PARR - Earnings call transcript Q4 2018 | Par Pacific Holdings, Inc.

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Operator

Greetings, and welcome to the Par Pacific Holdings Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Suneel Mandava, Senior Vice President of Finance for Par Pacific Holdings. Thank you, Mr. Mandava.

begin. may You

Suneel Mandava

Good Holdings operator. and to welcome Thank quarter morning, XXXX Pacific fourth earnings Par you, everyone, conference call.

are Chief Joseph Joining Officer; Petroleum. Executive today William and Par President me Chief Officer Will of Monteleone, President Financial Israel, and Officer; and Chief Pate, Executive

estimates our Chief press include in non-GAAP under and are of our President and or our begin, to we are and to of Bill or I expectations, or are figures, Federal regarding actual affecting forward-looking the as on Executive turn XX-K future with investors undue information, place concerning Such forward-looking this, major include, the these the what financial forward-looking or our discussion but uncertainties, factors may to Securities the limited website, for subject the measures Pacific Further Par business. a for that including Officer, differ Pate. found you may as I'll financial events. statement. in now materially to www.parpacific.com, that well filed plans, our SEC Holdings comments some of from refer to on any laws. our should release over reconciliations and intention XX-Q not may investor certain of most not Before the Forms and more and statements risk They any of latest term these, detailed guarantees operating on we of not company. disclaim comparable be the those as our information are call note update GAAP statements revise today our results SEC. is presentation filings supplemental with obligation change and reliance please outlook forward-looking and and is Because defined to statements Any statements, statements. risks to indicated performance subject forward-looking

William Pate

participants. to conference morning all of good call our and Suneel, Thanks

report marked to financial milestones. a which XXXX, was pleased We’re year strategic several strong by for results

net For income of the quarter, was adjusted with share per of our and contributions fourth up all Adjusted nearly the $X.XX significant was units. XXXX. EBITDA business adjusted EBITDA was XX% over quarter $XXmillion from

we of and per EBITDA $XXX.X share. million For Fourth $X.XX of the were income many strong levels. net quarter adjusted adjusted reported results year, on

Our to Hawaii refinery strong more fourth fuel year, quarter rest oil the generated cracks, due profitability and the as well the distillate in as on-island of sales. record than

prior in reported an in-part oil unit X.X%, Our record the decline down prices. about driven improvement by quarters. retail on income quarterly crude sales were operating Same-store

oil With in reverse our approximately Wyoming for two-week with $XX has an would we adjusted the been have in the XX million XXXX Wyoming adjusted XX%. for XXXX Laramie remarkable up growth producing unfavorable EBITDAX in of turnaround, year a been due estimate regional the of a Adjusted to for oil record this we provided reserves production a and Par growth mid-cycle the above than more in and more wrapped acquisition. million of proved at time million that each XX% a increasing than increasing XXXX Pacific. developed significant year of approximately EBITDA, unfavorable widening to fourth seasonal differentials, reported amount decline crude but have crude prices, performance million FIFO expect this XXXX. quarter XX trend impact. refinery’s would $XX October negative Despite impact,

now XX doubled includes our states. in per have aggregate, With capacity nearly our refining Hawaii product our from four We’ve changed mainland XXX,XXX logistics per and our locations barrels to fuel crude from and to the year, our refining a business, larger retail solidified profile we presence. XXX,XXX day, profile. significant day acquisitions dramatically movements In has barrels announced and operated expanded built the retail three our XXX, exposure, during increased

midst at the our our in renewable expansion capability. of also to Tacoma fuel We’re location logistics enhance an

project expect this quarter. to during complete third the We

funded fuels owner, ocean-going the which to $XX provide $X of million rail the vessels. by us and Specifically, previous renewable by other on project, will flexibility this and bring load allow million with approximately was in us ethanol to

We’re because Pacific very commercial and is excited goals incentives fuel to on the us project the west government positions beyond about related with the in this opportunities, it renewable the consistent Northwest capture coast.

our small Our end the asset-lite purchase a strategy downstream the at of company marketing with of company. XXXX began

robust, acquisitions, we IV past PADD the network in a through markets. market years, PADD Over a integrated leading with now six of attractive and series have shares V

in over to the market the have waterborne first the course a have is difficult XXXX, cracks much continue of there year. of We quarter crude but and challenging anticipate to

