerging drug developers, West helps ensure the safe, effective containment and delivery of life-saving and life-enhancing medicines for patients. With almost 10,000 team members across 50 sites worldwide, West helps support our customers by delivering over 40 billion components and devices each year. 

Headquartered in Exton, Pennsylvania, and in business for nearly a century, West in its fiscal year 2020 generated over $2.15 billion in sales. West is traded on the New York Stock Exchange (NYSE: WST) and is included on the Standard & Poor’s 500 index. For more information, visit www.westpharma.com

All trademarks and registered trademarks used in this release are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless otherwise noted. 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/west-announces-second-quarter-2021-dividend-301234770.html

SOURCE West Pharmaceutical Services, Inc.

Par Pacific Holdings Reports Fourth Quarter 2020 Results

HOUSTON, Feb. 24, 2021 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the fiscal year and fourth quarter ended December 31, 2020.

  • Fourth quarter Net Loss of $131.9 million, or $(2.47) per diluted share; Adjusted Net Loss of $75.3 million, or $(1.41) per diluted share
  • Full year 2020 Net Loss of $409.1 million, or $(7.68) per diluted share; Adjusted Net Loss of $249.8 million, or $(4.69) per diluted share
  • Completed renewables logistics project in Tacoma
  • Achieved operating expense and logistics cost of sales reductions of approximately $55 million in 2020
  • Announced sale-leaseback of 22 Hawaii retail properties for approximately $116 million in February 2021 to bolster liquidity

Par Pacific reported a net loss of $409.1 million, or $(7.68) per diluted share, for the full year 2020, compared to net income of $40.8 million, or $0.80 per diluted share, for the full year 2019. 2020 Adjusted Net Loss was $249.8 million, compared to Adjusted Net Income of $90.2 million for 2019. 2020 Adjusted EBITDA was $(86.7) million, compared to $258.8 million for 2019.

Par Pacific reported a net loss of $131.9 million, or $(2.47) per diluted share, for the quarter ended December 31, 2020, compared to net income of $35.4 million, or $0.68 per diluted share, for the same quarter in 2019. Fourth quarter 2020 Adjusted Net Loss was $75.3 million, compared to Adjusted Net Income of $54.5 million in the fourth quarter of 2019. Fourth quarter 2020 Adjusted EBITDA was $(33.9) million, compared to $92.9 million in the fourth quarter of 2019. 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 employees achieved significant operational and strategic milestones throughout 2020 despite the pandemic and challenging economic environment,” said William Pate, President and Chief Executive Officer. “We successfully completed two major turnarounds, brought our renewables project online, and have continued to reduce costs and improve our competitive position. We believe the recently announced real estate transaction bolsters liquidity and addresses our upcoming convertible notes maturity. Continuing to look forward, we believe we are well-positioned to improve financial performance with all of our major units fully operational as vaccinations increase, mobility trends improve, and the economy recovers.” 

Refining

The Refining segment generated an operating loss of $331.8 million for the full year 2020, compared to operating income of $93.8 million for the full year 2019. Adjusted Gross Margin for the Refining segment in 2020 was $31.1 million, compared to $401.7 million in 2019.

Refining Adjusted EBITDA for the full year 2020 was $(168.3) million, compared to $167.1 million for the full year 2019. 2020 Refining segment Adjusted EBITDA was negatively impacted by a mark-to-market expense of $37.7 million related to increased RINs prices.

We successfully completed major turnarounds in our Hawaii and Wyoming locations during 2020 and our Washington turnaround is nearing completion.

The Refining segment reported an operating loss of $121.4 million in the fourth quarter of 2020, compared to operating income of $43.0 million in the fourth quarter of 2019. Adjusted Gross Margin for the Refining segment was $(2.4) million in the fourth quarter of 2020, compared to $128.9 million in the fourth quarter of 2019.

Refining Adjusted EBITDA was $(50.3) million in the fourth quarter of 2020, compared to $68.0 million in the fourth quarter of 2019. Fourth quarter 2020 Refining segment Adjusted EBITDA was negatively impacted by a mark-to-market expense of $22.9 million related to increased RINs prices.

Hawaii

The 3-1-2 Singapore Crack Spread was $2.63 per barrel in the fourth quarter of 2020, compared to $12.12 per barrel in the fourth quarter of 2019. Throughput in the fourth quarter of 2020 was 79 thousand barrels per day (Mbpd), compared to 111 Mbpd for the same quarter in 2019. Production costs were $3.27 per throughput barrel in the fourth quarter of 2020, compared to $3.34 per throughput barrel in the same period in 2019.

Washington

The Pacific Northwest 5-2-2-1 Index averaged $11.26 per barrel in the fourth quarter of 2020, compared to $16.58 per barrel in the fourth quarter of 2019. The Washington refinery’s throughput was 39 Mbpd in the fourth quarter of 2020, compared to 41 Mbpd in the fourth quarter of 2019. Production costs were $3.47 per throughput barrel in the fourth quarter of 2020, compared to $4.46 per throughput barrel in the same period in 2019.

Wyoming
During the fourth quarter of 2020, the Wyoming 3-2-1 Index averaged $18.45 per barrel, compared to $28.26 per barrel in the fourth quarter of 2019. The Wyoming refinery’s throughput was 7 Mbpd in the fourth quarter of 2020, compared to 17 Mbpd in the fourth quarter of 2019. Production costs were $17.26 per throughput barrel in the fourth quarter of 2020, compared to $5.77 per throughput barrel in the same period in 2019. Elevated production costs on a per barrel basis reflect turnaround-related downtime during the fourth quarter.

The Wyoming refinery’s Adjusted Gross Margin of $1.58 per barrel during the fourth quarter of 2020 reflects a FIFO (first-in, first-out) benefit of approximately $1.8 million, or $2.77 per barrel.

Retail

The Retail segment reported operating income of $24.2 million for the full year 2020, compared to $49.2 million in 2019. 2020 operating income includes a non-cash impairment charge of $29.8 million related to our Pacific Northwest Retail locations. Adjusted Gross Margin for the Retail segment was $128.8 million for 2020, compared to $126.6 million in 2019.

