Good morning and welcome to the Par Pacific second quarter 2025 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's remarks, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touch-tone phone. To withdraw your question, please press star then two. 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. Thank you, Jason. Welcome to Par Pacific's second 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, SV P 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. Thank you, Ashimi, and good morning, everyone. Second quarter adjusted EBITDA was $138 million and adjusted net income was $1.54 per share. Strong operations, combined with improving market conditions, enabled us to generate solid profits during the quarter. We set a quarterly operational throughput record in Hawaii, and the commercial organization was well positioned to capture improving market conditions during the Montana turnaround. Product margins remained firm with a combined index of approximately $13 per barrel so far in the third quarter, especially favoring our distillate-oriented yield profile. The Asian market outlook remains favorable, with minimal increases in Chinese exports despite arbitrage opportunities to Europe. Each of our businesses is well positioned to maximize rates as we enter the third quarter. Our retail business continues to shine. Quarterly, same-store fuel and in-store revenue increased by 1.8% and 3% compared to the second quarter of 2024. Underlying profitability also improved, as demonstrated by our last 12 months' total adjusted EBITDA climbing to $85 million. We also made considerable progress on key objectives during the quarter, and we are well on our way towards achieving our strategic priorities for the year. The Montana team delivered solid results, executing the largest turnaround in the site's history. The completion of this event marks the approximate two-year anniversary of the Montana acquisition. During this time, we addressed many of the higher risk reliability items. As we've done in prior acquisitions, we will now shift our focus towards improving the profitability of the site through a series of low capital, high return projects. The Hawaii and renewables team progressed the SAF project and remains scheduled for startup in the second half of the year, and we are nearing mechanical completion and commissioning of the pretreatment unit. We're also pleased to announce the joint venture with Mitsubishi and INEOS Corporation. Together, Mitsubishi and INEOS will contribute $100 million for a 36.5% equity interest in the joint venture, while Par Pacific Holdings Inc. will remain with a 63.5% controlling interest. This strategic partnership will strengthen our renewable fuels capabilities, including our partners' expertise in global feedstock procurement and product uptake. Following regulatory clearance, we expect to receive the $100 million investment, which will cover the cost of our project. Despite policy uncertainty, our outlook remains constructive due to the flexibility and structural cost advantages of the project. Amidst this solid operational and strategic execution, we repurchased an additional $28 million of stock at a weighted average price of $17.63, bringing the year-to-date share count down by nearly 8%. Our current share count is approaching 50 million shares, and we continue to measure our financial performance by evaluating our free cash flow on a per-share basis. Our balance sheet is in good shape, with ending liquidity of nearly $650 million, providing flexibility to pursue our strategic objectives and opportunistically repurchase shares. Looking forward, strong market conditions, reduced capital spending requirements, and the expected receipt of the VAT proceeds position us to drive strong cash generation. I'll now turn the call over to Richard to discuss our refining and logistics operations. Thank you, Will. Second quarter combined throughput was 187,000 bbls per day. In Hawaii, throughput was a record 88,000 bbls per day, and production costs were $4.18 per barrel. Hawaii delivered strong results due to reliable operations, which enabled the site to run near nameplate capacity throughout the quarter. This record is a result of focus and effort by our team to sustainably deconstrain Hawaiian operations over the last 18 months. Washington throughput was 41,000 bbls per day, and production costs were $3.73 per barrel, which highlights the site's low-cost and efficient refining structure. Shifting to Wyoming, throughput was 13,000 bbls per day, and production costs were $14.50 per barrel, impacted by lower throughput and an incremental $4 million due to the crude heater outage. The refinery returned to full production capacity in April, and we expect to return to our normal OpEx run rate in the third quarter. Finally, in Montana, second quarter throughput was 44,000 bbls per day, and production costs were $14.18 per barrel, reflecting lower throughput related to the successful completion of the SEC and Alkylation Unit turnaround. As Will said, we are pleased with the team's performance and their solid execution of the site's largest turnaround ever. Looking ahead to the third quarter, we expect Hawaii throughput between 78,000 bbls and 81,000 bbls per day, with July runs impacted by weather-driven crude delivery delays. Despite this, Hawaii downstream conversion units remain fully utilized through the consumption of intermediate inventory. Shifting to the mainland, we expect Washington throughput to be between 