Par Pacific (PARR) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 03, 2016
Document and Entity Information:
Entity Registrant Name	PAR PACIFIC HOLDINGS, INC.
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Entity Central Index Key	821,483
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding (in shares)		41,178,623
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 164,137	$ 167,788
Restricted cash	747	748
Trade accounts receivable	62,788	68,342
Inventories	238,498	219,437
Prepaid and other current assets	59,695	75,437
Total current assets	525,865	531,752
Property and equipment
Property, plant and equipment	233,951	220,863
Proved oil and gas properties, at cost, successful efforts method of accounting	1,122	1,122
Total property and equipment	235,073	221,985
Less accumulated depreciation and depletion	(34,474)	(26,845)
Property and equipment, net	200,599	195,140
Long-term assets
Investment in Laramie Energy, LLC	112,385	76,203
Intangible assets, net	31,903	34,368
Goodwill	40,738	41,327
Other long-term assets	25,731	13,471
Total assets	937,221	892,261
Current liabilities
Current maturities of long-term debt	11,000	11,000
Obligations under inventory financing agreements	265,618	237,709
Accounts payable	30,176	27,428
Current portion of contingent consideration	1,042	19,880
Other accrued liabilities	53,389	69,023
Total current liabilities	361,225	365,040
Long-term liabilities
Long-term debt, net of current maturities	230,850	154,212
Common stock warrants	5,276	8,096
Contingent consideration	0	7,701
Long-term capital lease obligations	1,914	1,175
Other liabilities	12,321	15,426
Total liabilities	611,586	551,650
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value: 3,000,000 shares authorized, none issued	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized at June 30, 2016 and December 31, 2015, 41,099,981 shares and 41,009,924 shares issued at June 30, 2016 and December 31, 2015, respectively	411	410
Additional paid-in capital	531,951	515,165
Accumulated deficit	(206,727)	(174,964)
Total stockholders’ equity	325,635	340,611
Total liabilities and stockholders’ equity	$ 937,221	$ 892,261

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	3,000,000	3,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	41,099,981	41,009,924

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Revenues	$ 413,793	$ 583,759	$ 791,604	$ 1,127,370
Operating expenses
Cost of revenues (excluding depreciation)	364,662	505,031	707,051	982,537
Operating expense (excluding depreciation)	35,868	32,471	73,961	64,751
Lease operating expense	10	1,508	124	3,039
Depreciation, depletion and amortization	5,100	5,005	10,196	8,256
General and administrative expense	10,621	11,814	21,791	21,939
Acquisition and integration expense	845	470	1,516	1,531
Total operating expenses	417,106	556,299	814,639	1,082,053
Operating income (loss)	(3,313)	27,460	(23,035)	45,317
Other income (expense)
Interest expense and financing costs, net	(6,106)	(5,825)	(10,719)	(11,382)
Loss on termination of financing agreements	0	(19,229)	0	(19,229)
Other income (expense), net	67	(158)	116	(154)
Change in value of common stock warrants	1,176	3,313	2,820	(1,709)
Change in value of contingent consideration	3,552	(9,495)	9,728	(14,424)
Equity losses from Laramie Energy, LLC	(16,948)	(2,950)	(18,818)	(4,776)
Total other income (expense), net	(18,259)	(34,344)	(16,873)	(51,674)
Loss before income taxes	(21,572)	(6,884)	(39,908)	(6,357)
Income tax benefit	8,484	18,607	8,147	18,542
Net income (loss)	$ (13,088)	$ 11,723	$ (31,761)	$ 12,185
Earnings (loss) per share
Income (loss) per common share, basic (USD per share)	$ (0.32)	$ 0.31	$ (0.77)	$ 0.32
Income (loss) per common share, diluted (USD per share)	$ (0.32)	$ 0.31	$ (0.77)	$ 0.32
Weighted average number of shares outstanding
Basic (in shares)	41,015	37,339	40,991	37,261
Diluted (in shares)	41,015	37,363	40,991	37,319

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ (31,761)	$ 12,185
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation, depletion and amortization	10,196	8,256
Loss on termination of financing agreements	0	19,229
Non-cash interest expense	3,877	9,488
Change in value of common stock warrants	(2,820)	1,709
Change in value of contingent consideration	(9,728)	14,424
Deferred taxes	(8,573)	(18,542)
Stock-based compensation	3,479	2,976
Unrealized loss (gain) on derivative contracts	(5,408)	426
Equity losses from Laramie Energy, LLC	18,818	4,776
Net changes in operating assets and liabilities:
Trade accounts receivable	5,554	52,989
Prepaid and other assets	4,828	(4,704)
Inventories	(19,061)	(22,257)
Obligations under inventory financing agreements	26,936	45,711
Accounts payable and other accrued liabilities	(20,313)	(28,055)
Contingent consideration	(4,830)	0
Net cash (used in) provided by operating activities	(28,806)	98,611
Cash flows from investing activities
Acquisition of Par Hawaii, Inc.	0	(63,269)
Capital expenditures	(11,691)	(9,873)
Proceeds from sale of assets	2,323	0
Payment of deposit for Wyoming Refining Company acquisition	(5,000)
Investment in Laramie Energy, LLC	(55,000)	(27,529)
Net cash used in investing activities	(69,368)	(100,671)
Cash flows from financing activities
Proceeds from sale of common stock, net of offering costs	0	300
Proceeds from borrowings	111,550	90,900
Repayments of borrowings	(17,138)	(107,558)
Net borrowings on deferred payment arrangement	15,597	(770)
Payment of deferred loan costs	(3,283)	(5,872)
Purchase of common stock for retirement	(223)	0
Contingent consideration settlements	(11,980)	0
Proceeds from inventory financing agreements	0	271,000
Payments for termination of supply and exchange agreements	0	(256,947)
Net cash provided by (used in) financing activities	94,523	(8,947)
Net decrease in cash and cash equivalents	(3,651)	(11,007)
Cash at beginning of period	167,788	89,210
Cash at end of period	164,137	78,203
Supplemental cash flow information:
Cash received (paid) for interest	(4,342)	(1,224)
Cash received (paid) for taxes	138	262
Non-cash investing and financing activities
Accrued capital expenditures	$ 4,542	$ 1,687

Overview

Overview	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Overview	Note 1—Overview Par Pacific Holdings, Inc. and its wholly-owned subsidiaries ("Par" or the "Company") manage and maintain interests in energy and infrastructure businesses. Currently, we operate in three primary business segments: 1) Refining - Our refinery in Kapolei, Hawaii produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel and other associated refined products primarily for consumption in Hawaii. 2) Retail - Our retail outlets sell gasoline, diesel and retail merchandise throughout the island of Oahu as well as the neighboring islands of Maui, Hawaii and Kauai. Our retail network includes Tesoro and "76" branded retail sites, company-operated convenience stores, sites operated in cooperation with 7-Eleven and other sites operated by third parties. 3) Logistics - We own and operate terminals, pipelines, a single-point mooring ("SPM") and trucking operations to distribute refined products throughout the island of Oahu as well as the neighboring islands of Maui, Hawaii, Molokai and Kauai. We also own a 42.3% equity investment in Laramie Energy, LLC (" Laramie Energy "), a joint venture entity operated by Laramie Energy II, LLC (" Laramie ") focused on producing natural gas in Garfield, Mesa and Rio Blanco Counties, Colorado. In addition to the three operating segments described above, we have two additional reportable segments: (i) Texadian and (ii) Corporate and Other. Texadian focuses on sourcing, marketing, transporting and distributing crude oil and refined products in the United States ("U.S.") and Canada. Corporate and Other includes administrative costs and several small non-operated oil and gas interests that were owned by our predecessor.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Par Pacific Holdings, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts previously reported in our condensed consolidated financial statements for prior periods have been reclassified to conform to the current presentation. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. The condensed consolidated financial statements contained in this report include all material adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the complete fiscal year or for any other period. The condensed consolidated balance sheet as of December 31, 2015 was derived from our audited consolidated financial statements as of that date. These condensed consolidated financial statements should be read together with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015 . Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Actual amounts could differ from these estimates. Significant estimates include the fair value of assets and liabilities, inventory valuation, derivatives, asset retirement obligations and contingencies and litigation accruals. Accounting Principles Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The FASB’s objective was to provide a more robust framework to improve comparability of revenue recognition practices across entities by removing most industry and transaction specific guidance, align GAAP with International Financial Reporting Standards and provide more useful information to financial statement users. This authoritative guidance changes the way entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date ("ASU 2015-14"), which defers the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual periods beginning after December 15, 2017 and early adoption is permitted for interim and annual periods beginning after December 15, 2016. ASU 2014-09 allows for either full retrospective adoption or modified retrospective adoption. We are in the process of determining the method of adoption and the impact this guidance will have on our financial condition, results of operations and cash flows. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”). This ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ("ASU 2016-10"). This ASU amends the guidance on identifying performance obligations and the implementation guidance on licensing. In May 2016, the FASB issued ASU No. 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Recission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update) ("ASU 2016-11"). The amendments in ASU 2016-11 rescind certain SEC Staff Observer comments that are codified in Topic 605, Revenue Recognition, and Topic 932, Extractive Activities—Oil and Gas, effective upon adoption of Topic 606. In addition, as a result of the amendments in ASU 2014-16, the SEC staff is rescinding its SEC Staff Announcement, “Determining the Nature of a Host Contract Related to a Hybrid Instrument Issued in the Form of a Share under Topic 815,” effective concurrently with Update 2014-16. In May 2016, the FASB also issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients ("ASU 2016-12"). The amendments in this ASU improve guidance on assessing collectibility, presentation of sales taxes and other similar taxes, noncash consideration and completed contracts and contract modifications at transition. The effective dates for these ASUs are the same as the effective date for ASU No. 2014-09. We are in the process of determining the method of adoption and the impact this guidance will have on our financial condition, results of operations and cash flows. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for interim and annual periods beginning after December 15, 2016 and early adoption is permitted. We do not expect the adoption of ASU 2014-15 to have a material impact on our financial condition, results of operations or cash flows. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 changes the consolidation analysis required under GAAP by eliminating the presumption that a general partner should consolidate a limited partnership and modifying the evaluation of whether limited partnerships are Variable Interest Entities ("VIEs") or voting interest entities. Under the amended guidance, limited partners would be required to consolidate a partnership if the limited partner retains certain powers and obligations. The amendments in this ASU are effective for annual periods beginning after December 15, 2016 and interim periods beginning after December 15, 2017. ASU 2015-02 allows for either full retrospective adoption or modified retrospective adoption. Early adoption is permitted, but the guidance must be applied as of the beginning of the annual period containing the adoption date. We are in the process of determining the method of adoption and the impact this guidance will have on our financial condition, results of operations and cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 requires lessees to recognize all leases, including operating leases, on the balance sheet as a lease asset or lease liability, unless the lease is a short-term lease. ASU 2016-02 also requires additional disclosures regarding leasing arrangements. ASU 2016-02 is effective for interim periods and fiscal years beginning after December 15, 2018 and early application is permitted. We are in the process of determining the method of adoption and the impact this guidance will have on our financial condition, results of operations and cash flows. In March 2016, the FASB issued ASU No. 2016-07, Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting ("ASU 2016-07"). ASU 2016-07 simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. Consequently, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee would be added to the current basis of the investor’s previously held interest and the equity method would be applied subsequently from the date on which the investor obtains the ability to exercise significant influence over the investee. ASU 2016-07 is effective for interim periods and fiscal years beginning after December 15, 2016, and early application is permitted. We do not expect the adoption of ASU 2016-07 to have a material impact on our financial condition, results of operations or cash flows. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for interim periods and fiscal years beginning after December 15, 2016. Early application is permitted and requires that adjustments be reflected as of the beginning of the fiscal year that includes the interim period of adoption. We are in the process of determining the method of adoption and the impact this guidance will have on our financial condition, results of operations and cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The amendments in ASU 2016-13 require financial assets measured at amortized cost basis to be presented as the net amount expected to be collected, which includes a reduction for any expected credit losses. Expected credit losses are to be estimated based on relevant information about past events and reasonable and supportable forecasts. The amendments are effective for interim periods and fiscal years beginning after December 15, 2019, with early adoption permitted for interim periods and fiscal years beginning after December 15, 2018. We do not expect the adoption of ASU 2016-13 to have a material impact on our financial condition, results of operations or cash flows.

Investment in Laramie Energy, L

Investment in Laramie Energy, LLC	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investment in Laramie Energy, LLC	Note 3—Investment in Laramie Energy, LLC We have a 42.3% ownership interest in Laramie Energy , a joint venture entity focused on producing natural gas in Garfield, Mesa and Rio Blanco Counties, Colorado. Laramie Energy has a $400 million revolving credit facility secured by a lien on its natural gas and oil properties and related assets with a borrowing base currently set at $170 million . As of June 30, 2016 , the balance outstanding on the revolving credit facility was approximately $121 million . We are guarantors of Laramie Energy 's credit facility, with recourse limited to the pledge of our equity interest of our wholly-owned subsidiary, Par Piceance Energy Equity, LLC. Under the terms of its credit facility, Laramie Energy is generally prohibited from making future cash distributions to its owners, including us. On March 1, 2016, Laramie Energy acquired and assumed operatorship of certain properties in the Piceance Basin for $157.5 million , subject to customary purchase price adjustments ("Laramie Purchase"). In connection with the Laramie Purchase, we acquired additional membership interests of Laramie Energy for an aggregate cash purchase price of $55 million . As a result of this transaction, our ownership interest in Laramie Energy increased from 32.4% to 42.3% . The change in our equity investment in Laramie Energy is as follows (in thousands): Six Months Ended June 30, 2016 Beginning balance $ 76,203 Equity losses from Laramie (21,594 ) Accretion of basis difference 2,776 Investments 55,000 Ending balance $ 112,385 Summarized financial information for Laramie Energy is as follows (in thousands): June 30, 2016 December 31, 2015 Current assets $ 7,782 $ 8,511 Non-current assets 657,611 514,206 Current liabilities 35,804 18,158 Non-current liabilities 194,077 98,624 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Natural gas and oil revenues $ 22,729 $ 10,486 $ 37,422 $ 21,223 Loss from operations (12,229 ) (8,207 ) (23,353 ) (15,286 ) Net loss (43,660 ) (9,329 ) (46,239 ) (15,409 ) The net loss for the three and six months ended June 30, 2016 includes $13.0 million and $20.6 million of depreciation, depletion and amortization ("DD&A") expense and $35.4 million and $29.5 million of unrealized losses on derivative instruments, respectively. The net loss for the three and six months ended ended June 30, 2015 includes $8.4 million and $15.8 million of DD&A expense and $3.7 million and $4.4 million of unrealized losses on derivative instruments, respectively. As of June 30, 2016 and December 31, 2015 , our equity in the underlying net assets of Laramie Energy exceeded the carrying value of our investment by approximately $71.8 million and $55.4 million , respectively. This difference arose primarily due to an other-than-temporary impairment of our equity investment in Laramie Energy in 2015 and our recent increase in ownership. We attributed this difference to natural gas and crude oil properties and are amortizing the difference over 15 years based on the estimated timing of production of proved reserves.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Acquisitions	Note 4—Acquisitions Wyoming Refining Company Acquisition On June 14, 2016 , we entered into a unit purchase agreement (the “Purchase Agreement”) with Black Elk Refining, LLC , to purchase all of the issued and outstanding units representing the membership interests in Hermes Consolidated, LLC (d/b/a Wyoming Refining Company ) and indirectly Wyoming Refining Company ’s wholly-owned subsidiary, Wyoming Pipeline Company, LLC (collectively, “ Wyoming Refining ”) (the " WRC Acquisition "). Wyoming Refining owns and operates a refinery in Newcastle, Wyoming and related logistics assets. In connection with entering into the Purchase Agreement, we paid a deposit of $5 million to Black Elk Refining, LLC , which is included in Other long-term assets on our condensed consolidated balance sheet as of June 30, 2016. The WRC Acquisition closed on July 14, 2016 and the $5 million dollar deposit was applied toward the purchase price. Please read Note 17—Subsequent Events for further discussion. Mid Pac Acquisition On April 1, 2015 , we completed the acquisition of Par Hawaii Inc., a Hawaii corporation ("PHI," formerly Koko’oha Investments, Inc.), which owns 100% of the outstanding membership interests in Mid Pac Petroleum, LLC, a Delaware limited liability company (“ Mid Pac ”). Net cash consideration was $74.4 million , including a working capital settlement of $1.0 million paid in September 2015. In connection with the acquisition, Mid Pac 's pre-existing debt was fully repaid on the closing date for $45.3 million . The acquisition and debt repayment were funded with cash on hand and $55 million of borrowings under a Credit Agreement with the Bank of Hawaii (" Mid Pac Credit Agreement"). We accounted for the acquisition of Mid Pac as a business combination whereby the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. Goodwill recognized in the transaction was attributable to opportunities expected to arise from combining our operations with Mid Pac 's, and utilization of our net operating loss carryforwards, as well as other intangible assets that do not qualify for separate recognition. In addition, we recorded certain other identifiable intangible assets including trade names and customer relationships. These intangible assets will be amortized over their estimated useful lives on a straight line basis, which approximates their consumptive life. During the three months ended March 31, 2016, the purchase price allocation was adjusted to record an increase to tax receivables and a decrease to goodwill of $0.6 million . The tax receivable of $0.6 million relates to periods prior to the Mid Pac acquisition and was recorded in connection with a tax refund received by Mid Pac in March 2016. We finalized the Mid Pac acquisition purchase price allocation as of March 31, 2016. The results of operations of Mid Pac were included in our refining, retail and logistics results beginning April 1, 2015 . For the six months ended June 30, 2016 , our results of operations included revenues of $86.1 million and net income of $3.8 million related to Mid Pac. The following unaudited pro forma financial information presents our consolidated revenues and net income as if the Mid Pac acquisition had been completed on January 1, 2014 (in thousands): Six Months Ended June 30, 2015 Revenues $ 1,154,620 Net loss (4,671 ) The results of operations of Mid Pac for the three months ended June 30, 2015 and the three and six months ended June 30, 2016 are included in our condensed consolidated statements of operations for the entire period; therefore, the pro forma financial information for the three months ended June 30, 2015 and the three and six months ended June 30, 2016 are not presented in the table above.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Note 5—Inventories Inventories at June 30, 2016 consist of the following (in thousands): Titled Inventory Supply and Offtake Agreements (1) Total Crude oil and feedstocks $ 7,386 $ 75,828 $ 83,214 Refined products and blendstock 31,081 106,860 137,941 Warehouse stock and other 17,343 — 17,343 Total $ 55,810 $ 182,688 $ 238,498 Inventories at December 31, 2015 consist of the following (in thousands): Titled Inventory Supply and Offtake Agreements (1) Total Crude oil and feedstocks $ 18,404 $ 68,126 $ 86,530 Refined products and blendstock 28,023 87,608 115,631 Warehouse stock and other 17,276 — 17,276 Total $ 63,703 $ 155,734 $ 219,437 ________________________________________________________ (1) Please read Note 7—Inventory Financing Agreements for further information. The reserve for the lower of cost or net realizable value of inventory was $0.5 million and $ 23.7 million as of June 30, 2016 and December 31, 2015 , respectively.

