Earnings call transcript Q2 2023

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Operator

Good day, and welcome to the Par Pacific Second Quarter 2023 Earnings Call. All participants’ will be in 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, Director of Investor Relations. ahead. go Please

Ashimi Patel

Welcome call. Sarah. Pacific’s quarter second Thank to conference earnings you, Par

Joining Executive and Pate, President; William me are today Chief of and SVP Chief EVP Shawn and Officer; Financial Creamer, Officer; Richard Refining Logistics. Flores, Monteleone, Will

materially comments performance that Any are are these and to or from change events. begin, to include not are uncertainties, statements may results risks our They we forward-looking today and may statements. Before guarantees subject and note statements. forward-looking of differ actual forward-looking future subject

Accordingly, not additional we filings you our our should information. them. update place investors on forward-looking undue to and refer statements, disclaim or with reliance the and to I to presentation and on our SEC investor any for obligation website reconciliations revise non-GAAP

turn Executive over now the Pate. Chief William our to Officer, call I’ll

William Pate

our and you, Ashimi, Thank morning good call participants. conference to

our an We objectives reported excellent in This financial many quarter progress period strategic company’s was on and growth. results. exciting made

$X.XX net EBITDA Second was adjusted was quarter and $XXX adjusted income per million share.

market each While on the and at financial with above solid financial execution operational continues business, forecast. X units. acquisition team closed welcome Montana operational commercial organization. our June has to performance been and the attributable very our and acquisition of results We Billings were our our Par to the Initial June our business of be supportive to strong well results

in success on improving depends noted, Billings previously As reliability.

capital, our The The and site assumes of integrity, demonstrate acquisition improved mechanical projects. numerous Our confidence important Par infrastructure to identified which exceed has of generally These the and reliability are improvements is team results projects case, will utility that barrels refinery significant small profitability. reliability. elements Montana high-return per growing XX,XXX June that Billings drives day other throughput. improve

engineering distillate project. also is conversion SAF the project well considerable continue on Hawaii The hydrotreater progress hydrogen our progressing made and to on initiative. we Tacoma advance renewables We green

July in inventories demand refined another to due products. strong for quarter. The tightened is be up shaping quarter to third Global solid

result, throughout As have quarter. been of this a improving cracks market the first-half

local growing from benefiting demand. also We’re

posted Our and second exceptional market liquidity the $XXX structure. capital the retail sales franchises strong XX growth. our of strength a June same-store million during overall growth reflects illustrating units quarter, of

to with hand the from facility. Billings Since quarter, rebuilt fund our new cash closing, the debt steadily on able asset-backed and our reduced acquisition and were we the availability we have liquidity. During our loan

common Before to authorized the and Will that has operational detail, in also Directors to Board commercial our performance repurchase more management I want to stock. of million of up covers $XXX note

evolution, stock have growth we At also attractive will this to use while repurchasing achieve as authority at in this our company’s we prices. ambitious opportunistically stage sufficient common liquidity objectives our

the turn over Will. call now to I’ll

Will Monteleone

and business combined excellent and you, Wyoming of Washington units The Thank and maintenance of barrels Bill. Hawaii, Logistics Refining throughput. strong delivered per XXX,XXX planned record achieving efficiently day. executing in resulted a quarter, The throughput a throughput quarterly

In addition, of the XX,XXX day delivered nearly initial of month total charge crude strong the for contribution team per June. with billings barrels a

approximately The and our resulted XX,XXX guidance. quarter Singapore increased per differential In costs our Hawaii, the barrels was low better benefit. $X.XX slightly hedge averaged second barrel. per crude price index Capture This levels $XX.XX falling favorable per the and Index a per throughput were day modest lag accrued crack combined product to to $X.XX, during barrel combined continued than quarter production land rates, a was $X.XX a and in of of price in backwardation barrel. index reflecting benefit environment, XXX%, freight

weakness. greater quarter. per as differentials WCS XX%, per period was of VGO $XX day throughput than XX,XXX the crude reflecting Capture to barrel barrel costs $X.XX well $X barrel. barrels quarter Washington, and per a production as were per averaged The the during P&W In second Index asphalt during declined and tightening

was per throughput strength. planned day during Coast $X by per maintenance. quarter was and production negative U.S. FIFO The the XX% barrel, $XX.XX to due second Rockies Gulf XX,XXX minor index offset were but of barrel Wyoming, million, was impact costs partially slightly barrels a including per quarter. elevated $X.XX In capture and approximately Wyoming regional

