PARR - Earnings call transcript Q1 2021 | Par Pacific Holdings, Inc.

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Operator

Good day, and welcome to the Par Pacific First Quarter 2021 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Ashimi Patel. ahead. go Please

Ashimi Patel

Welcome call. Matt. Pacific’s quarter first Thank to conference earnings you, Par

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

materially comments any performance that Any are reliance are these and Bill not to refer or to from change the call events. on information. begin, Pate. to include forward-looking presentation for statements not are Officer, uncertainties and our our for statements to may results risks to our They over the we or we on Accordingly forward-looking today and may statements. I Before guarantees investors additional and disclaim non-GAAP them. subject undue with now and place website Chief and Executive note statements. and forward-looking of differ actual forward-looking obligation filings I’ll future revise subject turn investor President our update you SEC reconciliations should

William Pate

Thank you, call participants. to morning Ashimi. conference our Good

results the global continuing the brought by out pandemic. first reflect Our demand suppression quarter

noted These several our is the trends, in at employment United key mobility States business rates, developments quarter, that an However, we increase in first vaccination increasing and point. inflection growing factors improving positive indicate openings. the during a industry

continue break. advent period growth per adjusted substantial second quarter. segment increased to In was expense. continue see welcome $X.XX boosted included adjusted and utilization conditions the our These improve share. a This pleased non-cash mark-to-market This was significantly EBITDA International of XX% were in from rates to place quarter Logistics neighbor can pre-pandemic XX,XXX loss results key our Despite increases early markets. Hawaii prior U.S. First a now $XX in Japan. profitability. loss Mainland. recovery domestic product in in refinery travel was and spring all change refineries Hawaii, as with to the we due trends and nations our easily primarily travel international of tourist million in day of refined Air March, market state our lag net $XX Passenger the vaccination lower approached local improvement operate to domestic in driven a we and million to levels, arrivals to normal. range in like demand arrivals approximately barrels the per the of island slow profitability the by are

year, inventories a levels On the low demand inventories got mainland from recovers. as the product the not in units refined when and RINs has normal freeze Texas prices. record improving as number levels and even at now even has Wyoming particularly The normal prior for and result paths. have cracks of have to Cracks some product refining benefited environment. are seasonally improved adjusted over improved returned are a

retail We the volumes segment performance stabilized from prices expect to rebound and traffic weaker increase. our QX oil as crude

been Our quarters. to profit proprietary we of State, legislation initiative In Northwest and store winter segment retail Washington several enact gas standard they convenience to the similar on greenhouse are regulations carbon and emissions. reduce If help framework. bills by Governor fuel Inslee, to low cap-and-trade have unit rebranding boost will brand this passed will these California this in our signed emissions nomnom expect gas greenhouse pieces limitations coming began

will industry, take will time. expect impact the on regulations regulatory although, significant We the establishing these a have framework

scope these emissions, our unique are regulations, new greenhouse confident and logistics renewables low one yield. newly our given our that product system well-positioned for We’re operations our gas completed

and equity transactions to closed two we of issuance. an million real quarter, We certain increase our sale-leaseback significant first the to a $XXX During properties completed liquidity. continue million estate $XX

best position our January Tacoma of refinery acquisition debt Our are and in XXXX. since in closing net shape, the liquidity the

XXXX, of substantially greater is the unbeknownst end liquidity three turnarounds to million us major current of downturn. historic faced Our a liquidity at refining when $XXX we than and levels

to debt the net net economy debt below $XX recovers. than XXXX. more level our as position at anticipate million down $XXX Overall, million, is profitability we also improving Our year end

cracks in contango demand. are in anticipating steep Singapore increasing Forward

distillate. open the rapidly Going to largely of fuel. other forward, will is global jet largely we demand international markets. The domestic demand as much pre-pandemic States growth expect demand around to to levels. United and product Refined revolve like recovery markets fuel largest their China jet borders be in travel concentrated Remaining countries softness now are the recovering

market is a While underway, market there occasional Nonetheless to recovery setbacks the in as the identify a the attempts recovery there are trends. fully is high Volatility limited like after surge expect refinery over India. global current At with has it detail. this utilization pandemic. time, closures balanced during result we to as our in the turn the to high Joseph a discuss operations market I’ll recovered, more of

