Par Pacific Holdings, Inc.

Good day and welcome to the PAR-Pacific Second Quarter 2026 Earnings Conference Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Jeff Hollis, Senior Vice President, General Counsel, and Secretary. Please go ahead.

Thank you, operator. Welcome to PAR Pacific's earnings conference call. Joining me today are William Monteleone, President, CEO, Richard Creamer, EVP of Refining and Logistics, and Shawn Flores, CFO. Before we begin, note that our comments today may include forward-looking statements. Any forward-looking statements are subject to change that 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 additional information. I'll now turn the call over to our President and CEO, William Monteleone.

Thank you, Jeff, and good morning, everyone. We're pleased to report strong second quarter financial results driven by excellent operational and commercial execution. Amidst extreme volatility, each of our business units executed crisply and used the full commercial flexibility of our asset base to capture market conditions. System throughput ran at elevated levels through the peak margin window, and our commercial team optimized crude sourcing and product placement, generating excellent capture rates. Fine product cracks remained materially above historical norms through the quarter. Our combined market index averaged approximately $33 per barrel, well above the 2025 average of $12.40 per barrel and exceeding the second quarter 2022 when the Russia-Ukraine conflict was intensifying. Reduced Persian Gulf and Russian origin refined product exports, Asian refiners running conservatively to preserve crude supply chain duration, and protectionist policies restricting free trade drove these favorable market conditions. Looking forward, global refined product inventories remain tight. and the structural factors supporting margins remain. Turning to retail, same store fuel volumes declined by 0.8%, while in-store sales increased by 1% compared to the second quarter of 2025. Despite pressure on fuel margins in a higher price environment, the merchandising and food programs continue to advance, strengthening the underlying earnings power of the segment. On the strategic front, our why renewables business made steady progress. Renewable diesel production ramped through the quarter, with June throughput reaching approximately 3,000 barrels per day before we commence the Hawaii plant-wide turnaround. In addition, we completed first commercial renewable diesel sales during the quarter. Volumes were small and reflect the early stage nature of the commercial ramp, but they established the operational pathway from production to sales. On the capital allocation front, we meaningfully strengthened the balance sheet during the quarter, reducing our term debt balance by over 20% via the inaugural senior unsecured notes issuance. We ended the quarter with total liquidity of approximately $1.4 billion, placing our balance sheet in a very strong position to pursue growth and continue to allocate capital thoughtfully through cycles. In closing, our through-cycle discipline on operations, commercial positioning, and capital allocation is what allowed us to convert an exceptional market environment into a durably stronger balance sheet and strong per share earnings. We remain focused on maintaining that discipline as market conditions evolve. With that, I'll hand the call to Richard, who will walk through our refined logistics results.