finally, And location. we of the strong Montana benchmark to totaled differentials June Like barrel, to capture index index strong the the highly was reflecting course $XX.XX U.S. costs That regional XXX%, reflecting production the use Wyoming, Rockies Montana our June Like capture as Wyoming Gulf $X.XX a throughput. the Coast location, per over seasonal. averaged for Coast. plan and Gulf Montana is

to Washington $X between per between XX,XXX barrels per per unit, Hawaii day. XX,XXX a $X.XX the XX,XXX downtime unplanned expect and XX,XXX Montana barrel. July quarter, to impact to of we run third barrels XX,XXX; between XX,XXX and XX,XXX our day; of reformer to Due and ahead during and between expect margin we Hawaii XX,XXX; Looking and Wyoming

expect flat we our utilization. total, expect throughput prior XXX,XXX between per to per or crude approximately day We approximately third In to quarter $X.XX XX% quarter. Hawaii barrels barrel, differential $X of system-wide the and average

expanding The volumes Retail growing merchandise with strong and quarter segment generated revenues. financial fuel another

strength sales nomnom and XX% our activity, XXXX versus well Hele respectively, Hawaii ramped These Second rebounding the of brands. volumes revenue XX%, fuel levels. as merchandise quarter sales economic same-store and same-store growing and as the up reflect nicely, growing

thank effort. the and Pacific congratulate team Par and and Billings another of the and We was coordination. driving Par team great execution well-planned months on transaction planning ourselves Montana reflects I’d integrations, pride of integration. this operational crisp like entire for to successful The a

Our and initial baseline ground throughput Tacoma above initial time operation. processing move well our optimize as in has largely Montana consistently as our believe with the initial We the confirmed synergies, operations assessment. will on achieve we

and Less period. a project we X-year expect than than payback reduces less RVO million $X our exposure,

continue co-located started fabrication at to and a SAF dedicate have hydrogen project We and SAF Hawaii our previously facility our scope on Tacoma and time in resources larger, announced green we to refinery. also

a to year. make this project expect We next decision on final investment early

Shawn to over it turn review results. to now our financial will I

Shawn Flores

you, Thank Will.

first million and refining The during in per the share. in to and adjusted quarter. adjusted to segment of generating got $XXX off the ownership. strong adjusted $X.XX of EBITDA our compared or quarter the We first month second adjusted million reported in $XXX EBITDA million $XX Billings, Second start $XXX earnings of EBITDA $XXX million were a million quarter,

a $X million by refining second Hawaii price crack FIFO benefit results in impact offset Our lag negative $XX included partially of a for quarter and in product Wyoming hedging, million.

XX% with a have We in per as from product approximately crack sales Brent. continued our quarter our third work premium hedging barrel to $XX Hawaii of

in in and contribution a reported improvement marine System. segment in from the in the first and $X quarter. Logistics second $XX Montana compared million EBITDA was Hawaii sequential June adjusted Washington Our million to $XX by increased million throughput the The of quarter Logistics driven

$XX million of segment adjusted $XX million in first year. million of $XX adjusted Retail second The to EBITDA the the in reported half million the Through half quarter quarter. first compared year, our has of compared EBITDA in to during first last the retail generated $XX business the

sale merchandise and in to As EBITDA Will Corporate mentioned, our million adjusted were strong first the expenses growing in second $XX retail volumes earnings million $XX by quarter. and compared were the revenue. same-store supported quarter

onetime renewables million related expenses costs. Our development other and our $X include second to quarter

our in $X project As an expect guidance Tacoma, million above of baseline in incur by million million, we per corporate quarter we our quarter working Montana. capital initial build second operations payables $XX $XXX engineering trade advance to by cash at expense Par million. changes million $XX driven additional primarily a totaled in the resulted to renewables $X million of on net Cash provided inflow $XX in to the during

hydrocarbon for by $XXX facility. totaled from $XXX financing outflows million. investing activities borrowings million million our and includes inventory deferred capital Cash $XXX from the driven the working This $XX on purchase of Billings items. Hawaii and activities price for totaled repayments quarter, other the outflows Billings base financing remaining in Cash million

