Par Pacific Holdings, Inc.

Good day and welcome to the PAR Pacific second quarter 2023 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. 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, Sarah. Welcome to PAR Pacific's second quarter earnings conference call. Joining me today are William Pate, Chief Executive Officer, Will Monteleone, President, Sean Flores, SPP and Chief Financial Officer, and Richard Creamer, EVP of Refining and Logistics. 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 Chief Executive Officer, William Pape.

Thank you, Ashimi, and good morning to our conference call participants. This quarter was an exciting period in our company's growth. We made progress on many strategic objectives and reported excellent financial results. Second quarter adjusted EBITDA was $151 million, and adjusted net income was $1.73 per share. While the market continues to be supportive of our business, our financial results were attributable to solid commercial and operational execution at each of our business units. We closed the Billings acquisition on June 1st and welcomed the PAR Montana team to our organization. Initial performance has been very strong, with June operational and financial results well above our acquisition forecast. As previously noted, success in Billings depends on improving reliability. Our confidence is growing that the Billings refinery will exceed our acquisition case, which assumed 50,000 barrels per day of throughput. The PAR Montana team has identified numerous projects to improve mechanical integrity, utility and infrastructure improvements, and other important elements of reliability. These are generally small capital, high return projects. The June results demonstrate that improved reliability drives significant site profitability. We also made considerable progress on our renewables initiative. The Hawaii Distillate Hydro-Treater conversion project is progressing well and we continue to advance engineering on the Tacoma SAF green hydrogen project. The third quarter is shaping up to be another strong quarter. Global inventories tightened in July due to solid demand for refined products. As a result, market cracks have been improving throughout the first half of this quarter. We're also benefiting from growing local demand. Our retail units posted exceptional same-store sales growth during the second quarter, illustrating the strength of our franchises and overall market growth. June 30th liquidity of $464 million reflects a strong capital structure. During the quarter, we were able to fund the billings acquisition with cash on hand and availability from our new asset-backed loan facility. Since the closing, we have steadily reduced our debt and rebuilt our liquidity. Before Will covers our commercial and operational performance in more detail, I also want to note that the Board of Directors has authorized management to repurchase up to $250 million of common stock. At this stage in our company's evolution, we will use this authority opportunistically as we have sufficient liquidity to achieve our ambitious growth objectives while also repurchasing common stock at attractive prices. I'll now turn the call over to Will.