Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
On February 20, 2018, our common stock began trading on the NYSE under the symbol “PARR.” Prior to that date, our common stock was traded on the NYSE American under the symbol “PARR.” As of March 1, 2021, there were 140 common stockholders of record. On March 1, 2021, the closing price of our common stock was $18.73 per share on the NYSE.
Dividends
We have not paid dividends on our common stock and we do not expect to do so in the foreseeable future.
Stock Performance Graph
The following performance graph and related information shall not be deemed “soliciting material” or “filed” with the SEC, nor shall such information be deemed to be incorporated by reference into any future filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended.
This performance graph and the related textual information are based on historical data and are not indicative of future performance. The following line graph compares the cumulative total return on an investment in our common stock against the cumulative total return of the S&P 500 Composite Index and an index of peer companies (that we selected) for the five fiscal years ended December 31, 2020. The performance graph of our peer group is weighted by market value at the beginning of the period and our peer group consists of the following companies: Calumet Specialty Products Partners, L.P., Casey’s General Stores, Inc., CVR Energy, Inc., Darling Ingredients Inc., Delek US Holdings, Inc., FutureFuel Corp., Green Plains Inc., Macquarie Infrastructure Corporation, Methanex Corporation, Pacific Ethanol, Inc., Renewable Energy Group, Inc., REX American Resources Corporation, SEACOR Holdings Inc., Stepan Company, and Westlake Chemical Corporation. We believe our peer group, which is made up of oil and gas refining and marketing companies, retailers, and companies that are generally similar to our operating segments, provides for meaningful comparability to our business as a whole.
*$100 invested on December 31, 2015 in stock or index, including reinvestment of dividends.
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Recent Sales of Unregistered Securities
During the year ended December 31, 2020, we did not have any sales of securities in transactions that were not registered under the Securities Act that have not been reported on Form 8-K or Form 10-Q.
Issuer Purchases of Equity Securities
The following table sets forth certain information with respect to repurchases of our common stock during the quarter ended December 31, 2020:
Period Total number of shares (or units) purchased (1) Average price paid per share (or unit) Total number of shares (or units) purchased as part of publicly announced plans or programs Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs
October 1 - October 31, 2020 — $ — — —
November 1 - November 30, 2020 — — — —
December 1 - December 31, 2020 398 15.85 — —
Total 398 $ 15.85 — —
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(1) All shares repurchased were surrendered by employees to pay taxes withheld upon the vesting of restricted stock awards.
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Item 6. SELECTED FINANCIAL DATA
The selected financial information presented below as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019, and 2018 was derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. The selected financial information presented below as of December 31, 2018, 2017, and 2016 and for the years ended December 31, 2017 and 2016 was derived from our audited consolidated financial statements not included in this Annual Report on Form 10-K. The selected financial information should be read in conjunction with the consolidated financial statements and related notes and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Year Ended December 31,
(in thousands, except per share data) 2020 2019 (1) 2018 (2) 2017 (3) 2016 (3) (4)
Statement of Operations Data:
Revenues $ 3,124,870 $ 5,401,516 $ 3,410,728 $ 2,443,066 $ 1,865,045
Depreciation, depletion, and amortization 90,036 86,121 52,642 45,989 31,617
Impairment expense 85,806 — — — —
Operating income (loss) (317,998) 147,980 81,941 93,961 (19,649)
Interest expense and financing costs, net (70,222) (74,839) (39,768) (31,632) (28,506)
Debt extinguishment and commitment costs — (11,587) (4,224) (8,633) —
Gain on curtailment of pension obligation — — — — 3,067
Change in value of common stock warrants 4,270 (3,199) 1,801 (1,674) 2,962
Change in value of contingent consideration — — (10,500) — 10,770
Equity earnings (losses) from Laramie Energy, LLC (46,905) (89,751) 9,464 18,369 (22,381)
Net income (loss) (409,086) 40,809 39,427 72,621 (45,835)
Income (loss) per diluted common share (7.68) 0.80 0.85 1.57 (1.08)
Balance Sheet Data:
Cash and cash equivalents $ 68,309 $ 126,015 $ 75,076 $ 118,333 $ 47,772
Total current assets 636,469 1,032,174 586,592 603,544 403,108
Total assets (5) 2,133,861 2,700,560 1,460,734 1,347,407 1,145,433
Total current liabilities (5) 878,680 1,034,322 507,201 470,952 382,765
Total long-term debt, net of current maturities 648,660 599,634 392,607 384,812 350,110
Total liabilities (5) 1,887,587 2,052,318 948,405 899,688 776,524
Total stockholders’ equity 246,274 648,242 512,329 447,719 368,909
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(1) We completed the Washington Acquisition effective January 11, 2019, therefore the results of the Washington refinery and logistics assets are only included subsequent to January 11, 2019. Please read Note 4—Acquisitions to the consolidated financial statements under Item 8 of this Form 10-K for further information.
(2) We completed the Northwest Retail Acquisition effective March 23, 2018, therefore the results of Northwest Retail are only included subsequent to March 23, 2018. Please read Note 4—Acquisitions to the consolidated financial statements under Item 8 of this Form 10-K for further information.
(3) Due to a required accounting standards update, Operating income (loss) for the year ended December 31, 2016 was retrospectively recast to reflect the reclassification of the curtailment gain of $3.1 million related to an amendment on our defined benefit pension plan from Operating expense (excluding depreciation) to a newly defined line within Total other income (expense), net, Gain on curtailment of pension obligation. For the years ended December 31, 2017 and 2016, other immaterial non-service-cost-related components of the net periodic benefit cost related to our defined benefit pension plan were reclassified from Operating expense (excluding depreciation) to Other income (expense), net.
(4) We completed the WRC Acquisition effective July 14, 2016, therefore the results of WRC are only included subsequent to July 14, 2016.
(5) On January 1, 2019, we adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , as amended by other ASUs issued through February 2019 (“ASU 2016-02” or “ASC 842”), using the modified retrospective transition method. Under this optional transition method, information presented prior to January 1, 2019 has not been restated and continues to be reported under the accounting standards in effect for the period.
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