PARR - Earnings call transcript Q4 2021 | Par Pacific Holdings, Inc.

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Operator

Good morning, and welcome to the Par Pacific Fourth Quarter 2021 Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Ashimi Patel, Senior Manager, Investor Relations. Please go ahead.

Ashimi Patel

Gary. you, Thank Pacific's Par Earnings Call. Conference Welcome Fourth to Quarter

Pate, Chief Officer; Executive Joining Matt me Will and William are . Financial today Officer; President Monteleone, EVP, Retail. Vaughn, and Chief

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

William Pate

and These second We demand XXXX improved morning, Ashimi, compliance. year $XX and $X.XX adjusted product all regions our net million Thank everyone. in our $XX noncash of for a share. refined loss in the XXXX. was expense during certainly interesting Market per adjusted Full in significantly results you, and good include half times. conditions EBITDA million was live mark-to-market RFS XXXX

$X.XX production by in close barrel million last quarter. ran a $XXX per year cost teams to refinery well EBITDA year. over were well barrel. year. low out at the the Excluding extremely improved this Wyoming adjusted came fourth the record refining impact, our performed production Full per as segment through $X.XX Operationally, costs

costs significant factor barrels Hawaii energy XXXX full Maintenance per over year, first of is barrel $X quarter half be $X.XX costs barrel. during prices expected caught first fourth higher XX,XXX the were a production quarter; barrel production were to deferred the demand, oil maintenance the per by XX,XXX year. $X.XX the costs we compared to also on averaged costs up per for expense the in from Higher second winter $X.XX XXXX. when as million and per and XXXX throughput day. were in utilities increased of Given half to

widespread throughput due the shipments XX,XXX continued a First turnaround per major per and flooding throughput $X.XX up December. to This a turnarounds. our day freeze and Pacific that major related is to all XX-month in Tacoma began third we XX,XXX of and were increase our to costs as to throughout quarter which from refinery week. in expect expected our run of meet refineries we generally barrels work refinery at significant in cost to the conditions end restart Northwest demand caused per quarter next January, planned outages, during to barrel as an period Despite rising $X.XX production Tacoma production to and Tacoma crude Hawaii. during shortfalls. turnaround early caps We receive operated completed barrel,

least planned for years. next significant no have at X We downtime the

be with per to capability increase to allow consumption per the In maximum XX,XXX outage, our impact. expected turnaround by the to our XX,XXX day, throughput First XX,XXX throughput conjunction should crude and us XX%. quarter a to completing is Tacoma which project, we're barrels heavy increase barrels debottlenecking current including day

been to a return a XXXX While the characterized year choppy profitability. year, depths of very the has by difficult this pandemic made

and surge impacted recovery but as demand the back were rising Third fourth adversely was the prices quarter results in and strong, differentials oil crude gross Omicron partially margin. affected set quarter our our

been and closed. refineries is inventories have increasing, in many low However, XXXX forward demand cracks are strong, are

policy reforms improved, prices Asian of product crude Singapore have reflecting heightened Asian refiners. tax in and factors oil low-quality and backwardation, and prices and operations discourage all crisis. by inventory offset In limit European differentials the cracks rise many market hamper and are somewhat that addition, continued the and are which These competitiveness by blending European exports. levels high gas the natural recent of Chinese current

Co-feeding turn our Matt balancing through discuss pursuing annual we're pursuing build Looking near-term refocusing those concentrated like We've we existing store call local million efforts strategic see recent opportunities plenty remain segment second, are and Hawaii Executive debottleneck opportunities local project we're objectives taken anchored that transition Vaughn, President that Hawaii our on over locations. on quickly RINs Matt to our opportunities isolated Wyoming, capture Tacoma first, Other Several co-feeding small stages obligation. of our at footprint. growth and to also production expand as who's results X,XXX in of our risk units, and such the to and offset our operations. volume markets per introduce fully responsibility with Vice enough like supplying are these renewable our current has efforts barrels benefit fully carbon actionable. retail high added to at new our grow we position. twofold: We're our and improvements With hydrogen to the to XXXX, as on day, to I'd early conversion to partners. We strategy. on our of generate we in of Retail. improve initiatives. energy under In and blending project of and and are existing yield for capital opportunities in $XX to We're renewable segment our base; diesel within unit identified are closing, focused could RIN retail our communities. a I'll projects electrolyzer