While we’re recent acquisitions, to where we from be combined achieve efforts enhanced very the the larger early commercial areas many activities network. the synergies by see will in our our

time, also to I’d over call the We believe provide like of more the benefit we look turn of details distillate operations. in our this impact At to to Joseph our segment. on XXXX forward hydrotreater and Hawaii, distillate-oriented refining startup our to IMO will

Joseph Israel

and members Hawaii. these focus take in Hawaii, I strong and family more environmental stronger is to solid Thank would performance, teams recently reliability, and the Kapolei, operations welcome to board. Par compliance, company, Tacoma, acquisitions. Houston, on congratulating I start Par flexibility, by Safety, you, Bill. to would two XXXX execution and XXXX. the led like much in a opportunity commercial a Wyoming, in newest on the our a to like across of in The this Washington consistent diverse plant acquired also the following

with fourth regards the to Now, quarter.

quarter XXXX. of fourth barrel, or with portion impact, approximately fourth differentials environment last $X quarter $X.XX our Singapore and distillate, with quarter our and per our refinery strong to than Hurricane per compared barrel, crack more were in favorable. by offset in oil spreads. For market Fourth barrel. gasoline fuel crude X-X-X-X conditions impact, million in of per $X.XX the index was reflected Hawaii, is were the guidance, global Consistent unfavorable Lane $X.XX of Elevated weak oil results,

barrels We in relatively environment, strong a a reflecting the per in gross capture, margin Our part realized in averaged $XX total for in was barrel our per flat growth. a $X.XX closed IES Hawaii. quarter quarter day, sold the are to XX, we including Overall, of fourth of driven barrels sales day high we costs day XXXX, barrels in the XXX,XXX first quarter. year-on-year on per sales. December XX,XXX the per approximately planning combined day. per over per per lag In per acquisition in price barrels in barrel. expecting the barrels barrels In the XXXX, run adjusted XX,XXX are as dropped Production Brent We XX,XXX of contractual was in quarter, Hawaii by in were XXX,XXX sales day, quarter. throughput XXX,XXX XX,XXX falling on-island reflecting Hawaii day $X.XX barrel of in Hawaii, on-island per and XX% on-island to XXXX record price the

distillate Hawaii combined include only XX% of and gasoline. to of XX% XX% Low planned Oil, yield Fuel Our in and Sulfur

spreads Due configuration on X-X-X-X We’re sales excited our about this modifying and profile, yield basis. market new distillate our index we’re profile, and considering spread, crack for IMO. Singapore global Brent to crack outlook to

has the the per So averaged barrel. quarter, $X.XX first approximately index far in

of to works turnaround $XX.XX quarter, the $X third our weak X-X-X of in continued fourth quarter, the recently per as barrel turnaround, million are favorable We and two outlay throughput refinery barrel slightly with in environment successfully during weeks as estimated gasoline cost. fourth seasonal In an consistent impact gasoline. quarter, us planning production index well for Wyoming, opportunities, million. in in compared acquired averaged per a executed XX,XXX day, diesel distillate with $X.X the seasonal In gave planned and hydrotreaters, million the index assets to We was driven per barrels of by quarter upgrades $X $XX.XX guidance, the our replacement approximately million guidance, our catalyst repairs. with mostly which our our under in low $X.X naphtha other demand and missed Turnaround included XXXX.

of barrel. quarter realized availability, per per costs barrel. gross $XX.XX Our favorable impact turnaround was $X.XX capture differentials. activities. and barrel, crude margin including per turnaround the weak XX% Capture FIFO from came The relatively unfavorable operational were driven in by support and Production adjusted $X.XX was

the several and Mountains reflected in So as well lower as refineries’ rates, are crack Rocky far per averaged first maintenance $XX.XX weather spreads. and our extreme has Wyoming improved index weeks barrel. Planned inventories lower Midwest and utilization conditions already past the quarter, in X-X-X approximately in

continue Powder the We in to Basin. River production, access local and discounted from pipeline and benefit

