Par Pacific Holdings, Inc. (NYSE:PARR) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET

Company Participants

Ashimi Patel - Vice President, Investor Relations
Will Monteleone - President & Chief Executive Officer
Richard Creamer - Executive Vice President, Refining & Logistics
Shawn Flores - Senior Vice President & Chief Financial Officer

Conference Call Participants

Ryan Todd - Piper Sandler
Matthew Blair - Tudor, Pickering, Holt
Neil Mehta - Goldman Sachs
John Royall - JPMorgan
Jason Gabelman - TD Cowen
Manav Gupta - UBS

Operator

Good day, and welcome to the Par Pacific First Quarter 2024 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 Ashimi Patel, Vice President of Investor Relations. Please go ahead.

Ashimi Patel

Thank you, Danielle. Welcome to Par Pacific's first quarter earnings conference call.

Joining me today are Will Monteleone, President and Chief Executive Officer; Richard Creamer, EVP of Refining and Logistics; and Shawn Flores, SVP 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, Will Monteleone.

Will Monteleone

Thank you, Ashimi, and good morning, everyone.

Before discussing quarterly results, I want to thank Bill Pate for his many contributions to Par Pacific's success over the last 10 years. Bill has been a terrific partner and a guiding force in the company's formation and strategic direction. I'm grateful for his leadership and honored to build upon our strong foundation as a leading conventional and renewable fuel provider to the Western United States.

Moving on to quarterly results. Our first quarter adjusted EBITDA was $95 million, and adjusted net income was $0.69 per share. Our Retail and Logistics business units delivered stable earnings contributions while strong operational execution in the Refining segment positions us to increase production during the profitable summer driving season. Our Billings refinery is in the process of restarting, further improving our summer operating position. Richard will provide more details.