James Vaughn

Bill. you, Thank

to expect We volumes to we continues of margins year $XX.X Hawaii. labor card of full costs, the challenges increased retail inflationary in and over below returns the travel incurring $XX.X to international store Merchandise by the fuel not credit revenue tempered but to compared and rising rebound XX% volumes temporary beverages were COVID-XX Merchandise closures last while Fuel each grew fuel by is to of do X% adjusted year, until for XXXX reported by forcing Packaged the in XXXX. million impacted costs, by remain products Retail increased increased grocery higher industry labor XXXX year to to continued XXXX. inside present prior in they operating shortages, have margins our XXXX. EBITDA Fuel entire While well. segment, periods of with product X% sales dealing perform terms and for million compared store edible been fees. several segment the challenges. time.

across and to workers shortages issues offers bonuses in our We vacancies shelf drivers. and foods have This and of segment other and as has prepared capacity. for have increased as the truck our instituted due warehouse product persisted retention challenging including recruitment category. initiatives, well of Supply offerings hiring resulted several chain

we has find Our our steps year, solutions. with Last proprietary address our partners the brand. closely completed team retail our stores these to issues nomnom taken working to in Pacific to sourcing rebranding and by products successfully alternative Northwest

sites We to region several Washington substantially retail in are greater that store area, provide to locations. other reaching in for than our evaluating. working Area. new industry in are the -- in principle the that agreement sites including are They're new we will all an store are Greater There construct We expand brand believe to developments. contribution older, attractive a new smaller

various frictionless innovations, checkout explore our a variety are including we in stores. to of roll continuing out and of options ahead, self-checkout Looking

We implementing at stations well are expanding Retail currently offerings across fuel our our process in in the as food of pricing system. generally as Northwest prepared localized the

network. across net also Will initiatives the I'll revenue now increase We merchandise to the exploring call over financials. to address our are turn the other to

William Monteleone

EBITDA adjusted of diluted quarter million fully adjusted $XX or Fourth a and and Matt. share. $XX were $X.XX you, Thank earnings million per loss

to mark-to-market XXXX shares. million and Focusing XXXX a RFS on related accounting Refining include the loss items first. results $X noncash compliance

mark-to-market a assets share, share $XX the adjusted our our The last quarter. EBITDA volumes adjusted respectively. Shifting Excluding utilized $XX contribution quarter. logistics results. consistent and segment well per earnings Logistics expense, during was loss segment to kept EBITDA and of RINs Steady with million adjusted was million, the per $X.XX

the to $XX quarter. million segment in $XX Excluding RIN adjusted was EBITDA mark-to-market impact, million the refining third compared

costs Focusing $X.XX. the the quarter. initially the indexes on versus Putting fourth overall of the Brent feedstock environment X-X-X compared $X.XX ICE The the to first. to barrel third Hawaii, increased approximately and premium $XX.XX. together, Singapore estimate about per improved provided to margin were Index approximately barrel X-X-X Feedstock quarter per $X.XX $X.XX

The was a gross so performance Hawaii quarter adjusted difficult comparison. the third strong market a to for margin conditions, relative

a the reduced $X ethanol about our backwardation; blending barrel. our approximately fourth $X.XX $X per third barrel quarter: $X.XX two, $X.XX or I'd lag; However, barrel. per gross a related by Collectively, approximately per spread hedging call million few to versus quarter out loss these that items price four, three, $X of per barrel and approximately to of one, like costs increased during cargo, to per to product margin impacted adjusted impact approximately and capture lock increased crude of the to about crack barrel; impact the take rationale physical of crude differential, of level chain the discuss arrival. hedging month a our differential we delivery. our we supply we framework. product percentage crude length relationship commit Hawaii's of to to few typically commitments the months The of ahead margin. forward cracks crack lock differential to protect our minutes a crude the the requires to product X crude of on Depending up the Once

our on $X sales fourth During and Hawaii approximate the loss. this we XX% portfolio, hedged million approximately quarter, drove the were