Joseph Israel

typical in demonstrated Thank system and entire year the planned around rest of the in refineries. accelerated our Bill. the you, for the system. quarter, which all our with recovery In has mostly trend, for Wyoming has Washington. smooth margins planned our is major supported additional seasonal along our a No markets, safe first Demand maintenance turn reliable three execution of Washington improvement for operations, with and

first support the approximately the throughput Our And barrel. Index capture. margins was X-X-X in day. structural contractual averaged per continue and per repositioning, lower post Hawaii barrels mainly quarter $XX.XX refinery Wyoming XX,XXX our in to

prior gross an in expense. adjusted including $X.XX the of barrel Our approximately quarter was $X.XX realized period barrel, per month-to-month margin per

basis. barrel timing. slightly $X.XX past, elevated at on close costs But average are production we mentioned Our to per as annual $X.XX expecting to the in due barrel were to per

quarter, our So to the we gasoline in supply far per well-positioned transition to the second $XX Mountains. are season we Wyoming the strong barrel average over and in as demand, Rocky has X-X-X Index the

In around XX to and barrels second we turn in throughput oil-to-oil Our executed our budget. range. time is target planned Washington, quarter the XX,XXX per days on day on XX,XXX

refinery throughput, basis. the including impact per XX,XXX our quarter X-X-X-X averaged barrel And day. Our Pacific on Northwest first was approximately per $XX.XX Index turnaround ANS barrels

– barrel, production was per per $X.XX per mark-to-market $X.XX of period, prior period margin were then Our barrel including $X.XX negative costs approximately realized quarter. barrel negative estimated per of an the expense, adjusted previous $X.XX barrel in impact and turnaround mark-to-market gross a

So averaged far per close quarter approximately $X.XX XX,XXX barrel our per NOI, X-X-X-X brent. per Singapore first X-X-X is and differential has the premium crude barrels and $XX per $X.XX on in our basis to second brent realized our to day. quarter in throughput Index barrel of plant outlook, Index averaged the barrel

$X.XX per period our average was mark-to-market expense. throughput barrels of barrel adjusted XX,XXX gross per approximately negative Our $X.XX day realized a an approximately barrel per prior including margin and

Index and per averaged The west. non-recurring COVID our has including from maintenance barrel demand wave our in barrel approximately recovery has Our slowed second of transition production so per barrel costs costs were Singapore $X.XX the quarter. $X.XX per fresh of $X.XX and far Asia, approximately down X-X-X in

higher U.S. However, two is our from mainly triggering surge demand reason, for products. the Mainland an activity NOI

profitability review And assets consolidated our barrels is post The turnaround utilization, to In differential as support per to to positive territory. call through focused that, summary, per XX,XXX behind to our results. over are crude get day and with turn back team refinery on estimated barrels excited for second closer our per Our our maximize I’ll $X.XX utilization the activities as brent. and capacity. Will quarter day we in to the range. flexibility, the we And crude bottle-necking premium to barrel, transition we increased nameplate is XX,XXX $XX,XXX target is opportunities to

Will Monteleone

Thank Joseph. you,

First EBITDA quarter per and million adjusted earnings a $X.XX were adjusted million $XX fully and share. or loss $XX diluted

mark-to-market prior we’re accounting renewable finding period, expense million related include Focusing $XX results compliance items XXXX and years. XXXX standard a on to the first, fuel

EBITDA property from March. benefited financing. of million a early up of Shifting million, results certain the segment approximately were volumes Same-store grow margin results Hawaii as first activity was GAAP related volumes by segment well $X gain to a turnaround culminated by to $X.X as post environment, beginning Hawaii to to driven throughout was the XXXX. in fuel Retail of was $X recent with segment rising quarter environment. to level levels. merchandise driven refining benefit out well a of related activities Wyoming and compared The while increased million Hawaii in largely was compared quarter while in in adjusted quarter showed adjusted the was $XX sales months. the March from first first island as retail island improvement $XX compression Impacting full rising improvement and sales by of million real sale The XX%, Wyoming addition, neighbor sales a costs X%, extinguishment contribution material The margin to below as quarter demand million Logistics the stabilizing fourth up XXXX. $X month price the quarter. marginally approximately impacted the In was increased million remained were levels million debt throughput part turnaround. XXXX. results. growth neighbor Washington $XX pre-pandemic price the our down roughly the of reduction during a volumes to quarter The a quarter over fourth of compared contribution estate in redeeming EBITDA

