Par Pacific Holdings, Inc. (NYSE:PARR) Q2 2023 Earnings Conference Call August 8, 2023 10:00 AM ET
Company Participants
Ashimi Patel - Director, Investor Relations
William Pate - Chief Executive Officer
Will Monteleone - President
Shawn Flores - SVP and Chief Financial Officer
Conference Call Participants
Matthew Blair - TPH
Neil Mehta - Goldman Sachs
James Larkin - Piper Sandler
Jason Gabelman - Cowen
Alejandra Magana - JPMorgan
Manav Gupta - UBS
Operator
Good day, and welcome to the Par Pacific Second Quarter 2023 Earnings Call. All participants’ will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Ashimi Patel, Director of Investor Relations. Please go ahead.
Ashimi Patel
Thank you, Sarah. Welcome to Par Pacific’s second quarter earnings conference call. Joining me today are William Pate, Chief Executive Officer; Will Monteleone, President; Shawn Flores, SVP and Chief Financial Officer; and Richard Creamer, EVP of Refining and Logistics.
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 Chief Executive Officer, William Pate.
William Pate
Thank you, Ashimi, and good morning to our conference call participants. This quarter was an exciting period in our company’s growth. We made progress on many strategic objectives and reported excellent financial results.
Second quarter adjusted EBITDA was $151 million and adjusted net income was $1.73 per share. While the market continues to be supportive of our business, our financial results were attributable to solid commercial and operational execution at each of our business units. We closed the Billings acquisition on June 1 and welcome the Par Montana team to our organization. Initial performance has been very strong with June operational and financial results well above our acquisition forecast.
As previously noted, success in Billings depends on improving reliability. Our confidence is growing that the Billings refinery will exceed our acquisition case, which assumes 50,000 barrels per day of throughput. The Par Montana team has identified numerous projects to improve mechanical integrity, utility and infrastructure improvements and other important elements of reliability. These are generally small capital, high-return projects. The June results demonstrate that improved reliability drives significant site profitability. We also made considerable progress on our renewables initiative. The Hawaii distillate hydrotreater conversion project is progressing well and we continue to advance engineering on the Tacoma SAF green hydrogen project.