Looking purchase as similar crude. follow forward, we to we continue framework a

approximately portfolio and first Hawaii with medium- a of margins loss recover. is current are as about $X anticipated positives current emerging our quarter of mark-to-market There in million. crack the sales many Our business longer-term hedge XX%

$XX.XX $X.XX excess with a per quarter, we forward, have heightened reflecting to during these Much $XX improve promptly, [landed] response like are the comments market on prior weekly our contracts the pass in rapidly sales January. to through between and seen barrel price to month conditions it higher in levels per geopolitical continue utility thus, $X.XX price barrel our average concerns. per takes priced anticipate We first in rising More crude will a last averaging be in differentials increasing barrel X-X-X and quarter, of environment, month costs. backwardation. Looking

to price ICE prior of approximately impact this declines If expect in $XX recover we expect million $XX back periods. at February during month quarter. the the of counter Brent to between price stabilizes Assuming subsequent lag of the the average majority we per levels, $XX a impact levels million first to barrel,

increased quarter. to increases spread Like X compared not of to in periods, our us third the our which capture. backwardation Major month manufacturing increases expensive Separately, While our environment profits to the customers believe noisy experienced were landed proxy inventory more contract In impacts in faced X slightly costs. the month from was second to elevated through landed and Brent; costs, it and this in Since struggled margin protecting Washington such ICE oil has pass has our factor our it of ICE X of differentials materially in XXXX, differentials The we reducing flat backwardation, is feedstock steepen moving The we in price. quarter Washington operation. and for pieces versus have the market, due good ways: down future as and one, cost our are price. continues a reported to backwardation response we third reflects versus asphalt increases crude levels. our this Hawaii, it to declines core elevated two, market ethanol, flat volatile I to which backwardation. inventory impacted the compared Brent compression do negatively crude half

half second versus XXXX, increased the per XXXX. half approximately $X backwardation barrel costs the of of During first

has approximately Looking Laramie flat conditions gross benefit partially sections. market the final between sales of price for to prices up net the XXXX. generated adjusted quarter. costs from third quarter. by This $X quarter of million peers seasonal expect follow [Indiscernible] by the adjusted increased third our of to of unhedged and versus up the on $XX and FIFO refinery $XX income $XX.XX that a adjusted million I fourth of comments from high back during reduced EBITDAX depending of [PMW, to offsets the were with index] per due the EBITDAX fourth decline a peers January margins Laramie. conditions. $XX The benefit Wyoming typical several barrel, $X per $XX.XX X-X-X to to was forward, range. WTI Wyoming we estimated FIFO prior the with per million to approximately around quarter running, pricing. and their million $X.X million, $XX from as markedly Ethanol the prompt declining $X Shifting quarter If record current the to of weekly and [X-X-X-X] $XX our a of third barrel barrel barrel freezing $XX navigated hedged hold and per the $XX.XX, operational northern million. Most challenges are X-X-X-X softened

generated Laramie $XXX of income million, adjusted net adjusted and XXXX, During hedge of million unhedged EBITDAX EBITDAX $XX $XXX of million.

Laramie's the expenditures income Excluding million Full approximately million. year impacts, net for hedge mark-to-market $XX capital $X totaled approximately XXXX. was

Laramie's $XX million from to net quarter, $XX million $XXX third the During improved debt million. by

months. the For million debt position spot cubic on to Laramie XX% XX their $XX Laramie pricing receiving equivalent. as Laramie's XX production December market was over net day of XX% full improved exit nearly is year, production by feet XXX next million. a of the between

This small quarter XXXX. should flush is addition, a commencing approximately $XX during Laramie the fourth development wells X for million. online come of production program In totaling

XX% the flow Pacific's outflow Pacific statement. in flow attractive level Additional outflows hedges was added cash back capital the were cash fourth locking Working million. Par from an totaled returns. of at Shifting $XX Par million. roughly $XXX operations quarter to

messaged, previously to related XXXX $XX an there As was RINS net million outflow settlements. approximately