acquisition, Second quarter $XXX commitments million $XXX ABL we on us was pay operations from Concurrent $XXX Strong $XXX down $XX $XXX asset-based ending upside to X flow with million in from $XXX bank the to our from cash of the million, loan on the including allowed completed facility, June million to June total the million million. availability. million liquidity XX. quarter increasing in and during cash Billings

gross pre-acquisition guidance million $XXX increase just of acquisition $XX our Total with million Billings increasing the at million the of the second total million to was to our are million by lastly, $XX end $XX CapEx full-year. XXXX And debt the we $XXX from of levels. closed, for quarter, an a

our concludes remarks. prepared it you for Q&A. This Operator, to we’ll turn

Operator

you. Thank

ahead. We will the TPH. comes now begin first [Operator from Our Blair Instructions] question Matthew go Please question-and-answer with session.

Matthew Blair

are morning, Hey, Shwan, and Bill, how you guys. good Will

William Pate

Great. Hey, Matthew.

Matthew Blair

aware of? turnaround there The you from the June through scheduled us? initial then And isn’t walk think when suppose strong, that finally, too any But unusual next you which benefits for I major appeared could the for will were refinery be the Billings the for should one-time we major drivers period. quite be do And contribution Billings?

Will Monteleone

unit. take let unit drivers we strong additional aspects rates the run some of say that the operational Matt. the at overall, the throughputs, I biggest Sure, crude would components. and and I to Will. I’ll max really This feed again, the we’re were of into then Shawn is able think through financial crude address able FCC, to

the again, performance strong saw out there I from the we team gate. think right So of

that as feedstock both are heavy the we were, run in as the in inputs differentials and I above Rockies say, we mid-cycle light well cracks, think also regional as Coast well our Canadian as line barrels the for model. ultimately, acquisition I barrels environment margin Gulf would then with for

really strong operations mid-cycle environment. team So and it combination a was again, think above of the I from

turnaround we have be respect a XX-day it With turnarounds, planned to to in I’d the do XXXX. activity outage. about expect

zero. charge out units total unlikely is, I that’s in when again, certain down, think to crude point we Billings one take even down to thing we’re I’d you unique for have

again, feed unit. So to to crude we’re the able CAT

our to ultimately, where want outages. plant-wide you bit it’s going do than take different one-time be or financial? we to so Shawn, aspects facilities other little a have And any

Shawn Flores

Yes.

of components. market know the think I hit Matthew, you Rockies Will pretty the on financial I closely. track most

I They were think remain strong, but to we both and June. gas have saw Coast. favorable peak Gulf diesel June, both in in the peaked likely very Rockies

Matthew Blair

then all question the next the Bill. – Great. Thanks might for for be color. And

raising buyback You the authorization talked $XXX to million. about

mentioned and Thanks. buybacks it your between you You dividends? and talk potential an current Could opportunistic it’d about the M&A, set approach. you how be opportunity view

William Pate

that time, think we get over opportunities investing way number think past think significant in the Will we there’s that did investment. We capacity. were in and of in there’s we of our Matt. throughput to system growth reliability we’ve growth, the first. reliability think up. By Montana we can about in run a we XX% opportunity opportunities on kind investing as year-round mentioned, note real that we in at you’ll focus And There’s we projecting June, some in Hawaii, with demonstrated just of Sure, obviously when avenues

looking be logistics system. also we’ll that, at building to out addition In our

We be And one also couple industry of retail existing continue of new Hawaii be that to We’ve in system. our opening then, investing to one course, Washington. sites we’ll this got year, a and grow renewables footprint. in around our will in

that, not same time, something In within pops mean, extending we’ll consideration give I into to into our as other that to And an our authority at we we’re our that’s of addition repurchase to account up. unless well. and looking opportunity communities but that take look obviously, the market, all stock at really at

Matthew Blair

the and Great. strong the color all congrats Thanks for on results.

William Pate

Thank you.

