Par Pacific Holdings, Inc. (NYSE:PARR) Q1 2023 Earnings Conference Call May 4, 2023 10:00 AM ET

Company Participants

Ashimi Patel - Director of Investor Relations

William Pate - Chief Executive Officer

Will Monteleone - President

Shawn Flores - Senior Vice President and Chief Financial Officer

Richard Creamer - Executive Vice President, Refining & Logistics

Conference Call Participants

Matthew Blair - Tudor, Pickering, Holt

Nicolette Slusser - Goldman Sachs

Ryan Todd - Piper Sandler

John Royall - JPMorgan

Manav Gupta - UBS

Jason Gabelman - Cowen

Operator

Good day and welcome to the Par Pacific’s First Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, today’s 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, Rocco. Welcome to Par Pacific’s first 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 & 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 will now turn the call over to our Chief Executive Officer, William Pate.

William Pate

Thank you, Ashimi. We are pleased this morning to discuss another quarter of strong performance. Our first quarter adjusted EBITDA was $168 million and adjusted net income was $2.25 per share. These results bring our last 12-month adjusted net income to $10.62 per share. With this quarter’s robust earnings, we continue to improve our balance sheet. Shawn will go into our liquidity in more detail, but we ended the quarter with more than $660 million of cash on hand, which exceeds our funded debt for the first time. Our balance sheet leaves us well positioned to close the acquisition of ExxonMobil’s Billings refinery on June 1.

During the next few months, our team will be focused on a successful integration of the Billings assets, including bringing on board the experienced operating team. The refinery has been operating well this year and conditions in the Rockies remain profitable entering the summer season. This transaction will also significantly expand our Logistics network in the Rocky Mountain region.