$XXX,XXX, Our have first of XX are $X oil reformer barrels missed days opportunities, XX,XXX discount On well well, crude WCS our quarter basis. the discount, minimum margin approximately and are our XX,XXX is planned regeneration going cost approximately Select at basis, months In to we $XX Washington operations index Tacoma refinery barrels respectively, and Washington, throughput strip with as associated a stabilized estimated in target recently website, surprises. Northwest the volatility pricing Estimated Pacific per a ANS and level, around couple with WTI, Canadian with Bakken Bakken approximately $X publish but new as in barrel day past maintenance high in Wyoming integration is and gross on per X-X-X-X works in XX March. with information. on the in started day, efforts Western and to traded months, per million.

results over And first are the day. and highlights. Laramie the in to now, XXXX in XX,XXX scheduled for turnarounds review Washington XX,XXX to throughput for Will target to turn quarter consolidated refinery. No Washington per call barrels Our is our I’ll

Will Monteleone

you, Joseph. Thank

Focusing calling couple within million are was Refining on a million in for accounting quarter items items the largest out results. and item our $XX for fourth the FIFO worth our Wyoming GAAP $XX approximately results. of The first. other impact of There XXXX

and for of approximately had expenses fourth million XXXX. for we the First, quarter and acquisition $X million integration $XX

acquiring, As year. achieving year incurred had our transactions this Bill footprint and busy and growing approval we’ve significant a referenced, regulatory financing three expense

during expect be costs lower markedly to XXXX. We these

$XX with working during Second, fees from debt Cash Oil the million of the we acquisition. $X during quarter, quarter including operations capital from financing of funds totaled associated expensed of the million the million. U.S. $XX commitment

in million. of including For full-year, cash working from $XX consumed $XX the totaled capital million, operations funds

net was to XX% of liquidity totaled XX.X interest the and million, the expense at end million financing million. and $XXX consolidated to position, $XXX quarter Moving third and GAAP total debt-to-capitalization quarter. the XX% compared million DD&A Fourth was totaled XX.X

acquisition XXX February approximately adequate as at USOR XX. our the remains of position completion liquidity million Following of

XX% XXXX Capital $XX accounting, communicated million be are $XX to respectively. XX lower-end to and and to million million XX purchase of million, previously XX% our levels we of expense in contributions. upon Our expect preliminary interest net debt DD&A, and combination debt-to-capitalization and stands towards Annual base a based $XX XX% paydowns the of totaled fourth for through with million range XX equity expenditures during our $XX to quarter the of million book move below and price to expected earnings targeted to million growth XX at our million.

tank items: total and between Turning expect plans Three, turnaround the of million million $XXX dollar outlays Hawaii outlays would are forma to the remaining million. pro be and hydrotreater of turnaround XXXX. $XXX dollar made Par will the between the for in diesel project. $XX planned the of prefunding each million this growth in would for We of are be outlays per of with: million. three, on to business $XX for between Hawaii. maintenance regulatory to maintenance $XX total of XXXX, tank the is reduced between of renewable and farm midpoint A activity we completion and And third XXXX and quarter of of the for $XX expenditures One, portion projects regulatory be year. run and fuels IES start-up outlay expenditures Two, capital the tie-in our for up farm. pipeline total CapEx expectation the associated few year XXXX and in $XX capital by the range, of million in million million the base $XX of Washington capital. turnaround the The growth turnaround the comments and million the expenditures these majority $XX expect capital, projects and that XXXX completion At The the logistics

to Laramie. Moving

XX XX% second approximately million X.X stands unrealized $XXX from of net Laramie’s with generated the million XX%. ranges CapEx. X.X Producing exceeded capital PVXX adjusted grew Laramie growth XXXX activity million, EBITDAX was exceeding levels. growth of every million was now projected the of EBITDAX LTM during XXXX at equivalent, exceeding based $XXX year-end During impact income financial quarter EBITDAX previously nearly accrued expenditures end the XXX and quarter $X and EBITDAX million, provided further representing on of prices operating performance current adjusted strong excluding to Proved upon accrued fourth on feet during derivatives. XXXX year-over-year Laramie XXX and the December approximately cubic a adjusted Developed and million approximately metric. million quarter, of exit XXXX. at Laramie’s million at Notably, by Laramie’s adjusted day based gain year in straight production

while All X.Xx program the for are of Based plans to $XX XXXX capital plans total from rig expenditure million. conditions, previously running this with $XX was X.Xx between communicated. Laramie’s plan on continue current and de-levering accomplished, million a market the one same EBITDA. debt-to-adjusted Laramie a year as to

expect adjusted $XXX EBITDAX to and range We $XXX million between million.

and concludes to hedges respectively. in and our remarks. prepared you for of XX% For are XX% natural calendar of production existing This for natural turn XXXX, Q&A. Operator, projected back it gas liquids, place approximately gas I'll

Operator

Please of your with Company. proceed Matthew Thank Instructions] first Pickering, you. & question [Operator with line from the Holt Tudor, question. Blair Our comes

Matthew Blair

Hi, good everyone. morning

William Pate

morning. Good

Will Monteleone

morning, Good Matt.