Operator

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

Neil Mehta

first Can could lend per what team, margin you’ve my of on the EBITDA share you question, the year. frame of in a And evolving a view Yes, – leads mid-cycle this about light my business how environment? years we flow the on if cash sky or out a got a how you. look this continue about view kind in of is talk to in free start really like you basis to talked the was for execution is past. which trajectory? congrats And strong to blue to It that can Bill, couple

William Pate

it, barrels that a we I the in was to past think $XX, about if $XX day. of we’ve buildings we on that up it is can average, our XX,XXX an based throughput a get way building and a in the kind and day case on utilization mid-cycle noted and think based one Neil, acquisition also our was of X,XXX quoted barrels

to value, context the you net million added of net of in value our it present for $XX evaluation about present billings purchase or price that the the to think I the close steel. if of in XX% think of

with well. associated in And getting a there’s for Hawaii, throughput growth So real that up. opportunity we’ve our throughput adds and actually value our increased as

number in average average, our I specifics front well. Hawaii, in over and capture have may well, that think have pretty if think as improved I the don’t that averages materially you the about $XX, Shawn of as $XX we’ve me,

I was some that – quoted actually that, when extent, did that that value in capturing that than into in account we we’re think but more we we took Hawaii also I through mid-cycle. think

there’s achievable and So market – wait the to summarize, then I Hawaii very what within side, control us. we’ll improvement on side, and think and see both on gives overall, the improvement on improvement the the Montana our

Neil Mehta

the that’s Hawaii. follow-up niche tied It’s here. a is where talk strengthening unique some been it’s market, it’s And margins – great. about That’s market, into just Singapore there’s of a

should Just on that half we seeing what How Hawaii you think back about ground outlook are the for the there? business?

William Pate

been second-half strong, it’s the stronger in the The is Hawaii business and of year.

global change following in – this cracks. improvements mean I cracks think quarter, don’t up noted, against Singapore that than major been there’s has know I other the we’ve of seen just a right Singapore Europe. the with I as you first-half

been new to in so very West and been tight. the generally that’s continue coming online Singapore to flowing has capacity Europe And be inventories

globally I think highly those Chinese directed and tight, towards nine the inventories to have towards The be the Frankly, but local in market. last be opened months, pet new are a oriented tends to of refineries supply. XX couple so tend chem production local to

a of refineries, pet to One their a XX,XXX day, barrels only actually I recent it rest for day think transportation was XXX,XXX barrels more The routed highly fuels. chem. going but complex was was

spread and spread we’ve which fairly divergence we’re in flowing terms the Asia. the reflection chem as demand pet And as naphtha a which transportation that the think – and naphtha market just things pet think transportation prices weakening Asia Asia, about one a – a wide is somewhat driving between glut in relatively and creating in in strong is demand global the think that’s end probably gasoline a naphtha, in I the you market. fairly the market, I naphtha weak in fuels of into seeing And in significant fuels of about or which of for of of is seen if

Neil Mehta

Bill, Yes, in that, that Hawaii, build – that relative the if Singapore? whether what you to Hawaii you ties how in basis could on see into

William Pate

market. are we mean, I Well, for producing generally Sure. fuels again, transportation local our

other local capacity will into market, have part, our for But somewhat we’re fuel in naphtha market. fuels periodically oil. by our mean, there take to of upgrading little from on fueled bulk reformer the than where happen sale So fuel linked to know, the market, I focused intermediates And energy get as our and an occasionally do heating or we all convert a we insulated transportation export. those and/or electricity you a the that most the supplying we’re naphtha. is we using market the

So Singapore capture we’re that in tends good our pretty to the shape enhance to market. relative and

Neil Mehta

Thanks a lot.

Operator

Please Our from comes Sandler. next question with Larkin James Piper go ahead.

James Larkin

This Ryan Jimmy Todd. for in filling is Larkin

William Pate

morning. good Hey,

Will Monteleone

Jimmy. morning, Good

Shawn Flores

Jimmy. Hi,

James Larkin

What back as going for do like year maybe the differentials. of the I So outlook continue the diff just the we’ve half guys guess of landed you kind in of over XXXX quarters. the Hawaii, forward couple into falling landed on last those seen see

William Pate

Do Will? cover to you want that,

Will Monteleone

Sure.

why Keep So that XX-day probably Jimmy, lag. mind a in correct. I crude operate differentials think you’re the on

the were third is in in in what’s So XX-day to that market the period financials. conditions showing our effect really the up prior quarter

of was drive in some probably there. buy in time narrow. out some relatively dip think backwardation general, the I was good physical overall, the saw crude access length that’s it And where a – to say crude that period second would ultimately, quarter – down and was a I opportunity in low-Xs. we So you And

the obviously, market’s changed. think, I

and think impacted both production heavy have about quite you cuts barrels that bit. as the think, sour a Saudi medium I

most unique the quite actually the seeing the world think – where is tells be to would data buy it to you’re where premium different notable I probably trade relationship a unusual today. the barrels differences, the but quality at given you is which Brent,

market and of our where crude on purchasing in probably half at remain market, a where tighter – to continue the that and barrels think we’ll the a I right price. obviously, in get at back we’ve the think very sat we year and and So flexible looking you’re balance again, crude than I the ensure best dynamic

best think market the factors to I and that’s guidance the give the you crude I probably can So on watch.