For the full year 2020, Retail Adjusted EBITDA was a record $64.7 million, compared to $59.3 million for 2019. For the full year 2020, the Retail segment reported fuel sales volumes of 102.8 million gallons, compared to sales of 125.3 million gallons for 2019.

The Retail segment reported operating income of $14.1 million in the fourth quarter of 2020, compared to $12.7 million in the fourth quarter of 2019. Adjusted Gross Margin for the Retail segment was $32.2 million in the fourth quarter of 2020 and $32.5 million in the same quarter of 2019.

Retail Adjusted EBITDA was $16.5 million in the fourth quarter of 2020, compared to $15.3 million in the fourth quarter of 2019. The Retail segment reported sales volumes of 25.9 million gallons in the fourth quarter of 2020, compared to 31.0 million gallons in the same quarter of 2019.

Logistics

The Logistics segment generated operating income of $35.0 million for the full year 2020, compared to $59.1 million for 2019. Adjusted Gross Margin for the Logistics segment was $70.5 million for the full year 2020, compared to $87.1 million for 2019.

Adjusted EBITDA for the Logistics segment was $57.0 million for 2020, compared to $76.1 million for 2019.

The Logistics segment reported operating income of $3.5 million in the fourth quarter of 2020, compared to $16.7 million in the fourth quarter of 2019. Adjusted Gross Margin for the Logistics segment was $13.0 million in the fourth quarter of 2020, compared to $24.1 million in the same quarter of 2019.

Logistics Adjusted EBITDA was $9.4 million in the fourth quarter of 2020, compared to $21.1 million in the fourth quarter of 2019.

Laramie Energy

For the full year 2020, equity losses from Laramie Energy, LLC (“Laramie”) were $46.9 million, compared to equity losses of $89.8 million for 2019. Equity losses from Laramie, excluding Par’s share of unrealized derivatives and our impairment expense associated with our investment in Laramie, were $2.7 million in 2020, compared to losses of $8.6 million in 2019. Laramie’s total net loss was $22.6 million in 2020, compared to net loss of $380.5 million in 2019. Laramie’s total Adjusted EBITDAX was $40.6 million in 2020, compared to $73.8 million in 2019.

Equity earnings (losses) from Laramie in the fourth quarter of 2020 were $0.0 million, compared to equity losses of $4.9 million in the fourth quarter of 2019. Laramie’s total net income was $3.8 million in the fourth quarter of 2020, compared to net loss of $362.3 million in the fourth quarter of 2019. Laramie’s total Adjusted EBITDAX was $15.2 million in the fourth quarter of 2020, compared to $20.8 million in the fourth quarter of 2019.

Liquidity

Net cash used in operations totaled $63.2 million and $37.2 million for the three months and year ended December 31, 2020, respectively, compared to net cash provided by operations of $7.0 million and $105.6 million for the three months and year ended December 31, 2019, respectively. Net cash used in operations of $63.2 million and $37.2 million includes $9.2 million and $49.8 million in deferred turnaround expenditures for the three months and year ended December 31, 2020, respectively. Net cash used in investing activities totaled $21.0 million and $63.5 million for the three months and year ended December 31, 2020, respectively, compared to $18.9 million and $353.2 million for the three months and year ended December 31, 2019, respectively. Net cash provided by financing activities totaled $25.2 million and $42.6 million for the three months and year ended December 31, 2020, respectively, compared to net cash provided by financing activities of $27.2 million and $300.2 million for the three months and year ended December 31, 2019, respectively. At December 31, 2020, Par Pacific’s cash balance totaled $68.3 million, long-term debt totaled $708.6 million, and total liquidity was $107.9 million.

We announced the sale-leaseback of 22 retail properties located in the State of Hawaii in February 2021 for an aggregate cash purchase price of $116.1 million. We expect net proceeds of approximately $62 million after repayment of debt and associated obligations related to certain of the properties.

Conference Call Information

A conference call is scheduled for Thursday, February 25, 2021 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-866-807-9684 inside the U.S. or 1-412-317-5415 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until March 11, 2021 and may be accessed by calling 1-877-344-7529 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 10152177.

About Par Pacific

Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, owns and operates market-leading energy, infrastructure, and retail businesses. Par Pacific’s strategy is to acquire and develop businesses in logistically complex markets. Par Pacific owns and operates one of the largest energy networks in Hawaii with 94,000 bpd of operating refining capacity, a logistics system supplying the major islands of the state and 90 retail locations. In the Pacific Northwest and the Rockies, Par Pacific owns and operates 60,000 bpd of combined refining capacity, related multimodal logistics systems, and 33 retail locations.  Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

Forward-Looking Statements

This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; expected refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire and operate energy, related retailing and infrastructure companies with attractive competitive positions; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and on-island sales; our expectations regarding the impact of COVID-19 on our business, including an anticipated reduction in cash outlays, operating expenses, capital expenses and cost of sales; and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward looking statements are subject to certain risks, trends, and uncertainties, such as changes to financial condition and liquidity; the volatility of crude oil and refined product prices; operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; uncertainties inherent in estimating oil, natural gas and NGL reserves; environmental risks; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Additionally, significant uncertainties remain with respect to COVID-19 and its economic effects. Due to the unpredictable and unprecedented nature of the COVID-19 pandemic, we cannot identify all potential risks to, and impacts on, our business, including the ultimate adverse economic impact to our results of operations, financial position and liquidity. However, the adverse impact of COVID-19 on us has been and will likely continue to be material. There can be no guarantee that the operational and financial measures we have taken, and may take in the future, will be fully effective. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.