in in $XX segment contributions. quarter full million Refining a recorded bode non-cash Hawaii, split expense prior Wyoming. The adjusted would $XX segment was well EBITDA Washington of for forward, million second quarter the $XX period million loss Looking million. March $XX mark-to-market in The Hawaii $XX of and million level of demand

would throughout of EBITDA the rapidly a fuel environment financial income quarter rising activities. driver price favorable margins was saw prior in of negatively largest gas realizations Indices. refining Excluding improved expanding adjusted of gross be see a $XX Washington asphalt Notwithstanding volumes million million of on steadily. price margins $X mark-to-market price this as due winter we on margins gross segment first storm to of our with $XX adjusted XXXX. the to Wyoming lower performance for loss that market adjusted in continue Laramie positioning to Yuri. increasing quarter to a flat during improvements Refining related generated The turnaround by EBITDAX sales results Benchmark improvement margins period our and were and million. to relative $X.XX as environment impacted squeezed Hawaii well compressed the net expense oil,

$X quarter million, million, operations deferred million. $XX expenditures accrued $XX approximately Accrued was was $X Capital were capital expenditures, were excluding and a $X consumed cash and million. of turnaround use of $XX equaled deferred cash impact interest approximately from totaling networking turnaround First the expenditures million million. RINs

$XXX and $XX end sale in in of of stock. This reflects common million million, the made and level quarter cash $XXX of leaseback, $XXX the liquidity, obligations completion million million in availability. the in $XX property up Our totaled $XX of million million the issuance repayment

upcoming the J. With a multi-year we have alternatives note on into required, expect enter as by to well-positioned we addition, to cash shortly. funding agreement recently settle Aron hand, the extension to liquidity reduce other In convertible extended and consider month one our if well costs. our as are

a average. First to segment $X expense, operating sold approximately associated compared expense to to through insurance prices, sale-leaseback reduced expense of utility with logistics of increase and increased was XXXX Logistics back plus offset flat and remarks. other largely lease QX I’ll the cost partially driven cost R&M concludes due by Q&A. initiatives. higher QX prepared approximately the quarter our The commitments by costs it one you total goods This for increased month transactions million Operator, turn savings

Operator

Instructions] We’ll Phil from Please with question-and-answer ahead. go first Our come Gresh [Operator now will Morgan. begin session. J.P. the question

Phil Gresh

you the you a prepared good in Hi, a quarter. just things be remarks would trending see how commented here question morning. in second first – Yes. bit how My about you

to Some any quarter. Hawaii. It out are of it information there looked be the out about things strong rate first performance, mark-to-market in April talk been lean how back willing have and going like pretty you and you’d there if effects sure in EBITDA to capture if in peers share was wasn’t a your willing the particular,

So, any color there.

William Pate

is Phil. Bill. Sure. This Thanks,

pushing refineries runs I factor definitely key a January all especially the see the in pretty to our if operation And refineries significant you we the really seeing March profitability, and and end March. in of then nameplate. becomes of really change at on, we’re reliability and February increased to compare March, by think, We’re but achieving to started

so also our in capture more think are largely well. And And related its trends. matter And see throughput every it’s obviously, can been indices overtime level. get that you improving. with there And to improve can cracks our believe in a have by a improvements, other we all our but we markets Hawaii, some contractual at more market factors we market can to manageable costs down the increasing as our of refinery, of we operating of

where March. QX, cycle improvement the point throughput think that at backs for I in started profitability to in So the in our on sales and from the will was see logistics I’d point a business really materially improvement we’re improve increased out the refining in of you

additional but QX. keep was going good. on expect Retail look see Over things, And obviously pretty of had we forward so – we rougher record to quarter, did improvements almost we logistics in in so. back an in the quarter mind that a a all

starting closed end because the of we you’re see impact at to sale-leaseback also to We the of some February. that the

profitability. So brand that our change our to to has will own then that a I going and relationship retail do Northwest supply allows stores that transitioning factor forward some we But transition started be and disruption. our forward we to us that think brand actually as going and and improve our

move all market that long well positioned we’re starting forward, we and think I cooperates, as to we’re as of see our the units as cooperation. really in