James Larkin

then quick. to you. turning Sure. Thank And back really Montana

of quarter. we in So just was know the this highly strong XXX% the with has said is Rockies rebounding I if obviously, been and on capture you expect capture kind you quite to WCS I’m updates where wondering, have that seasonal moderate, you even – your you throughput? case updated any of made what kind Rockies for based just you – kind see that? of guys Have base acquisition and

Shawn Flores

comments Shawn. is And the XXX% range the to think trade our I gasoline it’s per diesel north the made cracks I Gulf premium to Rockies per in just capture June would premium. June. Coast versus and the about XXX% Gulf $XX was saw barrel Coast X-X-X outlook I Jimmy, of to Yes, in barrel XXX% Gulf long-term relative Montana Hi refer capture the to $XX Coast. We

I about Gulf in diesel the off relative $XX. to of Rockies think traded gasolines by since Coast then, north and

So was – Gulf strong But both think and I cracks, think Coast a we’re peak. very, still June I Rockies. very

James Larkin

Great. Thank you.

Operator

Cowen. ahead. question next Jason from go Gabelman Please Our comes with

Jason Gabelman

Sticking the assets. morning. Billings with good Hey,

base can you to of case clarify, forward, is And think good is difference? moving that a forward? well a about to as number OpEx below And acquisition is $X So barrels the one, a moving of think about throughput? just case drove $X $XX day, forward barrel. on I talk XX,XXX the a good a barrel, number kind What then moving

Will Monteleone

Will. Sure. Jason, it’s

guidance, XX,XXX. quarter is third the XX,XXX think I gave which we you to

at based where we today. XX,XXX on midpoint I reasonable is sit So think the

barrel per I the was side, by the XX,XXX barrel OpEx so throughput. on think improvement majority was the throughput based driven the $XX number, day per really just the of a increasing overall number On

the the we’re to way range, there So about in probably you’re think it. middle right down in the is XX,XXX probably

So not a with incremental that throughput. moves lot of variables in there

So driving the about obviously, in when another into value throughput factor up the you we see low-XXs. think

Jason Gabelman

and back forward? so for it’s rates the Great. tanker seen off strength the about your of to for you first-half been of Hawaii, product I outlook year And What’s then the Can the follow-up, at talk them all? my going come moving beneficiary, rates. those driving outlook you in second-half? think, the a been far Have elevated

Will Monteleone

Sure.

So tanker of the from, movement West MR ship couple you’ve $X yes, of I million sum side, on call peak let’s around think probably million probably there $X the Asia $X.X for the last the been million today. to probably hovering seen Coast, months. lump product low the it, into It’s in range

been is it’s range, to which So relative stable elevated still in that history.

So again, we’re generally what seeing. that’s I think

prices And now, saw as the diesel about talked – strength well benefit compressing in both crude declining on lag of the then row that impact overall, we we’ve three cracks quarter ultimately, we’ve as third bit crude you’ve a cracks. as quite And oil got diesel had price of and quarters expanding. a of right

for is business. that’s quarters. a for which us just is tailwind the as been mind, you the last that positive in keep our capture But three factor fundamentally So dynamics a about think for

have quarter-to-quarter. I in very But that’s again, overall, to capture going think, strong rates Hawaii. So move still,

Jason Gabelman

Hawaii million convert a have per on barrel a $X benefit? sorry, that to you million thumb you the we a rule Do think into how $X about to that. of as Do just – follow-up $X.X have

Will Monteleone

embedded think capture percentages, it’s the I mean Jason. in I

So of point rule to. I thumb give wouldn’t you to idiosyncratic

many so there’s moving. think I pieces

takes all we’re to are point in a think you single play. that account the trying pieces to that moving get ultimately into I

Jason Gabelman

lot. a Thanks great. Alright,

Operator

go Our Please John next ahead. question from with JPMorgan. comes Royall

Alejandra Magana

working reverse Royall. morning. We good impact any will Alejandra of just future This were on from the capital Billings Magana in is wondering, John quarters? Hi, for

Shawn Flores

cycle a that could June capital Shawn. most think We Hi working of I see think there, incremental June. I I’m prepared positive in capital in working flush reversal mentioned QX. the in month, and we remarks. expecting the of in benefits, If it’s out a impact saw anything, in that I not

Alejandra Magana

with the gas a quarter Okay. do of holding gears, just the And business dividend an monetize is in update performing Laramie first an on And year-to-date, are how switching expectation to the next Thank prices they stake how of you. about you where provide think can versus year. trying today?