$XX driven of Tacoma levels they addition, of prompt largely or by normal have of of million, year. the the back A intermediations reversed will to XXXX. feedstock items end of by number funding, and at delays purchases end these half already the expect we In either the first hydrocarbon net increased train

expenditures the turnaround million equaled XXXX, and cash $XX and cash year, outlays Working with million cash our year, operations interest capital were from of for $XX and prior $XX was full a full driver $XX major number. the flow consistent estimates. Capital respectively. and operations of For fourth the approximately the were outflows for million million million. quarter use Accrued a from fourth for $XX quarter the lower

the a million during repurchased $XX. fourth average stock price at weighted addition, $X approximately we In quarter, below of

quarter, $X the have during of repurchased as far first we stock another So million well.

and $XXX XXXX upon of RIN our the net price XXXX XXXX RFS average totaled a Our compliance anticipate We shares RIN XX/XX. procuring at for liability weighted million requirements. based $X.XX ratably

the cash likely like in However, be flows XXXX. to timing they lumpy and are were

totaled in Our million up in million, and availability. $XXX quarter-end made $XX cash liquidity of million $XXX

year-end had number that reversed a subsequently first temporary to expect we referenced, of previously As during at has reverse or of the funding requirements half we XXXX.

remarks. reduce our provides costs. our back hand flexibility to for alternatives consider Our Operator, it remains you This liquidity and on concludes strong to funding to prepared I'll turn Q&A.

Operator

from Davenport Carly Goldman with first is The question Sachs.

Carly Davenport

of kind buybacks. there. the wanted the start your Just to on place of around in have comments NCIB share got execute to kind We know and started you've

that you're wanted So any is just few program at get of over address throughout options of trajectory that thoughts valuation the that your kind executing of on sort year. to there some the of looking the seen other to And dislocation we've potential months? on last

William Monteleone

It's Will.

you'd it gap closing also -- free and again, over to we was in respect we market. gap to think that across we segments, overall activities be think And I to the really our of critical share for while in to we again, may of think kind the think to improving structure, I business continue comments respect again, really items, Bill price program think blackout turn sensitive of with future place, address I like driving flow when put additional to with forward make. is With respect that going capital going core performance undertake opportunistic aspect our are a a repurchases, any I cash period. enter we're key I each valuation to and the to

William Pate

we thing Market back conditions on have No. The nail to to get good. you head. the think Will, are I is profitability. hit key the

efforts us generating of strong this I we options year a very significant to permissive have we a refocus But execute different will had year year, think cash to and If did also way flow actually on and give last we our as conditions, I the that year. growth. have will operationally we number return team be profitability, we in areas. expect last Our the market

Carly Davenport

been And the refining of broader number of market assets kind There around few going in U.S. niche just markets a has on capital of reported Great. that, of allocation. I from guess a in off then kind a the perspective.

curious even So the around in rank you'd perhaps space just environment, to M&A your temperature that kind particularly what in refining where allocation terms of you're get retail kind of piece in the capital or seeing your and priorities? of

William Pate

capital, levels growth. that Well, to debt believe we I can think with our start but as always said, I we've about our cost we been of the think right have reducing priority of that also first has now,

to IV, are capital. are our I that those portfolio, account basin, us. with that think operations also PADD And existing the to of interest good we'll circumstances limited and to been very they areas current there where Pacific about clear think fit our strategic taking are I the we've evaluate Rockies, continue are very the access a the opportunities, into

Operator

question with next is Phil The JPMorgan. from Gresh

Phil Gresh

My you different first of think in step would first where and the the we here, moving spreads a the just if talked the lot differentials, about backwardation. around pieces the Obviously, about But Hawaii. crack Will, question be especially back are, quarter.

could for that think about of the about how you Just think how there? color generate do you general, levels Hawaii? just in framework Or potential you think EBITDA any just longer-term you

William Pate

This is Bill.

changed you because about it XXXX, imbalance, Hawaii it's is last in market's over product. the highest our think is circa where supplier to believe dire breakeven But the and market progress has us quality marketplace I the team and cost generally, and change the the in Will start, capture I'm market would to of our me has going the I to because reforms Let personally Singapore turn balanced appeals a also some the a that few repositioning our XXXX, changed And of say, and to just of the changed where rest Chinese the get made over years. it I was if a generally mentioned It's Asian in materially. that and into lot more Asia. need versus issues. that it's with just of supplier, just I benefited best low we're in still today

you position All the Will, forward. the market for want going that our cover well do to capture augurs issue? of in

William Monteleone

Sure.

