Par Pacific Holdings, Inc. (NYSE:PARR) Q2 2022 Earnings Conference Call August 9, 2022 10:00 AM ET
Company Participants
Ashimi Patel - Director, IR
William Pate - President and CEO
Richard Creamer - EVP, Refining and Logistics
William Monteleone - Executive VP, CFO and Director
Conference Call Participants
Carly Davenport - Goldman Sachs
John Royall - JPMorgan
Matthew Blair - Tudor, Pickering, Holt
Jason Gabelman - Cowen
Operator
Good day, and welcome to the Par Pacific Second Quarter 2022 Earnings Conference Call. [Operator Instructions]
I would now like to turn the conference over to Ashimi Patel, Director of Investor Relations. Please go ahead.
Ashimi Patel
Thank you, Jason. Welcome to Par Pacific's second quarter earnings conference call. Joining me today are William Pate, President and Chief Executive Officer; Richard Creamer, EVP of Refining and Logistics; 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, Bill Pate.
William Pate
Thank you, Ashimi, and good morning to our conference call participants.
We're pleased to report strong financial results during the second quarter as market conditions improved well above historical norms due to a favorable supply-demand balance. Second quarter adjusted EBITDA was $242 million, and adjusted net income was $3.31 per share. In addition to the attractive market conditions, system-wide throughput increased over first quarter levels due to the lack of any significant planned outages.
Sales were excellent as we maintain our role as the lowest cost and most reliable supplier in our local markets. Most importantly, we had outstanding operational reliability last quarter, driving high refinery feed rates. In summary, our team's execution allowed us to capitalize on strong market conditions and drove record net income. Third quarter profitability continues to be strong. While gasoline cracks have declined materially, distillate cracks remain at record levels, and we have the highest distillate yield within the industry.