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- **Record Financials**: Q3 EBITDA of $372 million and net income of $5.95/share, boosted by $200 million from small refinery exemptions.
- **Strategic Growth**: $100 million joint venture in Hawaii and new store in Pacific Northwest, with $735 million liquidity for expansion.
- **Retail Excellence**: 1.8% YoY fuel sales growth and 0.9% in-store growth, outperforming mid-cycle targets.
- **Market Resilience**: Singapore margins at 2023 levels, driven by tight supply and geopolitical risks, supporting distillate-focused refineries.
- **Operational Efficiency**: Montana OpEx at $8.76/barrel (target $10/year) and Hawaii Refinery nearing mechanical completion.

**【CEO Summary Section】**
- **Record Q3 Performance**: Adjusted EBITDA of $372 million and net income of $5.95 per share, driven by near-record throughput of 198,000 barrels per day and $200 million boost from small refinery exemptions.
- **Retail Growth**: Same-store fuel and in-store revenue up 1.8% and 0.9% YoY, with food sales improving.
- **Strategic Expansion**: Groundbreaking on a new Pacific Northwest store and $100 million joint venture with Mitsubishi and ENEOS for Hawaii Renewables.
- **Balance Sheet Strength**: $735 million liquidity and plans for share buybacks and growth projects.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of $303 million, Refining segment EBITDA of $338 million, and Logistics segment record EBITDA of $37 million.
- **Margin Capture**: 111% in Hawaii (125% excluding hedging), 93% in Montana/Wyoming, and 69% in Washington (impacted by jet-diesel spreads).
- **Cash Flow**: $219 million from operations, $80 million tax savings, and $204 million year-to-date capex.
- **Liquidity Outlook**: $100 million JV proceeds and RIN monetization to bolster liquidity.

**【Q&A Key Highlights】**
- **Cash Utilization**: Prioritize growth projects (e.g., Montana mid-cycle upgrades) and share buybacks, with $16 million repurchased in Q3.
- **Market Dynamics**: Singapore margins at 2023 levels due to tight OECD inventories and geopolitical disruptions; distillate focus sustained.
- **Operational Efficiency**: Montana OpEx at $8.76/barrel (target $10/year), and Wyoming back to normalized costs post-turnaround.
- **RIN Management**: Flexible strategy to capture SRE benefits while managing tail risks.


Par Pacific Holdings, Inc. (PARR) Q3 2025 Earnings Call Transcript

- **Record Performance**: Q2 EBITDA of $138M and net income of $1.54/share, driven by Hawaii's 88k bpd throughput record and 3% in-store sales growth.
- **Strategic JV**: $100M investment from Mitsubishi/ENEOS for SAF project, targeting Q4 2025 start-up and Q1 2026 EBITDA contribution.
- **Cash Generation**: $83M operating cash flow, $100M share buybacks YTD, and $647M liquidity supporting 3x leverage ratio.
- **Market Strength**: Tight Rockies distillate margins ($15.13/bbl in Montana) and elevated Hawaii capture rates (125% ex-headwinds) reflect strong demand and operational efficiency.
- **RIN Recovery Potential**: $140M upside if EPA grants small refinery exemptions for mainland refineries.


**【CEO Summary Section】**
- Q2 2025 adjusted EBITDA: $138 million; adjusted net income: $1.54 per share. Hawaii set a quarterly operational throughput record at 88,000 barrels per day, with same-store fuel and in-store revenue up 1.8% and 3% year-over-year.
- Montana turnaround completed, with $100 million JV investment from Mitsubishi and ENEOS for SAF project, targeting Q4 2025 start-up. Year-to-date share buybacks reduced outstanding shares by 8% to ~50 million.
- Balance sheet strength: $647 million liquidity, 3x leverage ratio (vs. 3-4x target), and $211 million LTM EBITDA for retail/logistics.

**【Richard Creamer - Refining & Logistics】**
- Q2 throughput: 187,000 bpd (Hawaii: 88,000 bpd record; Washington: 41,000 bpd; Wyoming: 13,000 bpd; Montana: 44,000 bpd). Hawaii production costs: $4.18/bbl; Washington: $3.73/bbl; Wyoming: $14.50/bbl (impacted by outage); Montana: $14.18/bbl.
- Q3 guidance: Hawaii 78-81k bpd (weather-impacted), Montana 54-56k bpd, system-wide 190-205k bpd.

**【Shawn Flores - Financial Results】**
- Refining segment EBITDA: $108M (vs. Q1 loss of $14M). Hawaii margin capture: 119% (125% ex-headwinds), driven by elevated clean product freight rates and throughput efficiency.
- Logistics EBITDA: $30M (mid-cycle). Retail EBITDA: $23M (vs. Q1 $19M), with 3% in-store sales growth.
- Cash flows: $83M from operations; CapEx guidance $240M (upper end). Share buybacks: $28M in Q2, $100M year-to-date.

