Financial Data and Key Metrics Changes - Net income for Q3 2025 was $29 million, down from $45.9 million in Q3 2024, impacted by a $7.8 million one-time gain on asset sales last year [6] - EBITDA decreased to $97.1 million from $119.1 million, while adjusted EBITDA fell to $98.8 million from $114 million [6] - Distributable cash flow was $53 million compared to $71.1 million, with adjusted distributable cash flow at $53.3 million versus $71.6 million [6] - Trailing 12-month distribution coverage remained strong at 1.64 times, or 1.5 times after factoring in distributions to preferred unit holders [6] Business Line Data and Key Metrics Changes - GDSO product margin decreased by $18.8 million to $218.9 million [7] - Gasoline distribution product margin fell by $19.3 million to $144.8 million, with fuel margins down 7% year-over-year to $0.37 per gallon [8] - Stage and operations product margin increased by $0.5 million to $74.1 million, attributed to an increase in sundries [8] - Wholesale segment product margin increased by $6.9 million to $78 million, driven by favorable marketing conditions in gasoline [9] - Commercial segment product margin decreased by $2.5 million to $7 million due to less favorable marketing conditions in bunkering [9] Market Data and Key Metrics Changes - The company expanded its marine fuel supply operations into the Port of Houston, enhancing its presence in the Gulf Coast [4] - The retail network saw a decrease in site count to 1,540, down by 49 from the previous year [8] Company Strategy and Development Direction - The company is focused on capital discipline and operational efficiency, seeking sustainable returns and long-term value creation [12] - The strategy includes optimizing and upgrading the retail portfolio, with a focus on enhancing the convenience store experience through new brands and loyalty programs [4][12] Management's Comments on Operating Environment and Future Outlook - Management noted that the lower-end consumer is under pressure, with consumers trading down to more generic brands [25] - Despite challenges, the company reported strong performance in convenience stores, with year-over-year growth despite a decrease in company-operated sites [25] - Wage inflation has calmed, and there are signs of improvement in labor availability compared to previous years [27][28] Other Important Information - The board declared a quarterly cash distribution of $0.7550 per common unit, marking the 16th consecutive quarterly distribution increase [5] - Capital expenditures for Q3 were $19.7 million, with expectations for maintenance capex of $45 million-$55 million and expansion capex of $40 million-$50 million for the full year [10] Q&A Session Summary Question: Can you talk a little bit more about entering the bunkering market in Houston? - Management indicated that they already have a presence in the business and see differentiated assets compared to competition [17] Question: Can you explain the differentiated offering in the bunkering market? - The differentiation is primarily based on the location of facilities and the approach to market supply [18] Question: How is the acquisition environment looking? - Management noted that there was a quiet period for retail M&A but signs of activity are emerging [21] Question: Are you facing competition from Parkland? - Management confirmed that they do not operate in Parkland's footprint [23] Question: Are you seeing pressure on lower-end consumers? - Yes, there is pressure, but the company is leveraging its loyalty program to drive promotions [25] Question: How is labor availability for the company? - Labor availability has improved, with more applicants compared to the previous years [28]

Company Overview - Par Pacific is a growing energy company focused on renewable and conventional fuels in the western United States[10] - The company has an integrated logistics network with 13 million barrels (MMbbls) of storage and marine, rail, and pipeline assets[10] - The company's system-wide refining capacity is 219,000 barrels per day (bpd)[10] - Par Pacific has 119 fuel retail locations in Hawaii and the Pacific Northwest[10] - The company holds a 46% ownership interest in Laramie Energy, a natural gas E&P company[10] - As of December 31, 2024, Par Pacific had approximately $1 billion in federal tax attributes[10] Refining Segment - Par Pacific's system-wide distillate & LSFO yield is 52%[22] - The company has a 21% system-wide exposure to Western Canadian Select (WCS) heavy crude[22] - Hawaii refinery crude capacity is 94,000 bpd, Montana is 63,000 bpd, Washington is 42,000 bpd, and Wyoming is 20,000 bpd[19] Retail and Logistics Segments - The Retail and Logistics segments are showing growing Adjusted EBITDA contribution through various market cycles[38] - The Trending Retail & Logistics Adjusted EBITDA for the Last Twelve Months (LTM) ending June 30, 2025, was $211 million[40] - The company is targeting gross term debt of 3-4x Retail and Logistics annual Adjusted EBITDA[41] Capital Expenditure and Turnaround - The company's 2024 actual capital expenditures were $209 million[44] - The company's 2025 capital expenditure guidance is $210-240 million[43] - The company expects a normalized annual turnaround outlay of $8-9 million for Hawaii, $7-8 million for Washington, $4-5 million for Wyoming, and $18-22 million for Montana[44] Hawaii Renewables Project - Par Pacific is executing a project in Hawaii to produce 61 million gallons per year capacity for renewable fuels, including Renewable Diesel (RD) and Sustainable Aviation Fuel (SAF)[51] - Mitsubishi and ENEOS will contribute $100 million to Hawaii Renewables through Alohi Renewable Energy for a 36.5% equity interest[51] Financial Position - As of June 30, 2025, the company's term debt was $641 million[99]