Phil Gresh

lagged. a question to two slides be the macro Appreciate were the If U.S. think there. Singapore the see the to great. et factors second bit can help some with you’ve Asia bear the crack that relative on all Singapore look to do spreads, crack gotten or but do to crack U.S. recovery the to But sensitivities factors have to gotten balance closer the – Okay, colors spreads market. I five-year back the you a one. just updated has levels, needing it, back you of two whereas Singapore supply you’ve that I spread, a to And they’ve come think average of levels normalized provided in cetera. demand My around get touched would all cracks at

William Pate

hours, and last but mind, been keep Certainly, half, They refinery. there’s Singapore XX even also were been in and of a July. the barrel last the year over last end reduction that the the at of they’re in in a accelerated refinery, significant XXX,XXX XX the do hours day in rationalization of at ratchet increase supply announced lot a back it end Shell a their a that It’s to XXXX. they barrels XXX,XXX the supposed to to going in there’s

change you keep RINs. out the look it So cracks, when also market. the are we supply include seeing impact mind, I’d of that at does point in the in not Singapore

which market and higher and the driven local And seeing by in lot so RINs drive a of the ethanol we’re biofuels. mainland U.S. higher the impact in prices is agricultural prices,

factor relationship the Singapore Market. You then and I And given don’t just in nations international lockdown Singapore more have the countries Market, there. that there’s the impact and think there of of the how an travel international are

all a So more to that in affecting of whether we’re changes kind going or we’re some everywhere just that U.S. it’s – will I the market means historical to return Asia industry. for the lot think given of but the volatility are

Joseph Israel

continue up flights out challenge healthy international diesel the crack of on having as but spread with jet spreads it’s with is really challenge. per even wild-card and a fuel add, there, are million the all we crack the crack XXXX. with road, spreads demand And markets, And demand are consumers fuel a to the to gasoline as recovery, to $X as harder as fuel strong go lost let barrels and holds and into back this million especially me need is common to jet theme for day very of today, in $X recover global down diesel we’re a It our the refineries the even time of in course diesel. the profile, and jet long put

William Pate

just barometer seen respect when for as is and the on And fuel the jet those the narrowing a good again pretty that’s value that watch incentive between pretty the is say. and regrade, what two weeks typically I I to jet good we’ve diesel. think spread produced really to that’s I to two getting again basically indicator would pretty with think purpose ultimately, we track a ultimately and barometer positive starts of a last think good jet of relative products And point I Joseph’s Singapore really what over that

Phil Gresh

a That make sense. Thanks lot.

Operator

Our will ahead. Neil with next come Please question Goldman Sachs. from Mehta go

Carly Davenport

can just XQ remarks, markets. that Carly Hi, on both for your prepared little the here off normal evolved the there to in how questions for on and Neil. Wanted retail. touched a lighter you but a this than Thanks start you dynamics bit little taking moving through a The quarter walk is have morning. XQ pieces the results on was this into and in across then impacted talk about those it

Will Monteleone

first lagged, you in also I that a see quarter. is Will. Yes, I in first fourth the the fewer quarter in Part little inside, but on can the just quarter, even the were think that think a had our Sure. our of Carly, first in this lull bit we volumes of we volume days occurred markets.

materially think And the I I this, brand as of Bill in view reference our early increase see are during additional so part from street standpoint. we referenced, then compressed really then volumetric heard probably process typically as pieces And are of March different Northwest quarter crude you probably January February we a see and margins faster. and as rapid that. the supply than prices being transitioning sticky in prices costs And we the disruption occurs the there’s move the and some with in impactful also the that

our a factors markets rising Bill on flat impacted retail referenced, as as on in compression, as recovery so like the side. biggest tend for well in prices So that ongoing compression price And stabilization we QX is are the margin rebound crude see in we are those rapidly a the the segment. the the environment of to positive retail the

William Pate

respect it’s – especially a in population. Hawaii. local add is just I’d thing really to the this other And consumed which gasoline one It’s Bill. largely with by Carly, is

trends volumes focused, as to the so gasoline driver see not Particularly, And up Hawaii probably the even consumption. volume our that really jet. to arrivals bigger and tend we what for what So, kind return the in normal, if ramping because that’s tourist on depend back to going and population, will of watching people and network about in the employment the we on neighbor road the Honolulu. on that’s puts are but we on to Hawaii. gasoline have And islands, lag really going international gasoline probably and when we to population shopping arrivals employment, that’s a we’ll impact watch the of you be returning really of because think to a in passenger to return see a