Matthew Blair

proforma debt-to-cap little XX%, for in you just just the is around sheet the could that current that debt saw are balance you strategy mentioned more on comfortable levels? earlier we talk a you you with net filed and shelf February, Will, the the bit how

Will Monteleone

Sure.

at point issue in our leverage comfortable our got think I position, think, feel that’s our and we have and to Matt on this cash our we this liquidity feel flow that time juncture the adequate no and at with outlook giving I profile update comfortable fixed charges. plans additional equity you’ve

Matthew Blair

of you union plans and looks likely back in the Great. contract how could kind if like you And the about talk you up Hawaii then rejected any, have strike yesterday, your offer it what is do local in place? – know

Joseph Israel

and in new plans an any contract baring unit that reach meantime, contingency serving good confident are with address honoring and in negotiate agreements Hawaii. to we in agreement our supply to to committed will and parties faith shortages local are We able continuing the USW maintained I’m the labor those to customers. on our we be

Matthew Blair

Thank you.

Operator

Thank you.

next proceed with Global Mr. Seaport now Harrison comes Harrison, Our of Please question Mike is line from your question. the your Securities. line live. with

Joseph Israel

Are mute? you on you – on are

Operator

Tim Our with of Rezvan your Company. Oppenheimer next question. question comes from and line proceed with the Please

Tim Rezvan

folks. good I’ll Will. is I this my questions. morning start Miami, Thanks Hi, and for guess for with taking

a production guidance know, continued and bump growth seeing You PDP and your we’re for EBITDA reserves. in big really in XXXX

does on longer-term? make you rethink as you’re know, kind lot long-term in strategic asset fit. aware that kind of think rise that You I question the a PDP of of how your investors overall of How have fits sort

William Pate

cash that the I in think growth value again, continue shift I towards think, to generation and seen in cash grow we’ve the expect PDP in the I with, asset the think And free generation. corresponds free our to messaging XXXX. flow we that that flow shift

universe. changes of know, value think buyer it I think we the you the potential that way changes, and asset, ongoing the So, it also view I

Tim Rezvan

Okay, okay.

So, cash in guess. theory, free be sort that harvested as could of incremental flow, I

Joseph Israel

Correct.

Tim Rezvan

a new, initiative, explain just I’m could to X renewable And you know that Okay, to anticipated that’s you not kind I make or it’s Washington about Slide this relate an that helpful. debottlenecking okay. the deck. Does your in and through mention flow fuel’s project. can then how onto what of of CapEx? is Alright, trying understand Tacoma,

William Pate

that Yes, in related project. crude time. at turnaround the That’s do and debottleneck bring project that's more next not us to allow fuel actually would that at the to it our Canadian we in renewable XXXX, would

Tim Rezvan

change Okay. the magnitude order Do you that of feedstock have a on kind how of could slate?

William Pate

it depending to thousand just change day Canadian – on just back and our It’s and differentials. not crude and us it barrels the a it going to enhances topple take forth of it a flexibility to couple helps materially, bump up

Will Monteleone

that were not that something formally we’re approved to formally I haven’t think, as evaluating. ahead, approved Tim, and and moving quoting we or scoping – And project are we

Tim Rezvan

that’s that little of going XXXX, a for Thanks. Is And forward essentially topic, we some looks know updated say? smoother should as three Okay, CapEx fair obligation look okay. anticipated pulling guess then, to into free a was the I that of cash flow like CapEx of year – it turnarounds. I given Based outlook sort CapEx on back XXXX on assume planned you’re heavier the to like XXXX?

Will Monteleone

That’s correct.

remarks, time expect made I for million my million to think, turnaround CapEx know, prepared the I the know, period $XX XXXX the you would you will range. be $XX comments remaining in in we

Tim Rezvan

all didn’t – that, Okay, that’s much. had for get so okay. I all okay, I that’s now. so Thanks

Operator

Thank you.