Financial Performance - Marathon Petroleum Corp. reported net income attributable to MPC of $1.2 billion, or $3.96 per diluted share, for Q2 2025, a decrease from $1.5 billion, or $4.33 per diluted share, in Q2 2024 [1][27] - Adjusted EBITDA for Q2 2025 was $3.3 billion, down from $3.4 billion in Q2 2024 [2][46] - Total revenues and other income for Q2 2025 were $34.1 billion, compared to $38.4 billion in Q2 2024 [27] Segment Performance - The Refining & Marketing segment adjusted EBITDA was $1.9 billion in Q2 2025, compared to $2.0 billion in Q2 2024, with a margin of $6.79 per barrel, down from $7.28 per barrel [5][29] - The Midstream segment adjusted EBITDA remained stable at $1.6 billion for both Q2 2025 and Q2 2024, driven by higher rates and throughputs [7] - The Renewable Diesel segment showed improvement with adjusted EBITDA of $(19) million in Q2 2025, an improvement from $(27) million in Q2 2024, attributed to increased utilization and higher margins [8] Operational Highlights - Refining capacity utilization was 97%, with total throughput of 3.1 million barrels per day in Q2 2025 [6] - Refining operating costs per barrel increased to $5.34 in Q2 2025 from $4.91 in Q2 2024 [6][29] - The company returned approximately $1.0 billion of capital to shareholders in Q2 2025, including $692 million in share repurchases [11][13] Strategic Developments - The company announced a $2.375 billion midstream acquisition in the Permian and a $425 million divestiture of its partial interest in ethanol production facilities [3][15] - Capital spending outlook for 2025 includes high-return investments at key refineries, with specific projects targeting returns of 20% to 25% [12][14] - MPLX's acquisition of Northwind Midstream is expected to close in Q3 2025, enhancing the company's midstream capabilities [16] Financial Position - As of June 30, 2025, the company had $1.7 billion in cash and cash equivalents, with no borrowings under its $5 billion revolving credit facility [10] - Total consolidated debt was reported at $28.7 billion, with MPC debt at $7.4 billion [39]

Financial Data and Key Metrics Changes - Net income for the first quarter was $18.7 million compared to a net loss of $5.6 million last year [7] - EBITDA increased to $91.9 million from $56.9 million year over year [7] - Adjusted EBITDA rose to $91.1 million from $56 million in the prior year [8] - Distributable cash flow was $45.7 million compared to $15.8 million last year, with adjusted DCF at $46.4 million versus $16 million [8] - TTM distribution coverage as of March 31, 2025, was 2.03x or 1.96x after factoring in distributions to preferred unitholders [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $200,000 to $187.9 million [10] - Gasoline distribution product margin rose by $4.2 million to $125.8 million, reflecting higher fuel margins [10] - Station operations product margin decreased by $4 million to $62.1 million due to sales and conversions of certain company-operated sites [10] - Wholesale segment product margin increased by $44.2 million to $93.6 million, driven by favorable market conditions [11] - Product margin from gasoline and gasoline blend stocks increased by $27.4 million to $57.1 million [11] - Product margin from distillates and other oils increased by $16.8 million to $36.5 million, aided by colder winter weather [12] Market Data and Key Metrics Changes - The first quarter experienced a 9% colder winter compared to the prior year, positively impacting the wholesale distillate business [21] - A brief period of tariffs on Canadian oil created volatility, benefiting the company, although the impact was short-lived [24] Company Strategy and Development Direction - The company is focused on optimizing terminal assets and expanding its midstream footprint to better serve customers [5] - Ongoing portfolio optimization has led to a decrease in company-operated sites, aligning with strategic goals [10] - The company aims to maintain financial discipline while pursuing organic growth and selective acquisitions [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and commitment to long-term growth for unitholders [14] - The integration of terminal assets has enhanced capacity and market opportunities [21] - Management noted that the current operating environment is dynamic, with ongoing reviews of retail business assets [18] Other Important Information - The Board increased the quarterly cash distribution on common units to $0.07 per unit, equating to $2.98 on an annualized basis [6] - The company will participate in several upcoming investor conferences [13] Q&A Session Summary Question: Opportunities in terminal acquisitions and capital repositioning - Management is continuously reviewing retail business assets and is opportunistic in capital allocation, focusing on competitive advantages and higher returns [18][20] Question: Market conditions contributing to wholesale performance - A colder winter and the integration of terminal assets contributed to strong wholesale performance, with a normalized quarter compared to the previous year [21][22] Question: Impact of tariffs on market conditions - A brief period of tariffs created volatility but had no significant ongoing impact on supply or margins; potential consumer impact on store sales is yet to be determined [24][25]