**【Q&A Highlights】**
- **Hawaii Capture Rates**: 125% ex-headwinds, driven by freight rates and throughput efficiency. Management expects sustained mid-80s bpd rates.
- **SAF JV**: $100M investment from Mitsubishi/ENEOS for 36.5% stake. EBITDA contribution expected Q1 2026 after commissioning.
- **Rockies Market**: Tight distillate supply due to export demand and reduced biofuels production. Q3 Montana index: $15.13/bbl.
- **Cash Allocation**: Prioritize buybacks (shares down 8% YTD) and strategic projects. M&A focus on small-scale bolt-ons.
- **Small Refinery Exemptions**: Potential $140M RIN recovery if EPA grants exemptions for mainland refineries.
- **Asian Market**: Chinese exports constrained by policy; Singapore margins supported by global distillate demand.


Par Pacific Holdings, Inc. (PARR) Q2 2025 Earnings Call Transcript

- **Operational Excellence**: Wyoming refinery restarted 1 month early; Montana turnaround on track for mid-May restart.
- **Retail Strength**: 12-month EBITDA exceeds $80M; same-store fuel revenue growth 0.5% YoY.
- **SAF Project Momentum**: $1.50/gallon capital cost; major equipment set; Asia-Pacific airline interest.
- **Liquidity & Buybacks**: $525M liquidity; $51M shares repurchased in Q1; 5% reduction in outstanding shares.
- **Cost Control**: $30-40M annual savings target on track; OpEx reduction of $22M YoY.

**【CEO Opening Remarks】**
- Q1 2025 adjusted EBITDA: $10 million; adjusted net loss: $0.94 per share.
- Key highlights:
  - **Wyoming Refinery**: Restarted 1 month ahead of schedule post-mid-February outage.
  - **Hawaii SAF Project**: On track for H2 2025 startup; major equipment set; on-site work progressing.
  - **Retail Segment**: Same-store fuel revenue +0.5% YoY; in-store revenue +1.8% YoY; 12-month EBITDA >$80 million.
  - **Montana Refinery**: Near mechanical completion of FCC/alky turnaround; restart mid-May.
- Strategic progress: 5% share buyback; 2025 cost reduction target on track.

**【Richard Creamer - Refining & Logistics】**
- Q1 throughput: 176,000 bpd (Hawaii: 79,000 bpd; Washington: 39,000 bpd; Wyoming: 6,000 bpd; Montana: 52,000 bpd).
- Wyoming OpEx elevated by $6M in Q1, with additional $4M expected in Q2.
- Montana turnaround on budget/schedule; FCC/alky restart mid-May.
- Q2 guidance: 178,000-189,000 bpd system-wide.

**【Shawn Flores - Financial Results】**
- Q1 adjusted EBITDA: $10M; Refining segment loss: $14M (vs. $22M in Q4 2024).
- Hawaii index: $8.13/bbl (capture 109%); Wyoming index: $20.31/bbl (capture 98%); Montana index: $7.07/bbl (capture 71%).
- Logistics EBITDA: $30M (mid-cycle run rate); Retail EBITDA: $19M.
- Cost reduction initiatives: $30-40M annual savings target.
- Cash flow: $525M liquidity; $51M share buyback in Q1.

**【Q&A Highlights】**
1. **Wyoming Restart Success**: Team efficiency, third-party contractor support, and cold-weather stabilization drove 1-month early return.
2. **West Coast Market Dynamics**: Tight supply/demand benefiting West Coast and Rockies; potential Hawaii knock-on effects from Asian imports.
3. **SAF Project Outlook**: Competitive $1.50/gallon capital cost; strong interest from Asia-Pacific airlines; flexible logistics advantage.
4. **Capital Allocation**: Share buybacks prioritized over M&A; 2025 free cash flow outlook improving.
5. **Oil Price Sensitivity**: Tailwinds from lower fuel burn costs, asphalt netbacks; hedged inventory mitigates contango risk.

Par Pacific (PARR)-7 May 25-2025 Q1 Earnings call transcript

- **Record 2024 Performance**: $239M adjusted EBITDA driven by Logistics/Retail and Hawaii refining.
- **Wyoming Recovery**: 50% capacity by April, full restart by Memorial Day post-crude heater repair.
- **SAF Project Momentum**: $92M Hawaii SAF unit on track for H2 2025 startup; unique logistics advantage.
- **West Coast Tightness**: Competitor outages in CA/PNW could boost Washington refinery margins.
- **Share Buybacks**: 5M shares (9% of float) repurchased in 2024; $250M authorization reapproved.
- **Cost Savings**: Targeting $30-40M annual savings; Q4 operating costs down $9M vs. Q3.


**【CEO Opening Remarks】**
- 2024 adjusted EBITDA: $239 million; adjusted net income: $0.37 per share.
- Record refining throughput and Logistics/Retail EBITDA highlight operational resilience.
- Wyoming refinery incident: No serious injuries; targeting 50% utilization by mid-April, full restart pre-Memorial Day.
- 2025 priorities: Montana FCC/alky turnaround, Wyoming restart, Hawaii SAF unit startup, $30-40M cost savings.