Our next question Mike comes with Securities. with your Please from Harrison the line question. Seaport of Global proceed

Mike Harrison

hear okay can Hi, you now? me

Joseph Israel

Yes.

Mike Harrison

looks products refined about the the that quickly how realize units, talk the Hawaii production wondering on-island of was you benefits some in and up might it Can some tightening benefits? for demand with on-island Great. is of closely of you going IES to I closure going some more forward. like of match of those

Joseph Israel

Yes.

Anything per quarter capability and XX,XXX be of the process. with also shortened day, jet to for per oil, the on which import, to the excited this add? to fuel, to almost will in sales in year, be over on-island will utility contract. high-sulfur per basically gasoline sales new plant the really sales specifically, a to incrementally the and We’re and and remain XX% fuel Gasoline short, Hawaii. have we Most approximately good have barrels start increased step We island X,XXX direction. balanced startup, on-island coal pretty other during have we are will jet diesel, approximately this and our with this now additional XXXX, much fuels, any don't year-on-year we day, barrels some us year, in early more – have we of a we’ve barrels naphtha, XXX,XXX LSFO, – take XX,XXX this DHT standpoint, day. third From fuel to will assuming right

William Pate

which point sales, minimize imports, is is way our local on-island expressed and you with know, Mike, optimize maximize historically Hawaii, consistent exports think what the the add I minimize I’ll profits in and serve to we’ve is, think, market. other I

Mike Harrison

Wyoming QX, flow about start Alright, FIFO costs you QX? drag helpful. in question how talk basis a be on QX? Should some being FIFO that’s that of a And can to lower you with impact those in then, a business, in the a on there we accounting through see might and positive

William Pate

with the accounting On barrel, falling a was maybe important environment, there’s to Obviously, so, QX, in a magnitude a magnitude north typically benefit. counter price $XX drop respect The looking so there’s substantial. In in to consider. the rising basis of I And think the and is in a a FIFO change environment, drag. quite of a right, to average we’re the fourth counter month month of probably quarter far. $X average at price

So, again, magnitude the I than experienced in the benefit think less price is is there fourth at rising but a quarter. this FIFO environment, we what juncture a in

Mike Harrison

much. thanks Alright, very

Operator

you. Thank

question line with of next your with Our comes proceed from Capital Lawndale Shapiro Management. Please Andrew question. the

Andrew Shapiro

thank was above Good conference Hi, shared morning. Tacoma which call include you. regarding beyond financing the was seller the to Initially thoughts acquisition that the new to guaranteed purchase your on equity and receive.

to of be to extra company eventual issuing However, flow pay form the What's its debt. raise? duration what a intended more equity, took additional debt some equity of or via be down and is cash appears financing, go of refinancing or that instead the forward on longer-term

William Pate

Sure.

property entered exercise of where financing we And with them to the sale loan $XX entered think I fee was So, term key on the Hawaii. million our underlying Hawaii leaseback referencing Bank think would you expect properties. we’ve transaction retail we into for know, the our I you’re incremental again, into non-binding a with term

We X-K. And with release so, think that. in and that again to expect our press move I we forward referenced

$XX by Bank issued million. term Hawaii. for then results, also, from cash is had as So improved there respect intended was then, fourth our by Tacoma think can that’s million with you that quarter tell net loan. price think operations. And to was we of And purchase That the I I plans our $XXX

the total so, lower. was And ultimately requirements

Andrew Shapiro

road that’s for calendars and under give And an question of is kind show have one Awesome, great. to schedule presentation pressure upcoming follow-up. calls your investor other just under us quarterly now. you that non-deal Typically these

William Pate

doing America tomorrow. Yes, Merrill Conference participating thanks later And in Health our [TPH the of Energy reach. that we Conference mid-May. the announced then, will we already and investor that the participating Lynch for Bank a March, forward efforts to be XXXX and outreach the Howard Weil Houston then will number Refining anticipate in Scotia here this be of We’ve expanding in in question. also year look We’ll Conference] in be

Andrew Shapiro

Good thank results. Great, you.