Contact:


Ashimi Patel
Manager, Investor Relations
(832) 916-3355
[email protected]

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except per share data)

  Three Months Ended
December 31,
  Year Ended
December 31,
  2020   2019   2020   2019
Revenues $ 715,505       $ 1,399,134       $ 3,124,870       $ 5,401,516    
Operating expenses              
Cost of revenues (excluding depreciation) 710,919       1,225,260       2,947,697       4,803,589    
Operating expense (excluding depreciation) 67,551       81,158       277,427       312,899    
Depreciation, depletion, and amortization 23,804       21,018       90,036       86,121    
Impairment expense 17,884             85,806          
General and administrative expense (excluding depreciation) 9,465       11,788       41,288       46,223    
Acquisition and integration costs 14       379       614       4,704    
Total operating expenses 829,637       1,339,603       3,442,868       5,253,536    
Operating income (loss) (114,132 )     59,531       (317,998 )     147,980    
Other income (expense)              
Interest expense and financing costs, net (17,611 )     (17,503 )     (70,222 )     (74,839 )  
Debt extinguishment and commitment costs       (2,401 )           (11,587 )  
Other income, net (40 )     169       1,049       2,516    
Change in value of common stock warrants       (134 )     4,270       (3,199 )  
Equity earnings (losses) from Laramie Energy, LLC       (4,910 )     (46,905 )     (89,751 )  
Total other income (expense), net (17,651 )     (24,779 )     (111,808 )     (176,860 )  
Income (loss) before income taxes (131,783 )     34,752       (429,806 )     (28,880 )  
Income tax benefit (expense) (135 )     687       20,720       69,689    
Net income (loss) $ (131,918 )     $ 35,439       $ (409,086 )     $ 40,809    
                                       

Weighted-average shares outstanding                
Basic 53,383        51,488        53,295        50,352     
Diluted 53,383        51,772        53,295        50,470     
                 
Income (loss) per share                
Basic $ (2.47 )     $ 0.68        $ (7.68 )     $ 0.80     
Diluted $ (2.47 )     $ 0.68        $ (7.68 )     $ 0.80     

 

Balance Sheet Data

(Unaudited)

(in thousands)

  December 31, 2020   December 31, 2019
Balance Sheet Data      
Cash and cash equivalents $ 68,309       $ 126,015    
Working capital (1) (250,587 )     (115,866 )  
Debt, including current portion 708,593       611,931    
Total stockholders’ equity 246,274       648,242    

(1)   Working capital is calculated as (i) total current assets, excluding cash and cash equivalents less (ii) total current liabilities, excluding current portion of long-term debt. Total current assets include inventories stated at the lower of cost or net realizable value.

Operating Statistics

The following table summarizes key operational data:

  Three Months Ended
December 31,
  Year Ended
December 31,
  2020   2019   2020   2019
Total Refining Segment              
Feedstocks Throughput (Mbpd) (1) 124.9       169.3     124.1       163.8  
Refined product sales volume (Mbpd) (1) 123.1       181.9     136.7       176.8  
               
Hawaii Refineries              
Combined Feedstocks Throughput (Mbpd) 78.5       111.4     72.7       109.0  
Par East Throughput (Mbpd) 78.5       69.6     66.5       71.5  
Par West Throughput (Mbpd)       41.8     6.2       37.5  
               
Yield (% of total throughput)              
Gasoline and gasoline blendstocks 26.1   %   22.8 %   24.6   %   23.0 %
Distillates 43.2   %   46.1 %   42.2   %   44.4 %
Fuel oils 27.7   %   21.7 %   29.5   %   20.3 %
Other products (1.3 ) %   5.9 %   (0.7 ) %   8.7 %
Total yield 95.7   %   96.5 %   95.6   %   96.4 %
               
Refined product sales volume (Mbpd)              
On-island sales volume 78.0       123.3     83.5       114.1  
Exports sales volume       2.2     0.6       5.7  
Total refined product sales volume 78.0       125.5     84.1       119.8  
               
Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ (0.17 )     $ 4.68     $ (1.63 )     $ 3.30  
Production costs per bbl ($/throughput bbl) (3) 3.27       3.34     4.03       3.25  
DD&A per bbl ($/throughput bbl) 0.80       0.26     0.55       0.40  
               
Washington Refinery              
Feedstocks Throughput (Mbpd) (1) 39.2       40.7     39.1       38.9  
               
Yield (% of total throughput)              
Gasoline and gasoline blendstocks 24.2   %   23.3 %   23.4   %   23.6 %
Distillate 35.7   %   35.7 %   35.3   %   35.6 %
Asphalt 18.5   %   19.2 %   18.8   %   18.9 %
Other products 20.3   %   19.4 %   19.8   %   19.4 %
Total yield 98.7   %   97.6 %   97.3   %   97.5 %
               
Refined product sales volume (Mbpd) (1) 35.7       41.0     39.6       41.1  
               
Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ (0.51 )     $ 14.50     $ 3.88       $ 11.26  
Production costs per bbl ($/throughput bbl) (3) 3.47       4.46     3.50       4.52  
DD&A per bbl ($/throughput bbl) 1.35       1.51     1.39       1.56  
               
Wyoming Refinery              
Feedstocks Throughput (Mbpd) 7.2       17.2     12.3       17.0  
               
Yield (% of total throughput)              
Gasoline and gasoline blendstocks 53.5   %   51.3 %   49.2   %   49.6 %
Distillate 39.8   %   43.5 %   45.2   %   44.5 %
Fuel oils 1.9   %   1.7 %   1.9   %   1.7 %
Other products 1.2   %   0.7 %   1.3   %   1.6 %
Total yield 96.4   %   97.2 %   97.6   %   97.4 %
               
Refined product sales volume (Mbpd) 9.4       15.4     13.0       17.0  
               
Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 1.58       $ 17.90     $ 3.94       $ 18.82  
Production costs per bbl ($/throughput bbl) (3) 17.26       5.77     8.69       6.32  
DD&A per bbl ($/throughput bbl) 6.17       3.10     4.34       2.93  
               
Market Indices ($ per barrel)              
3-1-2 Singapore Crack Spread (4) $ 2.63       $ 12.12     $ 3.15       $ 10.80  
Pacific Northwest 5-2-2-1 Index (5) 11.26       16.58     11.44       15.02  
Wyoming 3-2-1 Index (6) 18.45       28.26     17.80       24.90  
               
Crude Oil Prices ($ per barrel)              
Brent $ 45.26       $ 62.42     $ 43.21       $ 64.19  
WTI 42.70       56.87     39.65       57.08  
ANS 43.68       65.51     41.77       65.72  
Bakken Clearbrook 40.67       55.37     37.19       56.04  
WCS Hardisty 31.21       37.76     27.45       43.18  
Brent M1-M3 (0.41 )     1.39     (0.98 )     1.00  
               