Prepaid and Other Current Asset

Prepaid and Other Current Assets	6 Months Ended
	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid and Other Current Assets	Note 6—Prepaid and Other Current Assets Prepaid and other current assets at June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, 2016 December 31, 2015 Advances to suppliers for crude oil purchases $ 50,541 $ 36,247 Collateral posted with broker for derivative instruments 6,211 20,926 Prepaid insurance 2,385 6,773 Derivative assets — 4,577 Other 558 6,914 Total $ 59,695 $ 75,437

Inventory Financing Agreements

Inventory Financing Agreements	6 Months Ended
	Jun. 30, 2016
Other Commitments [Abstract]
Inventory Financing Agreements	Note 7—Inventory Financing Agreements Supply and Offtake Agreements On June 1, 2015, we entered into several agreements with J. Aron & Company ("J. Aron") to support the operations of our Hawaii refinery (the "Supply and Offtake Agreements"). The Supply and Offtake Agreements have a term of three years with two one -year extension options upon mutual agreement of the parties. During the term of the Supply and Offtake Agreements, we and J. Aron will identify mutually acceptable contracts for the purchase of crude oil from third parties. Per the Supply and Offtake Agreements, J. Aron will provide up to 94 thousand barrels per day of crude oil to our Hawaii refinery. Additionally, we agreed to sell and J. Aron agreed to buy, at market prices, refined products produced at our Hawaii refinery. We will then repurchase the refined products from J. Aron prior to selling the refined products to our retail operations or to third parties. The agreements also provide for the lease of crude oil and certain refined product storage facilities to J. Aron. Following expiration or termination of the Supply and Offtake Agreements, we are obligated to purchase the crude oil and refined product inventories then owned by J. Aron and located at the leased storage facilities at then-current market prices. Our obligations under the Supply and Offtake Agreements are secured by a security interest on substantially all of the assets of our subsidiary Par Hawaii Refining, LLC ("PHR"), a security interest on the equity interests held by our wholly-owned subsidiary, Par Petroleum, LLC, in PHR and a mortgage whereby PHR granted to J. Aron a lien on all real property and improvements owned by PHR, including our Hawaii refinery. While title to the crude oil and certain refined product inventories will reside with J. Aron, the Supply and Offtake Agreements will be accounted for similar to a product financing arrangement; therefore, the crude oil and refined products inventories will continue to be included on our condensed consolidated balance sheet until processed and sold to a third party. Each reporting period, we record a liability in an amount equal to the amount we expect to pay to repurchase the inventory held by J. Aron based on current market prices. For the three and six months ended June 30, 2016 , we incurred approximately $2.0 million and $3.9 million in handling fees related to the Supply and Offtake Agreements, respectively, which is included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations. For each of the three and six months ended June 30, 2015 , we incurred approximately $1.5 million in handling fees related to the Supply and Offtake Agreements which is included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations. For the three and six months ended June 30, 2016 , Interest expense and financing costs, net on our condensed consolidated statements of operations includes approximately $0.8 million and $1.3 million of expenses related to the Supply and Offtake Agreements, respectively. For each of the three and six months ended June 30, 2015 , Interest expense and financing costs, net on our condensed consolidated statements of operations includes approximately $0.1 million of expenses related to the Supply and Offtake Agreements. The Supply and Offtake Agreements also include a deferred payment arrangement ("Deferred Payment Arrangement") whereby we can defer payments owed under the agreements up to the lesser of $125 million or 85% of the eligible accounts receivable and inventory. Upon execution of the Supply and Offtake Agreements, we paid J. Aron a deferral arrangement fee of $1.3 million . The deferred amounts under the Deferred Payment Arrangement will bear interest at a rate equal to 90 -day LIBOR plus 3.75% per annum. We also agreed to pay a deferred payment availability fee equal to 0.75% of the unused capacity under the Deferred Payment Arrangement. Amounts outstanding under the Deferred Payment Arrangement are included in Obligations under inventory financing agreements on our condensed consolidated balance sheets. Changes in the amount outstanding under the Deferred Payment Arrangement are included within Cash flows from financing activities on the condensed consolidated statements of cash flows. As of June 30, 2016 , the capacity of the Deferred Payment Arrangement was $52.0 million and we had $50.9 million outstanding. Under the Supply and Offtake Agreements, we pay or receive certain fees from J. Aron based on changes in market prices over time. In September 2015, we entered into an agreement to fix this market fee for the period from October 1, 2015 through November 30, 2016 whereby J. Aron agreed to pay us a total of $18 million to be settled in fourteen equal monthly payments. In February 2016, we fixed the market fee for the remainder of the term of the Supply and Offtake Agreements for an additional $14.6 million to be settled in eighteen equal monthly payments. The receivable from J. Aron was recorded as a reduction to our Obligations under inventory financing agreements pursuant to our Master Netting Agreement. As of June 30, 2016 , the receivable was $22.4 million . The agreements also provide us with the ability to economically hedge price risk on our inventories and crude oil purchases. Please read Note 9—Derivatives for further information. Supply and Exchange Agreements On September 25, 2013, we entered into several agreements with Barclays Bank PLC ("Barclays"), referred to collectively as the Supply and Exchange Agreements, for the purpose of managing our working capital and the crude oil and refined product inventory at the Hawaii refinery. Effective July 31, 2014, we supplemented the Supply and Exchange Agreements by entering into the Refined Product Supply Master Confirmation, pursuant to which Barclays provided refined product supply and intermediation arrangements to us. For the three and six months ended June 30, 2015 , we incurred approximately $3.1 million and $6.9 million in handling fees related to the Supply and Exchange Agreements, respectively, which is included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations. Interest expense and financing costs, net on our condensed consolidated statements of operations includes approximately $0.9 million and $2.3 million related to the Supply and Exchange Agreements for the three and six months ended June 30, 2015 , respectively. Upon execution of the Supply and Offtake Agreements, PHR terminated the Supply and Exchange Agreements with Barclays, subject to certain obligations to reimburse Barclays for third-party claims. We recognized a loss of $17.4 million on the termination of the agreements which consisted of a loss of $13.3 million for the cash settlement value of the liability which had previously been measured assuming settlement with inventory on hand and a loss of $5.6 million for the acceleration of deferred financing costs. These losses were partially offset by a $1.5 million exit fee received from Barclays. The net loss of $17.4 million related to the termination of the Supply and Exchange Agreements is included in Loss on termination of financing agreements on our condensed consolidated statements of operations for the three and six months ended June 30, 2015 . The cash paid to settle the obligation is included in Payments for termination of supply and exchange agreements in the Cash flows from financing activities section of our condensed consolidated statements of cash flows for the six months ended June 30, 2015 .

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	Note 8—Debt The following table summarizes our outstanding debt (in thousands): June 30, 2016 December 31, 2015 KeyBank Credit Agreement $ 102,462 $ 110,000 5% Convertible Senior Notes due 2021 115,000 — Term Loan 56,931 60,119 Principal amount of long-term debt 274,393 170,119 Less: unamortized discount (26,121 ) (899 ) Less: deferred financing costs (6,422 ) (4,008 ) Total debt, net of unamortized discount and deferred financing costs 241,850 165,212 Less: current maturities (11,000 ) (11,000 ) Long-term debt, net of current maturities $ 230,850 $ 154,212 Annual maturities of our long-term debt for the next five years and thereafter are as follows (in thousands): Year Ended Amount Due 2016 $ 5,500 2017 11,000 2018 67,931 2019 11,000 2020 11,000 Thereafter 167,962 $ 274,393 Our debt is subject to various affirmative and negative covenants. As of June 30, 2016 , we were in compliance with all debt covenants. 5% Convertible Senior Notes Due 2021 On June 21, 2016 and June 27, 2016, we completed the issuance and sale of an aggregate of $115 million principal amount of 5.00% convertible senior notes due 2021 (the " 5.00% Convertible Senior Notes ") in a private placement under Rule 144A (the "Notes Offering"). The Notes Offering included the exercise in full of the option to purchase an additional $15 million in aggregate principal amount of the 5.00% Convertible Senior Notes granted to the initial purchasers. The net proceeds of $111.6 million (net of original issue discount of 3%) from the sale of the 5.00% Convertible Senior Notes were used to finance a portion of the WRC Acquisition , to repay $5 million in principal amount of the Term Loan, and for general corporate purposes. The 5.00% Convertible Senior Notes bear interest at a rate of 5.00% per year from June 21, 2016 (payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2016 ), and will mature on June 15, 2021 . The initial conversion rate for the notes is 55.5556 shares of common stock per $1,000 principal amount of 5.00% Convertible Senior Notes (or a total amount of 6,388,894 shares), which is equivalent to an initial conversion price of approximately $18.00 per share of common stock, subject to adjustment upon the occurrence of certain events. Conversions of the 5.00% Convertible Senior Notes will be settled in cash, shares of common stock, or a combination thereof at our election. The holders of the 5.00% Convertible Senior Notes may exercise their conversion rights at any time prior to the close of business on the business day immediately preceding the maturity date under certain circumstances. The 5.00% Convertible Senior Notes are not redeemable by us prior to June 20, 2019 . On or after June 20, 2019 , we may redeem all or any portion of the 5.00% Convertible Senior Notes if the last reported sales price of our common stock is at least 140% of the conversion price then in effect (i) on the trading day immediately preceding the date on which we provide notice of redemption and (ii) for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 5.00% Convertible Senior Notes to be redeemed, plus accrued and unpaid interest and a make-whole premium, which is equal to the present value of the remaining scheduled payments of interest on the 5% Convertible Senior Notes to be redeemed from the relevant redemption date to the maturity date of June 15, 2021 . We have determined that the redemption option and the related make-whole premium represent an embedded derivative that is not clearly and closely related to the 5.00% Convertible Senior Notes. Please read Note 9—Derivatives for further information on embedded derivatives. We separately account for the liability and equity components of the 5.00% Convertible Senior Notes . The fair value of the liability component was calculated using a discount rate of an identical debt instrument without a conversion feature. Based on this borrowing rate, the fair value of the liability component of the 5.00% Convertible Senior Notes on the issuance date was $89.3 million . The carrying amount of the equity component was determined to be $22.2 million , by deducting the fair value of the liability component from the $111.6 million net proceeds of the 5.00% Convertible Senior Notes. The deferred financing costs of $0.6 million related to 5.00% Convertible Senior Notes were allocated on a proportionate basis between Long-term debt and Additional paid-in capital on the condensed consolidated balance sheet. As of June 30, 2016 , the if-converted value did not exceed the outstanding principal amount of the 5.00% Convertible Senior Notes . As of June 30, 2016 , the outstanding principal amount of the 5.00% Convertible Senior Notes was $115.0 million , the unamortized discount and deferred financing cost was $26.2 million , and the carrying amount of the liability component was $88.8 million . The unamortized discount and deferred financing costs will be amortized to Interest expense and financing costs, net over the term of the 5.00% Convertible Senior Notes . Term Loan On June 15, 2016 , the Delayed Draw Term Loan and Bridge Loan Credit Agreement was amended to permit (i) the issuance of the 5.00% Convertible Senior Notes, (ii) the issuance of our 2.50% convertible subordinated bridge notes (the "Bridge Notes"), and (iii) the WRC Acquisition . We paid a consent fee of $2.5 million in connection with this amendment, $1.3 million of which was paid to an affiliate of Whitebox Advisors, LLC ("Whitebox"), one of the Company's largest stockholders. On June 21, 2016 , we repaid $5 million of the Term Loan pursuant to the terms of the amendment, $3.3 million of which was allocated to an affiliate of Whitebox. Please read Note 16—Related Party Transactions for additional information. Guarantors In connection with our shelf registration statement on Form S-3, which was filed with the SEC on June 1, 2015 and declared effective on June 23, 2015 (“Registration Statement”), we may sell non-convertible debt securities and other securities in one or more offerings with an aggregate initial offering price of up to $750 million . Any non-convertible debt securities issued under the Registration Statement may be fully and unconditionally guaranteed (except for customary release provisions), on a joint and several basis, by some or all of our subsidiaries, other than subsidiaries that are “minor” within the meaning of Rule 3-10 of Regulation S-X (the “Guarantor Subsidiaries”). We have no “independent assets or operations” within the meaning of Rule 3-10 of Regulation S-X and certain of the Guarantor Subsidiaries may be subject to restrictions on their ability to distribute funds to us, whether by cash dividends, loans or advances.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Note 9—Derivatives Commodity Derivatives We utilize crude oil commodity derivative contracts to manage our price exposure to our inventory positions, future purchases of crude oil and future sales of refined products. The derivative contracts that we execute to manage our price risk include exchange traded futures, options and over-the-counter (“OTC”) swaps. Our futures, options and OTC swaps are marked-to-market and changes in the fair value of these contracts are recognized within Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations. We are obligated to repurchase the crude oil and refined products from J. Aron at the termination of the Supply and Offtake Agreements. We have determined that this obligation contains an embedded derivative, similar to forward purchase contracts of crude oil and refined products. As such, we have accounted for this embedded derivative at fair value with changes in the fair value recorded in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations. We have entered into forward purchase contracts for crude oil and forward sales contracts of refined products. We elect the normal purchases normal sales ("NPNS") exception for all forward contracts that meet the definition of a derivative and are not expected to net settle. Any gains and losses with respect to these forward contracts designated as NPNS are not reflected in earnings until the delivery occurs. We elect to offset fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting agreement. Our condensed consolidated balance sheets present derivative assets and liabilities on a net basis. Please read Note 10—Fair Value Measurements for the gross fair value and net carrying value of our derivative instruments. Our cash margin that is required as collateral deposits cannot be offset against the fair value of open contracts except in the event of default. At June 30, 2016 , our open commodity derivative contracts represent: • futures and OTC swaps sales of 195 thousand barrels that economically hedge our refined products inventory; • sales of OTC swaps of 81 thousand barrels that economically hedge the difference between our actual inventory levels and target inventory levels under the Supply and Offtake Agreements; • futures sales of 130 thousand barrels that economically hedge our physical inventory for our Texadian segment; and • option collars of 52 thousand barrels per month through December 2017 and option collars and swaps of 15 thousand barrels per month through December 2018 that economically hedge our internally consumed fuel. Interest Rate Derivatives We are exposed to interest rate volatility in our outstanding debt and in the Supply and Offtake Agreements. We utilize interest rate swaps, interest rate caps, interest rate collars or other similar contracts to manage our interest rate risk. As of June 30, 2016 , we had locked in an average fixed rate of 1.1% in exchange for a floating interest rate indexed to the three-month LIBOR on an aggregate notional amount of $200 million . The interest rate swaps mature in February 2019 and March 2021. On June 21, 2016 and June 27, 2016, we completed the issuance and sale of an aggregate of $115 million principal amount of the 5.00% Convertible Senior Notes. Please read Note 8—Debt for further discussion. Upon redemption of our 5.00% Convertible Senior Notes on or after June 20, 2019 at the Company's election, we are obligated to pay a make-whole premium equal to the present value of the remaining scheduled payments of interest on the 5.00% Convertible Senior Notes to be redeemed from the relevant redemption date to the maturity date of June 15, 2021. We have determined that the redemption option and the related make-whole premium represent an embedded derivative that is not clearly and closely related to the 5.00% Convertible Senior Notes. As such, we have accounted for this embedded derivative at fair value with changes in the fair value recorded in Interest expense and financing costs, net on our condensed consolidated statements of operations. As of June 30, 2016, this embedded derivative was deemed to have a de minimis fair value. The following table provides information on the fair value amounts (in thousands) of these derivatives as of June 30, 2016 and December 31, 2015 and their placement within our condensed consolidated balance sheets. Balance Sheet Location June 30, 2016 December 31, 2015 Asset (Liability) Commodity derivatives (1) Prepaid and other current assets $ — $ 4,577 Commodity derivatives (1) Other long-term assets 1,714 — Commodity derivatives Other accrued liabilities (3,231 ) (9,534 ) Commodity derivatives Other liabilities (949 ) (4,925 ) J. Aron repurchase obligation derivative Obligations under inventory financing agreements (2,246 ) 9,810 Interest rate derivatives Other accrued liabilities (907 ) — Interest rate derivatives Other liabilities (1,101 ) — _________________________________________________________ (1) Does not include cash collateral of $6.2 million and $20.9 million recorded in Prepaid and other current assets and $7.0 million and $7.0 million in Other long-term assets as of June 30, 2016 and December 31, 2015 , respectively. The following table summarizes the pre-tax gains (losses) recognized in Net income (loss) on our condensed consolidated statements of operations resulting from changes in fair value of derivative instruments not designated as hedges charged directly to earnings (in thousands): Three Months Ended June 30, Six Months Ended June 30, Statement of Operations Location 2016 2015 2016 2015 Commodity derivatives Cost of revenues (excluding depreciation) $ 7,660 $ 4,302 $ (89 ) $ 2,572 J. Aron repurchase obligation derivative Cost of revenues (excluding depreciation) 10,920 — (12,056 ) — Interest rate derivatives Interest expense (1,579 ) — (2,302 ) —

