Par Pacific Holdings, Inc.

Good day and welcome to the PAR Pacific second quarter 2022 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Ashimi Patel, Director of Investor Relations. Please go ahead.

Thank you, Jason. Welcome to PAR Pacific's second quarter earnings conference call. Joining me today are William Pate, President and Chief Executive Officer, Richard Creamer, EVP of Refining and Logistics, and Will Monteleone, EVP and Chief Financial Officer. Before we begin, note that our comments today may include forward-looking statements. Any forward-looking statements are subject to change and are not guarantees of future performance or events. They are subject to risks and uncertainties, and actual results may differ materially from these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements, and we disclaim any obligation to update or revise them. I refer you to our investor presentation on our website and to our filings with the SEC for non-GAAP reconciliations and additional information. I'll now turn the call over to our President and Chief Executive Officer, Bill Tate.

Thank you, Ashimi, and good morning to our conference call participants. We're pleased to report strong financial results during the second quarter as market conditions improved well above historical norms due to a favorable supply-demand balance. Second quarter adjusted EBITDA was $242 million, and adjusted net income was $3.31 per share. In addition to the attractive market conditions, system-wide throughput increased over first quarter levels due to the lack of any significant planned outages. Sales were excellent as we maintain our role as the lowest cost and most reliable supplier in our local markets. Most importantly, we had outstanding operational reliability last quarter, driving high refinery feed rates. In summary, our team's execution allowed us to capitalize on strong market conditions and drove record net income. Third quarter profitability continues to be strong. While gasoline cracks have declined materially, distillate cracks remain at record levels, and we have the highest distillate yield within the industry. Almost 60% of our product sales are indexed to distillate markers. Our retail business unit has faced market challenges due to high pump prices, which not only reduced demand but also increased competition. In high-priced environments, discount retailers typically increase market share as consumers emphasize savings over convenience. Accordingly, same store fuel volumes decreased by 8.4% compared to the second quarter of 2021. Overall, same store volumes are down 2.8% year to date compared to the same period of last year. Looking ahead, we continue to focus on recovering market share by leveraging our loyalty programs and aggressively pricing at the fuel pump. With strong cash flow, our capital structure is rapidly improving. Cash generation continues to be robust into the third quarter allowing us to reduce debt and increase liquidity. We were pleased to reduce our net debt by more than $100 million in the second quarter. At the end of 2019, we completed a string of successful acquisitions and were poised for additional growth when the pandemic affected demand. We then focused all efforts on improving our capital structure and maintaining liquidity. Today, we're back to a growth posture and we're now focused on pursuing strategic growth initiatives throughout our company. I'll now turn the call over to Richard to discuss our refining and logistics operations.