Financial Data and Key Metrics Changes - The company reported record quarterly adjusted EBITDA of $256 million, with adjusted net income of $3.15 per share, a 10% increase compared to the same period in 2022 [4][19] - The refining segment achieved record quarterly adjusted EBITDA of $234 million, up from $129 million in the previous quarter [19] - Cash provided by operations totaled $269 million, with strong free cash flow leading to record ending liquidity of $778 million [22] Business Line Data and Key Metrics Changes - The refining and logistics business units delivered total throughput of 198,000 barrels per day, including a full quarter contribution from Billings of 55,000 barrels per day [9] - The logistics segment reported adjusted EBITDA of $29 million, an increase from $26 million in the previous quarter [20] - The retail segment generated adjusted EBITDA of $17 million, slightly down from $18 million in the second quarter, but showed strong profitability on growing fuel volumes and merchandise revenue [21] Market Data and Key Metrics Changes - In Hawaii, third quarter throughput was 82,000 barrels per day, with production costs at $4.50 per barrel [9] - The quarterly Singapore Index averaged $23.39 per barrel, while the U.S. Gulf Coast index was $29.65 per barrel [9][12] - The company expects Hawaii crude differentials to average between $6 and $6.50 per barrel in the fourth quarter [11] Company Strategy and Development Direction - The company is focused on low-cost, high-return renewable projects, with ongoing initiatives in Tacoma and Hawaii [7][8] - The strategic growth initiatives include investing in refining reliability and expanding retail locations, with a goal of achieving annual throughput of 200,000 barrels per day or more [16][50] - The company aims to run consistently above 60,000 barrels per day and is laying groundwork for improved reliability [14] Management's Comments on Operating Environment and Future Outlook - Management noted strong distillate cracks across markets, while gasoline cracks have declined post-summer driving season [8] - The company remains optimistic about its operational performance and the potential for future growth, particularly in renewable fuels [17][50] - Management expressed confidence in the ability to navigate seasonal demand fluctuations without structural issues impacting gasoline demand [61] Other Important Information - The company repurchased $27 million of common stock during the quarter and has a strong balance sheet with limited financial obligations [6][25] - The company has terminated prior year rent obligations and closed a $120 million letter of credit facility to support its Hawaii refinery [23][24] Q&A Session Summary Question: Thoughts on margin capture and directional trends for the fourth quarter - Management indicated that WCS widening will boost capture, while secondary product market headwinds, particularly asphalt, remain a concern [26][27] Question: Priorities for cash use going forward - Management highlighted flexibility in the balance sheet, focusing on growth investments and share repurchases based on market conditions [31][32] Question: Running at 55,000 barrels per day versus the original target - Management emphasized reliability improvements rather than expanding capabilities, focusing on reducing unplanned outages [35][36] Question: Drivers of same-store sales growth - Management attributed growth to recovering demand in Hawaii and successful rebranding efforts in the Pacific Northwest [37][38] Question: Outlook for refining in China and its impact on supply - Management discussed the balanced production changes in China and the government's management of the refining complex [39][40] Question: Interest expense outlook and quarterly run rate - Management expects the quarterly run rate for interest expense to be around $15 million to $16 million going forward [44][45] Question: Opportunities for M&A in the current market - Management noted that the current strong market makes it challenging to find non-strategic refinery assets for acquisition [48][49] Question: Impact of refinery closures on West Coast market - Management expressed confidence in participating in changes in supply and demand due to potential refinery closures [59] Question: Structural issues for gasoline demand - Management indicated no structural issues, with seasonal trends consistent with historical patterns [61] Question: Green hydrogen project details - Management is developing a facility co-located with the Tacoma refinery to produce green hydrogen and sustainable aviation fuel [64]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________________________________________________________________________________ FORM 10-Q ________________________________________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 O ...

Par Pacific Holdings, Inc. (NYSE:PARR) Q2 2023 Earnings Conference Call August 8, 2023 10:00 AM ET Company Participants Ashimi Patel - Director, Investor Relations William Pate - Chief Executive Officer Will Monteleone - President Shawn Flores - SVP and Chief Financial Officer Conference Call Participants Matthew Blair - TPH Neil Mehta - Goldman Sachs James Larkin - Piper Sandler Jason Gabelman - Cowen Alejandra Magana - JPMorgan Manav Gupta - UBS Operator Good day, and welcome to the Par Pacific Second Qua ...

This presentation contains non-GAAP financial measures, such as Adjusted EBITDA, Adjusted Net Income (loss), and Laramie Energy Adjusted EBITDAX. Beginning with financial results reported for periods in fiscal year 2022, the inventory valuation adjustment was modified to include the first-in, first-out ("FIFO") inventory gains (losses) associated with our titled manufactured inventory in Hawaii. Beginning with financial results reported for the second quarter of 2022, Adjusted Net Income and Adjusted EBITDA ...

Par Pacific Holdings, Inc. (NYSE:PARR) Q1 2023 Earnings Conference Call May 4, 2023 10:00 AM ET Company Participants Ashimi Patel - Director of Investor Relations William Pate - Chief Executive Officer Will Monteleone - President Shawn Flores - Senior Vice President and Chief Financial Officer Richard Creamer - Executive Vice President, Refining & Logistics Conference Call Participants Matthew Blair - Tudor, Pickering, Holt Nicolette Slusser - Goldman Sachs Ryan Todd - Piper Sandler John Royall - JPMorgan M ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________________________________________________________________________________ FORM 10-Q ________________________________________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________________________________________________________________________________ FORM 10-K ________________________________________________________________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 C ...

• Stable EBITDA contribution from retail and logistics segments History of Successful Acquisitions Refining Segment Highlights 49% 41% 40% 40% 35% Capital Expenditure and Turnaround Summary 1. See appendix for non-GAAP reconciliations. 1 Company calculation based on a rolling five-year quarterly average Company Highlights Refinery Retail Locations Trucks Rail Barge 2023 P/E Multiple | --- | --- | |---------------------------------|-------| | Washington | 42 | | Wyoming | 19 | | Par Pacific System | 155 | | ...

Par Pacific Holdings, Inc. (NYSE:PARR) Q4 2022 Earnings Conference Call February 23, 2023 10:00 AM ET Company Participants Ashimi Patel - Director, IR William Pate - CEO & Director William Monteleone - President & Director Shawn Flores - SVP & CFO Conference Call Participants Nicolette Slusser - Goldman Sachs Group Matthew Blair - Tudor, Pickering, Holt & Co. John Royall - JPMorgan Chase & Co. Jason Gabelman - Cowen and Company Operator Good morning, and welcome to the Par Pacific Fourth Quarter 2022 Earnin ...

INVESTOR PRESENTATION I NOVEMBER 2022 Forward-Looking Statements / Disclaimers 1 The information contained in this presentation has been prepared to assist you in making your own evaluation of the company and does not purport to contain all of the information you may consider important. Any estimates or projections with respect to future performance have been provided to assist you in your evaluation, but should not be relied upon as an accurate representation of future results. Certain statements, estimate ...