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 10—Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis Common Stock Warrants As of June 30, 2016 and December 31, 2015 , we had 345,135 common stock warrants outstanding. Beginning with the first quarter 2016, we estimate the fair value of our outstanding common stock warrants using the difference between the strike price of the warrant and the market price of our common stock, which is a Level 3 fair value measurement. Previously, we estimated the fair value of our outstanding common stock warrants using a simulation model, which is considered to be a Level 3 fair value measurement. Significant inputs used in the simulation model as of December 31, 2015 include: December 31, 2015 Stock price $ 23.54 Weighted-average exercise price $ 0.10 Term (years) 6.67 Risk-free interest rate 2.04 % Expected volatility 43.0 % The expected volatility is based on the 7 -year historical volatilities of comparable public companies. The estimated fair value of the common stock warrants was $15.29 and $23.47 per share as of June 30, 2016 and December 31, 2015 , respectively. Since the common stock warrants were in the money upon issuance, we do not believe that changes in the inputs to the simulation models will have a significant impact to the value of the common stock warrants other than changes in the value of our common stock. Increases in the value of our common stock will increase the value of the common stock warrants. Likewise, decreases in the value of our common stock will result in a decrease in the value of the common stock warrants. Derivative Instruments We utilize crude oil commodity derivative contracts to manage our price exposure to our inventory positions, future purchases of crude oil and future sales of refined products. We utilize interest rate swaps, interest rate caps, interest rate collars or other similar contracts to manage our interest rate risk. Please read Note 9—Derivatives for further information on derivatives. We are obligated to repurchase the crude oil and refined products from J. Aron at the termination of the Supply and Offtake Agreements. We have determined that this obligation contains an embedded derivative, similar to forward purchase contracts of crude oil and refined products. As such, we have accounted for this embedded derivative at fair value with changes in the fair value recorded in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations. Upon redemption of our 5.00% Convertible Senior Notes on or after June 20, 2019 at the Company's election, we are obligated to pay a make-whole premium equal to the present value of the remaining scheduled payments of interest on the 5% Convertible Senior Notes to be redeemed from the relevant redemption date to the maturity date of June 15, 2021. We have determined that the redemption option and the related make-whole premium represent an embedded derivative that is not clearly and closely related to the 5.00% Convertible Senior Notes. As of June 30, 2016, this embedded derivative was deemed to have a de minimis fair value. We classify financial assets and liabilities according to the fair value hierarchy. Financial assets and liabilities classified as Level 1 instruments are valued using quoted prices in active markets for identical assets and liabilities. These include our exchange traded futures. Level 2 instruments are valued using quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. Our Level 2 instruments include OTC swaps and options. These commodity derivatives are valued using market quotations from independent price reporting agencies and commodity exchange price curves that are corroborated with market data. Level 3 instruments are valued using significant unobservable inputs that are not supported by sufficient market activity. The J.Aron repurchase obligation derivative is a Level 3 instrument. Contingent Consideration The cash consideration for our acquisition of PHR may be increased pursuant to an earnout provision. The liability is remeasured at the end of each reporting period using an estimate based on actual results to date and a Monte Carlo simulation analysis for future periods. Significant inputs used in the valuation model include estimated future gross margin, annual gross margin volatility and a present value factor. We consider this to be a Level 3 fair value measurement. Please read Note 11—Commitments and Contingencies for further discussion. Financial Statement Impact Fair value amounts by hierarchy level as of June 30, 2016 and December 31, 2015 are presented gross in the tables below (in thousands): June 30, 2016 Level 1 Level 2 Level 3 Gross Fair Value Effect of Counter-Party Netting Net Carrying Value on Balance Sheet (1) Assets Commodity derivatives $ 62 $ 5,826 $ — $ 5,888 $ (4,174 ) $ 1,714 Total $ 62 $ 5,826 $ — $ 5,888 $ (4,174 ) $ 1,714 Liabilities Common stock warrants $ — $ — $ (5,276 ) $ (5,276 ) $ — $ (5,276 ) Contingent consideration — — (1,042 ) (1,042 ) — (1,042 ) Commodity derivatives (578 ) (7,776 ) — (8,354 ) 4,174 (4,180 ) J. Aron repurchase obligation derivative — — (2,246 ) (2,246 ) — (2,246 ) Interest rate derivatives — (2,008 ) — (2,008 ) — (2,008 ) Total $ (578 ) $ (9,784 ) $ (8,564 ) $ (18,926 ) $ 4,174 $ (14,752 ) December 31, 2015 Level 1 Level 2 Level 3 Gross Fair Value Effect of Counter-Party Netting Net Carrying Value on Balance Sheet (1) Assets Commodity derivatives $ 429 $ 33,797 $ — $ 34,226 $ (29,649 ) $ 4,577 J. Aron repurchase obligation derivative — — 9,810 9,810 (9,810 ) — Total $ 429 $ 33,797 $ 9,810 $ 44,036 $ (39,459 ) $ 4,577 Liabilities Common stock warrants $ — $ — $ (8,096 ) $ (8,096 ) $ — $ (8,096 ) Contingent consideration — — (27,581 ) (27,581 ) — (27,581 ) Commodity derivatives (396 ) (43,712 ) — (44,108 ) 29,649 (14,459 ) J. Aron repurchase obligation derivative — — — — 9,810 9,810 Total $ (396 ) $ (43,712 ) $ (35,677 ) $ (79,785 ) $ 39,459 $ (40,326 ) _________________________________________________________ (1) Does not include cash collateral of $13.2 million and $28.0 million as of June 30, 2016 and December 31, 2015 , respectively, included within Prepaid and other current assets and Other long-term assets on our condensed consolidated balance sheets. A roll forward of Level 3 financial instruments measured at fair value on a recurring basis is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Balance, at beginning of period $ (39,938 ) $ (31,205 ) $ (25,867 ) $ (21,254 ) Settlements 15,726 — 16,810 — Total unrealized income (loss) included in earnings 15,648 (6,182 ) 493 (16,133 ) Balance, at end of period $ (8,564 ) $ (37,387 ) $ (8,564 ) $ (37,387 ) The carrying value and fair value of long-term debt and other financial instruments as of June 30, 2016 and December 31, 2015 are as follows (in thousands): June 30, 2016 Carrying Value Fair Value (1) KeyBank Credit Agreement (2) $ 102,462 $ 102,462 5% Convertible Senior Notes due 2021 (3) 88,798 111,925 Term Loan 56,931 59,354 Common stock warrants 5,276 5,276 Contingent consideration 1,042 1,042 December 31, 2015 Carrying Value Fair Value (1) KeyBank Credit Agreement (2) $ 110,000 $ 110,000 Term Loan 60,119 62,037 Common stock warrants 8,096 8,096 Contingent consideration 27,581 27,581 _________________________________________________________ (1) The fair values of these instruments are considered Level 3 measurements in the fair value hierarchy with the exception of the fair value measurement of the 5.00% Convertible Senior Notes which is considered a Level 2 measurement as discussed below. (2) Fair value approximates carrying value due to the floating rate interest which approximates a current market rate. (3) The carrying value of the 5.00% Convertible Senior Notes excludes the fair value of the equity component, which was classified as equity upon issuance. We estimate the fair value of the Term Loan using a discounted cash flow analysis and an estimate of the current yield of 10.54% and 9.63% as of June 30, 2016 and December 31, 2015 , respectively, by reference to market interest rates for term debt of comparable companies. The fair value of the 5.00% Convertible Senior Notes was determined by aggregating the fair value of the liability and equity components of the notes. The fair value of the liability component of the 5.00% Convertible Senior Notes was determined using a discounted cash flow analysis in which the projected interest and principal payments were discounted at an estimated market yield for a similar debt instrument without the conversion feature. The equity component was estimated based on the Black-Scholes formula for a call option with strike price equal to the conversion price, a term matching the remaining life of the 5.00% Convertible Senior Notes , and an implied volatility based on market values of options outstanding as of June 30, 2016. The fair value of the 5.00% Convertible Senior Notes is considered a Level 2 measurement in the fair value hierarchy. The fair value of all non-derivative financial instruments included in current assets, including cash and cash equivalents, restricted cash and trade accounts receivable and current liabilities, including accounts payable, approximate their carrying value due to their short-term nature.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11—Commitments and Contingencies In the ordinary course of business, we are a party to various lawsuits and other contingent matters. We establish accruals for specific legal matters when we determine that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on our financial condition, results of operations or cash flows. Mid Pac Earnout and Indemnity Dispute Pursuant to a Stock Purchase Agreement dated August 3, 2011 and amended October 25, 2011 (the “SPA”), Mid Pac purchased all the issued and outstanding stock of Inter Island Petroleum, Inc. (“Inter Island”) from Brian J. and Wendy Barbata (collectively, the “Barbatas”). The SPA provides for an earnout payment to be made to the Barbatas in an amount equal to four times the amount by which the average of Inter Island’s earnings before interest, taxes, depreciation and amortization during the relevant earnout period exceeds $3.5 million . The earnout payment is capped at a maximum of $4.5 million . Mid Pac contends that there are no amounts owed to the Barbatas for the earnout period. By letter dated May 29, 2014, the Barbatas disputed Mid Pac’s computation of the earnout without explanation of the amount they claim to be owed or refutation of Mid Pac’s analysis. Mid Pac intends to vigorously oppose any such claims. Any claims by the Barbatas may be offset by Mid Pac’s claims for indemnification under the SPA. By letters dated December 13, 2013 and April 25, 2014, Mid Pac has asserted indemnification claims against the Barbatas exceeding $1 million with respect to environmental losses arising from certain terminals operated by Inter Island and its subsidiaries. The Barbatas have disputed such claims. United Steelworkers Union Dispute A portion of our employees at the Hawaii refinery are represented by the United Steelworkers Union (“USW”). On March 23, 2015, the union ratified a four-year extension of the collective bargaining agreement. On January 13, 2016, the USW filed a claim against PHR before the United States National Labor Relations Board (the “NLRB”) alleging a refusal to bargain collectively and in good faith. On March 29, 2016, the NLRB deferred final determination on the USW charge to the grievance/arbitration process under the extant collective bargaining agreement. Arbitration has not yet been scheduled. PHR denies the USW’s allegations and intends to vigorously defend itself in connection with such claim in the grievance/arbitration process and any subsequent proceeding before the NLRB. Environmental Matters Like other petroleum refiners and exploration and production companies, our operations are subject to extensive and periodically-changing federal and state environmental regulations governing air emissions, wastewater discharges and solid and hazardous waste management activities. Many of these regulations are becoming increasingly stringent and the cost of compliance can be expected to increase over time. Periodically, we receive communications from various federal, state and local governmental authorities asserting violations of environmental laws and/or regulations. These governmental entities may also propose or assess fines or require corrective actions for these asserted violations. We intend to respond in a timely manner to all such communications and to take appropriate corrective action. We do not anticipate that any such matters currently asserted will have a material impact on our financial condition, results of operations or cash flows. Regulation of Greenhouse Gases The U.S. Environmental Protection Agency ("EPA") regulates greenhouse gases ("GHG") under the Clean Air Act. New construction or material expansions that meet certain GHG emissions thresholds will likely require that, among other things, a GHG permit be issued in accordance with the Clean Air Act regulations and we will be required in connection with such permitting to undertake a technology review to determine appropriate controls to be implemented with the project in order to reduce GHG emissions. Furthermore, the EPA is currently developing refinery-specific GHG regulations and performance standards that are expected to impose GHG emission limits and/or technology requirements. These control requirements may affect a wide range of refinery operations. Any such controls could result in material increased compliance costs, additional operating restrictions for our business and an increase in cost of the products we produce, which could have a material adverse effect on our financial condition, results of operations or cash flows. On September 29, 2015, the EPA announced a final rule updating standards that control toxic air emissions from petroleum refineries, addressing, among other things, flaring operations, fenceline air quality monitoring and additional emission reductions from storage tanks and delayed coking units. Affected existing sources will be required to comply with the new requirements no later than 2018, with certain refiners required to comply earlier depending on the relevant provision and refinery construction date. We do not anticipate that compliance with this rule will have a material impact on our financial condition, results of operations or cash flows. In 2007, the State of Hawaii passed Act 234, which required that GHG emissions be rolled back on a statewide basis to 1990 levels by the year 2020. Although delayed, the Hawaii Department of Health has issued regulations that would require each major facility to reduce CO 2 emissions by 16% by 2020 relative to a calendar year 2010 baseline (the first year in which GHG emissions were reported to the EPA under 40 CFR Part 98). Those rules are pending final approval by the Government of Hawaii. The Hawaii refinery’s capacity to reduce fuel use and GHG emissions is limited. However, the state’s pending regulation allows and the Hawaii refinery expects to be able to demonstrate that additional reductions are not cost-effective or necessary in light of the state’s current GHG inventory and future year projections. The pending regulation allows for “partnering” with other facilities (principally power plants) which have already dramatically reduced greenhouse emissions or are on schedule to reduce CO 2 emissions in order to comply with the state’s Renewable Portfolio Standards. Fuel Standards In 2007, the U.S. Congress passed the Energy Independence and Security Act of 2007 (the "EISA") that, among other things, set a target fuel economy standard of 35 miles per gallon for the combined fleet of cars and light trucks in the U.S. by model year 2020 and contained a second Renewable Fuel Standard (the “RFS2”). In August 2012, the EPA and National Highway Traffic Safety Administration jointly adopted regulations that establish an average industry fuel economy of 54.5 miles per gallon by model year 2025. The RFS2 requires an increasing amount of renewable fuel usage, up to 36 billion gallons by 2022. In the near term, the RFS2 will be satisfied primarily with fuel ethanol blended into gasoline. The RFS2 may present production and logistics challenges for both the renewable fuels and petroleum refining and marketing industries in that we may have to enter into arrangements with other parties or purchase credits from the EPA to meet our obligations to use advanced biofuels, including biomass-based diesel and cellulosic biofuel, with potentially uncertain supplies of these new fuels. In October 2010, the EPA issued a partial waiver decision under the Clean Air Act to allow for an increase in the amount of ethanol permitted to be blended into gasoline from 10% (“E10”) to 15% (“E15”) for 2007 and newer light duty motor vehicles. In January 2011, the EPA issued a second waiver for the use of E15 in vehicles model years 2001- 2006. There are numerous issues, including state and federal regulatory issues, which need to be addressed before E15 can be marketed on a large scale for use in traditional gasoline engines. Consequently, unless either the state or federal regulations are revised, qualified Renewable Identification Numbers ("RINs") will be required to fulfill the federal mandate for renewable fuels. In March 2014, the EPA published a final Tier 3 gasoline standard that lowers the allowable sulfur level in gasoline to 10 parts per million ("ppm") and also lowers the allowable benzene, aromatics and olefins content of gasoline, with the most recent rulemaking addressing certain technical corrections and clarifications effective June 21, 2016. The effective date for the new standard, January 1, 2017, gives refiners nationwide little time to engineer, permit and implement substantial modifications; however, approved small volume refineries have until January 1, 2020 to meet the standard. PHR submitted its application to the EPA for small volume refinery status on December 30, 2014, and the EPA approved the application on September 9, 2015. However, PHR exceeded the 75,000 barrel average aggregate daily crude oil throughput limit for small volume refineries in 2015 and was therefore disqualified from small volume refinery effective as of June 21, 2016. PHR is required to comply with Tier 3 gasoline standards within 30 months of this date. There will be compliance costs and uncertainties regarding how we will comply with the various requirements contained in the EISA and other fuel-related regulations. Along with credit and trading options, potential capital upgrades for the Hawaii refinery are being evaluated. We may also experience a decrease in demand for refined petroleum products due to an increase in combined fleet mileage or due to refined petroleum products being replaced by renewable fuels. Environmental Agreement On September 25, 2013, Hawaii Pacific Energy (a wholly-owned subsidiary of Par created for purposes of the PHR acquisition), Tesoro Corporation ("Tesoro") and PHR entered into an Environmental Agreement (“Environmental Agreement”), which allocated responsibility for known and contingent environmental liabilities related to the acquisition of PHR , including the Consent Decree as described below. Consent Decree On July 18, 2016, PHR and subsidiaries of Tesoro entered into a consent decree with the EPA, the U.S. Department of Justice and other state governmental authorities concerning alleged violations of the federal Clean Air Act related to the ownership and operation of multiple facilities owned or formerly owned by Tesoro and its affiliates ("Consent Decree"), including our Hawaii refinery. As a result of the Consent Decree, PHR has expanded its previously-announced refinery turnaround taking place in the third quarter of 2016 to undertake additional capital improvements to reduce emissions of air pollutants, to provide for certain nitrogen oxide and sulfur dioxide emission controls and monitoring, and to install certain leak detection and repair equipment required by the Consent Decree. We estimate the cost of compliance with the Consent Decree to be approximately $30 million . However, Tesoro is responsible under the Environmental Agreement to reimburse PHR for all reasonable third party capital expenditures incurred for the Consent Decree to the extent related to acts or omissions prior to the date of the closing of the PHR acquisition. Tesoro is obligated to pay all applicable fines and penalties related to the Consent Decree. Indemnification In addition to its obligation to reimburse us for capital expenditures incurred pursuant to the Consent Decree, Tesoro agreed to indemnify us for claims and losses arising out of related breaches of Tesoro’s representations, warranties and covenants in the Environmental Agreement, certain defined “corrective actions” relating to pre-existing environmental conditions, third-party claims arising under environmental laws for personal injury or property damage arising out of or relating to releases of hazardous materials that occurred prior to the date of the closing of the PHR acquisition, any fine, penalty or other cost assessed by a governmental authority in connection with violations of environmental laws by PHR prior to the date of the closing of the PHR acquisition, certain groundwater remediation work, fines or penalties imposed on PHR by the Consent Decree related to acts or omissions of Tesoro prior to the date of the closing of the PHR acquisition and to claims and losses related to the Pearl City Superfund Site. Tesoro’s indemnification obligations are subject to certain limitations as set forth in the Environmental Agreement. These limitations include a deductible of $1 million and a cap of $15 million for certain of Tesoro’s indemnification obligations related to certain pre-existing conditions as well as certain restrictions regarding the time limits for submitting notice and supporting documentation for remediation actions. Recovery Trusts We emerged from the reorganization of Delta Petroleum on August 31, 2012 ("Emergence Date") when the plan of reorganization ("Plan") was consummated. On the Emergence Date, we formed the Delta Petroleum General Recovery Trust (“General Trust”). The General Trust was formed to pursue certain litigation against third parties, including preference actions, fraudulent transfer and conveyance actions, rights of setoff and other claims, or causes of action under the U.S. Bankruptcy Code and other claims and potential claims that the Debtors hold against third parties. As of June 30, 2016 , two related claims totaling approximately $22.4 million remained to be resolved by the trustee for the General Trust and we have reserved approximately $0.5 million representing the estimated value of claims remaining to be settled which are deemed probable and estimable at period end. One of the two remaining claims was filed by the U.S. Government for approximately $22.4 million relating to ongoing litigation concerning a plugging and abandonment obligation in Pacific Outer Continental Shelf Lease OCS-P 0320, comprising part of the Sword Unit in the Santa Barbara Channel, California. The second unliquidated claim, which is related to the same plugging and abandonment obligation, was filed by Noble Energy Inc., the operator and majority interest owner of the Sword Unit. We believe the probability of issuing stock to satisfy the full claim amount is remote, as the obligations upon which such proof of claim is asserted are joint and several among all working interest owners and Delta, our predecessor, only owned an approximate 3.4% aggregate working interest in the unit. The settlement of claims is subject to ongoing litigation and we are unable to predict with certainty how many shares will be required to satisfy all claims. Pursuant to the Plan, allowed claims are settled at a ratio of 54.4 shares per $1,000 of claim.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholders' Equity	Note 12—Stockholders' Equity Incentive Plan The following table summarizes our compensation costs recognized in General and administrative expense under the Amended and Restated Par Pacific Holdings, Inc. 2012 Long-term Incentive Plan ("LTIP") (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Restricted Stock Awards $ 729 $ 1,443 $ 1,395 $ 2,360 Restricted Stock Units 44 — 1,106 — Stock Option Awards 521 273 978 614 During the three and six months ended June 30, 2016 , we granted 39 thousand and 153 thousand shares of restricted stock and restricted stock units with a fair value of approximately $0.6 million and $2.9 million , respectively. During the three and six months ended June 30, 2016 , we granted 1,102 stock option awards with a weighted-average exercise price of $21.51 per share. As of June 30, 2016 , there were approximately $13.1 million of total unrecognized compensation costs related to restricted stock, restricted stock units, and stock option awards, which are expected to be recognized on a straight-line basis over a weighted-average period of 3.07 years . During the fourth quarter of 2015, our board of directors authorized an increase in the number of shares issuable under the LTIP, subject to shareholder approval. Additionally, we issued an aggregate of 1.1 million stock option awards to our new President and Chief Executive Officer, our Chairman and our Vice Chairman of our board of directors, each with an exercise price of $21.44 . In the first quarter of 2016, we issued an aggregate of approximately 52 thousand stock option awards with an exercise price of $22.99 and approximately 34 thousand shares of restricted stock to our Chief Financial Officer, Senior Vice President and General Counsel and Senior Vice President of Mergers and Acquisitions. These stock option and restricted stock awards were also subject to shareholder approval and therefore were not considered granted as of December 31, 2015. On June 2, 2016, our shareholders approved an amendment to the LTIP to increase the number of shares issuable under the LTIP to 4 million shares. Accordingly, the stock option and restricted stock awards issued during the fourth quarter of 2015 and the first quarter of 2016 were considered granted as of June 2, 2016.

