Par Pacific Holdings, Inc.

Good day and welcome to the PAR Pacific first quarter 2024 earnings conference call. All participants will be in a 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 your touchtone phone. 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 Ashumi Patel, Vice President of Investor Relations. Please go ahead.

Thank you, Danielle. Welcome to Power Pacific's first quarter earnings conference call. Joining me today are Will Monteleone, President and Chief Executive Officer, Richard Creamer, EVP of Refining and Logistics, and Sean Flores, SVP 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, Will Monteleone.

Thank you, Ashimi, and good morning, everyone. Before discussing quarterly results, I want to thank Bill Pate for his many contributions to PAR Pacific's success over the last 10 years. Bill has been a terrific partner and a guiding force in the company's formation and strategic direction. I'm grateful for his leadership and honored to build upon our strong foundation as a leading conventional and renewable fuel provider to the Western United States. Moving on to quarterly results. Our first quarter adjusted EBITDA was 95 million and adjusted net income was 69 cents per share. Our retail and logistics business units delivered stable earnings contributions, while strong operational execution in the refining segment positions us to increase production during the profitable summer driving season. Our buildings refinery is in the process of restarting further improving our summer operating position. Richard will provide more details. Global product inventories are presently low to well balanced. Supply side support appears limited. Incremental Chinese exports are expected to be flat to down year over year, and national policies remain focused on adequate local market supply for both transportation fuels and petrochemicals. In addition, we see refined product freight costs remaining elevated, inflating the cost of arbitrage between markets and highlighting the benefits of local manufacturing. This is likely to become a larger factor as we enter the summer driving season and marginal supply will need to stretch further to solve for marginal demand. Retail brands continue to build momentum with same store fuel and merchandise sales growth of 6% and 5% respectively. The retail team is focused on growing food service gross margin rolling out core systems to better manage in-store costs, and building a pipeline of remodel and new-to-industry sites. Our relatively young brands continue to be well-received in the local markets we serve, as demonstrated by the above-trend growth rates. Progress continues on our renewable fuel initiatives. In Hawaii, the $90 million renewable hydro-treater project is tracking on-time and on-budget, and the renewable fuel cogeneration project with Hawaiian Electric is progressing towards a potential power purchase agreement. In Tacoma, we are pivoting from the larger SAF and green hydrogen project to assess lower capital and return opportunities. Our balance sheet remains well positioned. Thus far this year, we further reduced our cost of debt capital and repurchased more than $70 million of our stock at attractive prices. With more than $575 million of liquidity, our balance sheet remains strong allowing us to both opportunistically repurchase our stock and pursue our strategic objectives. Looking forward, we are focused on safe and reliable operations, crisp project execution, and thoughtful capital allocation. We are committed to managing risks and also positioning our enterprise to generate strong returns through the cycle. I'll now turn the call over to Richard to discuss our refining and logistics operational performance.