LPI - Par Pacific Q1 results - messy quarter requires an explanation

Par Pacific (NYSE:PARR) reported Q1 earnings after the bell Wednesday, posting weak earnings, despite an improved operating environment and rosy outlook. While a major turnaround at the Company's Washington refinery was expected to weigh on results, falling gross margins in Hawaii are likely to catch investor's attention. The press release points to complicated accounting treatment in Hawaii that management will need to address on the call.  During the quarter, a turnaround at the company's Washington refinery reduced system-wide crude throughput by ~13% from Q4 levels. The rising costs and lower volumes associated with maintenance are understandable; however, Hawaii volumes actually increased from Q4 while margins fell. Crack spreads in California and Singapore improved by $4-$6 per barrel, while Par's (PARR) Hawaii refinery saw gross margin per barrel fall by over $2.0 from Q4 levels. That said, management flagged "price lag", non-cash RINs expense and FIFO adjustments that partially explain the

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Par Pacific Q1 results - messy quarter requires an explanation