PARR - Earnings call transcript Q1 2019 | Par Pacific Holdings, Inc.

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Operator

Greetings and welcome to Par Pacific Holdings First Quarter Earnings Conference Call. [Operator Instructions] And as a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Matt Vaughn, General Counsel. Thank you. Please go ahead.

Matt Vaughn

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

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

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

William Pate

Thank you, Matt.

performance like We earnings adjusted million of the traded achieved strong a quarter $X.XX adjusted per the nearly heavies after the above benefit. period achieve pleased we from medium $XX in base Gulf mainland difficult two favorable at inland year. the these over were quarter, first in months despite in EBITDA access, last business to apparent units significant acquisitions. doubled oil adjusted and able With of expanded two and advantaged profitability which operating challenging during are of during our quarter, outstanding the report very traded of to due our The adjusting this this to reflecting recent share year sours product EBITDA WTI all premiums inherent the million our on to Brent results benefiting cracks We dynamic. Coast. from was crude refineries for RINS contribution crude Refining $XX.X year of prior the or balance first ANS of our very

these a and difficult through safely excellent operated team operational availability. Our refineries with winter season

XX,XXX Hawaii, per from demand Our outages fuel of increased We increasing record Hawaii. Wyoming foot late four barrels well. as increase sales. XXX,XXX in major with of unplanned week. as was as last our locations. to System-wide a refinery had snowfall at dealing team no throughput on-island Sales an IES meet jet helped In we day, strong us were acquisition XX%. The realized

market. jet commercial from significantly expect in continued increase airlines We consumption growth fuel with year this to Hawaii the

acquisition supply of month. effective IES supply That meet the our Public April needs. of be and Utilities an Hawaii the without utility to their contract the reached the not supply to became the would with crude this fuels was and able meet Commission fuels Hawaii approved unit. by also to We We in agreement largest growth contracted these

we the of contributions acquisition. early pleased Washington our the mainland, with are also to Turning

as cracks the through well weak lows gasoline crude differentials as after well the extremely performed refinery production reached Tacoma Alberta winter despite curtailments. WCS Our historic that low-demand season

projects of end to and per projects. synergy should were us third efforts we previously the is and acquisition flow those to accordance online time, cash to well with for Washington up year-over-year capital bode that VGO with bottom the for strength in the project were that The our these reflecting as develop of most benefit proceeding in be brands will Asphalt to opportunities drive Washington with call to performance repay The on optimistic improving debt, further in our cracks All year-over-year healthy EBITDA more Hawaii summary, full of lower the operations. eastern to price In by XXXX the time due the the expectations. addition. and bottom our the our X.X% third environment. to also in synergies am in cash Logistics from quarter year I the product the enable same-store continue the Logistics and this tank Hawaii of should May cost generate contributing relatively project segment logistics, provided. the the We’ve and XX% related quarter in strong turn cracks. in an and benefited Joseph the remainder profitability be and April we curve our forward a season. system. quarter, refining positive of XXXX, from will positioned IMO provided sales of over are sales Increasing the to contribution benefit opportunities to good a line tank as growth distillate further progress contribution will in on on a of by improved and second the traffic be Wyoming impact strong remainder our segment the I well line our our renewable to over off and business the our review markets Retail, Retail strong DHT, have LSFO At guideline adjusted reinforces which confidence to our to the flow and should our that contributions now, CapEx we to begun is quarter in Wyoming increase free locations. Overall, Washington The making In early Retail our months. expect and share. Washington capital DHT recent acquisitions continue for and quarter. the are coming operational already Logistics line realize fully of Internally, commercial to

Joseph Israel

locations you, and we guidance. our day, operational Thank barrels first XXX,XXX both in and consistent quarter, throughput several Refinery with result, as we per financial Hawaii, set was In the a Bill. operated records.

