Par Pacific Holdings, Inc.

And welcome to the PAR Pacific third quarter 2023 earnings conference 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. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one. on a touch-tone phone. And if you need to withdraw your question, please press star then two. Please note this event is being recorded. And now I would like to turn the conference over to Ashimi Patel, Director of Investor Relations. Please go ahead.

Thank you, Marlise. Welcome to Power Pacific's third quarter earnings conference call. Joining me today are William Pate, Chief Executive Officer, Will Monteleone, President, Shawn Flores, SVP and Chief Financial Officer, and Richard Kramer, 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 Pate.

Thank you, Ashimi. We're pleased to share outstanding third quarter results with you this morning. Key highlights include record earnings, and improved capital structure and achievement of our principal billings integration objectives. We recorded record quarterly adjusted EBITDA of $256 million. The accretive impact of billings was illustrated by our third quarter adjusted net income of $3.15 per share, 10% above the comparable result in 2022. This was our first full quarter of ownership of the building's refining and logistics system, which contributed quarterly adjusted EBITDA of more than $85 million. As previously noted, our principal acquisition objective is to increase annual throughput through consistent, reliable operations. In this regard, we exceeded our acquisition target of 50,000 barrels per day with quarterly throughput above 55,000 barrels per day. We are also well ahead of our acquisition synergies target due to commercial activities and corporate overhead reductions. Our other refining and logistics units recorded strong profits due to solid operational execution and favorable market conditions. Despite the pressures of rising wholesale prices on street margins, our retail system continued to post excellent same store sales growth and strong profitability. Across the board, our team continues to exhibit near flawless operational and commercial execution. With the strong earnings, we also improved our capital structure. During the quarter, we were able to build liquidity, reduce debt, and refinance one of our intermediation facilities while also repurchasing $27 million of our common stock. We have also retired all prior year rent obligations. At this point, We have a strong balance sheet with limited financial obligations other than investing in our base assets and pursuing our strategic growth initiatives. On the growth front, we are focused on low-cost, high-return renewables projects. In Tacoma, we successfully tested our co-feeding operation, and we're also moving forward with the engineering of our green hydrogen and SAF units. In Hawaii, we remain on schedule with our renewable fuels projects. Overall, we continue to invest and expand in this critical sector, aligning with our long-term sustainability goals. As we enter the winter, distillate cracks continue to be strong across our markets, and gasoline cracks have declined with the conclusion of the summer driving season. While our Rockies markets remain well above Gulf Coast cracks, Billings and Wyoming have strong seasonality profiles due to the winter decline in Upper Rockies demand. However, The strong distillate orientation of our Hawaii operations will continue to reduce our sensitivity to winter seasonality, and it leaves us well-positioned for the winter quarters. I'll now turn the call over to Will to provide a detailed analysis of our commercial and operational performance.