Par Pacific Holdings, Inc.

Good day and welcome to the PAR Pacific third quarter 2024 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 your touch tone 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 Ashimi Patel, Vice President, Investor Relations. Please go ahead.

Thank you, Chad. Welcome to Power Pacific's third 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. Third quarter adjusted EBITDA was $51 million, and adjusted net loss was $0.10 per share. Operational performance was strong, with record quarterly refining throughput, record logistics adjusted EBITDA, and continuing in-store retail improvements. The durability of our results in a challenging refining market reflect the benefits of our diversified business model and the unique markets we serve. The current refining margin environment is testing break-even levels for many operators and is driving the next wave of supply rationalization starting in 2025. Refining fundamentals suggest more balanced supply and demand than current margins. Simultaneously, global inventories remain below five-year averages in most regions. Small changes and balances are driving outsized changes to margins. We are not waiting for the market to turn our way and are focusing on the things we can control. We are targeting to reduce 2025 fixed operating expenses by $30 to $40 million, positioning our company to thrive in both high-cycle and low-cycle environments. In retail, quarterly same-store fuel volumes declined by 1.4%, while merchandise sales grew by 3.8%. compared to the third quarter of 2023. While same-store sales volumes were down, total fuel volumes were up approximately 100,000 gallons over this period, reflecting the contributions of our new stores. We continued to progress our strategic growth initiatives in the third quarter. Investments and billing's reliability are delivering encouraging results. Initial objectives were to drive reliability first and then work towards cost competitiveness. we are accelerating focus on cost considering the current backdrop while planning to complete the major FCC and aquaculture unit turnaround during the first half of 2025. In Hawaii, we broke ground on the SAF project and are on track for startup in the second half of 2025. We are encouraged by the improving renewable fuels backdrop on the West Coast and the Pacific Basin. This capital-efficient project remains an important element of our future growth. Despite softer market conditions, our strong financial position affords us the capability to invest in our business and grow its long-term profitability. Executing the Billings Initiatives and delivering the YSAF project are focus areas to grow the earnings power of our business. I'll now turn the call over to Richard to discuss our refining logistics operations.