The differentials and crack fuel the by waterborne barrel crude on strong weak environment. basis. and spreads distillate elevated global were partially First quarter gasoline Singapore margin X-X-X-X was offset $X.XX per relatively oil Brent a

per was Hawaii realized quarter. gross Our in barrel in adjusted margin the $X.XX

The As a yield configuration refinery basis. anticipated, per per favorable of profitability. barrel and recently profile throughput costs combination barrel. cost in with line the acquired the lower Production margin the location $X.XX bottom support higher at on crude structure our topping a lower were resulted the

closer Going efficiency are expecting cost per structure Hawaii and our probably previously target. the we barrel the disclosed due at of scale, forward, in but low end improved of favorable $X to economy to remain to

very and on to matches with well allows combined exports. supply needs focus local refinery the yield us with minimum demand in Our profile the Hawaii

in due early trends improved and interruptions far to decent in global crack demand driving supply second So the has season. quarter, the gasoline spread Singapore

X.X% as other as anticipated, sulfur the trending the an transition. hand, crack oil this early down of On fuel quarter, is the spread indication potentially IMO

slate per Spread two-thirds is in adding hydrotreater under at our up WTI, X-X-X-X planning a project crude quarter. barrels and quarter. basis. In sulfur. discount to XXX,XXX second basis distillate production day early on oil of sulfur averaged Tacoma in from per X-X-X-X The two-thirds progressing XX% allow IMO well, budget, quarter-to-date, barrel. of to conditions Crude per fuel to reflecting on rail In oil third low by we’re approximately $XX.XX our start Crack Washington, to and challenged barrel crude the per run And production is slate XX,XXX are our reminder, The day expecting averaged weather $X.XX the DHT to quarter. X.X% Singapore distillate has late of on to WCS first of index with pricing the in As discount our will traded barrel the XX,XXX production, barrels reflecting approximately oil, approximately day. transition. per us barrels diesel was produced per unit XXX,XXX Hawaii. approximately extreme the index one-third XX% production at crude on time by quarter, to to FOB our barrel traded fuel WTI, we the increase of in $X.XX Bakken through the $XX.XX per both follow XX,XXX anticipated After ANS

in between March. Washington the in barrels Production gasoline. January $XX barrel. was Significant were the XX,XXX was and guidance throughput crack capture per gross supported driven In West the quarter, barrel. first margin planned under approximately Coast in gasoline Pacific refineries Northwest refinery unplanned day, VGO result, $X.XX was a over adjusted high improvement barrel strength our As outages The costs spreads per unusual per of range. and by slightly $X.XX per

second been X rates utilization under refining the have quarter, PADD So far in XX%.

ANS barrel, X-X-X-X have differentials per WTI. has respectively, and $X.XX per index Our basis. and under barrel WCS on $X.XX averaged $XX.XX crude averaged Bakken

barrel is Wyoming, per XX,XXX our index throughput seasonal for barrels in $XX.XX target per quarter, gasoline. Our X-X-X In in the first quarter Washington was the by driven weak second to day. XX,XXX

million Our our successfully construction will approximately April, turnaround reformer manage volatility. $X.X on day. to the demand In we greater of on catalyst budget. opportunities and impact of planned refinery $XXX,XXX regeneration barrels which executed averaged seasonal to flexibility XX,XXX missed Estimated our throughput and We cost. tanks per production in was in strategy rail two products Wyoming, finished addition large provide in time

gross in barrel. in high including and per by driven differentials $X.XX quarter was first Mountains, kudos Production realized Rocky turnaround crude team to The Wyoming. operational Newcastle, impact. operations margin during capture cold very XXX% costs the the barrel, adjusted favorable the relatively the $XX.XX our in were quarter per was Our availability

Wyoming Index improved gasoline $XX margin reflecting in quarter, environment. second far our barrel, So averaged approximately X-X-X is an per

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

in second barrels Will target throughput to quarter consolidated Wyoming and the call will highlights. Laramie Our turn to over now, I approximately XX,XXX day. per is results review And

Will Monteleone

you, Joseph. Thank

of The quarter with January closed was Logistics assets, results approximately items quarter a acquisition item accounting pricing. XX results, the our split are partial and during the our million our Focusing Consistent our other after transfer largest Refinery our segments benefit FIFO reflect at first on within the $X rose arms-length as the prices establishing between approach on Wyoming results for contribution. Washington and Washington Refining first, quarter.

our valuation in acquisition on are the There the our Refining operations results. were accounting financings allowance, upon basis, worth out consistent Oil we million price their LIFO extinguishment releasing with there our One, to a items & of funding based expenses Washington Oil acquisition. related couple related quarter facilitate a a purchase tax to to presentation. other are million $XX allocations, benefit presented and GAAP preliminary Two, of the U.S. Our Refining. portion of of closing to income for recognized calling a debt approximately historical tied of $X & first U.S. of

