Par Pacific Holdings, Inc.

Good morning and welcome to the PAR Pacific fourth quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. 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 of Investor Relations. Please go ahead.

Thank you, Drew. Welcome to PAR Pacific's fourth 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 Montalian.

Thank you, Ashimi, and good morning, everyone. 2025 was a year of meaningful progress. We navigated challenges, advanced key strategic initiatives, and generated substantial profits along the way. Full-year adjusted EBITDA was $634 million. and adjusted net income was $7.56 per share. 2025 represents an excellent year for the enterprise and further validates the structural improvements we've made to the business. At the beginning of 2025, we laid out clear priorities for the year. One, execute major turnaround activity safely and on schedule. Two, minimize the impact from the Wyoming Crude Eater event. Three, advance and start up our Hawaii Renewables Unit. And four, deliver on our cost reduction commitments. Despite a volatile refining backdrop, we've largely achieved those objectives. We executed the Montana turnaround work safely and effectively, restored Wyoming to reliable operations, advanced the Hawaii Renewables Project into commissioning, while forming a joint venture with world-class partners at an attractive valuation, and strengthened our cost structure. While no year is without challenges, the consistency of our execution reinforces our organization's commitment to excellence. In our business, financial success starts with operational reliability and safety. Overall, we made strong progress during the year, achieving record annual refining throughput. However, the Wyoming event was a reminder to the organization that we were never finished when it comes to safely and reliably operating our facilities. One notable operational success was the sustained improvement in Hawaii throughput rates following several years of focused effort by the team. Hawaii throughput averaged 84,000 barrels per day, approximately 4% above the prior three-year average, reflecting sustained operational improvement by the team. The logistics organization progressed key initiatives throughout the year and generated record segment profits. And retail once again delivered growing results, setting new financial records in 2025. Full year adjusted EBITDA increased approximately 13% versus 2024. 2025 same store fuel and in-store sales grew approximately 1.6 and 1.5% respectively, reflecting continued traction in merchandising initiatives and food programs. In Hawaii, the renewable fuels project has progressed into commissioning and early startup phases during the fourth quarter. We prioritize the readiness of the pretreatment unit and have successfully achieved on specification feedstock with a range of inputs. We are in the final phases of operational readiness and expect to introduce post-treated feedstocks into the renewables unit in the next few weeks. While timing has extended modestly beyond original expectations, there have been no material operational issues. Our focus remains on safe startup, operational stability, and optimization towards steady state performance. We are constructive on the medium-term economic outlook as the policy backdrop continues to improve. A significant highlight for the year was the strengthening of our balance sheet. During the fourth quarter, we received proceeds from the Hawaii Renewables Joint Venture and began monetizing excess rent inventory. Combined with solid underlying cash generation, these actions materially improved liquidity. We ended the year with approximately $915 million in liquidity and 49.7 million shares outstanding. improving liquidity by 49% and reducing our share count by 10% while completing key growth and reliability projects. A stronger balance sheet provides flexibility to invest through cycles, execute high return internal projects, and opportunistically repurchase shares when appropriate. We entered 2026 positioned to continue expanding the earnings power of the business and driving long-term shareholder value. Refining markets are cyclical, and our strategy is not to predict short-term movements, but to structurally improve our position within the cycle, increasing distal yield, enhancing logistics integration, improving capture rates, and lowering our cost structure. Over time, these efforts expand our mid-cycle earnings profile and strengthen durability. Our priorities for the year are clear and consistent with our long-term strategy. One, improve the mid-cycle earnings contribution. of our Rocky Mountain assets through targeted high return projects that enhance flexibility and capture. Two, execute the Hawaii turnaround safely and on schedule. Three, successfully start up and optimize the Renewable Fuels Unit. And four, maintain disciplined and opportunistic capital allocation. I'll now turn the call over to Richard to discuss refining logistics operations.