Carly Davenport

around oral helpful. is you. the there. arguments And couple Court and heard That’s last weeks. Thank the appreciate follow-up the out the of you Supreme mark-to-market breaking impact RINs then We in

love to read on I how your takeaways from thus XXXX key the to process exposure far RINs see compliance years. for ultimately, So, would the you get obligations Pars to XXXX really and that

William Pate

is Yes, I at granularity. great why the exemption first time. this refiners an And job kind of law a But start Will explaining let all small I’ll hardship Bill. think of of that demonstrate the seek council did of refineries and cover the I’ll any to permits small any

policy certainly Supreme Court Circuit in I Tenth wake expect administration. this referenced the since to the different RINs become republican factors has that, so when the regulations. why to XXXX. RFS but the grant has mark-to-market EPA the a political that and the Tenth as two you cover stance. XXXX and of than the that us of in the have probably of way worse months, can government the reverse this the it’s and – think unfortunate administrations, few And pricing this a thing government established than administrative Unfortunately, more are the been how waivers And and that in a we for will only in football. and last EPAs Circuit is the driving instrument back different change a the and regulation for that for regulation, had We that somewhat way. think a And one XXXX we issue. opinion think are democratic only three Will inception policy, under is become consistent know, lot political our It’s that’s been I happens, I related of EPA account

Will Monteleone

of as based RIN Carly with accounting liability was for $XXX our referenced average million on the net a $X.XX quarter million the to RINs first the the roughly, the respect price. mark-to-market, we the at end $XX

look And compliance mind so consecutive you years. allows is I forward think we to as fuel for thing standard renewable first you should just this managing the up keep to one settlement the two ultimately in well to as

what until this our allow would do So frame. the XXXX this time us here to settlement would is compliance defer XXXX of

activities, as Now a it’s would holding be $XXX operations our XXXX we million at year-end commercial on and a of our approximately based prices X/XX. estimate valued RINs constant

the Supreme the said, I think Bill to asset support we EPA be than less extent, against in I the us $XXX oral the the cash requirement settlement occurred, net this arguments for the reverse would million. obligations, years. And the so Lower prior waivers to Court’s grant available think our and decision and we to expect with for to substantially XXXX us rules XXXX And period again, our as court as think the Court – recently

Carly Davenport

I appreciate thanks. color, the

Operator

come will question Holt. Tudor, ahead. Blair go with Please Pickering, Matthew from next Our

Matthew Blair

any Hi, the crudes it’s looks Hawaii talk more you getting $X.XX tanker that surprised guidance you if particular about And expensive you good morning, against compared in crude for to are a everyone. how QX. by Joseph, trending little you? Are it in for could barrel there per costs moving I about QX like here? are was also

Joseph Israel

quarter. prior not Good a of running Matt. It’s we’re quarter quality that crudes versus question this different type and morning, the of

we the the around positive price and two-three pricing months built as differentials. and in be our recovery on crude well flat crude lag the you price the quarter the has of in world in running in will the that Just second it it’s as already see remember have the that the can

Will Monteleone

Will. Hi, Matt. This I

was we committed that the the the procured quarter or of third or referenced, XXXX. consume during Joseph late quarter to during fourth crude largely first As

of probably reflecting So, more challenging market a environment. the,

those And of backwardation the on we’re crude the side, the from also so, increase then and again I think been it’s shift shape so And are that think modest freight factors curve relatively side. I drive the the the seeing major contango stable. and on

don’t call that we anything out think So there. I again,

So…

Matthew Blair

up thanks. through about And as about Laramie then good, compared I could that I doesn’t put Pars excellent to numbers, talk the would EPS. economic or I that $XX what overall million, reduction Par year. cash EBITDA Sounds $XX to benefits to Does last you increased your go accounting guess Yes, just But extra Laramie, and is affect Laramie million guess, on debt great. guess Laramie going growth? generated? to with do just be that

Will Monteleone

for I gas Matthew, it take a think had. this to cash that challenging its again but use impressive it Laramie our to results. is you believe And backdrop impact that is are Laramie’s is in generated the they was pay notwithstanding financial incremental a management a correct, quarter down position debt. Ultimately, I capital doesn’t natural plans still where producer is ultimately very that improving, structure and

there other And work and our Laramie continuing so maximize I there to value we to of overtime. equity management think our that again, with the potential we’re ensure stakeholders stake

Matthew Blair

you very thank Great, much.