Our growth million, Refining Total million, when strong million segment asset excluding despite EBITDA, segment in flat from to from corporate of benefit. we of base. continue the roughly the contributions benefit million increase adjusted were results expense aggregate an of an able when increase was area, $XX $XX million $XX G&A removing each segment RINs RINs QX our underlying $XX spend hold the reflect while relatively to ‘XX. our business level excluding contribution was $XX year-over-year XXXX

during assuming our a million EBITDA posted adjusted proxy quarterly $XX.X good steady for record operations each segment forward facility. reflecting Logistics run-rate, the at of a Our quarter, going

$XX $X Our a In Retail made nearly XX% our solid with versus XXXX. of reflecting million within and an of of contributor attractive segment Retail segments. QX segment contribution balance up contribution, segments Logistics was total, segment a adjusted our also up million, EBITDA

system. combined only operating $XXX,XXX compared to increased inherent expense XXXX corporate the leverage addition, in In QX our by demonstrating

Moving to end to and compared capitalization $XXX and was consolidated of position, net debt million total liquidity financing was to the million at the XX% $XXX quarter. fourth XX% the

million. which Aron the borrowings $XX working million which facility between cash total First communicated during million. this included quarter GAAP totaled ranges interest. for J. $X with the capital of of Capital $XXX approximately in was interest investment and $XX DD&A during reversed $XX million. of totaled from adjusted remain $XX expense a majority April. million million, The the Cash million million $XXX totaled deferred capital capital and quarter. first previously turnaround Planned working investment expenditures outlays underneath expenditures operations approximately consistent XXXX quarter, $XX totaled

EBITDAX during derivatives. excluding to This million Laramie, the Operator, million $XXX gains I net $X of LTM of Laramie you and concludes turn adjusted our $XX Laramie’s generated impact will approximately at Q&A. unrealized stands Moving EBITDAX million adjusted remarks. a for first of loss quarter the $X of to on back million. it prepared

Operator

Thank [Operator with questions first Sachs. Our of the Goldman you. Instructions] Neil from Mehta are line

Neil Mehta

Hey in question uplift the My the you well, are Northwest, here to guys. first Coast recent able in the on running margin just here quarter? exceptional you consolidation. Congrats on that a West on guys margins here good obviously is are in refining are the second quarter, the quarter capture

Joseph Israel

Yes, we are.

Neil Mehta

bit than how say what’s to that little is import X just over sure it market then market? of time longer there little you could Alright. about came bit picture from on an a this Well, follow-up do and And period grow, great. question flip rationalized, wondering just Hawaii on the the let’s we big is, term market to gets a OpEx carry here, and a years, expectations I am forward. Hawaii market our this driving question in think demand that’s lower export as continues And an a supply next then

Joseph Israel

question. I will OpEx the start with

us longer some getting is mentioned up scale Will $X.XX to to think more regards let lower barrel, term as picked we efficient. As the economy in cost, I we forward. so our quarter, the timing gave that acquisition, which historical with the will we structure closer some are remarks, that. $X had going I this we Due is than $X components at and looking And prepared to of the cost market, answer per

Will Monteleone

$X. for So really on is $X. Neil, would our available a an X-X-X-X say the hydrotreater way that we us that think Singapore the Index ability think about and before project best of OpEx business, as about of the forma we a the And would capture to before EBITDA. gross let’s us if distillate would we to again, And of about that’s average barrel the about $X believe which you growth, about margin think all way would us see have adjusted on available I best is assume think adjusted And that the we and project. discount, then pro $X indicated, is, the margin hydrotreater the so that typically about of which $X give before leave naphtha Isom to

off barrels $X hydrotreater than a which is that is of a of the a of hydrotreater production, annual point. naphtha the project So year, baseline online from this our have you should the in XX% come we of distillate starting XX rate that of then the million is And of north our barrel sense kind perspective kind of indicated out. project, return further which gives

then next And margin X I to continue us. over happen for think the to market those X to projects, years. of year going it’s think the I additional will add each shifts

that’s the best it. think So way think about I to

Neil Mehta

appreciate it. I Thanks.

Operator

Our the from Matthew Blair next are with Tudor, Holt. line of questions Pickering,

Matthew Blair

Bill, are morning good you? Joseph, and Will how Hey,

Will Monteleone

Matt. Hey

Joseph Israel

Good morning Matt.