39,000 bbls and 41,000 bbls per day, Wyoming between 18,000 bbls and 19,000 bbls, and Montana between 54,000 bbls and 56,000 bbls, resulting in a system-wide throughput between 190,000 bbls and 205,000 bbls per day. I'll now turn the call over to Shawn to cover the financial results. Thank you, Richard. Second quarter adjusted EBITDA and adjusted earnings were $138 million and $78 million, or $1.54 per share. Our refining segment reported adjusted EBITDA of $108 million in the second quarter, compared to a loss of $14 million in the first quarter. Starting in Hawaii, the Singapore 312 averaged $13.56 per barrel, and our crude differential was $4.99, resulting in a Hawaii index of $8.57 per barrel. Hawaii margin capture was 119%, including a combined $4 million headwind from price lag and product crack hedging. Excluding these items, margin capture was 125%, reflecting favorable yield and reduced product imports driven by record quarterly throughput rates. Looking ahead to the third quarter, we expect our Hawaii crude differential to land between $5.75 and $6.25 per barrel. In Montana, our index averaged $20.29 per barrel, margin capture was 110%, highlighting our ability to maintain strong clean product sales through strategic inventory drawdowns despite lower throughput rates during the turnaround. Looking ahead, our Montana indicator averaged $15.13 per barrel in July, supported by strong distillate margins across the Northern Rockies, offset by tighter heavy crude differentials. In Wyoming, our index averaged $21.41 per barrel, margin capture was 87%, impacted by the recent outage as we resumed full throughput rates in late April. Under FIFO accounting, we continued to expense high-cost purchase products into May, which reduced second quarter gross margin by approximately $8 million. Looking to the third quarter, we've returned to normal operations and expect OpEx to revert to prior run rate levels. Lastly, our Washington index averaged $15.37 per barrel, an improvement of approximately $11 from the prior quarter, driven by tight distillate supplies in the Pacific Northwest. Margin capture was 75%, below our guidance range of 85%- 95%, primarily due to higher sales mix of asphalt and intermediate products during the summer demand season. In July, our Washington indicator averaged $13.74 per barrel, remaining well supported by strong clean product margins. Turning to the logistics segment, second quarter adjusted EBITDA came in at $30 million, consistent with our mid-cycle run rate guidance. In Wyoming, logistics volumes began to recover following the restart of the refinery in April, and across the rest of our logistics system, we saw strong utilization on our pipelines and truck racks, supported by seasonal strength in sales volumes. In the retail segment, we reported second quarter adjusted EBITDA of $23 million, up from $19 million in the first quarter. The improvement was driven by higher fuel margins, same-store sales growth, and lower operating costs. Corporate expenses and adjusted EBITDA totaled $24 million for the second quarter. We remain on track to achieve our company-wide cost reduction initiatives, targeting $30 million- $40 million in annual savings relative to last year. Including the Wyoming repair costs, year-to-date consolidated operating expenses were $412 million, reflecting a $24 million reduction compared to the prior year period. Moving to cash flows, cash from operations during the second quarter totaled $83 million, excluding working capital inflows of $123 million and deferred turnaround expenditures of $72 million. We expect a partial reversal of the working capital inflow in the third quarter, primarily driven by the timing of derivative cash settlements and a return to typical accounts payable levels. Cash use and investing activities totaled $46 million, driven by capital expenditures. As Will noted, we expect CapEx to decline meaningfully during the second half of the year. Through June 30th, accrued CapEx and turnaround costs totaled $173 million, with our full-year outlook trending toward the upper end of our guidance of $240 million. Turning to capital allocation, we repurchased $28 million or 1.6 million shares of common stock during the second quarter. Year to date, we've bought back 5.2 million shares at an average price of $15, reducing our basic shares outstanding by 8%. Moving to the balance sheet, gross term debt as of June 30th was $641 million, or three times our trailing 12-month retail and logistics EBITDA at the low end of our three to four times leverage target. With a record LTM EBITDA of $211 million, our growing retail and logistics cash flow comfortably supports our leverage profile. Total liquidity increased 23% during the second quarter to $647 million, supported by strong operating cash flows and expanded capacity under our ABL facility. Our solid financial position, combined with an improved market backdrop, positions us well to advance our strategic priorities moving forward. This concludes our prepared remarks. Operator, we'll turn it back to you for Q&A. Thank you. We'll now begin the question- and- answer session. To ask a question, you may press star then one on your touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we'll pause momentarily to assemble our roster. Our first question comes from Matthew Blair from TPH. Please go ahead. Thank you and good morning. Could you talk a little bit about the drivers behind the strong capture rates in Hawaii in the second