Par Pacific Holdings, Inc. (NYSE:PARR) Q4 2023 Earnings Conference Call February 28, 2024 10:00 AM ET

Company Participants

Ashimi Patel - Director, Investor Relations

William Pate - Chief Executive Officer

Will Monteleone - President

Shawn Flores - Senior Vice President and CFO

Jeff Hollis - Senior Vice President and General Counsel

Conference Call Participants

Matthew Blair - Tudor, Pickering, Holt

John Royall - JPMorgan

Nicolette Slusser - Goldman Sachs

Jason Gabelman - Cowen

Operator

Good day. And welcome to the Par Pacific Fourth Quarter 2023 Earnings Conference Call. All participants will be in a 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, Betsy. Welcome to Par Pacific’s fourth quarter earnings conference call. Joining me today are William Pate, Chief Executive Officer; Will Monteleone, President; Shawn Flores, SVP and Chief Financial Officer; and Jeff Hollis, SVP and General Counsel.

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, everyone. I’d like to take a moment to reflect on Par Pacific’s 2023 achievements. Our company thrived last year, achieving record-breaking financial results. 2023 adjusted EBITDA reached $696 million and adjusted net income was $8.21 per share, a 3% increase over 2022’s results.

We achieved earnings growth despite a 23% decline in our market indices last year. This financial success is underscored by our strong year-end liquidity position of nearly $650 million, which we reached even after completing the $310 million Billings acquisition in June. We also lowered our cost of capital with the refinancing of one of our intermediation facilities. And finally, we repurchased over $62 million of common stock last year, at an average cost well below our current share price.