William Pate

continues gas last for now. Thanks of place, to when flows they’ve the I well. to off, supporting winter, perform the pretty obviously, prices in question. cash Yes. have that but peaked tended they business some mean, which good and blunt Laramie got they’re come hedges

probably As of going where the have whether I’ve And we of mentioned less prices don’t and rig function right more a to function we’re in the a drilling. past, now. gas the of are are field be a in distributions

some We completing well. are going wells that’s and

expectation dividend lack online there expect ‘XX, can development come some is drilling with the I But we would production for the next So winter. think to any spring. of in be the a

Alejandra Magana

Thank you. Got it.

Operator

Our next Gupta Please comes go UBS. from with question ahead. Manav

Manav Gupta

around looking Can the talk you in you’re more opportunities hydrogen. guys, mentioned green green of you opening about Hey and opportunities scope hydrogen comments, some little kind in what terms sourcing? bit of a

William Pate

Yes.

Manav, question. thanks the for So

We in traction opportunity sustainable generate with the hydro then would using facility. we fuel given for the think an hydrogen assessing partnering using electrolyzer the drive utility, facility We’re a hydropower and be aviation municipal to necessary of that would a local power. it’s an supply be to to hydropower the our and which used hydrogen at Tacoma Washington cost

Manav Gupta

the the who hire Just somebody a would to you? that? clarification, that and do electrolyzer? do Will who Or you electrolyzer own you operate for

William Pate

We’re still that. assessing

We be in a bring may certainly participant electrolyzer. equity will an partner. in that We

fuel still it’d our to there. facility – We’re and But to be be operating units. on with we’d the our adjacent and sustainable facility, considering a respect it’s options development both property, aviation

Manav Gupta

for hydrogen for aviation even scope hear think absolutely lot fuel sustainable because green RD. eventually or do That’s great is a to of there we

glad I Billings follow-up for also role So quick you’re the logistical you. in taking some assets. added that. leadership a I’m have

going about we forward? So run segment EBITDA how think rate should logistics the

William Pate

You want to that, cover Shawn?

Shawn Flores

and crude contribution Eastern from pipeline runs the billings that product Yes. that Manav, it’s Washington. from the logistics Montana Shawn. our refined of pipeline to refined and million We’ve terminals, includes $XX the signaled product system,

Manav Gupta

Thank much. you so

Operator

with next Cowen. from Gabelman a go Jason follow-up question ahead. Please Our is

Jason Gabelman

the project. I hey, you return just to metrics the Yes, the SAF on of last know about I status some out wanted ask Hawaii laid call.

how acquisition? – how specifically, those Thanks. fair progress think about metrics project? are you’re wondering about you thinking And Just the to if still as feed

Manav Gupta

Jason. Sure, Will. is This

in still today. I past, think holds think I you return gave the the ranges that we

again, targeting I with having think XX% turnaround. in to we’re XXXX conjunction sequence we’re plant in IRR SAF And an So the ultimately, Hawaii range. plant the broader online the targeting in

work So of On we’re again, a of sourcing, the into feedstock that going advantaged today. think oilseed lot opportunity state an again, in I because think largely of in Hawaii. we location the

then got we’ve from And waterborne America. advantages some believe also, sourcing we in feedstocks Latin

for again, going to I solutions be the our ultimately time. feedstock we’re about in Hawaii that over So that’s strategies thinking think

Jason Gabelman

it. Thanks. Got

Operator

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

William Pate

opportunities growth Thank are Sarah, we and and of excellent good us our an for earnings joining There congratulate within a thank to today. lot you, future look you a portfolio, everybody day. sustained of to forward team I on quarter. Have our want to our profile.

Operator

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

now may You disconnect.

Par Pacific (PARR) 8 Aug 232023 Q2 Earnings call transcript