quarter? I believe your overall capture was 119% of your indicator. I think you mentioned that areas like price lag and the hedging were actually headwinds in the quarter. What was on the other side that provided tailwinds and enabled such a strong capture figure? Yeah, Matt, this is Shawn. You're correct. Our reported capture was 119%, and excluding the non-recurring events of the price lag and crack hedging, it was 125%. I think over the last two or three years, our average capture in Hawaii has been 120%. I think we've shown that we can outperform our stated guidance of 110% capture, and that's primarily driven by elevated clean product freight rates, which is included in our sales contracts. As you see throughput rates move higher, closer to nameplate capacity, our yield expense improves materially on a barrel-for-barrel basis. I think as long as we sustain throughput rates in the mid-eighties and continue to see elevated clean product freight, I fully expect capture rates to continue to outperform our guidance. Yeah, Matt, this is Will. I think that what I'd point out here is just that 88,000 bbls per day throughput rate. Again, this reflects, I would say, over 18 months of work by the Hawaii team, and we're really deconstraining and just improving overall heater efficiency inside the plant. I think the yield profile on those last barrels produced is very attractive. Sounds good. The SAF JV looks like a total home run for Par Pacific. Could you talk a little bit about how that deal came about, the benefits to Par Pacific from that deal? Is there an update on the startup timing and when you would expect the EBITDA contribution to begin to flow through the Par Pacific financials? Sure, Matt. I think these discussions have been ongoing for an extended period of time, and I think the key thing that's driven really the partnership here is the, I'll just say, relative attractive elements of our project. I think we've been mentioning this, but I'll reiterate, I think at the end of the day, we see our SAF project as very attractive relative to the industry. It's driven really by our operating expense, given that it's inside the fence line of the plant on a per-gallon basis. We'd expect it to be very attractive and highly competitive. Second, really, is logistics. I think we expect over time to sell the vast majority of our products locally in Hawaii, and I think that allows us to leverage our existing proprietary distribution system. I think the capital efficiency of the project is the other piece that we've been touting. When you look at all of those factors, it's kind of the key ingredients for bringing in a partner of the quality of Mitsubishi and INEOS. I think ultimately, it was definitely not a 2+2 equals 4, but I think it's a great opportunity for us to expand our distribution capabilities on the U.S. West Coast. Mitsubishi and others have access into the California market, which complements our positioning in Washington and just expands the flexibility that we're going to have in the overall renewable fuels business. Long story short, I see this being an attractive long-term partnership that unlocks the value of the renewables business and also brings to bear a larger global scale that Mitsubishi and INEOS have. Again, very pleased with this, and I think it helps shine a light on the attractive elements of the project that we've been working on. In terms of startup, I think we're targeting the second half of this year. We're intending to bring online the pretreatment unit first, as I've referenced, go through the commissioning process there. I wouldn't expect to start to see financial contributions from the joint venture until really the first quarter of 2026. Just keep in mind, we'll be in commissioning and really getting through the, I'll call it, credit pathway establishment. I think it's going to take us a quarter or two before we get to the right CI scores and ultimately to the run rate contributions for that business. Great. Thanks for your comments. The next question comes from Ryan Todd from Piper Sandler. Please go ahead. Good, thanks. I wanted to talk a little bit about the Rockies. Obviously, really strong performance in Montana and Wyoming in the quarter, some of that due to excess inventory sales. Can you talk about maybe how much is due to the excess inventory sales and what you're seeing on broader dynamics in the region as you look forward from here? Yeah, Ryan, I'll take the excess inventory sort of impacts on capture, and we'll turn it to Will to talk about sort of the PAD4 market in general. I think the market environment that we're operating in the second quarter supported our capture guidance range of 90%- 100%. I think what drove capture closer to the 110% was our ability to draw down diesel and gasoline inventories. It's just a function of sales volumes versus throughput. I think looking ahead, I'd just reiterate our guidance of 90%- 100% in the Q3. Ryan, on the broader market, I think the kind of PAD5 and PAD4 distillate markets are particularly tight. Big picture, I think we saw the export market open up in the PAD5 market as you saw global distillate inventories start to draw down well below historical averages, and that opened up attractive net backs for exporting diesel. On top of that, I think you've seen production of biodiesel and renewable diesel come off materially. I should also say imports of biodiesel and renewable diesel come off materially as you saw the blender's tax credit expire. You have had