Financial Data and Key Metrics Changes - Net income for Q1 2025 was $18.7 million compared to a net loss of $5.6 million in Q1 2024 [7] - EBITDA increased to $91.9 million from $56.9 million year over year [7] - Adjusted EBITDA rose to $91.1 million from $56 million in the prior year [7] - Distributable cash flow (DCF) was $45.7 million in Q1 2025, up from $15.8 million in the prior year [7] - Adjusted DCF increased to $46.4 million compared to $16 million last year [7] - TTM distribution coverage as of March 31, 2025, was 2.03x, or 1.96x after factoring in distributions to preferred unitholders [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $200,000 to $187.9 million in the quarter [10] - Gasoline distribution product margin rose by $4.2 million to $125.8 million, reflecting higher fuel margins [10] - Station operations product margin decreased by $4 million to $62.1 million due to sales and conversions of certain company-operated sites [10] - Wholesale segment product margin increased by $44.2 million to $93.6 million, driven by favorable market conditions [11] - Product margin from gasoline and gasoline blend stocks increased by $27.4 million to $57.1 million [11] - Product margin from distillates and other oils rose by $16.8 million to $36.5 million, aided by colder winter weather [12] Market Data and Key Metrics Changes - The Northeast experienced a colder winter, which positively impacted the wholesale distillate business [20] - Market conditions were favorable due to the integration of terminal assets, allowing the company to capitalize on market opportunities [20] - A brief period of tariffs on Canadian oil created volatility that benefited the company, although it was short-lived [23] Company Strategy and Development Direction - The company is focused on optimizing terminal assets and maintaining financial discipline while pursuing organic growth and selective acquisitions [6] - The strategy includes continuous review of retail business and assets to maximize operational efficiency [18] - The company aims to leverage its scale and integrated model to navigate disruptions and find opportunities [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and commitment to delivering long-term growth for unitholders [14] - The company is optimistic about its ability to adapt to market conditions and capitalize on opportunities as they arise [14] Other Important Information - The Board increased the quarterly cash distribution on common units to $0.07 per unit, equating to $2.98 on an annualized basis [6] - Upcoming participation in several investor conferences was announced, including the EIC's Annual Energy Infrastructure Investor Conference [13] Q&A Session Summary Question: Discussion on GDSO and terminal opportunities - Management indicated ongoing reviews of retail business and asset optimization, emphasizing opportunistic approaches to acquisitions [18] Question: Market conditions contributing to wholesale performance - Management noted favorable market conditions, including a colder winter and the integration of terminal assets, which enhanced capacity and market opportunities [20] Question: Impact of tariffs on market conditions - Management clarified that the impact of tariffs was brief and did not significantly affect supply or margins, though it may influence store sales in the future [23]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2024 was $97.8 million, down from $112.1 million in Q4 2023, reflecting a challenging fuel margin environment [16] - Adjusted DCF decreased to $46.1 million from $58.8 million year-over-year [16] - Trailing twelve-month distribution coverage was 1.81 times, or 1.72 times after preferred unitholder distributions [17] Business Line Data and Key Metrics Changes - GDSO product margin decreased by $31.8 million to $213.6 million in Q4 2024, with gasoline distribution product margin down $32.1 million to $145.7 million due to lower fuel margins [17][18] - Fuel margins on a cents per gallon basis decreased from $0.44 in Q4 2023 to $0.36 in Q4 2024 [18] - Station operations product margin increased by $0.3 million to $67.9 million in Q4 2024, with a total of 1,584 fueling stations and convenience stores in the GDSO portfolio [20] Market Data and Key Metrics Changes - Wholesale segment product margin increased by $27.9 million to $79.8 million in Q4 2024, driven by favorable market conditions and the acquisition of terminals from Motiva [21] - Product margin from gasoline and gasoline blend stocks increased by $13.2 million to $38.6 million [21] Company Strategy and Development Direction - The company integrated thirty new terminals, doubling storage capacity to approximately 22 million barrels, with significant investments totaling over $528 million [7][8] - The company is focused on leveraging its expanded operating footprint and strong balance sheet to seize growth opportunities [14] - Management emphasized the flexibility of their terminal facilities to source products from various regions, mitigating risks associated with potential tariffs [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the dynamic energy landscape and maintain operational excellence despite challenges [9][10] - The company anticipates 2025 to be a year of opportunity and growth, continuing to integrate recently acquired assets [26][27] Other Important Information - The board declared a distribution of $0.74 per common unit for Q4 2024, marking the thirteenth consecutive quarterly increase [13] - Operating expenses increased by $12.1 million due to the addition of new terminals, while SG&A expenses decreased by $1.9 million [22] Q&A Session Summary Question: What percentage of supply comes from outside the US? - Management indicated that while they cannot disclose exact percentages for competitive reasons, Canadian barrels are significant for the Northeast supply landscape [31][32] Question: How do tariffs affect acquisition plans? - Management stated that tariffs do not change their acquisition strategy, as their terminals are flexible and can source products from various locations [38][39] Question: What are the growth plans for Houston? - Management highlighted plans to grow retail, terminal, and wholesale operations in Houston, focusing on disciplined acquisitions and organic growth [44][48] Question: Any changes in acquisition opportunities or pricing? - Management noted that the market remains active with various opportunities, and they are hopeful for transactions in the coming year [51][52]