Income (Loss) per Share

Income (Loss) per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Income (Loss) per Share	Note 13—Income (Loss) per Share Basic income (loss) per share is computed by dividing net income (loss) by the sum of the weighted-average number of common shares outstanding and the weighted-average number of shares issuable under the common stock warrants, representing 343 thousand shares during each of the three and six months ended June 30, 2016 and 749 thousand shares during the three and six months ended June 30, 2015 , respectively. The common stock warrants are included in the calculation of basic income (loss) per share because they are issuable for minimal consideration. The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net income (loss) $ (13,088 ) $ 11,723 $ (31,761 ) $ 12,185 Undistributed income allocated to participating securities (2) — 108 — 107 Net income (loss) attributable to common stockholders $ (13,088 ) $ 11,615 $ (31,761 ) $ 12,078 Basic weighted-average common stock shares outstanding 41,015 37,339 40,991 37,261 Add: dilutive effects of common stock equivalents (1) — 24 — 58 Diluted weighted-average common stock shares outstanding 41,015 37,363 40,991 37,319 Basic income (loss) per common share $ (0.32 ) $ 0.31 $ (0.77 ) $ 0.32 Diluted income (loss) per common share $ (0.32 ) $ 0.31 $ (0.77 ) $ 0.32 ________________________________________________________ (1) 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 loss per share for the three and six months ended June 30, 2016 . (2) Participating securities includes restricted stock that has been issued but has not yet vested. For the three and six months ended June 30, 2016 , our weighted-average potentially dilutive securities excluded from the calculation of diluted shares outstanding consisted of 433 thousand and 440 thousand shares of unvested restricted stock, 1.0 million and 0.8 million common stock equivalents related to stock options, and 583 thousand and 292 thousand common stock equivalents assuming our 5.00% Convertible Senior Notes had been converted on the date of issuance, respectively. For the three and six months ended June 30, 2015 , our weighted-average potentially dilutive securities excluded from the calculation of diluted shares outstanding consisted of 348 thousand and 331 thousand shares of unvested restricted stock and 24 thousand and 58 thousand common stock equivalents related to stock options, respectively. As discussed in Note 8—Debt , the Company has the option of settling the 5.00% Convertible Senior Notes in cash or shares of common stock, or any combination thereof, upon conversion. The Company has a net loss for the period; therefore, there is no impact for the conversion of the 5.00% Convertible Senior Notes on diluted EPS as the effect would be anti-dilutive; however, had the Company reported net income for the three or six month periods ended June 30 2016, diluted EPS would have been determined using the if-converted method.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 14—Income Taxes In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future results of operations and tax planning strategies in making this assessment. Based upon the level of historical taxable income, significant book losses during the current and prior periods and projections for future results of operations over the periods in which the deferred tax assets are deductible, among other factors, management continues to conclude that we did not meet the “more likely than not” requirement in order to recognize deferred tax assets and a valuation allowance has been recorded for the full amount of our net deferred tax assets at June 30, 2016 . During the three and six months ended June 30, 2016 and 2015 , no adjustments were recognized for uncertain tax positions. Our net taxable income must be apportioned to various states based upon the income tax laws of the states in which we derive our revenue. Our net operating loss ("NOL") carryforwards will not always be available to offset taxable income apportioned to the various states. The states from which some of our revenues are derived are not the same states in which our NOLs were incurred; therefore we expect to incur state tax liabilities on the net income of our refining, logistics, retail and Texadian segments. Pursuant to ASC 740-20-45-7, we recognize the interim effects of intraperiod tax allocation discretely. As a result, during the second quarter of 2016, we recorded a benefit for the release of $8.6 million of our valuation allowance to offset future temporary differences associated with the 5.00% Convertible Senior Notes . During the second quarter of 2015, we recorded a benefit for the release of $18.6 million of our valuation allowance as we expect to be able to utilize a portion of our NOL carryforwards to offset future taxable income of PHI . Excluding the impact of releasing the tax valuation allowance with respect to the the issuance of the 5.00% Convertible Senior Notes , we recognized a state tax expense of $3 thousand and state tax benefit of $18 thousand , respectively. Excluding the impact of releasing the valuation allowance in 2015 with regard to the acquisition of PHI, we recognized a state tax benefit of $22 thousand and state tax expense of $43 thousand during the three and six months ended June 30, 2015 , respectively. We will continue to assess the realizability of our deferred tax assets based on consideration of actual and projected operating results and tax planning strategies. Should actual operating results continue to improve, the amount of the deferred tax asset considered more likely than not to be realizable could be increased.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Information	Note 15—Segment Information During the fourth quarter of 2015, we changed our reportable segments to separate our logistics operations from our refining operations due to a change in senior leadership, organizational structure, the acquisition of Mid Pac and to reflect how we currently make financial decisions and allocate resources. During the fourth quarter of 2015, we also began including all general and administrative and acquisition and integration expenses in our Corporate and Other segment because we manage those costs on a consolidated basis. Additionally, effective in the fourth quarter of 2015, the crude oil and natural gas operations are included within the Corporate and Other reportable segment. Currently we report the results for the following five business segments: (i) Refining , (ii) Retail , (iii) Logistics , (iv) Texadian and (v) Corporate and Other. We previously reported results for the following four business segments: (i) Refining and Distribution, (ii) Retail, (iii) Natural Gas and Oil Production and (iv) Commodity Marketing and Logistics. We have recast the segment information for the three and six months ended June 30, 2015 below to conform to the current period presentation. Summarized financial information concerning reportable segments consists of the following (in thousands): Three months ended June 30, 2016 Refining Logistics (1) Retail Texadian Corporate, Eliminations and Other (2) Total Revenues $ 372,785 $ 24,792 $ 71,873 $ 11,769 $ (67,426 ) $ 413,793 Cost of revenues (excluding depreciation) 346,547 16,547 56,516 12,483 (67,431 ) 364,662 Operating expense (excluding depreciation) 23,093 2,321 10,454 — — 35,868 Lease operating expense — — — — 10 10 Depreciation, depletion and amortization 1,954 923 1,494 171 558 5,100 General and administrative expense — — — — 10,621 10,621 Acquisition and integration expense — — — — 845 845 Operating income (loss) $ 1,191 $ 5,001 $ 3,409 $ (885 ) $ (12,029 ) $ (3,313 ) Interest expense and financing costs, net (6,106 ) Other income (expense), net 67 Change in value of common stock warrants 1,176 Change in value of contingent consideration 3,552 Equity losses from Laramie Energy, LLC (16,948 ) Loss before income taxes (21,572 ) Income tax benefit 8,484 Net loss $ (13,088 ) Capital expenditures $ 4,496 $ 606 $ 1,219 $ — $ 894 $ 7,215 Three months ended June 30, 2015 Refining Logistics (1) Retail Texadian Corporate, Eliminations and Other (2) Total Revenues $ 538,453 $ 21,059 $ 80,938 $ 25,125 $ (81,816 ) $ 583,759 Cost of revenues (excluding depreciation) 488,283 12,557 64,298 23,418 (83,525 ) 505,031 Operating expense (excluding depreciation) 21,398 1,316 9,757 — — 32,471 Lease operating expense — — — — 1,508 1,508 Depreciation, depletion, and amortization 2,061 830 1,590 229 295 5,005 General and administrative expense — — — — 11,814 11,814 Acquisition and integration expense — — — — 470 470 Operating income (loss) $ 26,711 $ 6,356 $ 5,293 $ 1,478 $ (12,378 ) $ 27,460 Interest expense and financing costs, net (5,825 ) Loss on termination of financing agreements (19,229 ) Other income (expense), net (158 ) Change in value of common stock warrants 3,313 Change in value of contingent consideration (9,495 ) Equity losses from Laramie Energy, LLC (2,950 ) Loss before income taxes (6,884 ) Income tax benefit 18,607 Net income $ 11,723 Capital expenditures $ 1,862 $ 2,708 $ 104 $ — $ 452 $ 5,126 ________________________________________________________ (1) Our logistics operations consist primarily of intercompany transactions which eliminate on a consolidated basis. (2) Includes eliminations of intersegment revenues and Cost of revenues (excluding depreciation) of $67.5 million and $83.5 million for the three months ended June 30, 2016 and 2015 , respectively. Six months ended June 30, 2016 Refining Logistics Retail Texadian Corporate, Eliminations and Other (2) Total Revenues $ 709,189 $ 45,579 $ 140,375 $ 22,179 $ (125,718 ) $ 791,604 Cost of revenues (excluding depreciation) 673,253 29,373 106,466 23,803 (125,844 ) 707,051 Operating expense (excluding depreciation) 49,143 4,220 20,598 — — 73,961 Lease operating expense — — — — 124 124 Depreciation, depletion, and amortization 3,894 1,841 3,032 342 1,087 10,196 General and administrative expense — — — — 21,791 21,791 Acquisition and integration expense — — — — 1,516 1,516 Operating income (loss) (17,101 ) 10,145 10,279 (1,966 ) (24,392 ) (23,035 ) Interest expense and financing costs, net (10,719 ) Other income (expense), net 116 Change in value of common stock warrants 2,820 Change in value of contingent consideration 9,728 Equity losses from Laramie Energy, LLC (18,818 ) Loss before income taxes (39,908 ) Income tax benefit 8,147 Net loss $ (31,761 ) Capital expenditures $ 7,127 $ 885 $ 2,063 $ — $ 1,616 $ 11,691 Six months ended June 30, 2015 Refining Logistics (1) Retail Texadian Corporate, Eliminations and Other (2) Total Revenues $ 1,033,071 $ 40,777 $ 127,657 $ 66,079 $ (140,214 ) $ 1,127,370 Cost of revenues (excluding depreciation) 939,791 23,083 97,728 64,334 (142,399 ) 982,537 Operating expense (excluding depreciation) 46,333 2,736 15,682 — — 64,751 Lease operating expense — — — — 3,039 3,039 Depreciation, depletion, and amortization 3,738 1,420 2,183 458 457 8,256 General and administrative expense — — — — 21,939 21,939 Acquisition and integration expense — — — — 1,531 1,531 Operating income (loss) 43,209 13,538 12,064 1,287 (24,781 ) 45,317 Interest expense and financing costs, net (11,382 ) Loss on termination of financing agreement (19,229 ) Other income (expense), net (154 ) Change in value of common stock warrants (1,709 ) Change in value of contingent consideration (14,424 ) Equity losses from Laramie Energy, LLC (4,776 ) Loss before income taxes (6,357 ) Income tax benefit 18,542 Net income $ 12,185 Capital expenditures $ 3,911 $ 4,675 $ 502 $ — $ 785 $ 9,873 ________________________________________________________ (1) Our logistics operations consist primarily of intercompany transactions which eliminate on a consolidated basis. (2) Includes eliminations of intersegment revenues and Cost of revenues (excluding depreciation) of $125.9 million and $142.4 million for the six months ended June 30, 2016 and 2015 , respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Note 16—Related Party Transactions Term Loan Certain of our stockholders, or affiliates of our stockholders, are the lenders under our Term Loan. In previous years, they received common stock warrants exercisable for shares of common stock in connection with the origination of the Term Loan. On June 15, 2016 , the Term Loan was amended to permit (i) the issuance of the 5.00% Convertible Senior Notes, (ii) the issuance of the Bridge Notes, and (iii) the WRC Acquisition . We paid a consent fee of $2.5 million in connection with this amendment, $1.25 million of which was paid to an affiliate of Whitebox, one of the Company's largest stockholders. On June 21, 2016 , we repaid $5 million of the Term Loan pursuant to the terms of the amendment, $3.25 million of which was allocated to an affiliate of Whitebox. Convertible Notes Offering In June 2016, we issued $115 million in aggregate principal amount of our 5.00% Convertible Senior Notes in a private placement under Rule 144A in the Notes Offering. The 5.00% Convertible Senior Notes bear interest at 5.00% per year from June 21, 2016 , payable semi-annually in arrears on June 15 and December 15 of each year beginning on December 15, 2016, and will mature on June 15, 2021 . The holders of the 5.00% Convertible Senior Notes may exercise their conversion rights at any time prior to the close of business on the business day immediately preceding the maturity date under certain circumstances. The 5.00% Convertible Senior Notes will initially be convertible at a conversion rate of 55.5556 shares of common stock per $1,000 principal amount of 5.00% Convertible Senior Notes , which is equivalent to an initial conversion price of approximately $18.00 per share, subject to adjustments upon the occurrence of certain events. Prior to the Notes Offering, we also entered into a back up convertible note commitment letter with funds managed by Highbridge Capital Management, LLC and funds managed on behalf of Whitebox (collectively, the “Back Up Convertible Note Purchasers”), pursuant to which the Back Up Convertible Note Purchasers committed to purchase $100 million aggregate principal amount of senior unsecured convertible notes due 2021, which would be issued in a private offering pursuant to an exemption from the registration requirements of the Securities Act. The obligations of the Back Up Convertible Note Purchasers to purchase convertible notes automatically terminated upon the consummation of the Notes Offering, provided that each of the Back Up Convertible Note Purchasers and their respective affiliates were allocated the opportunity to purchase at least $32.5 million of the 5.00% Convertible Senior Notes offered in the Notes Offering. Affiliates of Whitebox purchased an aggregate $42.5 million principal amount of the 5.00% Convertible Senior Notes in the Notes Offering. Equity Group Investments ("EGI") and Whitebox - Service Agreements On September 17, 2013 , we entered into letter agreements (“Services Agreements”) with Equity Group Investments (“EGI”), an affiliate of Zell Credit Opportunities Fund, LP ("ZCOF") and Whitebox, each of which owns 10% or more of our common stock directly or through affiliates. Pursuant to the Services Agreements, EGI and Whitebox agreed to provide us with ongoing strategic, advisory and consulting services that may include (i) advice on financing structures and our relationship with lenders and bankers, (ii) advice regarding public and private offerings of debt and equity securities, (iii) advice regarding asset dispositions, acquisitions or other asset management strategies, (iv) advice regarding potential business acquisitions, dispositions or combinations involving us or our affiliates or (v) such other advice directly related or ancillary to the above strategic, advisory and consulting services as may be reasonably requested by us. EGI and Whitebox will not receive a fee for the provision of the strategic, advisory or consulting services set forth in the Services Agreements, but may be periodically reimbursed by us, upon request, for (i) travel and out of pocket expenses, provided that in the event that such expenses exceed $50 thousand in the aggregate with respect to any single proposed matter, EGI or Whitebox, as applicable, will obtain our consent prior to incurring additional costs and (ii) provided that we provide prior consent to their engagement with respect to any particular proposed matter, all reasonable fees and disbursements of counsel, accountants and other professionals incurred in connection with EGI’s or Whitebox’s, as applicable, services under the Services Agreements. In consideration of the services provided by EGI and Whitebox under the Services Agreements, we agreed to indemnify each of them for certain losses incurred by them relating to or arising out of the Services Agreements or the services provided thereunder. The Services Agreements have a term of one year and will be automatically extended for successive one -year periods unless terminated by either party at least 60 days prior to any extension date. There were no significant costs incurred related to these agreements during the three and six months ended June 30, 2016 or 2015 . In October 2015 , the Company terminated its Services Agreement with Whitebox. Bridge Notes Commitment and Issuance On June 14, 2016 , we entered into a bridge notes commitment letter (the “Bridge Notes Commitment Letter”) with entities affiliated with EGI and Highbridge Capital Management, pursuant to which such parties committed to purchase an aggregate of up to $52.5 million of Bridge Notes. We paid each of the entities affiliated with EGI and Highbridge Capital Management committing to purchase Bridge Notes pursuant to the Bridge Notes Commitment Letter a fee in the amount of 5.0% of their respective commitments. This fee was deducted from the proceeds received from the Bridge Loan at closing in July 2016. Please read Note 17—Subsequent Events for further discussion.