Retail Segment              
Retail sales volumes (thousands of gallons) 25,856       30,983     102,798       125,313  

(1)   Feedstocks throughput and sales volumes per day for the Washington refinery for the three months and year ended December 31, 2019 are calculated based on the 92 and 355-day periods for which we owned the Washington refinery in 2019, respectively. As such, the amounts for the total refining segment represent the sum of the Hawaii and Wyoming refineries’ throughput or sales volumes averaged over the three months and year ended December 31, 2019 plus the Washington refinery’s throughput or sales volumes averaged over the periods from October 1, 2019 to December 31, 2019 and January 11, 2019 to December 31, 2019, respectively. The 2020 amounts for the total refining segment represent the sum of the Hawaii, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three months and year ended December 31, 2020.

(2)   We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method. Please see discussion of Adjusted Gross Margin below.

(3)   Management uses production costs per barrel to evaluate performance and compare efficiency to other companies in the industry. There are a variety of ways to calculate production costs per barrel; different companies within the industry calculate it in different ways. We calculate production costs per barrel by dividing all direct production costs, which include the costs to run the refineries including personnel costs, repair and maintenance costs, insurance, utilities, and other miscellaneous costs, by total refining throughput. Our production costs are included in Operating expense (excluding depreciation) on our consolidated statement of operations, which also includes costs related to our bulk marketing operations.

(4)   After completing the acquisition of certain refining units from Island Energy Services on December 19, 2018, we began shifting our Hawaii production profile to supply the local utilities with low sulfur fuel oil and significantly reduced our high sulfur fuel oil yield. In 2020, following the implementation of IMO 2020, we established the 3-1-2 Singapore Crack Spread (or three barrels of Brent crude oil converted into one barrel of gasoline and two barrels of distillates (diesel and jet fuel)) as a new benchmark for our Hawaii operations. By removing the high sulfur fuel oil reference in the index, we believe the 3-1-2 Singapore Crack Spread is the most representative market indicator for our current operations in Hawaii.

(5)   We believe the Pacific Northwest 5-2-2-1 Index is the most representative market indicator for our operations in Tacoma, Washington. The Pacific Northwest 5-2-2-1 Index is computed by taking two parts gasoline (sub-octane), two parts middle distillates (ULSD and jet fuel), and one part fuel oil as created from five barrels of Alaskan North Slope (“ANS”) crude oil. The 2019 price for the three months and year ended December 31, 2019 represents the price averaged over the period from October 1, 2019 to December 31, 2019 and January 11, 2019 to December 31, 2019, respectively.

(6)   The profitability of our Wyoming refinery is heavily influenced by crack spreads in nearby markets. We believe the Wyoming 3-2-1 Index is the most representative market indicator for our operations in Wyoming. The Wyoming 3-2-1 Index is computed by taking two parts gasoline and one part distillates (ULSD) as created from three barrels of West Texas Intermediate Crude Oil (“WTI”). Pricing is based 50% on applicable product pricing in Rapid City, South Dakota, and 50% on applicable product pricing in Denver, Colorado.

Non-GAAP Performance Measures

Management uses certain financial measures to evaluate our operating performance that are considered non-GAAP financial measures. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and our calculations thereof may not be comparable to similarly titled measures reported by other companies.


Adjusted Gross Margin

Adjusted Gross Margin is defined as (i) operating income (loss) plus operating expense (excluding depreciation), impairment expense, inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, and purchase price allocation adjustments), depreciation, depletion, and amortization (“DD&A”); Renewable Identification Numbers (“RINs”) loss (gain) in excess of net obligation (which represents the income statement effect of reflecting our RINs liability on a net basis), and unrealized loss (gain) on derivatives or (ii) revenues less cost of revenues (excluding depreciation) plus inventory valuation adjustment, unrealized loss (gain) on derivatives, and RINs loss (gain) in excess of net obligation. We define cost of revenues (excluding depreciation) as the hydrocarbon-related costs of inventory sold, transportation costs of delivering product to customers, crude oil consumed in the refining process, costs to satisfy our RINs and environmental credit obligations, and certain hydrocarbon fees and taxes. Cost of revenues (excluding depreciation) also includes the unrealized gain (loss) on derivatives and the inventory valuation adjustment that we exclude from Adjusted Gross Margin. Beginning in 2020, Adjusted Gross Margin also includes the contango gains and backwardation losses associated with our Washington inventory and intermediation obligation. Prior to 2020, contango gains and backwardation (losses) captured by our Washington intermediation agreement were excluded from Adjusted Gross Margin (as part of the inventory valuation adjustment). This change to our non-GAAP information was made to reflect the favorable or unfavorable impact of the market structure on the profitability of our Washington refinery consistent with the presentation of such impacts on our other refineries. Also beginning in 2020, Adjusted Gross Margin excludes the LIFO layer liquidation impacts associated with our Washington inventory. We have recast the non-GAAP information for the three months and year ended December 31, 2019 to conform to the current period presentation.

Management believes Adjusted Gross Margin is an important measure of operating performance and uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. Management believes Adjusted Gross Margin provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost or net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation, depletion, and amortization.

Adjusted Gross Margin should not be considered an alternative to operating income (loss), cash flows from operating activities, or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted Gross Margin presented by other companies may not be comparable to our presentation since each company may define this term differently as they may include other manufacturing costs and depreciation expense in cost of revenues.