both export of conventional diesel and then reduction in renewable barrels available as we kind of worked into the second quarter. I think the market and supply position there is tight, and I think that's really reflective of a globally tight distillate market. Those are the key drivers, and I'd broadly say a pretty typical driving season in terms of demand and fundamentals on the gasoline side is what we've seen so far. Great, thank you. Maybe turning to use of cash and shareholder returns, you've been pretty active in the first half of the year in terms of share buyback. You've got $100 million coming in the door from proceeds from the JV CapEx budget that's rolling off pretty materially, as you highlighted here in the second half of the year. You've also talked in the past about being opportunistic in shareholder returns. How do you think about those dynamics as you look at the second half of the year? Sure. What I would say is really our historical framework still holds today. What I'd say is when we're in an excess capital position like we are today and like we expect to improve and we get the chance to repurchase our shares below intrinsic value, we seize that opportunity. I think that opportunity is going to come and go based on the many variables that impact our business and markets as a whole. I think a nimble approach is critical. We live in a volatile world and things are changing quickly. What I would say is as a management team, what we're focused on is really actively weighing our growth prospects. That's both the internal growth capital projects that we're generating, as well as any M&A opportunities against those opportunities to repurchase stock and other capital allocation alternatives. I'll just say it a little differently. I think we really would just want the most options on the table that we can execute at any point in time so that we can adapt quickly to how quickly the world's changing. Great, thank you. If you have a question, please press star then one. Our next question comes from Neil Mehta from Goldman Sachs. Please go ahead. Good morning, Will and team. Wonderful perspective on small refinery exemptions. Where do you think we are in terms of the timeline? Any advice in helping us decide what this could mean for Par Pacific's cash flow? Sure. Hey, Neil, good morning. I think broadly on small refinery exemptions, our expectation is that the EPA will, I would say, follow the law. From our perspective, that means they go through a rigorous kind of refinery-by-refinery DOE scoring process to assess each plant. To give you some context, in the past, all three of our mainland refineries have qualified and received small refinery exemptions in the past. I think that's really our expectation of the process. In terms of the timing, I won't even hazard a guess, Neil. I think this is a highly politicized effort on all sides. Unfortunately, there would just be speculation to try and say that we know what the timeline is because it's been difficult for them to maintain a schedule. In terms of sizing of the opportunity, maybe I'll turn it to Shawn just to talk about the overall RIN positioning for us as a whole and what it means. Before I do that, I just want to clarify any exemptions and return of RINs would be upside to us, right? We have really a balanced RIN asset and liability position today. Yeah, no, this is Shawn. To Will's point there, we've covered our obligations going back to 2019 through 2024. Any retroactive receipt of a small refinery exemption would be sort of direct cash proceeds in terms of getting RINs back and selling those at market prices. I think when you think about our exposure on a go-forward basis, the mainland refineries have about 140 million RIN unit gross exposure. I think that's the best way to size up, given that those three refineries received SREs in the past. That makes sense. Could you spend some time just talking about the Singapore market? Hawaii is, I would characterize it at or maybe even above mid-cycle. That happened really quick. It's great to see. Just the sustainability of it, and there's some moving pieces here, right? Asia demand, Chinese oil demand's not that good. India, there's some debate around tariff impacts out there. We have this potential for the Chinese to ramp up product exports. How do you think about some of those moving pieces and risks as you assess the path forward for Singapore margins? Yeah. You know, I think, Neil, we watch the Singapore market closely, and I think really have for the last 12 years. The theme that we continue to see is that the overall Chinese refining fleet remains focused on meeting internal demand, which is sort of one theme that we see. The second is really just deeper and deeper integration between the refining fleet and their petrochemical complex. I think really internalizing demand and then also shifting product yields to the lighter-end products so that they can internalize their pet chem complex. Those are kind of the key policy pieces that we watch. In terms of the, I'll call it, export relief valve, it seems like that's been relatively well contained. I wouldn't say we see anything right now that suggests that there's a material change coming in the future on Chinese exports, given their stated policy objectives. I think that's sort of the incremental supply point that we see. The big picture demand in the Asia-Pacific market remains steady. A fair amount of, I'll just say, arbitrage barrels are still needed to clear from the