Par Pacific Holdings, Inc.

Good day and welcome to the PAR Pacific first quarter 2026 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, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Mishimi Patel, Vice President of Investor Relations. Please go ahead.

Thank you, Kim. 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 Montalian.

Thank you, Ashimi, and good morning, everyone. First quarter adjusted EBITDA was 91 million, and adjusted net income was 78 cents per share. First quarter results compare favorably against historical first quarter performances. despite the lag effect of rapidly rising crude and distillate prices in Hawaii, off-season conditions in Wyoming, Montana, and the planned Washington outage. Our facilities ran well across the system, setting a first quarter throughput record. This strong throughput allowed us to pre-build inventory ahead of planned maintenance outages. The Wyoming and Montana facilities have both completed their April outages on time and are prepared to run hard for the highly profitable summer months. Over the past two months, refined product cracks surged to all-time highs, particularly in Asia, due to the reduction of Persian Gulf origin refined product exports, Asian refiners reducing run rates, and protectionist policies restricting free trade of waterborne refined products. As a result, the April Singapore 312 Index is materially above historical norms, averaging over $72 per barrel, compared with the 2025 average of $16 per barrel. These levels exceed prior highs observed during the early months of the Russia-Ukraine conflict. In addition, mainland seasonal cracks are also rallying to elevated levels. Our commercial position and supply chain flexibility allow us to capture a substantial portion of the strong market environment. In addition, we have no crack spread hedges in place positioning us to capture improved market conditions. Looking forward, global refined product inventory buffers are drawing down aggressively. setting up for meaningful tightness over the summer months. We see many Asian refiners running at near minimum throughput rates, attempting to preserve crude supply chain duration versus maximizing profits. Turning to the retail segment, quarterly same store fuel and in-store sales decreased by 3.3 and 1% compared to the first quarter of 2025. Fuel volume and in-store results reflect shifting consumer refueling patterns associated with the rising flat price environment. and the impact of three state-level closures during the first quarter from Hawaii flooding events. On the strategic front, we achieved a major milestone with the successful startup of the Hawaii Renewables Unit. This is a significant step for the renewables business, reflecting our disciplined commissioning approach. We continue to test and optimize unit operations and are focused on establishing credit pathways. The policy backdrop continues to strengthen, and we remain constructive on the outlook for the project. On the capital allocation front, we repurchased $28 million during the quarter at an average price of $38 per share. Since the program's inception, we've repurchased over 14 million shares, or just over 20% of shares outstanding, at an average price of $25 per share. Our total liquidity position of $938 million, combined with a robust forward cash flow outlook, positions the balance sheet to support our strategic objectives and opportunistic share repurchase framework. In closing, our consistent focus on reliable operations, commercial agility, and disciplined capital allocation remains the foundation for capturing today's market opportunity and delivering long-term shareholder value. With that, I'll hand the call to Richard, who will walk through our refining logistics results.