Par Pacific Holdings, Inc.

Good day and welcome to the PAR Pacific second 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 remarks, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touch-tone phone. To withdraw your question, please press star then two. And please note that this event is being recorded. I would now like to turn the conference over to Ashimi Patel, Vice President of Investor Relations. Please go ahead.

Thank you, Cole. Welcome to Power Pacific's second 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're 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. Second quarter adjusted EBITDA was 82 million and adjusted net income was 49 cents per share. These financial results reflect strong reliability and crisp planned maintenance execution. Notably, the billings turnaround planning and performance was excellent. In addition, our retail and logistics segments continue to deliver steady earnings. The completion of the billings maintenance positions us to push utilization rates in the third quarter in order to meet market demand. Each of our markets is short refined product in the summer months, requiring long-haul imports to balance supply and demand. Shifting to the broader refining environment, global product inventories are approaching the lower end of the five-year range. The combination of elevated utilization rates and relatively flat refined product demand have allowed for modest inventory restocking. Margins have responded and are near mid-cycle levels in most regions. Regional Dynamics and Pad 4 have largely returned to typical premiums versus the Gulf Coast. However, the Southern Rockies has been slightly less attractive as excess mid-continent inventories have pressured markets like Denver and Rapid City. Our retail brands continue to gain market share with same store fuel and merchandise sales growth of 1.3 and 1.8% respectively. The retail team has focused on growing food service gross margin enhancing systems to better manage in-store costs, and building a pipeline of remodel and new-to-industry sites. Our young brands continue to be well-received in the local markets we serve. On the strategic front, our growth initiatives are progressing. Billings reliability initiatives are delivering encouraging early results. In Hawaii, our renewable hydrotreater conversion is on budget, and the renewable fuel code generation project is progressing towards a potential power purchase agreement with Hawaiian Electric. On the financial side, we further reduced our cost of debt capital, and we repurchased more than $65 million of our stock. Our balance sheet remains strong, affording us the flexibility to both opportunistically repurchase stock and pursue our strategic objectives. In closing, we are focused on safe and reliable operations and crisp project execution. While the margin environment is moderated, Focus on these key areas will allow us to generate strong free cash flow and healthy returns through the cycle. I'll now turn the call over to Richard to discuss our refining and logistics operations.