I at time think, you XXXX. is you XXXX continue the about going Hawaii. compare let's think sort probably horizon So noisy annually, it is to which you Phil, think when the I best look of I and to complexities versus, around quarter-to-quarter But be if think say,

You can see compared barrel to minus feedstock adjusted per our our provided that has improved market nearly margin gross the $X per cost index by barrel.

million $XXX that's when annual to $XXX capture of annually. you kind million it think about improvement of Now

And I some so respect that's think of with again, comments quantify really reposition. Bill's to to

a some in and contract quarters. prior in is we an price, I crude that additional then the we're process flat major of through $X.XX in in, important the around the to again, going price via notwithstanding environment costs improvements that higher indirect I the right? is et we where that suggest think operating with the probably I are OpEx yield, think still cost think think higher changes to our I higher $X.XX of barrel like that cetera. volatility plus would mind. our per prior that's breakeven So in quarter-to-quarter consistent thought see rapid environment heading keep we're to and probably with there to it's facing And provided adjustment crude a currently math do otherwise, business But price flow that we

Phil Gresh

you get and That's higher EBITDA? broadly very how the more want you And think sheet And buyback said you balance target Got actually leverage you paydown then, just, to you've a whether Or the to? deleveraging debt? here. is say, about But want started think do where some to it. you obviously, helpful.

William Monteleone

Sure.

of I comfortable be amount So I point to more we're continue repurchases. think, And at our with share opportunistic debt we're given we'll Phil, that this carrying the current gross on outlook. our think

we the to is really, can objectives. structure our resume so cost competitively objective main on capital growth of think, capital, reduce I our our

to going some to capital measures RINS And our a also again, remain separately contingency, some think considering we're we're going I so excess And be to carry financing. working while liquidity. our do again, simplify

it I kind outlook. paydown So periods those allocation think improvement at are of gross priority is have some our the moment. of thoughts broader on as a prior necessarily had been I debt as don't given in in And capital the

Phil Gresh

to respect Right. expect capital, would how And from in we fourth what to the much quarter? with you saw working reverse

William Monteleone

Yes.

But it's think forecast dangerous ultimately intermediation I seeing again, a juncture. with should up provide have mechanisms to moving like the prices us again. think we're for that catch we game to at I this

think probably move other it's of million $XX then that think and going I we've And good I So that called on a the are flat to chunk think decent target a parts to out, about. price volumes. based

do carry need to liquidity again, with So deal type I we varying movements. these some cushion think of to

Operator

[Operator Matthew Tudor, Instructions] with next question is Pickering, Holt. from The Blair

Matthew Blair

timing this process. the And to doing co-feed would if the don't see believe I do vegetable co-feed BTC could low And Any just a the think you preliminary wanted or about would want cost feedstocks, of run would you with to then oils opportunity then get that [CICs]? about? you on follow think plants on incremental details you sort and I you think up additional I any confirm, finally, be should which this here, at? could provide we estimates? Any

about you that And you just $X BTC. could economics think talk how if without so about

William Pate

Sure. co-feed, standard thinking And about we I Washington. really to be when we're in clear, LCFS emerging think think an about

diesel our opportunity market renewable in for that to There's enter an So we're targeting of the position sort commercial market. given us.

a Washington, for commercial less but some than X,XXX day, harder barrels a Given small. couple to in it's also dollars think markets to solution. modifications a for position entrant. little new million of in of in example, catalysts less with the essentially LTFS, is The than But co-feeding is It's a low other opportunity it's capital a our I hydrotreater. lack

if CI on so shift point, fuel can issues to So plant-based flexibility. as will depends it well. RBDSPO, it's low we hydrocarbons really processed fossil your of away be the cost. There's toward significant from And We lot want. hydrocarbons a

in for are won't BTC, portion up full air still BTC, the BTC a Certainly to the get a in terms for of the co-feeding. to that co-feeding. get opportunities As treatment of but there

think of the got focuses forward going balancing going EPA over our given market and is volatility ensuring of and flexibility. one uncertainty to we've the that I that RINS RINS the just how is address

Matthew Blair

Great.

