Par Pacific Holdings, Inc. (NYSE:PARR) Q3 2022 Earnings Conference Call November 2, 2022 9:30 AM ET
Company Participants
Ashimi Patel - Director, Investor Relations
William Pate - President and Chief Executive Officer
Richard Creamer - Executive Vice President, Refining and Logistics
Jim Yates - Executive Vice President, Retail
William Monteleone - Executive Vice President and Chief Financial Officer
Conference Call Participants
Matthew Blair - Tudor, Pickering and Holt
Carly Davenport - Goldman Sachs
John Royall - JPMorgan
Ryan Todd - Piper Sandler
Jason Gabelman - Cowen
Operator
Good day, and welcome to the Par Pacific Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Ms. Ashimi Patel, Director of Investor Relations. Please go ahead.
Ashimi Patel
Thank you, operator. Welcome to Par Pacific's third quarter earnings conference call. Joining me today are William Pate, President and Chief Executive Officer; Richard Creamer, EVP of Refining and Logistics; Jim Yates, EVP of Retail; and Will Monteleone, EVP 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, William Pate.
William Pate
Thank you, Ashimi. Good morning to our conference call participants. We're pleased to announce the second consecutive quarter of strong financial and operating results as all our business segments had strong profitability.
Third quarter adjusted net income was $2.88 per share and adjusted EBITDA was $214 million. Our organization is excited to return to a growth posture with our recent agreement to purchase ExxonMobil's Billings refinery and related logistics assets for $310 million. As previously noted, this acquisition will double our mainland refining capacity and significantly boost our logistics business. We expect to fund the acquisition next spring with cash on hand.
This quarter, both our Retail and Logistics business segments reported record quarterly adjusted EBITDA. The Retail unit benefited from declining crude oil prices during the third quarter. Retail price declines also partially reversed a portion of the demand destruction that we experienced in the spring when gasoline pump prices spiked to very high levels. Our Logistics profitability continued to improve due to increasing throughput and sales throughout our system.