The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):

Three months ended December 31, 2020 Refining   Logistics   Retail
Operating income (loss) $ (121,393 )     $ 3,531      $ 14,080   
Operating expense (excluding depreciation) 48,137        3,699      15,715   
Depreciation, depletion, and amortization 14,721        5,817      2,400   
Impairment expense 17,884        —      —   
Inventory valuation adjustment 18,681        —      —   
LIFO liquidation adjustment (6,211 )     —      —   
RINs loss (gain) in excess of net obligation 26,086        —      —   
Unrealized loss (gain) on derivatives (297 )     —      —   
Adjusted Gross Margin $ (2,392 )     $ 13,047      $ 32,195   
                         

Three months ended December 31, 2019 Refining   Logistics   Retail
Operating income (loss) $ 42,980       $ 16,725     $ 12,718  
Operating expense (excluding depreciation) 60,893       3,065     17,200  
Depreciation, depletion, and amortization 13,253       4,334     2,606  
Inventory valuation adjustment 8,651            
LIFO liquidation adjustment            
RINs loss (gain) in excess of net obligation (359 )          
Unrealized loss (gain) on derivatives 3,465            
Adjusted Gross Margin (1) $ 128,883       $ 24,124     $ 32,524  
                         

Year Ended December 31, 2020 Refining   Logistics   Retail
Operating income (loss) $ (331,826 )     $ 35,044     $ 24,211  
Operating expense (excluding depreciation) 199,738       13,581     64,108  
Depreciation, depletion, and amortization 53,930       21,899     10,692  
Impairment expense 55,989           29,817  
Inventory valuation adjustment 14,046            
LIFO liquidation adjustment            
RINs loss (gain) in excess of net obligation 44,071            
Unrealized loss (gain) on derivatives (4,804 )          
Adjusted Gross Margin $ 31,144       $ 70,524     $ 128,828  
                         

Year Ended December 31, 2019 Refining   Logistics   Retail
Operating income $ 93,781        $ 59,075      $ 49,245   
Operating expense (excluding depreciation) 234,582        11,010      67,307   
Depreciation, depletion, and amortization 55,832        17,017      10,035   
Inventory valuation adjustment 11,938        —      —   
LIFO liquidation adjustment —        —      —   
RINs loss (gain) in excess of net obligation (3,398 )     —      —   
Unrealized loss (gain) on derivatives 8,988        —      —   
Adjusted Gross Margin (1) $ 401,723        $ 87,102      $ 126,587   
                         

(1)   There were no impairment losses recorded in Operating income (loss) by segment for the three months ended and year ended December 31, 2019.


Adjusted Net Income (Loss) and Adjusted EBITDA

Adjusted Net Income (Loss) is defined as Net income (loss) excluding changes in the value of contingent consideration and common stock warrants, acquisition and integration costs, unrealized (gain) loss on derivatives, debt extinguishment and commitment costs, increase in (release of) tax valuation allowance and other deferred tax items, inventory valuation adjustment, severance costs, impairment expense, (gain) loss on sale of assets, Par’s share of Laramie Energy’s unrealized loss (gain) on derivatives, RINs loss (gain) in excess of net obligation, and impairment expense associated with our investment in Laramie Energy and our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Beginning in 2020, Adjusted Net Income (Loss) also includes the contango gains and backwardation losses associated with our Washington inventory and intermediation obligation. Prior to 2020, contango gains and backwardation (losses) captured by our Washington intermediation agreement were excluded from Adjusted Net Income (Loss) (as part of the inventory valuation adjustment). This change to our non-GAAP information was made to reflect the favorable or unfavorable impact of the market structure on the profitability of our Washington refinery consistent with the presentation of such impacts on our other refineries. Also beginning in 2020, Adjusted Net Income (Loss) excludes the LIFO layer liquidation impacts associated with our Washington inventory. We have recast the non-GAAP information for the three months and year ended December 31, 2019 to conform to the current period presentation.

Adjusted EBITDA is Adjusted Net Income (Loss) excluding interest expense and financing costs, income taxes, DD&A, and equity losses (earnings) from Laramie Energy, excluding Par’s share of unrealized loss (gain) on derivatives, impairment of Par’s investment, and our share of Laramie Energy’s asset impairment losses in excess of our basis difference.

We believe Adjusted Net Income (Loss) and Adjusted EBITDA are useful supplemental financial measures that allow investors to assess:

  • The financial performance of our assets without regard to financing methods, capital structure, or historical cost basis;
  • The ability of our assets to generate cash to pay interest on our indebtedness; and
  • Our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure.

Adjusted Net Income (Loss) and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income (loss), net income (loss), cash flows provided by operating, investing, and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. Adjusted Net Income (Loss) and Adjusted EBITDA presented by other companies may not be comparable to our presentation as other companies may define these terms differently.

The following table presents a reconciliation of Adjusted Net Income (Loss) and Adjusted EBITDA to the most directly comparable GAAP financial measure, net income (loss), on a historical basis for the periods indicated (in thousands):        

  Three Months Ended
December 31,
  Year Ended December 31,
  2020   2019   2020   2019
Net income (loss) $ (131,918 )     $ 35,439       $ (409,086 )     $ 40,809    
Inventory valuation adjustment 18,681       8,651       14,046       11,938    
LIFO liquidation adjustment (6,211 )                    
RINs loss (gain) in excess of net obligation 26,086       (359 )     44,071       (3,398 )  
Unrealized loss (gain) on derivatives (297 )     3,465       (4,804 )     8,988    
Acquisition and integration costs 14       379       614       4,704    
Debt extinguishment and commitment costs       2,401             11,587    
Changes in valuation allowance and other deferred tax items (1) 191       1,628       (20,896 )     (68,792 )  
Change in value of common stock warrants       134       (4,270 )     3,199    
Severance costs 267             512          
Impairment expense 17,884             85,806          
Impairment of Investment in Laramie Energy, LLC (2)       1,637       45,294       83,152    
Par’s share of Laramie Energy’s unrealized loss (gain) on derivatives (2)       1,160       (1,110 )     (1,969 )  
Adjusted Net Income (Loss) (3) (75,303 )     54,535       (249,823 )     90,218    
Depreciation, depletion, and amortization 23,804       21,018       90,036       86,121    
Interest expense and financing costs, net 17,611       17,503       70,222       74,839    
Equity losses from Laramie Energy, LLC, excluding Par’s share of unrealized loss (gain) on derivatives and impairment losses       2,113       2,721       8,568    
Income tax expense (56 )     (2,315 )     176       (897 )  
Adjusted EBITDA $ (33,944 )     $ 92,854       $ (86,668 )     $ 258,849    
                                       

(1)   Includes increases in (releases of) our valuation allowance associated with business combinations and changes in deferred tax assets and liabilities that are not offset by a change in the valuation allowance. These tax expenses (benefits) are included in Income tax benefit (expense) on our consolidated statements of operations.