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 17—Subsequent Events Wyoming Refining Company Acquisition On July 14, 2016 , we completed the WRC Acquisition for cash consideration of $213.4 million and assumed $58.0 million of debt. The consideration was paid with funds received from the Bridge Notes, cash on hand, which included the net proceeds from our issuance of the 5.00% Convertible Senior Notes , and the issuance of a $65 million secured term loan by Par Wyoming Holdings, LLC (the "Chambers Credit Agreement"). Given the recent closing date, we have not yet completed our initial purchase price allocation. Bridge Notes On July 14, 2016 , we issued approximately $52.6 million in aggregate principal amount of the “Bridge Notes” in a private offering pursuant to the terms of a note purchase agreement (the “Note Purchase Agreement”) entered into among the Company and the purchasers of the Bridge Notes. The net proceeds from the sale of the Bridge Notes of $50 million were used to fund a portion of the consideration for the WRC Acquisition . The Bridge Notes will bear interest at a per annum rate of 2.50% . Interest on the unpaid principal amount of the Bridge Notes will be payable at maturity, upon prepayment, and after maturity, on demand. Any amount of principal and/or interest that is not paid when due will bear interest at the per annum rate of 4.50% . Subject to the conversion of the Bridge Notes, the entire outstanding principal balance of the Bridge Notes, plus accrued and unpaid interest thereon, will be due and payable on October 12, 2016 ("Bridge Note Maturity Date"). In the event that we have commenced, but not closed, a registered pro-rata subscription rights offering (the “Rights Offering”) for the Company’s common stock, on or prior to the Bridge Note Maturity Date, the Bridge Note Maturity Date will be automatically extended to November 14, 2016 (the “Extended Bridge Note Maturity Date”) in exchange for the payment of a cash extension fee in an amount equal to 0.25% of the principal amount of the Bridge Notes delivered on the Bridge Note Maturity Date. In the event that we have not commenced the Rights Offering on or prior to the Bridge Note Maturity Date, the Bridge Note Maturity Date will not be extended, the Bridge Notes will be converted into shares of our common stock and we will pay a cash fee in an amount equal to 7.55% of the principal amount of the Bridge Notes outstanding and converted into shares of our common stock on the Bridge Note Maturity Date. The Bridge Notes will convert automatically into shares of our common stock upon the occurrence of the earlier of (i) the Bridge Note Maturity Date or, if the Bridge Note Maturity Date is extended, the Extended Bridge Note Maturity Date, and (ii) the closing of the Rights Offering. Upon the closing of the Rights Offering and prior to the mandatory conversion of the Bridge Notes, all of the net proceeds of the Rights Offering will first be applied to pay (i) any and all unpaid expenses incurred by the purchasers of the Bridge Notes, (ii) all accrued and unpaid interest on the Bridge Notes and (iii) the outstanding principal amount of the Bridge Notes. Thereafter, to the extent not paid in cash with the net proceeds from the Rights Offering, all, but not less than all, of the outstanding aggregate principal amount plus accrued and unpaid interest, if any, on the Bridge Notes will convert into shares of our common stock. Affiliates of EGI, a related party, purchased approximately $36.8 million aggregate principal amount of Bridge Notes. Affiliates of EGI were paid a fee of $1.8 million upon closing of the Bridge Notes for the execution of the Bridge Notes Commitment Letter. Please read Note 16—Related Party Transactions for further discussion. Chambers Credit Agreement On July 14, 2016 , in connection with the WRC Acquisition , Par Wyoming Holdings, LLC, our indirect wholly-owned subsidiary, entered into a Credit Agreement with Chambers Energy Management, LP (the “Chambers Credit Agreement”), which provides for a single advance secured term loan to our subsidiary in the amount of $65.0 million (the "Chambers Loan") at the closing of the WRC Acquisition . The proceeds of the Chambers Loan were used to pay a portion of the consideration for the WRC Acquisition and to pay certain fees and closing costs. The Chambers Loan matures and is fully payable on July 14, 2021 and may be prepaid, subject to the terms and requirements set forth in the Chambers Credit Agreement. Interest is payable entirely in cash or, at our election with respect to any fiscal quarter, entirely paid-in-kind ("PIK"), provided that we may not elect to pay interest in the form of PIK for more than twelve fiscal quarters in the aggregate. The Chambers Loan will bear interest at a rate equal to LIBOR plus an applicable interest margin. With respect to cash interest, the applicable interest margin is a rate per annum equal to 9.5% . With respect to PIK interest, the applicable interest margin is a rate per annum equal to 13% . Interest is payable in arrears on (a) the last day of each fiscal quarter, (b) the maturity date and (c) the date of any repayment or prepayment of the Chambers Loan. The Chambers Credit Agreement contains various affirmative and negative covenants affecting the businesses and operations of certain of our subsidiaries, including Wyoming Refining Company and its subsidiaries. In addition, the Chambers Credit Agreement requires compliance with a leverage ratio covenant tested quarterly commencing on September 30, 2017 . Wyoming Refining Company Credit Facility Wyoming Refining Company and its wholly owned subsidiary, Wyoming Pipeline Company LLC, are borrowers (the “BofA Facility Borrowers”) under a Third Amended and Restated Loan Agreement dated as of April 30, 2015 (as amended from time to time, the “ BofA Loan Agreement ”), with Bank of America, N.A., as the lender (“BofA”). The BofA Loan Agreement remained in place following the consummation of the WRC Acquisition . On July 14, 2016 , in connection with the consummation of the WRC Acquisition , the BofA Loan Agreement was amended pursuant to a Third Amendment to Third Amended and Restated Loan Agreement (the “Third Loan Amendment”) and a Fourth Amendment to Third Amended and Restated Loan Agreement (the “Fourth Loan Amendment”). Pursuant to the Third Loan Amendment, which was entered into immediately prior to the consummation of the WRC Acquisition , Black Elk Refining, LLC was released from all of its obligations under the BofA Loan Agreement and our subsidiary joined and became a party to the BofA Loan Agreement and applicable security agreement, and guaranteed all obligations of the borrowers under the BofA Loan Agreement. The Fourth Loan Amendment was entered into immediately following the consummation of the WRC Acquisition , and amended certain covenants in the BofA Loan Agreement applicable to our subsidiary and the BofA Facility Borrowers. The BofA Loan Agreement provides for (a) a revolving credit facility in the maximum principal amount at any time outstanding of $30 million , subject to a borrowing base, which provides for revolving loans and for the issuance of letters of credit, and (b) certain term loans which are fully advanced. Once repaid, the term loans may not be reborrowed. On July 14, 2016 , the aggregate outstanding principal amount of the term loans under the BofA Loan Agreement was approximately $58.0 million and the aggregate outstanding principal amount of revolving loans and letter of credit obligations under the BofA Loan Agreement was approximately $10.2 million . The BofA Loan Agreement requires our subsidiary and the borrowers under the BofA Loan Agreement to comply with various affirmative and negative covenants affecting their respective businesses, including certain financial covenants tested on a monthly basis, beginning July 31, 2016, through December 31, 2016, and quarterly thereafter. The loans and letters of credit issued under the BofA Loan Agreement are secured by a first-priority security interest in and lien on substantially all assets of the BofA Facility Borrowers.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements include the accounts of Par Pacific Holdings, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts previously reported in our condensed consolidated financial statements for prior periods have been reclassified to conform to the current presentation. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. The condensed consolidated financial statements contained in this report include all material adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the complete fiscal year or for any other period. The condensed consolidated balance sheet as of December 31, 2015 was derived from our audited consolidated financial statements as of that date. These condensed consolidated financial statements should be read together with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015 .
Use Of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Actual amounts could differ from these estimates. Significant estimates include the fair value of assets and liabilities, inventory valuation, derivatives, asset retirement obligations and contingencies and litigation accruals.
Accounting Principles Not Yet Adopted	Accounting Principles Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The FASB’s objective was to provide a more robust framework to improve comparability of revenue recognition practices across entities by removing most industry and transaction specific guidance, align GAAP with International Financial Reporting Standards and provide more useful information to financial statement users. This authoritative guidance changes the way entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date ("ASU 2015-14"), which defers the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual periods beginning after December 15, 2017 and early adoption is permitted for interim and annual periods beginning after December 15, 2016. ASU 2014-09 allows for either full retrospective adoption or modified retrospective adoption. We are in the process of determining the method of adoption and the impact this guidance will have on our financial condition, results of operations and cash flows. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”). This ASU clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract with a customer. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ("ASU 2016-10"). This ASU amends the guidance on identifying performance obligations and the implementation guidance on licensing. In May 2016, the FASB issued ASU No. 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Recission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update) ("ASU 2016-11"). The amendments in ASU 2016-11 rescind certain SEC Staff Observer comments that are codified in Topic 605, Revenue Recognition, and Topic 932, Extractive Activities—Oil and Gas, effective upon adoption of Topic 606. In addition, as a result of the amendments in ASU 2014-16, the SEC staff is rescinding its SEC Staff Announcement, “Determining the Nature of a Host Contract Related to a Hybrid Instrument Issued in the Form of a Share under Topic 815,” effective concurrently with Update 2014-16. In May 2016, the FASB also issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients ("ASU 2016-12"). The amendments in this ASU improve guidance on assessing collectibility, presentation of sales taxes and other similar taxes, noncash consideration and completed contracts and contract modifications at transition. The effective dates for these ASUs are the same as the effective date for ASU No. 2014-09. We are in the process of determining the method of adoption and the impact this guidance will have on our financial condition, results of operations and cash flows. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for interim and annual periods beginning after December 15, 2016 and early adoption is permitted. We do not expect the adoption of ASU 2014-15 to have a material impact on our financial condition, results of operations or cash flows. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 changes the consolidation analysis required under GAAP by eliminating the presumption that a general partner should consolidate a limited partnership and modifying the evaluation of whether limited partnerships are Variable Interest Entities ("VIEs") or voting interest entities. Under the amended guidance, limited partners would be required to consolidate a partnership if the limited partner retains certain powers and obligations. The amendments in this ASU are effective for annual periods beginning after December 15, 2016 and interim periods beginning after December 15, 2017. ASU 2015-02 allows for either full retrospective adoption or modified retrospective adoption. Early adoption is permitted, but the guidance must be applied as of the beginning of the annual period containing the adoption date. We are in the process of determining the method of adoption and the impact this guidance will have on our financial condition, results of operations and cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 requires lessees to recognize all leases, including operating leases, on the balance sheet as a lease asset or lease liability, unless the lease is a short-term lease. ASU 2016-02 also requires additional disclosures regarding leasing arrangements. ASU 2016-02 is effective for interim periods and fiscal years beginning after December 15, 2018 and early application is permitted. We are in the process of determining the method of adoption and the impact this guidance will have on our financial condition, results of operations and cash flows. In March 2016, the FASB issued ASU No. 2016-07, Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting ("ASU 2016-07"). ASU 2016-07 simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. Consequently, when an investment qualifies for the equity method (as a result of an increase in the level of ownership interest or degree of influence), the cost of acquiring the additional interest in the investee would be added to the current basis of the investor’s previously held interest and the equity method would be applied subsequently from the date on which the investor obtains the ability to exercise significant influence over the investee. ASU 2016-07 is effective for interim periods and fiscal years beginning after December 15, 2016, and early application is permitted. We do not expect the adoption of ASU 2016-07 to have a material impact on our financial condition, results of operations or cash flows. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for interim periods and fiscal years beginning after December 15, 2016. Early application is permitted and requires that adjustments be reflected as of the beginning of the fiscal year that includes the interim period of adoption. We are in the process of determining the method of adoption and the impact this guidance will have on our financial condition, results of operations and cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The amendments in ASU 2016-13 require financial assets measured at amortized cost basis to be presented as the net amount expected to be collected, which includes a reduction for any expected credit losses. Expected credit losses are to be estimated based on relevant information about past events and reasonable and supportable forecasts. The amendments are effective for interim periods and fiscal years beginning after December 15, 2019, with early adoption permitted for interim periods and fiscal years beginning after December 15, 2018. We do not expect the adoption of ASU 2016-13 to have a material impact on our financial condition, results of operations or cash flows.

