Par Pacific Holdings, Inc.

Good day and welcome to the PAR Pacific First Quarter 2025 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. To withdraw your question, you may press star, then two. Please note this event is being recorded. I would like now to turn the conference over to Ashini Patel, Vice President of Investor Relations. Please go ahead.

Thank you, Alan. 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 Shawn 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, Shami, and good morning, everyone. First quarter adjusted EBITDA was $10 million and adjusted net loss was 94 cents per share. First quarter results reflect off-season conditions and the impacts of the Wyoming outage. Market conditions are improving and our combined index is up by $6 per barrel so far this quarter. The Asian market remains narrowly balanced and our outlook for our Hawaii refining business is strong. Meanwhile, the West Coast is benefiting from reduced supply planned and unplanned maintenance, which is also tightening the western portions of the Rocky Mountain region. As we near completion of the Montana turnaround, we are focused on safely and reliably increasing rates for the summer driving season. Our retail business continues to deliver solid results. Quarterly same store fuel and in-store revenue increased by 0.5% and 1.8% compared to the first quarter of 2024. Underlying profitability also improved, as demonstrated by our last 12 months total adjusted EBITDA exceeding $80 million for the first time. We made considerable progress on key strategic objectives during the quarter and opportunistically reduced our shares outstanding by 5% compared to the end of 2024. We are well on our way to achieving our strategic priorities for the year. In Montana, we remain on time and on budget in our nearing mechanical completion of the turnaround. This outage reflects Montana's last major planned turnaround for the next four to five years. It also signals the transition of our efforts towards enhancing flexibility and competitiveness. In Wyoming, I would like to recognize the efforts of the team in safely bringing the facility back to full rates approximately one month early compared to our initial plans. Thank you all. In Hawaii, SAF project construction is progressing to plan and remains scheduled for startup in the second half of the year. We have received and set major equipment and are proceeding with onsite work to complete the project. Despite policy uncertainty, our outlook for the project remains constructive due to the flexibility and structural advantages of the project. On island, commercial interest from airlines and other customers is encouraging as we move towards commissioning the project. And finally, we have progressed cost reduction efforts and are confident in achieving our previously stated targets. We remain in an excess capital position with ending liquidity of 525 million after completing share repurchases and progressing our major strategic items in the quarter. Our current share count is now below 52 million, a level we haven't seen since 2019. Since then, our business is fundamentally stronger. We benefit from structural earnings improvements in places like Hawaii, a broader geographic footprint, and business segment diversity, all of which contribute to a more durable earnings profile. We are well positioned to manage the business through a range of environments while creatively growing our per share earnings power. Our free cash flow outlook is improving due to solid demand in our niche markets and a significant decline in the capital requirements in the second half of the year. I'll now turn the call over to Richard to discuss our refining logistics operations.