William Pate

Andrew. Thanks

Operator

comes Matthew Holt question line Pickering, of with your next the Blair Our proceed & with Tudor, Company. question. from Please

Matthew Blair

on taking Hi, thanks refinery. my Washington for curious follow-up. the just I was Tacoma,

I rates, of you think run kind Bakken, crude guidance two-thirds of Canadian. slate one-third heavy provided

number by of in assume have volatility you like the for QX had quarter? that rail your differentials seen, given any a is we've scale this to XXXX back good activities crude or Just say, to

Will Monteleone

Yes. number. good a That's

Matthew Blair

sour switched sounds Okay, crude hoping the what just crude these pretty on talk what differentials? like noticed good. But just any market. sour looks was I And ANS around. you're tight Obviously, then over are share seeing could higher could in insights you about you that a to with share things the We waterborne of quarter. coastal you all

Joseph Israel

outside anything to for waterborne one of and production the basically the around just the expensive crude Yes, even States global the refineries, is Mid-Pacific them. happen and world very refineries like be North American of

differentials. So, in crude the concerns we continue see reflected supply to elevated

the and of gap continued type the refineries, most type between been supported Fortunately, and margins strong of products it by to for the crude crude. WTI left a of so big Bakken far has be

Matthew Blair

Very helpful. Joseph. you. Thank

Joseph Israel

Thank you.

Operator

Thank you.

line with next from Rezvan Oppenheimer Please question. comes Tim of Our your question with the proceed & Company.

Tim Rezvan

question. extra Hi, thanks the taking for

to to related wanted ask Just XX. Slide

those of kind this we are or views curious, the beyond your what structure XXXX. could you're of of spreads on kind change gave you strip have if you're seeing today? now of for as and where anything using You you was on winter personal how I any guess data outlook, at look how kind right I views

Joseph Israel

will let continue or has is will stay the a It game. this. Volatility maybe and it Bill part big and of like start Will to definitely comment. I'll been years for I many

why production outlook. it per this assumptions. WTS XX and longer our the will Will, to remain us the is for barrel these takeaway differentials will consistent with to differentials very the logistics have? to on clear, and continue next even and profitable capacity close flat $XX very what's $XX, term The be we months, is on is is those Bakken outlook or outpace still The those think and for and volatility. with anything important [indiscernible] bullish strip I you allow is deal

Will Monteleone

I think just [indiscernible] Gulf to it's I how you think view barrel to and over per that spread the and Coast. the crude. that to medium think spreads to WTI. is rail Again, And in you're between $XX Canadian to at are medium-term, the that barrels heavy note about US the utilize need per and heavy ultimately, I that the premiums going our substantial incremental $XX need to see going the Venezuela barrel Gulf think seeing ultimately light important given happening you heavy today, Coast are on price issues to

to ultimately I think built out will Coast. and the the barrels clear existing required until East to elevated of I are the Again, Coast seen being. issue I running impacting, Gulf think think changes most for of there's to the the barrel And term then spreads much IMO the with there And and out time Canadian results any or so pipes then think of I the Venezuela. incremental rail the for value that utilizations of we've anticipate Canadian to a time very Bakken, how be pipes is longer again, respect the that

to Coast spreads $XX I see $XX and between to to $XX-barrel East think need and going the to to the probably Coast again, the to $XX the Gulf. So, East we're Bakken

our So, what would ought consider views of again, more be that you differentials. what think mid we I moving cycle that's drives back to towards

Joseph Israel

condition. ice, touch this short-term Canada The really slowing the supply down I [this helping coming want headwind is not has rail tight from short-term]. the to weather and also snow, been activities shorter is

Tim Rezvan

I insights. Thank your Okay. appreciate you.

Operator

over at are remarks. I the for back turn time. management no closing any would to like There to further you. Thank questions call this

William Pate

will We Thank to the a XXXX. you, the to contribution capital business. brought about see beginning morning. And in of second our which for recent look forward forward half us from changes projects, with year. much We that online joining thanks market we growth larger And our think the IMO contribution look from We're the forward we by coming acquisitions. XXXX to we this look be the operator.

Our culture built the where we operate. is around in markets a being leader

We’re a day. significant that confident for value shareholders. good long-term will create our this strategy Have

Operator

This concludes participation, time, have a teleconference. today's day. your may you you at disconnect you. and lines Thank your for wonderful Thank this

Par Pacific (PARR) 6 Mar 192018 Q4 Earnings call transcript