**【CFO Financial Highlights】**
- Q4 2024: Adjusted EBITDA $11M, loss $0.79 per share; full year EBITDA $239M, EPS $0.37.
- Hawaii margin capture 133% (Q4), Montana capture 64%, Washington index -0.62/bbl.
- Logistics segment Q4 EBITDA $33M (record); Retail EBITDA $22M (up 10% YoY).
- 2024 share buybacks: 5M shares (9% of outstanding) at attractive prices.

**【Richard Creamer Operations Update】**
- 2024 system-wide throughput: 187,000 bpd.
- Hawaii: Q4 throughput 83,000 bpd, costs $4.42/bbl; 2026 debottleneck project planned.
- Washington: Q4 throughput 39,000 bpd, costs $4.34/bbl; low-cost producer in West Coast.
- Billings: Q4 throughput 52,000 bpd, costs $10.48/bbl; FCC/alky turnaround begins April.
- Wyoming: Q4 throughput 14,000 bbl/d; targeting 79-82K bpd in Q1 post-maintenance.

**【Q&A Key Takeaways】**
- **Share Repurchases**: $250M authorization reapproved; balance sheet strength supports opportunistic buybacks.
- **Hawaii SAF Project**: $92M investment; inside-fence-line costs, existing logistics give competitive edge.
- **Wyoming Recovery**: Partial operations (50%) by mid-April; full restart by Memorial Day.
- **West Coast Tightness**: Competitor outages in California/Pacific NW could drive margin expansion for Washington refinery.
- **Laramie Asset**: Non-core but generating $100M/yr cash flow; potential monetization under consideration.
- **M&A Outlook**: Focused on internal execution; high bar for external deals.


Par Pacific (PARR)-26 Feb 25-2024 Q4 Earnings call transcript

Par Pacific (PARR)-5 Nov 24-2024 Q3 Earnings call transcript

Par Pacific (PARR)-7 Aug 24-2024 Q2 Earnings call transcript

Par Pacific (PARR)-7 May 24-2024 Q1 Earnings call transcript

- **Record 2023 Financials**: $696M EBITDA, $8.21 EPS, and $1B+ cash flow over two years. 
- **Strategic Acquisitions**: Billings ($310M) and stock buybacks ($68M) highlight capital discipline. 
- **Sustainability Push**: $90M Hawaii SAF project to begin in 2025, with focus on low-capital renewable projects. 
- **Market Strength**: Optimistic on 2024, with Q1 throughput guidance: Hawaii 84k bpd, Montana 50-55k bpd, Washington 30-32k bpd. 
- **Safety & Efficiency**: 40% safety metric improvement, ENERGY STAR certification, and 15% cost reduction per barrel. 


**【CEO Summary Section】**
- **2023 Financial Highlights**: Achieved record adjusted EBITDA of $696 million, adjusted net income of $8.21 per share, and strong cash flow generation ($1 billion+ over two years). 
- **Strategic Acquisitions & Capital Allocation**: Completed the $310 million Billings acquisition, repurchased $68 million in stock, and reduced debt costs through refinancing. 
- **Sustainability & Growth Initiatives**: Launched the $90 million Hawaii SAF project (to begin production in 2025) and focused on low-capital, high-return opportunities. 
- **Operational Excellence**: 2023 saw 40% improvement in safety metrics, ENERGY STAR certification for two refineries, and a 15% decline in production costs per barrel. 
- **Market Outlook**: Optimistic on 2024 market strength, with focus on maintaining local market leadership and capitalizing on seasonal trends. 

**【CFO Financial Commentary】**
- **Q4 2023 Financials**: Adjusted EBITDA of $122 million, driven by net price lag benefits ($21M in Hawaii) and offset by FIFO impacts ($8M in Wyoming). 
- **Liquidity & Capital Structure**: Ended with $644 million liquidity (cash + credit facilities), supporting growth and shareholder returns. 
- **Cash Flow Management**: Generated $130M in Q4 cash from ops, excluding $132M working capital outflow (RIN settlements). 
- **Share Repurchases**: Repurchased $68M in stock at below-market prices, with plans to continue opportunistic buybacks. 

**【Q&A Highlights】**
- **M&A Strategy**: Actively pursuing deals in contiguous markets (e.g., Wyoming, Washington), focusing on low-capital, high-return projects. 
- **Billings Turnaround**: Planning 15-day outage in Washington to address heater constraints, impacting Q1 throughput by $5-8M. 
- **RIN Management**: Legacy obligations fully settled; now procuring RINs ratably. 
- **SAF Project Progress**: Groundbreaking in Hawaii, permits filed, and long-lead equipment ordered for the SAF unit. 
- **Market Dynamics**: High freight costs favor local production; Q1 2024 throughput guidance: Hawaii 84k bpd, Montana 50-55k bpd, Washington 30-32k bpd. 


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