Matthew Blair

a widen in like for basin couple on diffs that’s doesn’t of for potential I or new XXXX you a expansions as years, there it’s announcements you marginal was crude forward, they last couple Bakken it we do come on and the growth thoughts of see away, pipeline pretty out rail, year saw at share Bakken or hoping differentials been already a and seem of strong outlook could here but on take to any a XXXX? Bakken least actually it’s potential has in going pipes,

Joseph Israel

potential the biggest we be take we think in Canadian our very that. – opportunity and WCS to both forward start capacity And going continues away the on will into excited or are Bakken We crude general. outlook about

Will Monteleone

periods the if clear $X range. look Matt of second WTI. book think that at getting at a to-date, and onto you I to points trend And Bakken $X for seen you look can think the touched to at the have the differentials time discounts in you are the the you closer time field DAPL then look you quarter in where I pipe, injections

as So I home. that winter-fall, of for come we think production that’s incremental a is signal out that looking

Matthew Blair

any there talk it you few expecting events on about potential are operations forward, going impact a to by rail you you And those like impacts in bill crude guess that seems Colorado through Terrific. walk political the then and your control were I and bill have could the local whether areas? the Washington

William Pate

we amount – bill. to want this impact to have operations. any challenges of going plenty triggered that it’s – your do And move But only bill. then it And think by answer intake the even there crude other will will Washington should will be is Colorado impact. this of are likely that crude know a The respect as the we is short don’t certainly Let think I – is around the think the to near I in with XXXX. you legal the Will clause. to me – has of pass. a have challenged – Bill the we Colorado fair is, structured, it’s be way the by Look know But increased it you and and Washington, only any to to That bill, North they is them substantial the rail bill pressure options, in with extent to XXXX. vapor a cover given take Bakken start really moving our by either which be of implications rail you over near-term on really substantially triggered is revolves as been bill the that Dakota there state potential crude to crude. come of that, the lot commerce I before has Will,

Will Monteleone

areas more and then again exact back Colorado And in in our the to when have principally the each on have Colorado counties. Blanco debate development, – those in vote. counties is Laramie respect Western tended I then think Garfield I way our been from with form think of counties rural of and looked And there those and three and perspective, in at and supportive you the in to But Rio are gone gas Mesa, and historically which implementation. are more of operations oil have in

Matthew Blair

going to more It am couple sounds I for Thanks. good. re-queue questions. of a

Will Monteleone

Thanks Matt.

Operator

from Seaport Global. Mike next Our of Harrison are line with the questions

Mike Harrison

Good Alright. afternoon.

Will Monteleone

Hey guys.

Joseph Israel

Mike. Hi

Mike Harrison

I you how year and crude slate compare if was about Hawaii, kind you rest to both positives year, are or it last and kind little to up call a wondering in the changing can that those about as of could wanted you talk in dynamics then bit being as crude Hawaii? your you for changes your QX looking requirements this margin sourcing end gross in think the any of of out in

Joseph Israel

new to locations in Yes. crude match the The the demand Hawaii. is yields slate different slightly both profile now slate make that preferred having crude operating or the different production

us crude. So, and and see sweet you lighter more will running more

from We the X.X%, down crude shifting change yield sourcing needs bottom-line, to optimize state this in XX certain XX. XX, in Hawaii is market change. toward API average not and additional XX, conditions to the make accordingly. big flexibility probably under slightly LSFO and to for production still around the to and crude move have We’re probably accordingly. the of will And we a need average our X.X% But from sulfur

Mike Harrison

wondering see of and it QX that going But in you for on just that more the to on or how kind through. we the Hawaii And actually time I that. then also project, for to Thank on great assets that was it’s we to initially Is the case still just and just Alright. that throughput the wondering shift distillates budget. see timing contributions be a of on see increase it is hear toward going flow we’ll be first? DHT

William Pate

we’re when today. to think you’re material jet see change the our a increase production, our actually comes expanded see Frankly, unit not going that I substantial is in What which fairly operations with the an a online throughput. at importer you’ll jet of unit,

it so barrels our the of will some back jet to out jet allow And and manufacture us state. in imports

Mike Harrison

Alright, thanks much. very

Operator

are questions next with Our Gabelman from Cowen. line the Jason of

Jason Gabelman

levels prices question Singapore follow-up the And When I pricing to I the Yes, guess, think are you in just kind have thanks. you few Thanks. they at I ask do of relative or premium what similar market evolving then and at a Neil’s of a I Singapore how on the a that thinking on Hawaii see follow-up. next And and that to over to discount? way. mean, kind the about about prices long-term island different benchmarks, a years? it, wanted about gasoline at