Investment in Laramie Energy (T

Investment in Laramie Energy (Tables)	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The change in our equity investment in Laramie Energy is as follows (in thousands): Six Months Ended June 30, 2016 Beginning balance $ 76,203 Equity losses from Laramie (21,594 ) Accretion of basis difference 2,776 Investments 55,000 Ending balance $ 112,385
Equity Method Investees Financial Information	Summarized financial information for Laramie Energy is as follows (in thousands): June 30, 2016 December 31, 2015 Current assets $ 7,782 $ 8,511 Non-current assets 657,611 514,206 Current liabilities 35,804 18,158 Non-current liabilities 194,077 98,624 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Natural gas and oil revenues $ 22,729 $ 10,486 $ 37,422 $ 21,223 Loss from operations (12,229 ) (8,207 ) (23,353 ) (15,286 ) Net loss (43,660 ) (9,329 ) (46,239 ) (15,409 )

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Business Acquisition, Pro Forma Information	The following unaudited pro forma financial information presents our consolidated revenues and net income as if the Mid Pac acquisition had been completed on January 1, 2014 (in thousands): Six Months Ended June 30, 2015 Revenues $ 1,154,620 Net loss (4,671 )

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories at June 30, 2016 consist of the following (in thousands): Titled Inventory Supply and Offtake Agreements (1) Total Crude oil and feedstocks $ 7,386 $ 75,828 $ 83,214 Refined products and blendstock 31,081 106,860 137,941 Warehouse stock and other 17,343 — 17,343 Total $ 55,810 $ 182,688 $ 238,498 Inventories at December 31, 2015 consist of the following (in thousands): Titled Inventory Supply and Offtake Agreements (1) Total Crude oil and feedstocks $ 18,404 $ 68,126 $ 86,530 Refined products and blendstock 28,023 87,608 115,631 Warehouse stock and other 17,276 — 17,276 Total $ 63,703 $ 155,734 $ 219,437 ________________________________________________________ (1) Please read Note 7—Inventory Financing Agreements for further information.

Prepaid and Other Current Ass27

Prepaid and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Prepaid and other current assets at June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, 2016 December 31, 2015 Advances to suppliers for crude oil purchases $ 50,541 $ 36,247 Collateral posted with broker for derivative instruments 6,211 20,926 Prepaid insurance 2,385 6,773 Derivative assets — 4,577 Other 558 6,914 Total $ 59,695 $ 75,437

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes our outstanding debt (in thousands): June 30, 2016 December 31, 2015 KeyBank Credit Agreement $ 102,462 $ 110,000 5% Convertible Senior Notes due 2021 115,000 — Term Loan 56,931 60,119 Principal amount of long-term debt 274,393 170,119 Less: unamortized discount (26,121 ) (899 ) Less: deferred financing costs (6,422 ) (4,008 ) Total debt, net of unamortized discount and deferred financing costs 241,850 165,212 Less: current maturities (11,000 ) (11,000 ) Long-term debt, net of current maturities $ 230,850 $ 154,212
Fiscal Year Maturity Schedule	Annual maturities of our long-term debt for the next five years and thereafter are as follows (in thousands): Year Ended Amount Due 2016 $ 5,500 2017 11,000 2018 67,931 2019 11,000 2020 11,000 Thereafter 167,962 $ 274,393

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following table provides information on the fair value amounts (in thousands) of these derivatives as of June 30, 2016 and December 31, 2015 and their placement within our condensed consolidated balance sheets. Balance Sheet Location June 30, 2016 December 31, 2015 Asset (Liability) Commodity derivatives (1) Prepaid and other current assets $ — $ 4,577 Commodity derivatives (1) Other long-term assets 1,714 — Commodity derivatives Other accrued liabilities (3,231 ) (9,534 ) Commodity derivatives Other liabilities (949 ) (4,925 ) J. Aron repurchase obligation derivative Obligations under inventory financing agreements (2,246 ) 9,810 Interest rate derivatives Other accrued liabilities (907 ) — Interest rate derivatives Other liabilities (1,101 ) — _________________________________________________________ (1) Does not include cash collateral of $6.2 million and $20.9 million recorded in Prepaid and other current assets and $7.0 million and $7.0 million in Other long-term assets as of June 30, 2016 and December 31, 2015 , respectively. Fair value amounts by hierarchy level as of June 30, 2016 and December 31, 2015 are presented gross in the tables below (in thousands): June 30, 2016 Level 1 Level 2 Level 3 Gross Fair Value Effect of Counter-Party Netting Net Carrying Value on Balance Sheet (1) Assets Commodity derivatives $ 62 $ 5,826 $ — $ 5,888 $ (4,174 ) $ 1,714 Total $ 62 $ 5,826 $ — $ 5,888 $ (4,174 ) $ 1,714 Liabilities Common stock warrants $ — $ — $ (5,276 ) $ (5,276 ) $ — $ (5,276 ) Contingent consideration — — (1,042 ) (1,042 ) — (1,042 ) Commodity derivatives (578 ) (7,776 ) — (8,354 ) 4,174 (4,180 ) J. Aron repurchase obligation derivative — — (2,246 ) (2,246 ) — (2,246 ) Interest rate derivatives — (2,008 ) — (2,008 ) — (2,008 ) Total $ (578 ) $ (9,784 ) $ (8,564 ) $ (18,926 ) $ 4,174 $ (14,752 ) December 31, 2015 Level 1 Level 2 Level 3 Gross Fair Value Effect of Counter-Party Netting Net Carrying Value on Balance Sheet (1) Assets Commodity derivatives $ 429 $ 33,797 $ — $ 34,226 $ (29,649 ) $ 4,577 J. Aron repurchase obligation derivative — — 9,810 9,810 (9,810 ) — Total $ 429 $ 33,797 $ 9,810 $ 44,036 $ (39,459 ) $ 4,577 Liabilities Common stock warrants $ — $ — $ (8,096 ) $ (8,096 ) $ — $ (8,096 ) Contingent consideration — — (27,581 ) (27,581 ) — (27,581 ) Commodity derivatives (396 ) (43,712 ) — (44,108 ) 29,649 (14,459 ) J. Aron repurchase obligation derivative — — — — 9,810 9,810 Total $ (396 ) $ (43,712 ) $ (35,677 ) $ (79,785 ) $ 39,459 $ (40,326 ) _________________________________________________________ (1) Does not include cash collateral of $13.2 million and $28.0 million as of June 30, 2016 and December 31, 2015 , respectively, included within Prepaid and other current assets and Other long-term assets on our condensed consolidated balance sheets.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	The following table summarizes the pre-tax gains (losses) recognized in Net income (loss) on our condensed consolidated statements of operations resulting from changes in fair value of derivative instruments not designated as hedges charged directly to earnings (in thousands): Three Months Ended June 30, Six Months Ended June 30, Statement of Operations Location 2016 2015 2016 2015 Commodity derivatives Cost of revenues (excluding depreciation) $ 7,660 $ 4,302 $ (89 ) $ 2,572 J. Aron repurchase obligation derivative Cost of revenues (excluding depreciation) 10,920 — (12,056 ) — Interest rate derivatives Interest expense (1,579 ) — (2,302 ) —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	Significant inputs used in the simulation model as of December 31, 2015 include: December 31, 2015 Stock price $ 23.54 Weighted-average exercise price $ 0.10 Term (years) 6.67 Risk-free interest rate 2.04 % Expected volatility 43.0 %
Fair Value, Assets Measured on Recurring Basis	The following table provides information on the fair value amounts (in thousands) of these derivatives as of June 30, 2016 and December 31, 2015 and their placement within our condensed consolidated balance sheets. Balance Sheet Location June 30, 2016 December 31, 2015 Asset (Liability) Commodity derivatives (1) Prepaid and other current assets $ — $ 4,577 Commodity derivatives (1) Other long-term assets 1,714 — Commodity derivatives Other accrued liabilities (3,231 ) (9,534 ) Commodity derivatives Other liabilities (949 ) (4,925 ) J. Aron repurchase obligation derivative Obligations under inventory financing agreements (2,246 ) 9,810 Interest rate derivatives Other accrued liabilities (907 ) — Interest rate derivatives Other liabilities (1,101 ) — _________________________________________________________ (1) Does not include cash collateral of $6.2 million and $20.9 million recorded in Prepaid and other current assets and $7.0 million and $7.0 million in Other long-term assets as of June 30, 2016 and December 31, 2015 , respectively. Fair value amounts by hierarchy level as of June 30, 2016 and December 31, 2015 are presented gross in the tables below (in thousands): June 30, 2016 Level 1 Level 2 Level 3 Gross Fair Value Effect of Counter-Party Netting Net Carrying Value on Balance Sheet (1) Assets Commodity derivatives $ 62 $ 5,826 $ — $ 5,888 $ (4,174 ) $ 1,714 Total $ 62 $ 5,826 $ — $ 5,888 $ (4,174 ) $ 1,714 Liabilities Common stock warrants $ — $ — $ (5,276 ) $ (5,276 ) $ — $ (5,276 ) Contingent consideration — — (1,042 ) (1,042 ) — (1,042 ) Commodity derivatives (578 ) (7,776 ) — (8,354 ) 4,174 (4,180 ) J. Aron repurchase obligation derivative — — (2,246 ) (2,246 ) — (2,246 ) Interest rate derivatives — (2,008 ) — (2,008 ) — (2,008 ) Total $ (578 ) $ (9,784 ) $ (8,564 ) $ (18,926 ) $ 4,174 $ (14,752 ) December 31, 2015 Level 1 Level 2 Level 3 Gross Fair Value Effect of Counter-Party Netting Net Carrying Value on Balance Sheet (1) Assets Commodity derivatives $ 429 $ 33,797 $ — $ 34,226 $ (29,649 ) $ 4,577 J. Aron repurchase obligation derivative — — 9,810 9,810 (9,810 ) — Total $ 429 $ 33,797 $ 9,810 $ 44,036 $ (39,459 ) $ 4,577 Liabilities Common stock warrants $ — $ — $ (8,096 ) $ (8,096 ) $ — $ (8,096 ) Contingent consideration — — (27,581 ) (27,581 ) — (27,581 ) Commodity derivatives (396 ) (43,712 ) — (44,108 ) 29,649 (14,459 ) J. Aron repurchase obligation derivative — — — — 9,810 9,810 Total $ (396 ) $ (43,712 ) $ (35,677 ) $ (79,785 ) $ 39,459 $ (40,326 ) _________________________________________________________ (1) Does not include cash collateral of $13.2 million and $28.0 million as of June 30, 2016 and December 31, 2015 , respectively, included within Prepaid and other current assets and Other long-term assets on our condensed consolidated balance sheets.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	A roll forward of Level 3 financial instruments measured at fair value on a recurring basis is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Balance, at beginning of period $ (39,938 ) $ (31,205 ) $ (25,867 ) $ (21,254 ) Settlements 15,726 — 16,810 — Total unrealized income (loss) included in earnings 15,648 (6,182 ) 493 (16,133 ) Balance, at end of period $ (8,564 ) $ (37,387 ) $ (8,564 ) $ (37,387 )
Fair Value and Carrying Value Liabilities Measured On Recurring Basis	The carrying value and fair value of long-term debt and other financial instruments as of June 30, 2016 and December 31, 2015 are as follows (in thousands): June 30, 2016 Carrying Value Fair Value (1) KeyBank Credit Agreement (2) $ 102,462 $ 102,462 5% Convertible Senior Notes due 2021 (3) 88,798 111,925 Term Loan 56,931 59,354 Common stock warrants 5,276 5,276 Contingent consideration 1,042 1,042 December 31, 2015 Carrying Value Fair Value (1) KeyBank Credit Agreement (2) $ 110,000 $ 110,000 Term Loan 60,119 62,037 Common stock warrants 8,096 8,096 Contingent consideration 27,581 27,581 _________________________________________________________ (1) The fair values of these instruments are considered Level 3 measurements in the fair value hierarchy with the exception of the fair value measurement of the 5.00% Convertible Senior Notes which is considered a Level 2 measurement as discussed below. (2) Fair value approximates carrying value due to the floating rate interest which approximates a current market rate. (3) The carrying value of the 5.00% Convertible Senior Notes excludes the fair value of the equity component, which was classified as equity upon issuance.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]	The following table summarizes our compensation costs recognized in General and administrative expense under the Amended and Restated Par Pacific Holdings, Inc. 2012 Long-term Incentive Plan ("LTIP") (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Restricted Stock Awards $ 729 $ 1,443 $ 1,395 $ 2,360 Restricted Stock Units 44 — 1,106 — Stock Option Awards 521 273 978 614

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule Of Computation Of Basic And Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net income (loss) $ (13,088 ) $ 11,723 $ (31,761 ) $ 12,185 Undistributed income allocated to participating securities (2) — 108 — 107 Net income (loss) attributable to common stockholders $ (13,088 ) $ 11,615 $ (31,761 ) $ 12,078 Basic weighted-average common stock shares outstanding 41,015 37,339 40,991 37,261 Add: dilutive effects of common stock equivalents (1) — 24 — 58 Diluted weighted-average common stock shares outstanding 41,015 37,363 40,991 37,319 Basic income (loss) per common share $ (0.32 ) $ 0.31 $ (0.77 ) $ 0.32 Diluted income (loss) per common share $ (0.32 ) $ 0.31 $ (0.77 ) $ 0.32 ________________________________________________________ (1) 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 loss per share for the three and six months ended June 30, 2016 . (2) Participating securities includes restricted stock that has been issued but has not yet vested.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Summarized financial information concerning reportable segments consists of the following (in thousands): Three months ended June 30, 2016 Refining Logistics (1) Retail Texadian Corporate, Eliminations and Other (2) Total Revenues $ 372,785 $ 24,792 $ 71,873 $ 11,769 $ (67,426 ) $ 413,793 Cost of revenues (excluding depreciation) 346,547 16,547 56,516 12,483 (67,431 ) 364,662 Operating expense (excluding depreciation) 23,093 2,321 10,454 — — 35,868 Lease operating expense — — — — 10 10 Depreciation, depletion and amortization 1,954 923 1,494 171 558 5,100 General and administrative expense — — — — 10,621 10,621 Acquisition and integration expense — — — — 845 845 Operating income (loss) $ 1,191 $ 5,001 $ 3,409 $ (885 ) $ (12,029 ) $ (3,313 ) Interest expense and financing costs, net (6,106 ) Other income (expense), net 67 Change in value of common stock warrants 1,176 Change in value of contingent consideration 3,552 Equity losses from Laramie Energy, LLC (16,948 ) Loss before income taxes (21,572 ) Income tax benefit 8,484 Net loss $ (13,088 ) Capital expenditures $ 4,496 $ 606 $ 1,219 $ — $ 894 $ 7,215 Three months ended June 30, 2015 Refining Logistics (1) Retail Texadian Corporate, Eliminations and Other (2) Total Revenues $ 538,453 $ 21,059 $ 80,938 $ 25,125 $ (81,816 ) $ 583,759 Cost of revenues (excluding depreciation) 488,283 12,557 64,298 23,418 (83,525 ) 505,031 Operating expense (excluding depreciation) 21,398 1,316 9,757 — — 32,471 Lease operating expense — — — — 1,508 1,508 Depreciation, depletion, and amortization 2,061 830 1,590 229 295 5,005 General and administrative expense — — — — 11,814 11,814 Acquisition and integration expense — — — — 470 470 Operating income (loss) $ 26,711 $ 6,356 $ 5,293 $ 1,478 $ (12,378 ) $ 27,460 Interest expense and financing costs, net (5,825 ) Loss on termination of financing agreements (19,229 ) Other income (expense), net (158 ) Change in value of common stock warrants 3,313 Change in value of contingent consideration (9,495 ) Equity losses from Laramie Energy, LLC (2,950 ) Loss before income taxes (6,884 ) Income tax benefit 18,607 Net income $ 11,723 Capital expenditures $ 1,862 $ 2,708 $ 104 $ — $ 452 $ 5,126 ________________________________________________________ (1) Our logistics operations consist primarily of intercompany transactions which eliminate on a consolidated basis. (2) Includes eliminations of intersegment revenues and Cost of revenues (excluding depreciation) of $67.5 million and $83.5 million for the three months ended June 30, 2016 and 2015 , respectively. Six months ended June 30, 2016 Refining Logistics Retail Texadian Corporate, Eliminations and Other (2) Total Revenues $ 709,189 $ 45,579 $ 140,375 $ 22,179 $ (125,718 ) $ 791,604 Cost of revenues (excluding depreciation) 673,253 29,373 106,466 23,803 (125,844 ) 707,051 Operating expense (excluding depreciation) 49,143 4,220 20,598 — — 73,961 Lease operating expense — — — — 124 124 Depreciation, depletion, and amortization 3,894 1,841 3,032 342 1,087 10,196 General and administrative expense — — — — 21,791 21,791 Acquisition and integration expense — — — — 1,516 1,516 Operating income (loss) (17,101 ) 10,145 10,279 (1,966 ) (24,392 ) (23,035 ) Interest expense and financing costs, net (10,719 ) Other income (expense), net 116 Change in value of common stock warrants 2,820 Change in value of contingent consideration 9,728 Equity losses from Laramie Energy, LLC (18,818 ) Loss before income taxes (39,908 ) Income tax benefit 8,147 Net loss $ (31,761 ) Capital expenditures $ 7,127 $ 885 $ 2,063 $ — $ 1,616 $ 11,691 Six months ended June 30, 2015 Refining Logistics (1) Retail Texadian Corporate, Eliminations and Other (2) Total Revenues $ 1,033,071 $ 40,777 $ 127,657 $ 66,079 $ (140,214 ) $ 1,127,370 Cost of revenues (excluding depreciation) 939,791 23,083 97,728 64,334 (142,399 ) 982,537 Operating expense (excluding depreciation) 46,333 2,736 15,682 — — 64,751 Lease operating expense — — — — 3,039 3,039 Depreciation, depletion, and amortization 3,738 1,420 2,183 458 457 8,256 General and administrative expense — — — — 21,939 21,939 Acquisition and integration expense — — — — 1,531 1,531 Operating income (loss) 43,209 13,538 12,064 1,287 (24,781 ) 45,317 Interest expense and financing costs, net (11,382 ) Loss on termination of financing agreement (19,229 ) Other income (expense), net (154 ) Change in value of common stock warrants (1,709 ) Change in value of contingent consideration (14,424 ) Equity losses from Laramie Energy, LLC (4,776 ) Loss before income taxes (6,357 ) Income tax benefit 18,542 Net income $ 12,185 Capital expenditures $ 3,911 $ 4,675 $ 502 $ — $ 785 $ 9,873 ________________________________________________________ (1) Our logistics operations consist primarily of intercompany transactions which eliminate on a consolidated basis. (2) Includes eliminations of intersegment revenues and Cost of revenues (excluding depreciation) of $125.9 million and $142.4 million for the six months ended June 30, 2016 and 2015 , respectively.

