Par Pacific Holdings Inc (NYSE:PARR) Q3 2019 Earnings Conference Call - Final Transcript
Nov 05, 2019 • 10:00 am ET
seasonal gasoline and asphalt strength tight West Coast distillate fundamentals and improved discounts of inland feedstock versus waterborne alternatives.
Laramie's third quarter adjusted EBITAX and net loss totaled $19 million and $8 million excluding the impact of $4 million of unrealized loss on derivatives. Laramie's last 12 months adjusted EBITAX stands at $82 million. Laramie has ceased all joint activity and anticipates completing its remaining drilled but uncompleted wells. Current leverage sits at 2.5x debt to EBITDA and the Laramie management team intends to dedicate cash flow towards deleveraging over the near-to-medium term.
Given the sustained weakness in natural gas and natural gas liquids pricing we recorded a non-cash impairment of our Laramie investment of approximately $82 million. Shifting focus to additional accounting items the largest item impacting both adjusted EBITDA and adjusted net income was the net RINS benefit recorded of approximately $5.7 million. I would remind all our stakeholders that in prior periods we have accrued expenses for RINS in all relevant periods and reduced our adjusted EBITDA and adjusted net income accordingly. Solely impacting our GAAP net income was an approximate $2.8 million tax benefit as well as the Laramie impairment referenced above.
On the capital structure front net debt to capitalization was 46% excluding the impact of the Laramie impairment. Total liquidity was $175 million. Third quarter GAAP interest expense totaled $18 million of which $15 million was cash interest. DD&A totaled $22 million. Cash from operations totaled approximately $74 million with working capital inflows totaling approximately $63 million partially offset by $47 million in financing outflows.
Capital expenditures and turnaround outlays totaled $27 million during the third quarter. Of the $27 million $15 million was associated with growth projects and $4 million was related to turnaround outlays. Planned 2019 total capital expenditures and turnaround outlays are expected at the lower end of the previously provided range of $100 million to $110 million.
This concludes our prepared remarks. Operator I'll turn it back to you for Q&A.