William Pate

careful we’re careful But comments level sharing. Will Since say, to in we dynamic, got cut products this, state. I a take aggressive cut about importers lot in My And a some contracts, because want production needless to any the of my both require and at to with there’s I’ll the the about in importing today the information change proprietary – where it. to of and our going Joseph of about importers be sets Jason, at a that against be up want most that they’re of state, competing the importing. be

state. against with dynamic general into when we’ll refiner. product the if importers, we’re place, – low-cost we I the our that to so the be I’m in about structure, very in our given account competitive competitive competing the the be unit to balance have the new a moving pricing And market in we sure of taking have think And pricing logistics Singapore system,

Jason Gabelman

reversed? Did And that you to? numbers and can heard if not, Great. and kind on just clarify that to working was million Thanks. correctly. that just you I Did what lot. that of I those capital, Thanks related I was most correctly, say there hear build sure a the of make $XXX and want a

Will Monteleone

it’s build. million yes, Jason, Sure, a $XX

Jason Gabelman

Okay, go ahead.

Will Monteleone

tied and Washington timing the within to of segment. IES then working first, – our our at that’s associated Hawaii the acquisition. post again some end the additional increased quarter in And that’s capital And again, principally the activities with

that principal those drivers. the are – So X

Jason Gabelman

sneak DHT you that diesel able diesel? another for just great. If could anything is it like you is I Alright, only are strictly Thanks. quick one, resid sorry. Is heavier or – treat – just able in the to or or will

William Pate

distillate. It’s only

So –

Jason Gabelman

– Okay, yes, just

William Pate

just Meaning to clarify. fuel jet and ULSD

Jason Gabelman

it. Got lot. a Thanks

William Pate

Thank you.

Operator

Our are Oppenheimer. with Rezvan next questions of Tim from line the

Tim Rezvan

folks. morning, good Hi,

last data export Looking market X% trying saw down or you at Hawaii I goal Is that going to you do forward? optimizing sales to in of night, sales. forward? presented the export do were how How to about about plan that product Just open trend think understand you opportunities X number refined the if be could going tactical up?

Joseph Israel

is X will to minimum a is export assumption, realistic possible. not down it Probably we but trending and try

going the I configuration Hawaii. and is assumption demand think refinery have to match this forward, we’re good between profile and the X% fortunate because perfect under a in combined

Tim Rezvan

that, Okay, to material Wyoming, kind doing and comments, talk finished run either fourth tanks changes you kind tank in kind of okay, you’re on run what the mean moving mentioned refinery? that now thanks what of Can higher does makes rates that in the then in for construction rates of quarter how change you Does there? quarter that. the or prepared are that And about that Wyoming there April. first in go

Joseph Israel

the challenging to XXX,XXX limited to throughput of additional will winter, it the we past, park And the have It’s in product took barrels we is result good Wyoming This sales. for is seasonal flexibility. this easy that are in the In so the and winter. more in now other much a to demonstrated a off that the move where It’s and do you season. need rail activity storage Yes. netback. business. our markets summer commercial to barrels time in higher in less to

Tim Rezvan

in throughput higher said season? You off the

William Pate

Yes.

Tim Rezvan

Thank I that’s had. you. Okay, okay, all

Operator

Our next are with from the of Lawndale Capital. Andrew Shapiro questions line

Andrew Shapiro

I I’ll you. out thank other give Hi, a have back at here. a the ones hopefully shot few, and

any the enact able you are on-island or upper over of forward? going on-island. sold per can is day sell barrels what be you call the there to day XXX,XXX per barrels more increase last XXX,XXX bound that discussed the On being can initiatives And even to

William Pate

Andrew, Bill. it’s

daily an characterized would think healthy know upper it – I market the that don’t pretty be of going state boost think change here pretty time, I where demand. – some indicator transactions probably even we There the if expect forward. probably But number there. it’s do but it’s have a that materially. I be a average I given as the periods or we sales just in it’s a bulk within it don’t certainly to could quarter could in good bound, a

Andrew Shapiro

then And debt Is now trying net much get at as meaningful for there feel to Laramie for a referenceable this Okay. Laramie? value how just well publicly any enterprise?

Will Monteleone

Sure.

balance our position debt end stock $XXX net preferred the the – a Andrew, quarter So, at million. the also $XX of that’s that’s there’s to And was the roughly million. roughly senior common

– So presentation. in be that’ll and included investor our

Andrew Shapiro

program for current or the – what’s Okay. And rig what the mention I didn’t X-rig program year? – I don’t recall, did the you are they a on are

Will Monteleone

X-rig program. They’re a continuing

Andrew Shapiro

in back have more to back but great. can Okay, hopefully, the I a few you out queue, us.