(2)   Included in Equity earnings (losses) from Laramie Energy, LLC on our condensed consolidated statements of operations.

(3)   For the three months and year ended December 31, 2020 and 2019, there was no (gain) loss on sale of assets or change in value of contingent consideration.

The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) per share (in thousands, except per share amounts):

  Three Months Ended
December 31,
  Year Ended December 31,
  2020   2019   2020   2019
Adjusted Net Income (loss) $ (75,303 )     $ 54,535     $ (249,823 )     $ 90,218  
Undistributed Adjusted Net Income allocated to participating securities (1)       539           968  
Adjusted Net Income attributable to common stockholders (75,303 )     53,996     (249,823 )     89,250  
Plus: effect of convertible securities       1,833           8,978  
Numerator for diluted income per common share $ (75,303 )     $ 55,829     $ (249,823 )     $ 98,228  
               
Basic weighted-average common stock shares outstanding 53,383       51,488     53,295       50,352  
Add dilutive effects of common stock equivalents (2)       4,379           5,240  
Diluted weighted-average common stock shares outstanding 53,383       55,867     53,295       55,592  
               
Basic Adjusted Net Income (loss) per common share $ (1.41 )     $ 1.05     $ (4.69 )     $ 1.77  
Diluted Adjusted Net Income (loss) per common share $ (1.41 )     $ 1.00     $ (4.69 )     $ 1.77  

(1)   Participating securities include restricted stock that has been issued but had not yet vested. These participating securities were fully vested as of December 31, 2019.

(2)   Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted Adjusted Net Loss per common share for the three months and year ended December 31, 2020.


Adjusted EBITDA by Segment

Adjusted EBITDA by segment is defined as Operating income (loss) by segment excluding depreciation, depletion, and amortization expense, inventory valuation adjustment, unrealized loss (gain) on derivatives, severance costs, impairment expense, acquisition and integration costs, other income/expense, and RINs loss (gain) in excess of net obligation. Adjusted EBITDA for the Corporate and Other segment also includes Other income, net, which is presented below operating income (loss) on our consolidated statements of operations. Beginning in 2020, Adjusted EBITDA by segment also includes the contango gains and backwardation losses associated with our Washington inventory and intermediation obligation. Prior to 2020, contango gains and backwardation losses captured by our Washington intermediation agreement were excluded from Adjusted EBITDA by segment (as part of the inventory valuation adjustment). Beginning in 2020, Adjusted EBITDA by segment excludes the LIFO layer liquidation impacts associated with our Washington inventory. We have recast the non-GAAP information for the three months and year ended December 31, 2019 to conform to the current period presentation.

We believe Adjusted EBITDA by segment is a useful supplemental financial measure to evaluate the economic performance of our segments without regard to financing methods, capital structure, or historical cost basis. The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):

  Three Months Ended December 31, 2020
  Refining   Logistics   Retail   Corporate
and Other
Operating income (loss) by segment $ (121,393 )     $ 3,531     $ 14,080     $ (10,350 )  
Depreciation, depletion, and amortization 14,721       5,817     2,400     866    
Inventory valuation adjustment 18,681                  
LIFO liquidation adjustment (6,211 )                
RINs loss (gain) in excess of net obligation 26,086                  
Unrealized loss (gain) on derivatives (297 )                
Acquisition and integration costs               14    
Severance costs 224       8         35    
Impairment expense 17,884                  
Other income (expense)               (40 )  
Adjusted EBITDA $ (50,305 )     $ 9,356     $ 16,480     $ (9,475 )  
                                   

  Three Months Ended December 31, 2019
  Refining   Logistics   Retail   Corporate
and Other
Operating income (loss) by segment $ 42,980        $ 16,725      $ 12,718      $ (12,892 )  
Depreciation, depletion, and amortization 13,253        4,334      2,606      825     
Inventory valuation adjustment 8,651        —      —      —     
LIFO liquidation adjustment —        —      —      —     
RINs loss (gain) in excess of net obligation (359 )     —      —      —     
Unrealized loss (gain) on derivatives 3,465        —      —      —     
Acquisition and integration costs —        —      —      379     
Other income/expense —        —      —      169     
Adjusted EBITDA (1) $ 67,990        $ 21,059      $ 15,324      $ (11,519 )  
                                   

  Year Ended December 31, 2020
  Refining   Logistics   Retail   Corporate
and Other
Operating income (loss) by segment $ (331,826 )     $ 35,044      $ 24,211      $ (45,427 )  
Depreciation, depletion and amortization 53,930        21,899      10,692      3,515     
Inventory valuation adjustment 14,046        —      —      —     
LIFO liquidation adjustment —        —      —      —     
RINs loss (gain) in excess of net obligation 44,071        —      —      —     
Unrealized loss (gain) on derivatives (4,804 )     —      —      —     
Acquisition and integration costs —        —      —      614     
Severance costs 312            —      192     
Impairment expense 55,989        —      29,817      —     
Other income (expense) —        —      —      1,049     
Adjusted EBITDA $ (168,282 )     $ 56,951      $ 64,720      $ (40,057 )  

  Year Ended December 31, 2019
  Refining   Logistics   Retail   Corporate
and Other
Operating income (loss) by segment $ 93,781       $ 59,075     $ 49,245     $ (54,121 )  
Depreciation, depletion and amortization 55,832       17,017     10,035     3,237    
Inventory valuation adjustment 11,938                  
LIFO liquidation adjustment                  
RINs loss (gain) in excess of net obligation (3,398 )                
Unrealized loss (gain) on derivatives 8,988                  
Acquisition and integration costs               4,704    
Other income (expense)               2,516    
Adjusted EBITDA (1) $ 167,141       $ 76,092     $ 59,280     $ (43,664 )  
                                   

(1)   There were no severance costs or impairment losses recorded in Operating income (loss) by segment for the three months and year ended December 31, 2019.