Overview Additional Information

Overview Additional Information (Detail) - segment	6 Months Ended
	Jun. 30, 2016	Mar. 01, 2016
Schedule of Equity Method Investments [Line Items]
Operating segments	3
Reporting segments	2
Laramie Energy Company
Schedule of Equity Method Investments [Line Items]
Ownership of Piceance Energy, LLC	42.30%	32.40%

Investment in Laramie Energy Ad

Investment in Laramie Energy Additional Information (Detail) - USD ($)	Mar. 01, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Equity Method Investments				$ 55,000,000	$ 27,529,000
Depreciation, depletion and amortization		$ 5,100,000	$ 5,005,000	10,196,000	8,256,000
Unrealized loss (gain) on derivative contracts				$ 5,408,000	(426,000)
Laramie Energy Company
Schedule of Equity Method Investments [Line Items]
Ownership of Laramie Energy, LLC	32.40%	42.30%		42.30%
Line credit maximum borrowing amount		$ 400,000,000		$ 400,000,000
Asset borrowing base currently at		170,000,000		170,000,000
Balance outstanding on the revolving credit facility		121,000,000		121,000,000
Increase (decrease) in assets of equity method investment capitalized drilling costs obligation paid				55,000,000
Depreciation, depletion and amortization		13,000,000	8,400,000	20,600,000	15,800,000
Unrealized loss (gain) on derivative contracts		(35,400,000)	$ (3,700,000)	(29,500,000)	$ (4,400,000)
Amount of equity in underlying assets exceeding carrying value		$ 71,800,000		$ 71,800,000		$ 55,400,000
Amortization of natural gas and oil properties				15 years
Piceance Basin | Laramie Energy Company
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Equity Method Investments	$ 157,500,000

Investment in Laramie Energy Ch

Investment in Laramie Energy Change in Equity Investment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Beginning balance			$ 76,203
Equity losses from Laramie	$ (16,948)	$ (2,950)	(18,818)	$ (4,776)
Ending balance	112,385		112,385
Laramie Energy Company
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Beginning balance			76,203
Equity losses from Laramie			(21,594)
Accretion of basis difference			2,776
Investments			55,000
Ending balance	$ 112,385		$ 112,385

Investment in Laramie Energy Su

Investment in Laramie Energy Summarized Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
ASSETS
Current assets	$ 525,865		$ 525,865		$ 531,752
Current liabilities	361,225		361,225		365,040
REVENUE
Loss from operations	(3,313)	$ 27,460	(23,035)	$ 45,317
Net loss	(13,088)	11,723	(31,761)	12,185
Laramie Energy Company
ASSETS
Current assets	7,782		7,782		8,511
Non-current assets	657,611		657,611		514,206
Current liabilities	35,804		35,804		18,158
Non-current liabilities	194,077		194,077		$ 98,624
REVENUE
Natural gas and oil revenues	22,729	10,486	37,422	21,223
Loss from operations	(12,229)	(8,207)	(23,353)	(15,286)
Net loss	$ (43,660)	$ (9,329)	$ (46,239)	$ (15,409)

Acquisitions (Detail)

Acquisitions (Detail) - USD ($) $ in Thousands	Jun. 14, 2016	Apr. 01, 2015	Sep. 30, 2015	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2015
Business Acquisition [Line Items]
Acquisition deposit							$ 5,000		$ 0
Term loan				$ 241,850			241,850			$ 165,212
Income tax benefit				(8,484)		$ (18,607)	(8,147)	$ (18,542)
Revenues				413,793		583,759	791,604	1,127,370
Net income (loss)				$ (13,088)		$ 11,723	(31,761)	$ 12,185
Mid Pac Petroleum, LLC
Business Acquisition [Line Items]
Cash consideration transferred prior to certain post-closing adjustments		$ 74,400
Additional consideration transfered			$ 1,000
Goodwill, Period Increase (Decrease)					$ 600
Income tax benefit					$ 600
Revenues							86,100
Net income (loss)							$ 3,800
Mid Pac Petroleum, LLC | Mid Pac Petroleum, LLC
Business Acquisition [Line Items]
Term loan		45,300
Mid Pac Credit Agreement | Mid Pac Petroleum, LLC
Business Acquisition [Line Items]
Term loan		$ 55,000
Par Hawaii Inc. | Mid Pac Petroleum, LLC
Business Acquisition [Line Items]
Outstanding membership interests of Mid Pac Petroleum, LLC		100.00%
Other Long Term Assets | Wyoming Refining Company
Business Acquisition [Line Items]
Acquisition deposit	$ 5,000

Acquisitions Pro forma financia

Acquisitions Pro forma financial information (Details) - Mid Pac Petroleum, LLC $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Business Acquisition [Line Items]
Revenues	$ 1,154,620
Net income	$ (4,671)

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory [Line Items]
Crude oil and feedstocks	$ 83,214	$ 86,530
Refined products and blendstock	137,941	115,631
Warehouse stock and other	17,343	17,276
Total	238,498	219,437
Reserves for the lower of cost or market value of inventory	500	23,700
Titled Inventory
Inventory [Line Items]
Crude oil and feedstocks	7,386	18,404
Refined products and blendstock	31,081	28,023
Warehouse stock and other	17,343	17,276
Total	55,810	63,703
Supply and Offtake Agreements
Inventory [Line Items]
Crude oil and feedstocks	75,828	68,126
Refined products and blendstock	106,860	87,608
Warehouse stock and other	0	0
Total	$ 182,688	$ 155,734

Prepaid and Other Current Ass41

Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Advances to suppliers for crude oil purchases	$ 50,541	$ 36,247
Collateral posted with broker for derivative instruments	6,211	20,926
Prepaid insurance	2,385	6,773
Derivative assets	0	4,577
Other	558	6,914
Total	$ 59,695	$ 75,437

Inventory Financing Agreements

Inventory Financing Agreements (Textual) (Detail) barrel / d in Thousands	Jun. 01, 2015USD ($)barrel / dextension	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Feb. 29, 2016USD ($)installment	Dec. 31, 2015USD ($)	Sep. 01, 2015USD ($)payment
Supply Commitment [Line Items]
Supply and exchange agreement expenses		$ 6,106,000	$ 5,825,000	$ 10,719,000	$ 11,382,000
Loss on termination of financing agreements		0	19,229,000	0	19,229,000
Deferred finance costs, net		6,422,000		6,422,000			$ 4,008,000
Supply and Offtake Agreements
Supply Commitment [Line Items]
Agreement term	3 years
Number of commitment extensions | extension	2
Commitment period	1 year
Barrels of crude per day provided by J. Aron | barrel / d	94
Handling fees		2,000,000	1,500,000	3,900,000	1,500,000
Supply and exchange agreement expenses		800,000	100,000	1,300,000	100,000
Amount of deferred payment arrangement	$ 125,000,000	52,000,000		52,000,000
Percentage of receivables and inventory for deferred payment arrangement	85.00%
Deferral arrangement fee	$ 1,300,000
Description of Variable Rate Basis	P90D
Outstanding amount of deferred payment arrangement		50,900,000		50,900,000
Fee agreement receivable						$ 14,600,000		$ 18,000,000
Number of fee agreement payments						18		14
Fee agreement payable		$ 22,400,000		$ 22,400,000
Supply and Exchange Agreements
Supply Commitment [Line Items]
Handling fees			3,100,000		6,900,000
Supply and exchange agreement expenses			900,000		2,300,000
Loss on termination of financing agreements			17,400,000		17,400,000
Supply commitment, price variance loss					13,300,000
Deferred finance costs, net			$ 5,600,000		5,600,000
Supply commitment early contract termination fee					$ 1,500,000
London Interbank Offered Rate (LIBOR) | Supply and Offtake Agreements
Supply Commitment [Line Items]
Margin on LIBOR rate	3.75%
Deferred payment availability fee	0.75%

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Principal amount of long-term debt	$ 274,393	$ 170,119
Less: unamortized discount	(26,121)	(899)
Less: deferred financing costs	(6,422)	(4,008)
Total debt, net of unamortized discount and deferred financing costs	241,850	165,212
Less: current maturities	(11,000)	(11,000)
Long-term debt, net of current maturities	230,850	154,212
KeyBank Credit Agreement
Debt Instrument [Line Items]
Principal amount of long-term debt	102,462	110,000
5% Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Principal amount of long-term debt		0
Tranche B Loan
Debt Instrument [Line Items]
Principal amount of long-term debt	$ 56,931	$ 60,119

Debt - Annual Maturities (Detai

Debt - Annual Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,016	$ 5,500
2,017	11,000
2,018	67,931
2,019	11,000
2,020	11,000
Thereafter	167,962
Total long term debt	$ 274,393	$ 170,119

Debt - Convertible Senior Note

Debt - Convertible Senior Note (Details)	Jun. 27, 2016USD ($)shares$ / shares	Jun. 30, 2016USD ($)day	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 15, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Proceeds from borrowings			$ 111,550,000	$ 90,900,000
Term loan		$ 241,850,000	241,850,000			$ 165,212,000
Deferred finance costs, net		(6,422,000)	(6,422,000)			(4,008,000)
Principal amount of long-term debt		274,393,000	274,393,000			170,119,000
5% Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Principal amount of long-term debt						0
Tranche B Term Loan
Debt Instrument [Line Items]
Principal amount of long-term debt		$ 56,931,000	56,931,000			$ 60,119,000
Convertible Debt | 5% Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Aggregate principal amount	$ 115,000,000
Additional principal amount	15,000,000
Proceeds from borrowings	$ 111,600,000
Debt instrument, interest rate	5.00%
Conversion ratio	0.0555556
Number of equity instruments | shares	6,388,894
Conversion price | $ / shares	$ 18
Threshold percentage of stock price trigger	140.00%
Threshold trading days | day		20
Threshold consecutive trading days		30 days
Redemption price, percentage	100.00%
Long-term debt, fair value	$ 89,300,000
Carrying amount of equity component	22,200,000
Term loan		$ 88,798,000	88,798,000
Principal amount of long-term debt		115,000,000	115,000,000
Unamortized discount (premium) and debt issuance costs, net		$ 26,200,000	$ 26,200,000
Convertible Debt | 5% Convertible Senior Notes due 2021 | Long-term Debt
Debt Instrument [Line Items]
Deferred finance costs, net	(600,000)
Term Loan | Tranche B Term Loan
Debt Instrument [Line Items]
Repayments of debt	$ 5,000,000
Deferred finance costs, net					$ (2,500,000)

Debt - Term Loan (Details)

Debt - Term Loan (Details) - USD ($) $ in Thousands	Jun. 27, 2016	Jun. 30, 2016	Jun. 15, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Deferred finance costs, net		$ 6,422		$ 4,008
Term Loan | Tranche B Term Loan
Debt Instrument [Line Items]
Deferred finance costs, net			$ 2,500
Repayments of debt	$ 5,000
Whitebox Advisors, LLC | Term Loan | Tranche B Term Loan
Debt Instrument [Line Items]
Deferred finance costs, net			$ 1,250
Repayments of debt	$ 3,250

Debt - Guarantors (Detail)

Debt - Guarantors (Detail)	Jun. 23, 2015USD ($)
Debt Disclosure [Abstract]
Debt instruments, initial offering price	$ 750,000,000

Derivatives Narrative (Details)

Derivatives Narrative (Details) bbl in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)bbl	Jun. 27, 2016USD ($)
Interest Rate Swap
Credit Derivatives [Line Items]
Fixed interest rate	1.10%
Notional amount | $	$ 200,000,000
Forward Contracts | Over the Counter | Options Collar
Credit Derivatives [Line Items]
Derivative contracts, barrels	52
Forward Contracts | Over the Counter | Option Collars and Swap
Credit Derivatives [Line Items]
Derivative contracts, barrels	15
Long | Future | Over the Counter | Energy Related Derivative
Credit Derivatives [Line Items]
Derivative contracts, barrels	195
Long | Future | Over the Counter | Commodity Contract
Credit Derivatives [Line Items]
Derivative contracts, barrels	130
Short | Swap | Over the Counter | Commodity Contract
Credit Derivatives [Line Items]
Derivative contracts, barrels	81
5% Convertible Senior Notes due 2021 | Convertible Debt
Credit Derivatives [Line Items]
Aggregate principal amount | $		$ 115,000,000

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives Fair Value Amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Prepaid Expenses and Other Current Assets
Derivative Instruments, Gain (Loss) [Line Items]
Cash collateral	$ 6,200	$ 20,900
Other Long Term Assets
Derivative Instruments, Gain (Loss) [Line Items]
Cash collateral	7,000	7,000
Commodity Contract | Prepaid Expenses and Other Current Assets
Derivative Instruments, Gain (Loss) [Line Items]
Asset (Liability)	0	4,577
Commodity Contract | Other Noncurrent Assets
Derivative Instruments, Gain (Loss) [Line Items]
Asset (Liability)	1,714	0
Commodity Contract | Other Accrued Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Asset (Liability)	(3,231)	(9,534)
Commodity Contract | Other Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Asset (Liability)	(949)	(4,925)
Interest Rate | Other Accrued Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Asset (Liability)	(907)	0
Interest Rate | Other Liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Asset (Liability)	(1,101)	0
Over the Counter | Embedded Derivative
Derivative Instruments, Gain (Loss) [Line Items]
Asset (Liability)	$ (2,246)	$ 9,810

Derivatives - Schedule of Pre-T

Derivatives - Schedule of Pre-Tax Gain (Loss) Recognized in the Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Commodity derivatives | Cost of revenues
Derivative Instruments, Gain (Loss) [Line Items]
Cost of revenues	$ 7,660	$ 4,302	$ (89)	$ 2,572
J. Aron repurchase obligation derivative | Cost of revenues
Derivative Instruments, Gain (Loss) [Line Items]
Cost of revenues	10,920	0	(12,056)	0
J. Aron repurchase obligation derivative | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Cost of revenues	$ (1,579)	$ 0	$ (2,302)	$ 0

Fair Value Measurements - Commo

Fair Value Measurements - Common Stock Warrants (Details) - $ / shares	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Historical volatilities period	7 years
Fair value of common stock warrants (in usd per share)	$ 15.29	$ 23.47
Employee Stock Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock warrants outstanding (in shares)	345,135	345,135

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Outstanding Common Stock Warrants (Detail)	12 Months Ended
	Dec. 31, 2015$ / shares
Fair Value Disclosures [Abstract]
Stock price (in usd per share)	$ 23.54
Weighted average exercise price (in usd per share)	$ 0.10
Term (years)	6 years 8 months
Risk-free rate	2.04%
Expected volatility	43.00%