Sounds good. has then this your counts it is you the air picked And levels. Hawaii Hawaii to and And on hoping just looks comment like really jet Passenger back I your are whether month. past system in travel was refinery. could XXXX actually in up coming through in demand

William Pate

Yes.

one think it fourth evident was pocket where I that fact quarter hit did that our Omicron. largely air in in and we the of an to travel throughput issues air the related is was the decline, did

and we're that's November they Our travelers. for customers from of we're didn't for see local to -- it up on talking December, picks standards as to that increasing Hawaii. really of up, see when in relaxes you're again. would that and back to hope as through one and increase the some with starting is as our returning well as going customers as be quarantining abates and to travel. some we Omicron start But The bit throughput Japan back our managers cut spring flights, key did we because see are international an scaled little that We nominations focused come to started now in ramp a to our starting on why our found some those we

think is, there's or I market opportunities, we happy can ourselves significant where profitability as see returns. in for Hawaii again, with So fully profitability significant the and that market a positioning very

Matthew Blair

of you it. said X/X is And We feed Bakken, XX%. raise WCS. WCS X/X then roughly think that you Got by that one Washington, clarification. plant at the final When normally could

So is would turnaround after XX-XX the roughly it like be complete?

William Pate

No, it's the XX% X/X. of

to think we're it's of talking about I that barrels increased... probably X,XXX X,XXX

Operator

with is from The Jason question next Gabelman Cowen.

Jason Gabelman

clarification a just OpEx. on First, Hawaii

to I'll number? higher then And oil $X OpEx other yes. I'll prices. a Any secondly, is the the mentioned different color barrel a my You higher let it forward? next Or answer, moving of $X.XX you right Is number $X.XX there. one. then kind for then of ask because

William Pate

good I throughput, is if I opportunities that's will us that to thing we're we're what very actually think in keep to help on mind was and one Yes, focused bring We The are think in target. down. successful going a throughput. increasing say, increase our there that pretty effort, I to

a at $X. high $X think came year. throughput roughly pretty number I with we in for that down current up, number. I prices, the at good think get if We Even below though, we throughput is the can our levels, get back

Jason Gabelman

What's the at throughput the target plant?

William Pate

mentioned I can year, in hope we and the of at and key this to think XX kind XX, in above for QX, our year. the I we're team we through organization number. get opportunities that Hawaii Those are our

Jason Gabelman

the bit more market it on on just broader you provide Great. there. China? the just detail And one, second the supporting play? I the there? product out another other are Or Is things Is also high, connected that? it refining there crack a gas and then Asian prices market through remain global the factors kind kind trends. And exports of play to that, dynamics we know Asian supporting any the just mentioned of and of you regime lower cracks. factor seen of supportive Can at as that's global China at other that we've tax like seems think

William Pate

this Yes, is Bill.

bring relying quality intermediates on gas lower diesel. high and to There it natural simpler natural and on some the I'll these gas, that Asian in. and quality it especially allowed are let that are start, are on market that factor sector, really -- biggest probably Chinese mainland. Asian The actually to market. reforms does are complexity affect imported a once Certainly, with higher me the it them I and the Chinese gasoline Will refineries think were refineries tax natural their the lower-cost prices used that jump refineries focused the were globally, Let produce out impact then blending petrochemical because started of on to back feedstocks some had

conscious they a improve get the example, on was crude. refineries of -- Korea, the So both from as decision and I rate government that in And up complex conversion coming the started for these more to the was it their coming taxed. to of had part LCO the think quality

the Chinese in about to and related of the an talked capacity to governments And actual months, they the oil impact same exports also be signals crude also focus historically at levels to demand had are meeting which Singapore has domestic products. more profile -- balanced add on that the -- the capping exports demand anything if that? an and has not know at demand of within think think So X X I they've going and is lower going even supply forward refining in Will, and time, you refined don't the to market. something affected which to market, on focused to and policy both signaled I products is opposed the that want production I of largely on a as all engaged inventories, that forward, exporter last in being and want

William Monteleone

well No, covered.

Operator

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

William Pate

for look on Have I an thank year a XXXX want I congratulate profitable day. want a thank continues joining for team as forward our and to last excellent Thank everybody our year emerge. market products operationally favorable good to year. you, more We operator. in and us a to to today,

Operator

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

now disconnect. may You

Par Pacific (PARR) 26 Feb 222021 Q4 Earnings call transcript