Middle East and India and even potentially from North Asia all the way into Europe to kind of keep the Atlantic Basin balanced for distillate. That's kind of the key thing we're watching. I think we don't see a major shift there. Thanks, Will. The next question comes from Michael Laupheimer from TD Cowen. Please go ahead. Hey guys, it's Mike here for Jason Gabelman. Thanks for taking my call. First, could you just talk about how your niche markets in the Rockies and Pacific Northwest are shaping up quarter to date? Markets like Portland, for example, have been pretty elevated for quite some time now. Just trying to get a handle on the durability of those margins. Sure. Yeah, I think I'd referenced this that our July combined index is about $13 so far, which kind of aggregates all of our markets. That's pretty flat for where we were in June. I think the overall story there is probably very similar to what we saw in the back half of the second quarter in terms of the distillate market being strong. I commented on this previously, which is, I think, principally driven by open export market and reduced supply of biodiesel and renewable diesel, both domestically produced as well as imported, given the changes in the recent BTC to the production tax credit. I think those are the factors that are influencing the distillate side of the barrel. I think we see strong demand. I think in particular, that demand is strong globally. All those pieces are kind of pulling on the distillate barrel. The gas side of the equation, I would call it broadly, probably a mid-cycle market condition. I think the biggest thing to watch in the future is really the changes in the California refining fleet and to the extent that we do see the two competitor refiners there in Los Angeles and San Francisco. Decent operations in the fourth quarter and the first quarter of next year, I think it really further shifts the kind of import-export parity balance over time, which I think, practically speaking, just puts you more into a position where you're deeply reliant on renewables and biodiesel to balance the market. All right, great. My last one is just how you're thinking about your excess cash position. I think in the past you've mentioned that the business is comfortable around $300 million of liquidity. Is that still the right range to think about? As the stock has, as your stock has run up a bit, just how your appetite for M&A would be with that excess cash. Thanks. Yeah, you know, I think we've stated that our minimum liquidity target is $250 million- $300 million. We're certainly in an excess capital position today. As Will sort of mentioned in the earlier Q&A, I think we're going to continue to think about capital allocation in the same light and measure our opportunistic buybacks with pursuing our strategic growth priorities. On the M&A front, I would just say it's still a challenging market from a bid and an ask perspective. We're today principally focused on trying to find and develop internal opportunities or sort of smaller scale bolt-on solutions that help advance, really, principally on the cost reduction side, but certainly on other elements of market access that could improve our business, particularly on the mainland. The next question comes from Manav Gupta from UBS. Please go ahead. I apologize, guys. I was having some technical difficulties, so I couldn't join in time. If this question has been asked, I apologize. I just wanted your views on global quality discounts out there. How do you see, you know, heavier sour and other kinds of barrels in the global markets trade versus the light sweet barrels? If you could talk a little bit about that. Sure. I would say, big picture, the future incremental supply looks like it should add pressure and expand the heavy light diff as we head into the winter. I would tell you that not seeing signs of that in the prompt market. That probably goes all the way out into the September-October timeframe. You continue to see ANS and grades like that trade at some pretty elevated premiums to Brent. I would say incremental supply should help kind of bring quality differentials or expand quality differentials. Again, I have not seen that emerge at this point. You are seeing some tightening on the WCS side. Any comments you would like to make on that? I think WCS has now dropped to like $13 to WTI, but if you could, because you do use a lot of WCS in the system, if you could talk a little bit about the WCS market also. Yeah, I mean, I think it's certainly been tighter than we would expect. You know, I'll say almost in the high single digits at points in time here. You know, I think a little bit of incremental supply coming back on from Latin America and probably some reduced runs here as you get into the turnaround season in the fourth quarter, I think are setting the stage there for a bit wider differentials there. Those would be kind of the incremental changes that we've seen. Nothing earth-shattering there probably to what you've heard in the market from other parties. Thank you so much for taking my questions. There are no more questions in the queue. This concludes our question and answer session. I'd like to turn the conference back over to Will Monteleone for any closing remarks. Thank you. We're encouraged by the improving market backdrop and remain focused on executing on our key objectives as the key to driving our shareholder value. Thank you for joining us today. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.