Operator

Credit ahead. will from next question Please with Gupta Suisse. Our come Manav go

Manav Gupta

$XX calculations your at of me accounting the and you million. obligation is I XX $XX look mark-to-market those of I loss a over Hi. questions think number verses in about is net numbers are adjusted million. there two through Can couple number a XX? indicating RINs, just EBITDA excess When reconcile RIN, your you help just on quick had we

Will Monteleone

is Will. Sure Manav. This

understand understand GAAP keep mind, really So adjustment, and non-GAAP think you issues it’s to accounting. need separate in two our the to first I

is our today so carried are market. GAAP And again RINs accounting at for liability our our

in So liability is increasing. price a environment our rising

carried are at assets Our cost.

a So reflects environment, to the value price non-GAAP and really in our not rising adjustment increasing asset us a price. market is of value increasing RIN the is that what assets

and the So the we again, it’s position open $XX XXXX $XX and related the that the RIN increase. have an The million for fact XXXX million. price years not to reflects

to sheet so And what really that’s $XX item open balance million our represents, period again the related is position. prior the

Manav Gupta

just the open of in time? of dollar Not Okay, amount, clear. position the And terms that’s what’s of position point at is very the actual open gallons? gallon what this number

Will Monteleone

dollars share We’re just the volumes $XXX not going is the but approximately to million.

Manav Gupta

you And said XXX. that’s

you taking question. my you. for Thank thank Okay,

Operator

[Operator ahead. from Our Instructions] with Gabelman Please Jason will come Cowen. next question go

Jason Gabelman

for my just the pretty question. ask seems Thanks to talk taking I the like I you seems wanted a behind did. first raise mean, right in Can to on now. good equity liquidity you that Yes, it position about logic be Hi. it,

So and why shares where have elaborate issue going a more Thanks. can and decide just I to and follow-up? you ahead on go do potentially you you’re proceeds those to use

William Pate

I at our of our our principal was that X.X%, equity Sure, us behind capital ourselves higher debt Jason, debt is process you weighted thanks raise than think think I today, of it’s lowering Again, for funding. around average peers. the if the to really question. Yes, avail trying cost give the which look senior of of substantially cost to most the tools we need

pathway cost of capital And debt reducing avails our so again, I ultimately think is of capital. us the raise towards what the

and the also It path that’s note gives June. I the improving additional we process matures principal us we’re evaluating. also liquidity way the that behind think that thought could convertible the in our address So in flexibility forward in which

Jason Gabelman

in much certain pressure pay Are cost? you without able debt to down

William Pate

We debt have have be agreements. and called do or do can pre-payable that Yes. credit per indentures the debt we

Jason Gabelman

let which are? just one those us you know Can

William Pate

this use we financial the objectives to into down, get funding I but our which think would pay one and lowering instruments year. specifics to of going not our of principal costs debt reduction We’re is think I

Jason Gabelman

like Are And of it. give and you any it kicking then contracts does be the magnitude margin, those first my of future. you that’s new the these sticky us written would that impacts. the that benefit was indication the to And and benefit the from if mentioned into in can excluding you seem seeing question, quarter? any going what it’s continue Hawaii Got second on margin commercial just strengthened, mark-to-market

Will Monteleone

Will. So Jason this is

look at think we’ll our to compare available our think best gross at margin is look we’ve those our I the I a that ultimately started And the last QX indices quarters. what subtract several provide. and that the publish against the in measure discussing really is barrel. you’ll we over are Index but that we that adjusted adjusted differential say per And relative in that X-X-X margin reflects the see to the market what contractual is way that improvements to trend crude Singapore margin improving. is QX, And capture, that gross been that

Jason Gabelman

thanks. Great,

Operator

turn William conference I our to Pate any back closing would concludes for question-and-answer session. remarks. over like the This to

William Pate

level operator. quarter forward refineries you, cracks summer the We look to the first to day. back as moving normal. the of as the driving with season. Thank the at highest our these good returns enter profitability And trends we are Have increasing on upward product beginning of XXXX. since their running We a world ended

Operator

has The you Thank today’s concluded. conference for presentation. attending now

You may now disconnect.

Par Pacific (PARR) 8 May 212021 Q1 Earnings call transcript