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets
Fair value of derivative asset	$ 5,888	$ 44,036
Derivative Asset, Fair Value, Gross Liability	(4,174)	(39,459)
Derivative Asset	1,714	4,577
Liabilities
Fair value of derivative liability	(18,926)	(79,785)
Derivative Liability, Fair Value, Gross Asset	4,174	39,459
Derivative Liability	(14,752)	(40,326)
Cash collateral	13,200	28,000
Interest Rate
Liabilities
Fair value of derivative liability	(2,008)
Derivative Liability, Fair Value, Gross Asset	0
Derivative Liability	(2,008)
Fair Value, Inputs, Level 1
Assets
Fair value of derivative asset	62	429
Liabilities
Fair value of derivative liability	(578)	(396)
Fair Value, Inputs, Level 1 | Interest Rate
Liabilities
Fair value of derivative liability	0
Fair Value, Inputs, Level 2
Assets
Fair value of derivative asset	5,826	33,797
Liabilities
Fair value of derivative liability	(9,784)	(43,712)
Fair Value, Inputs, Level 2 | Interest Rate
Liabilities
Fair value of derivative liability	(2,008)
Fair Value, Inputs, Level 3
Assets
Fair value of derivative asset	0	9,810
Liabilities
Fair value of derivative liability	(8,564)	(35,677)
Fair Value, Inputs, Level 3 | Interest Rate
Liabilities
Fair value of derivative liability	0
Exchange Traded | Future
Assets
Fair value of derivative asset	5,888	34,226
Derivative Asset, Fair Value, Gross Liability	(4,174)	(29,649)
Derivative Asset	1,714	4,577
Liabilities
Fair value of derivative liability	(8,354)	(44,108)
Derivative Liability, Fair Value, Gross Asset	4,174	29,649
Derivative Liability	(4,180)	(14,459)
Exchange Traded | Equity Option
Assets
Fair value of derivative asset		9,810
Derivative Asset, Fair Value, Gross Liability		(9,810)
Derivative Asset		0
Exchange Traded | Embedded Derivative
Liabilities
Fair value of derivative liability	(2,246)	0
Derivative Liability, Fair Value, Gross Asset	0	9,810
Derivative Liability	(2,246)	9,810
Exchange Traded | Fair Value, Inputs, Level 1 | Future
Assets
Fair value of derivative asset	62	429
Liabilities
Fair value of derivative liability	(578)	(396)
Exchange Traded | Fair Value, Inputs, Level 1 | Equity Option
Assets
Fair value of derivative asset		0
Exchange Traded | Fair Value, Inputs, Level 1 | Embedded Derivative
Liabilities
Fair value of derivative liability	0	0
Exchange Traded | Fair Value, Inputs, Level 2 | Future
Assets
Fair value of derivative asset	5,826	33,797
Liabilities
Fair value of derivative liability	(7,776)	(43,712)
Exchange Traded | Fair Value, Inputs, Level 2 | Equity Option
Assets
Fair value of derivative asset		0
Exchange Traded | Fair Value, Inputs, Level 2 | Embedded Derivative
Liabilities
Fair value of derivative liability	0	0
Exchange Traded | Fair Value, Inputs, Level 3 | Future
Assets
Fair value of derivative asset	0	0
Liabilities
Fair value of derivative liability	0	0
Exchange Traded | Fair Value, Inputs, Level 3 | Equity Option
Assets
Fair value of derivative asset		9,810
Exchange Traded | Fair Value, Inputs, Level 3 | Embedded Derivative
Liabilities
Fair value of derivative liability	(2,246)	0
Over the Counter
Liabilities
Warrants and Rights Outstanding	(5,276)	(8,096)
Contingent Consideration, Earn Out Provision, Fair Value Disclosure	(1,042)	(27,581)
Over the Counter | Fair Value, Inputs, Level 1
Liabilities
Warrants and Rights Outstanding	0	0
Contingent Consideration, Earn Out Provision, Fair Value Disclosure	0	0
Over the Counter | Fair Value, Inputs, Level 2
Liabilities
Warrants and Rights Outstanding	0	0
Contingent Consideration, Earn Out Provision, Fair Value Disclosure	0	0
Over the Counter | Fair Value, Inputs, Level 3
Liabilities
Warrants and Rights Outstanding	(5,276)	(8,096)
Contingent Consideration, Earn Out Provision, Fair Value Disclosure	$ (1,042)	$ (27,581)

Fair Value Measurements - Der54

Fair Value Measurements - Derivative Instruments Measured at Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, at beginning of period	$ (39,938)	$ (31,205)	$ (25,867)	$ (21,254)
Settlements	15,726	0	16,810	0
Total unrealized income (loss) included in earnings	15,648	(6,182)	493	(16,133)
Balance, at end of period	$ (8,564)	$ (37,387)	$ (8,564)	$ (37,387)

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value of Long-Term Debt and Other Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Term loan	$ 241,850	$ 165,212
Common stock warrants, Carrying Value	5,276	8,096
Contingent consideration liability, Carrying Value	1,042	27,581
Contingent consideration liability, Fair Value	$ 1,042	$ 27,581
Long term debt fair value	10.54%	9.63%
Warrant
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock warrants, Carrying Value	$ 5,276	$ 8,096
Common stock warrants, Fair Value	5,276	8,096
Tranche B Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit, Carrying Value	56,931	60,119
Lines of credit, Fair Value	59,354	62,037
KeyBank Credit Agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of credit, Carrying Value	102,462	110,000
Lines of credit, Fair Value	102,462	$ 110,000
5% Convertible Senior Notes due 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Debt, Fair Value	$ 111,925

Commitments and Contingencies A

Commitments and Contingencies Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016USD ($)claim	Dec. 31, 2015USD ($)
Long-term Purchase Commitment [Line Items]
Multiplier for earnout payment before EBITDA	4
Minimum EBITDA benchmark	$ 3,500,000
Maximum earnout payment amount	$ 4,500,000
Number of remaining claim to be resolved | claim	2
Bankruptcy claims amount of claims to be settled		$ 22,400,000
Estimated value of claims remaining to be settled	$ 500,000
Maximum bankruptcy claims remaining	$ 22,400,000
Predecessor working ownership percentage	3.40%
Allowed claims, settlement ratio	0.0544
Tesoros
Long-term Purchase Commitment [Line Items]
Deductible for indemnification obligation	$ 1,000,000
Indemnification obligation cap	15,000,000
Clear Air Act Violation
Long-term Purchase Commitment [Line Items]
Final decree high estimate	30,000,000
Pending Litigation
Long-term Purchase Commitment [Line Items]
Claim amount for environmental losses (more than)	$ 1,000,000

Stockholders' Equity Schedule o

Stockholders' Equity Schedule of Compensation Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Restricted Stock
Class of Stock [Line Items]
Compensation cost	$ 729	$ 1,443	$ 1,395	$ 2,360
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Compensation cost	44	0	1,106	0
Employee Stock Option
Class of Stock [Line Items]
Compensation cost	$ 521	$ 273	$ 978	$ 614

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) (Detail) - USD ($) $ / shares in Units, $ in Millions	Jun. 02, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Class of Stock [Line Items]
Exercise price (in dollars per share)			$ 22.99	$ 21.44
Restricted Stock
Class of Stock [Line Items]
Shares of restricted stock granted (in shares)		39,000			153,000
Grants in the period, aggregate fair value		$ 0.6			$ 2.9
Period of stock option compensation cost recognition					3 years 26 days
Employee Stock Option
Class of Stock [Line Items]
Options, granted (in shares)		1,102			1,102
Weighted average exercise price (in dollars per share)		$ 21.51			$ 21.51
Stock Compensation Plan
Class of Stock [Line Items]
Unrecognized compensation costs related to restricted stock awards		$ 13.1			$ 13.1
President, Chief Executive Officer, Chairman, Vice Chairman and Board of Directors
Class of Stock [Line Items]
Options, granted (in shares)				1,100,000
Chief Financial Officer, Senior Vice President and General Counsel, and Senior Vice President of Mergers and Acquisitions | Restricted Stock
Class of Stock [Line Items]
Options, granted (in shares)			34,000
Chief Financial Officer, Senior Vice President and General Counsel, and Senior Vice President of Mergers and Acquisitions | Employee Stock Option
Class of Stock [Line Items]
Options, granted (in shares)			52,000
Long Term Incentive Plan
Class of Stock [Line Items]
Number of additional shares authorized (in shares)	4,000,000

Basic and Diluted Loss Per Shar

Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net income (loss)	$ (13,088)	$ 11,723	$ (31,761)	$ 12,185
Undistributed income allocated to participating securities	0	108	0	107
Net income (loss) attributable to common stockholders	$ (13,088)	$ 11,615	$ (31,761)	$ 12,078
Basic weighted-average common stock shares outstanding (in shares)	41,015	37,339	40,991	37,261
Dilutive effects of common stock equivalents (in shares)	0	24	0	58
Diluted weighted-average common stock shares outstanding (in shares)	41,015	37,363	40,991	37,319
Income (loss) per common share, basic (USD per share)	$ (0.32)	$ 0.31	$ (0.77)	$ 0.32
Income (loss) per common share, diluted (USD per share)	$ (0.32)	$ 0.31	$ (0.77)	$ 0.32
Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average number of shares issuable under the common stock warrants (in shares)		749	343	749
Convertible Debt Securities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	583		292
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	433	348	440	331
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,000	24	800	58

Income Taxes (Textual) (Detail)

Income Taxes (Textual) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2015
Debt Instrument [Line Items]
State tax expense (benefit)		$ (22)	$ 43
Increase (decrease) in valuation allowance	$ (8,600)	(18,600)
5% Convertible Senior Notes due 2021
Debt Instrument [Line Items]
State tax expense (benefit)		$ 3	$ (18)

Segment Information (Detail)

Segment Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)segment	Jun. 30, 2015USD ($)	Dec. 31, 2015segment
Segment Reporting Information [Line Items]
Revenues	$ 413,793	$ 583,759	$ 791,604	$ 1,127,370
Cost of revenues (excluding depreciation)	364,662	505,031	707,051	982,537
Operating expense (excluding depreciation)	35,868	32,471	73,961	64,751
Lease operating expense	10	1,508	124	3,039
Depreciation, depletion and amortization	5,100	5,005	10,196	8,256
General and administrative expense	10,621	11,814	21,791	21,939
Acquisition and integration expense	845	470	1,516	1,531
Operating income (loss)	(3,313)	27,460	(23,035)	45,317
Interest expense and financing costs, net	(6,106)	(5,825)	(10,719)	(11,382)
Loss on termination of financing agreements	0	(19,229)	0	(19,229)
Other income (expense), net	67	(158)	116	(154)
Change in value of common stock warrants	1,176	3,313	2,820	(1,709)
Change in value of contingent consideration	3,552	(9,495)	9,728	(14,424)
Equity losses from Laramie Energy, LLC	(16,948)	(2,950)	(18,818)	(4,776)
Loss before income taxes	(21,572)	(6,884)	(39,908)	(6,357)
Income tax benefit	8,484	18,607	8,147	18,542
Net income (loss)	(13,088)	11,723	(31,761)	12,185
Capital expenditures	7,215	5,126	$ 11,691	9,873
Reporting segments | segment			5		4
Operating Segments | Refining
Segment Reporting Information [Line Items]
Revenues	372,785	538,453	$ 709,189	1,033,071
Cost of revenues (excluding depreciation)	346,547	488,283	673,253	939,791
Operating expense (excluding depreciation)	23,093	21,398	49,143	46,333
Lease operating expense	0	0	0	0
Depreciation, depletion and amortization	1,954	2,061	3,894	3,738
General and administrative expense	0	0	0	0
Acquisition and integration expense	0	0	0	0
Operating income (loss)	1,191	26,711	(17,101)	43,209
Capital expenditures	4,496	1,862	7,127	3,911
Operating Segments | Logistics
Segment Reporting Information [Line Items]
Revenues	24,792	21,059	45,579	40,777
Cost of revenues (excluding depreciation)	16,547	12,557	29,373	23,083
Operating expense (excluding depreciation)	2,321	1,316	4,220	2,736
Lease operating expense	0	0	0	0
Depreciation, depletion and amortization	923	830	1,841	1,420
General and administrative expense	0	0	0	0
Acquisition and integration expense	0	0	0	0
Operating income (loss)	5,001	6,356	10,145	13,538
Capital expenditures	606	2,708	885	4,675
Operating Segments | Retail
Segment Reporting Information [Line Items]
Revenues	71,873	80,938	140,375	127,657
Cost of revenues (excluding depreciation)	56,516	64,298	106,466	97,728
Operating expense (excluding depreciation)	10,454	9,757	20,598	15,682
Lease operating expense	0	0	0	0
Depreciation, depletion and amortization	1,494	1,590	3,032	2,183
General and administrative expense	0	0	0	0
Acquisition and integration expense	0	0	0	0
Operating income (loss)	3,409	5,293	10,279	12,064
Capital expenditures	1,219	104	2,063	502
Operating Segments | Texadian
Segment Reporting Information [Line Items]
Revenues	11,769	25,125	22,179	66,079
Cost of revenues (excluding depreciation)	12,483	23,418	23,803	64,334
Operating expense (excluding depreciation)	0	0	0	0
Lease operating expense	0	0	0	0
Depreciation, depletion and amortization	171	229	342	458
General and administrative expense	0	0	0	0
Acquisition and integration expense	0	0	0	0
Operating income (loss)	(885)	1,478	(1,966)	1,287
Capital expenditures	0	0	0	0
Intersegment Eliminations | Corporate, Eliminations and Other
Segment Reporting Information [Line Items]
Revenues	(67,426)	(81,816)	(125,718)	(140,214)
Cost of revenues (excluding depreciation)	(67,431)	(83,525)	(125,844)	(142,399)
Operating expense (excluding depreciation)	0	0	0	0
Lease operating expense	10	1,508	124	3,039
Depreciation, depletion and amortization	558	295	1,087	457
General and administrative expense	10,621	11,814	21,791	21,939
Acquisition and integration expense	845	470	1,516	1,531
Operating income (loss)	(12,029)	(12,378)	(24,392)	(24,781)
Capital expenditures	894	452	1,616	785
Gross Profit	$ (67,500)	$ (83,500)	$ (125,900)	$ (142,400)

Related Party Transaction (Text

Related Party Transaction (Textual) (Detail)	Jun. 27, 2016USD ($)$ / shares	Jun. 30, 2016USD ($)	Jun. 15, 2016USD ($)	Jun. 14, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 17, 2013
Related Party Transaction [Line Items]
Deferred finance costs, net		$ 6,422,000			$ 4,008,000
Percentage ownership of Par common stock						10.00%
Travel and out of pocket expenses		$ 50,000
Investor
Related Party Transaction [Line Items]
Initial term of service agreements		1 year
Renewal term for service agreements		1 year
Termination period between extension date		60 days
Tranche B Term Loan | Term Loan
Related Party Transaction [Line Items]
Deferred finance costs, net			$ 2,500,000
Repayments of debt	$ 5,000,000
Tranche B Term Loan | Term Loan | Investor
Related Party Transaction [Line Items]
Deferred finance costs, net			2,500,000
Tranche B Term Loan | Term Loan | Whitebox Advisors, LLC
Related Party Transaction [Line Items]
Deferred finance costs, net			$ 1,250,000
Repayments of debt	3,250,000
5% Convertible Senior Notes due 2021 | Convertible Debt
Related Party Transaction [Line Items]
Aggregate principal amount	$ 115,000,000
Debt instrument, interest rate	5.00%
Conversion ratio	0.0555556
Conversion price | $ / shares	$ 18
5% Convertible Senior Notes due 2021 | Convertible Debt | Whitebox Advisors, LLC | Affiliated Entity
Related Party Transaction [Line Items]
Aggregate principal amount	$ 42,500,000
Line credit maximum borrowing amount		$ 32,500,000
Senior Unsecured Convertible Notes due 2021 | Convertible Debt | Whitebox Advisors, LLC | Affiliated Entity
Related Party Transaction [Line Items]
Line credit maximum borrowing amount		$ 100,000,000
Bridge Loan | EGI | Affiliated Entity
Related Party Transaction [Line Items]
Debt instrument, interest rate				5.00%
Line credit maximum borrowing amount				$ 52,500,000

Subsequent Event (Details)

Subsequent Event (Details) - USD ($)	Jul. 14, 2016	Jun. 30, 2016	Jun. 14, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Term loan		$ 241,850,000		$ 165,212,000
Wyoming Refining Company | Subsequent Event
Subsequent Event [Line Items]
Consideration transferred	$ 213,400,000
Liabilities assumed	58,000,000
Secured Debt [Member] | Wyoming Refining Company | Subsequent Event
Subsequent Event [Line Items]
Aggregate principal amount	$ 65,000,000
Basis spread on variable rate, cash interest	9.50%
Basis spread on variable rate, paid in kind	13.00%
Term Loan | Wyoming Refining Company | Subsequent Event
Subsequent Event [Line Items]
Term loan	$ 58,000,000
Revolving Credit Facility [Member] | Wyoming Refining Company | Subsequent Event
Subsequent Event [Line Items]
Line credit maximum borrowing amount	30,000,000
Long-term line of credit	10,200,000
Bridge Loan | Subsequent Event
Subsequent Event [Line Items]
Aggregate principal amount	52,600,000
Proceeds from issuance of debt	$ 50,000,000
Debt instrument, interest rate	2.50%
Debt default, interest rate percentage	4.50%
Cash extension fee percentage	0.25%
Debt converted, cash fee percentage	7.55%
Affiliated Entity | EGI | Bridge Loan
Subsequent Event [Line Items]
Line credit maximum borrowing amount			$ 52,500,000
Debt instrument, interest rate			5.00%
Affiliated Entity | EGI | Bridge Loan | Subsequent Event
Subsequent Event [Line Items]
Aggregate principal amount	$ 36,800,000
Fee amount	$ 1,800,000