Laramie Energy Adjusted EBITDAX

Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative loss (gain), loss (gain) on settled derivative instruments, interest expense, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, impairment loss, exploration and geological and geographical expense, bonus accrual, equity-based compensation expense, loss (gain) on disposal of assets, pipeline (payment) deficiency accrual, and expired acreage (non-cash). We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.

The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):

  Three Months Ended December 31,   Year Ended December 31,
  2020   2019   2020   2019
Net income (loss) $ 3,829        $ (362,335 )     $ (22,589 )     $ (380,474 )  
Commodity derivative loss (gain) (665 )     1,833        2,201        1,193     
Gain (loss) on settled derivative instruments (2,732 )     687        2,045        (5,476 )  
Interest expense and loan fees 2,518        2,336        9,402        11,879     
Non-cash preferred dividend 1,801        1,573        6,810        4,115     
Depreciation, depletion, amortization, and accretion 7,581        20,236        37,960        85,189     
Impairment loss —        355,220        —        355,220     
Exploration and geological and geographical expense 57        84        275        330     
Bonus accrual (562 )     (1,113 )     436        (2,154 )  
Equity-based compensation expense —        (29 )     16        122     
Loss (gain) on disposal of assets (335 )     23        (102 )     1,478     
Pipeline (payment) deficiency accrual —        —        —        (1,162 )  
Expired acreage (non-cash) 3,699        2,300        4,099        3,536     
Total Adjusted EBITDAX $ 15,191        $ 20,815        $ 40,553        $ 73,796     
                                       



Willis Towers Watson Announces Regular Quarterly Dividend

ARLINGTON, Va. and LONDON, Feb. 24, 2021 (GLOBE NEWSWIRE) — Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announced that it approved a regular quarterly cash dividend of $0.71 per ordinary share for the quarter ended December 31, 2020. The dividend is payable on or around April 15, 2021 to shareholders of record at the close of business on March 31, 2021.

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW ) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 46,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

CONTACT

INVESTORS

Claudia De La Hoz | [email protected]

 



First US Bancshares, Inc. Declares Cash Dividend

BIRMINGHAM, Ala., Feb. 24, 2021 (GLOBE NEWSWIRE) — First US Bancshares, Inc. (Nasdaq: FUSB) (the “Company”) announced today that the Company’s Board of Directors has declared a cash dividend of $0.03 per share.  The dividend is payable on April 1, 2021 to shareholders of record at the close of business on March 12, 2021. 

“We are pleased to announce a dividend for the twenty-seventh consecutive quarter,” stated James F. House, President and Chief Executive Officer of the Company.  “We will continue to evaluate any future dividend payments to ensure that they are consistent with our commitment to maintaining our strong capital base,” concluded Mr. House.

About First US Bancshares, Inc.

First US Bancshares, Inc. is a bank holding company that operates banking offices in Alabama, Tennessee and Virginia through First US Bank (the “Bank”).  In addition, the Company’s operations include Acceptance Loan Company, Inc., a consumer loan company (“ALC”), and FUSB Reinsurance, Inc., an underwriter of credit life and credit accident and health insurance policies sold to the Bank’s and ALC’s consumer loan customers.  The Company files periodic reports with the U.S. Securities and Exchange Commission (the “SEC”).  Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.firstusbank.com.  More information about the Company and the Bank may be obtained at www.firstusbank.com.  The Company’s stock is traded on the Nasdaq Capital Market under the symbol “FUSB.”


Forward-Looking Statements

This press release contains forward-looking statements, as defined by federal securities laws. Statements contained in this press release that are not historical facts are forward-looking statements. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. The Company undertakes no obligation to update these statements following the date of this press release, except as required by law. In addition, the Company, through its senior management, may make from time to time forward-looking public statements concerning the matters described herein. Such forward-looking statements are necessarily estimates reflecting the best judgment of the Company’s senior management based upon current information and involve a number of risks and uncertainties. Certain factors that could affect the accuracy of such forward-looking statements are identified in the public filings made by the Company with the SEC, and forward-looking statements contained in this press release or in other public statements of the Company or its senior management should be considered in light of those factors. Specifically, with respect to statements relating to the sufficiency of the allowance for loan and lease losses, loan demand, cash flows, interest costs, growth and earnings potential, expansion and the Company’s positioning to handle the challenges presented by COVID-19, these factors include, but are not limited to, the rate of growth (or lack thereof) in the economy generally and in the Bank’s and ALC’s service areas; market conditions and investment returns; changes in interest rates; the impact of the current COVID-19 pandemic on the Company’s business, the Company’s customers, the communities that the Company serves and the United States economy, including the impact of actions taken by governmental authorities to try to contain the virus and protect against it, through vaccinations and otherwise, or address the impact of the virus on the United States economy (including, without limitation, the Coronavirus Aid, Relief and Economic Security (CARES) Act and subsequent federal legislation) and the resulting effect on the Company’s operations, liquidity and capital position and on the financial condition of the Company’s borrowers and other customers; the pending discontinuation of LIBOR as an interest rate benchmark; the availability of quality loans in the Bank’s and ALC’s service areas; the relative strength and weakness in the consumer and commercial credit sectors and in the real estate markets; collateral values; cybersecurity threats; and risks related to the Paycheck Protection Program. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements.

                                                                      



Contact:    Thomas S. Elley
            205-582-1200

Lincoln Electric Named for the Fourth Time as One of the 2021 World’s Most Ethical Companies® By Ethisphere

Recognition honors those companies who understand the importance of leading, making hard but values-based decisions, and their overall commitment to integrity.

CLEVELAND, Feb. 24, 2021 (GLOBE NEWSWIRE) — Lincoln Electric Holdings Inc., (NASDAQ: LECO) has been recognized by Ethisphere, a global leader in defining and advancing the standards of ethical business practices, as one of the 2021 World’s Most Ethical Companies

Lincoln Electric has received this distinction for four consecutive years and is the only honoree in the Machine Tools and Accessories industry. In 2021, 135 honorees were recognized spanning 22 countries and 47 industries. 