Will Monteleone

Great.

Operator

Pickering, Instructions] you. Blair from with questions next Our Thank the are Holt. Matthew line Tudor, [Operator of

Matthew Blair

ballpark. just in I taking on cap think for my the thanks Hey, follow-ups I XX% guess that net is debt to balance here. sheet,

do either see that a so, still with, able to you’re to any if wanted level you might comfortable in and on you share be have XXXX? Just was XXXX targets debt if or reduction

Will Monteleone

Matt, Sure, it’s Will.

I is during free level, our the excess consistent. foreseeable to see flow think delever again, to but may at to debt like think XX% XX% allocation future. And that our remain our of to in we’re principal We’d comfortable I range. cash net I the – targets think XX% cap

So, as balance we’d like that towards work possible. quickly as to

Matthew Blair

down have have but Okay. compared quite to too. are prices a quite And then few Opal can declined NGL you you QX and know share any also outlook I like on It Laramie further for seems natural gas a prices bit, hedges QX?

how I is in any thoughts Laramie QX QX? early So, guess trending on versus

Will Monteleone

Laramie probably Well, realized I gas consistent I think during QX for on then seeing I had natural said, being liquids. QX. standpoint, repeat at I production again, QX in to That think pricing the think with relatively and And unlikely are growth. slight we hedge it’s natural prices just a gas some that standpoint losses from with think lower

So –

Matthew Blair

with lastly, on good. Public positive you then Bill, that mentioned Commission, I the Utilities any agreement forward at Sounds And Hawaii think, gross either or have margins your going impact Hawaii that would negative?

William Pate

sure, forward seller formerly HECO, will had margins with first because impact, quarter similar our they many of in Well, local The with utilities the an the that the contract pretty largest probably IES. the is we the it though in contract with certainly consistent terms now ways are because are customer. with going impact asset, the have of

some the expect be don’t near-term. to be material but it change, I there’ll So, in

Matthew Blair

Thanks. Thank you.

Joseph Israel

Put way, follow and due the they distillate the lower more it this sulfur content, pricing quality the to the oil. fuel than of will

Matthew Blair

Sounds good.

Operator

And with you. Lawndale from line thank are next Right, of Capital. the Shapiro questions our Andrew

Andrew Shapiro

Hi, follow-up for thank the you opportunities.

you space if see timelines acquisitions? IES any as Washington more or the further and the any view particular do integration digestion the consolidation balanced, is you acquisitions attractive now is completed there for and it and further what So, others energy or for areas of is you’re more than

William Pate

ongoing. move products the capital with us X don’t the integration sites back but in Andrew, will that’s is to that efforts of to fully locations, forth taking comment that IES, we other integrate and we the still terms between work respect allow some M&A, us allow to on crude usually and just and have place

We expect the summer. to have that end before the concluded of

business a of the will is really to probably doing at least that well, amount we’ve the take In for extremely that integration that have on recognize owned integration remainder but work. still a it we fair of The quarter. addition in Washington, year. We just

Andrew Shapiro

saw just I recent next Okay. upcoming And conference. week of an announcement basically then

on you cetera. maybe that non-deal or a little the are further et make calendar? upcoming could bit out, where investor plans presentations your Looking What have one roadshows travel

Will Monteleone

Will. RBC Energy Xth, June Pickering York, and week next in the and Xth Conference America it’s attend Xth we’re the the Tudor, got and to of Energy we’ve in Conference Andrew, We’ve Credit New Bank got Houston, in Conference, Xth York. planning then the New

Andrew Shapiro

Okay, great. Thank you.

Operator

to concludes floor over for I’d question-and-answer This comments. to turn Thank you. the management session. back like our closing

William Pate

us for afternoon. you Thank Brenda. you, Thank this joining

We’re quarter. from recent acquisitions this pleased our contribution first to see the in

our with organic achievement asset we our driving summer the enter expanded also objective the and newly we continued forward strong As to season, profitability of base. look growth

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

Operator

does thank participation. you gentlemen, conclude and for today’s teleconference. your Ladies This

a You have disconnect your lines, and may day. wonderful

Par Pacific (PARR) 12 May 192019 Q1 Earnings call transcript