**Par Pacific Holdings, Inc. (PARR)** reported significant improvements in its financial position, reducing total net debt by over $220 million during Q2 2023, thus strengthening liquidity to $1.4 billion, which includes $185 million in cash and approximately $1.2 billion available under its asset-based lending (ABL) facility. The company holds a refining capacity of 219,000 barrels per day and has committed to a capital-allocation strategy centered on profitable growth projects, aiming for low-20% returns.
**Devon Energy Corporation (DVN)** achieved its $1.25 billion debt-reduction goal for 2026, retiring $250 million in senior notes and term debt in Q2, and expects to reform its total debt to around $9 billion by the end of 2027. The company ended the quarter with $4 billion in liquidity, enhancing flexibility for capital reinvestments and potential merger synergies.
**Phillips 66 (PSX)** continued strengthening its balance sheet by repaying all outstanding commercial paper and $1 billion of its term loan in Q2, while it anticipates reducing net debt below $16 billion by year-end. The company ended June with $4.1 billion in cash and $6.4 billion in committed capacity, directing its resources toward organic growth in Midstream and Chemicals.
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