“We are proud to operate by a higher standard with a longstanding commitment to integrity and ethics in all that we do,” said Christopher L. Mapes, Lincoln Electric’s Chairman, President and Chief Executive Officer. “Our guiding principle is The Golden Rule and it has shaped our business and the trust we have earned from all of our stakeholders.” Mapes continued, “We are honored that our team’s unwavering perseverance and commitment to our values was recognized by Ethisphere again this year.”

Grounded in Ethisphere’s proprietary Ethics Quotient®, the World’s Most Ethical Companies assessment process includes more than 200 questions on culture, environmental and social practices, ethics and compliance activities, governance, diversity and initiatives to support a strong value chain. The process serves as an operating framework to capture and codify the leading practices of our organizations across industries and around the globe.

This year, the process was streamlined and the question set expanded to gauge how applicants are adapting and responding to the global health pandemic, environmental, social and governance factors, safety, equity, and inclusion and social justice.

“While addressing the tough challenges of 2020, we saw companies lead – above all other institutions – on earning the trust of stakeholders through resilience and a commitment to ethics and integrity,” said Ethisphere CEO, Timothy Erblich. “The World’s Most Ethical Companies honorees continue to demonstrate an unwavering commitment to the highest values and positively impacting the communities they serve. Congratulations to everyone at Lincoln Electric for earning the World’s Most Ethical Companies designation.”


About Lincoln Electric

Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment and has a leading global position in brazing and soldering alloys.  Headquartered in Cleveland, Ohio, Lincoln has 55 manufacturing locations in 18 countries and a worldwide network of distributors and sales offices covering more than 160 countries.  For more information about Lincoln Electric and its products and services, visit the Company’s website at https://www.lincolnelectric.com.


Contact

Amanda Butler
Vice President, Investor Relations & Communications
Tel: 216.383.2534
Email: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/44a36a22-23c5-4c29-82dc-1ea13541c7f9



Antares Pharma to Present at Two Upcoming Investor Conferences

EWING, N.J., Feb. 24, 2021 (GLOBE NEWSWIRE) — Antares Pharma, Inc. (NASDAQ: ATRS) (“the Company”), a pharmaceutical technology company, today announced that Robert F. Apple, President and Chief Executive Officer, is scheduled to present and host investor meetings at the Raymond James 42nd Annual Virtual Institutional Investors Conference and the Cowen 41st Annual Virtual Healthcare Conference.

Details of the presentations are as follows:

Event: Raymond James 42nd Annual Virtual Institutional Investors Conference
Format: Fireside Chat and 1×1 Meetings
Fireside Chat Date: Wednesday, March 3, 2021
Fireside Chat Time: 3:50pm ET
   
Event: Cowen 41st Annual Virtual Healthcare Conference
Format: Fireside Chat and 1×1 Meetings
Fireside Chat Date: Thursday, March 4, 2021
Fireside Chat Time: 9:10am ET

A live webcast of the fireside chats will be available under the “For Investors” section of the Antares Pharma website at www.antarespharma.com.

About Antares Pharma

Antares Pharma, Inc. is a pharmaceutical technology company focused primarily on the development and commercialization of self-administered injectable pharmaceutical products using advanced drug delivery auto injector technology. The Company has a portfolio of proprietary and partnered commercial products with several product candidates in various stages of development, as well as significant strategic alliances with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals (AMAG), Pfizer Inc. (Pfizer) and Idorsia Pharmaceuticals Ltd. (Idorsia). Antares Pharma’s FDA-approved products include XYOSTED® (testosterone enanthate) injection, OTREXUP® (methotrexate) injection for subcutaneous use and Sumatriptan Injection USP, which is distributed by Teva. The Company also markets NOCDURNA® (desmopressin acetate) in the U.S., which was licensed from Ferring Pharmaceuticals.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: the Company’s ability to achieve the 2020 and 2021 full-year revenue guidance; the uncertainty regarding the duration, scope and severity of the COVID-19 pandemic and the mitigation measures and other restrictions implemented in response to the same and the impact on demand for our products, new patients and prescriptions, future revenue, product supply, and our overall business, operating results and financial condition; successful commercialization of NOCDURNA

®

in the United States and market acceptance and future revenue from the same
: commercial success of
XYOSTED

®

and future revenue from the same;
market acceptance of Teva’s generic epinephrine auto-injector product and future revenue from the same;
whether the FDA will withdraw marketing approval for AMAG Pharmaceuticals’ Makena

®

subcutaneous auto injector following the recent FDA letter seeking withdrawal, whether AMAG will be granted an appeal hearing and if granted, whether Makena

®

will be successful and
future prescriptions, market acceptance and revenue from the same; Teva’s ability to successfully commercialize VIBEX

®

Sumatriptan Injection USP and the amount of revenue from the same; future prescriptions and sales of OTREXUP

®

; Teva’s ability to successfully commercialize generic teriparatide in 11 countries in Europe, Canada and Israel and future revenue from the same, successful development including the timing and results of the clinical bridging and Phase 3 clinical trial of the drug device combination product for Selatogrel with Idorsia Pharmaceuticals and FDA and global regulatory approvals and future revenue from the same; FDA approval of Teva’s pending ANDA for generic Forteo

®

and future revenue from the same; the timing and results of the Company’s or its partners’ research projects or clinical trials of product candidates in development including Pfizer’s undisclosed development product; actions by the FDA or other regulatory agencies with respect to the Company’s products or product candidates of its partners; continued growth in product, development, licensing and royalty revenue; the Company’s ability to meet loan extension and interest only payment milestones and the ability to repay the debt obligation to Hercules Capital; the Company’s ability to obtain financial and other resources for its research, development, clinical, and commercial activities and other statements regarding matters that are not historical facts, and involve predictions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. In some cases you can identify forward-looking statements by terminology such as ”may”, ”will”, ”should”, ”would”, ”expect”, ”intend”, ”plan”, ”anticipate”, ”believe”, ”estimate”, ”predict”, ”potential”, ”seem”, ”seek”, ”future”, ”continue”, or ”appear” or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, and in the Company’s other periodic reports and filings with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.

Contact:

Tram Bui
Vice President, Corporate Communications and Investor Relations
609-359-3016
[email protected]