Financial Data and Key Metrics Changes - HF Sinclair reported third quarter net income attributable to shareholders of $403 million, or $2.15 per diluted share, with adjusted net income of $459 million, or $2.44 per diluted share, compared to $96 million, or $0.51 per diluted share, for the same period in 2024 [13][14] - Adjusted EBITDA for the third quarter was $870 million, up from $316 million in the third quarter of 2024 [14] - Net cash provided by operations totaled $809 million, including $31 million of turnaround spend, with capital expenditures of $121 million for the quarter [17] Business Line Data and Key Metrics Changes - In the refining segment, adjusted EBITDA was $661 million, compared to $110 million in the third quarter of 2024, driven by higher gross margins [14] - The marketing segment reported record EBITDA of $29 million, up from $22 million in the third quarter of 2024, primarily due to high margins [16] - The lubricants and specialty segments reported EBITDA of $78 million, slightly up from $76 million in the same period last year, driven by improved mix and FIFO benefits [16] Market Data and Key Metrics Changes - Total sales volumes were 57 million gallons for the third quarter of 2025, down from 69 million gallons for the same period in 2024 [16] - Crude oil charge averaged 639,000 barrels per day for the third quarter, the second highest quarter on record [15] Company Strategy and Development Direction - HF Sinclair is focused on expanding its midstream refined products footprint across PADD 4 and PADD 5 to address supply and demand imbalances in key Western U.S. markets [10][11] - The company is evaluating a multi-phased expansion projected to enable incremental supply of up to 150,000 barrels a day into various West Coast markets [11] - Strategic projects include the CARB project at the Puget Sound Refinery and a new jet project to enhance flexibility in product output [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about refining margins, citing a global shortfall of approximately 800,000 barrels a day and supportive demand for distillate products [26][29] - The company anticipates continued strong performance in refining and marketing segments, with a focus on reliability and integration [12][100] Other Important Information - HF Sinclair returned $254 million in cash to shareholders in the quarter, consisting of $160 million in share repurchases and $94 million in dividends [9] - The company has returned over $4.5 billion in cash to shareholders since the Sinclair acquisition in March 2022 [9] Q&A Session Summary Question: Can you elaborate on the multi-phased expansion targeting PADD 4 and PADD 5? - Management believes they are strategically positioned due to existing infrastructure and the ability to debottleneck or expand to meet market demands, especially with refinery closures in California [21][24] Question: What is the outlook for refining margins in the near term? - Management is bullish on refining margins, expecting demand for distillate products to remain strong, supported by low product inventories and geopolitical factors [26][29] Question: Can you clarify the impact of small refinery exemptions (SREs) on your financials? - The $115 million benefit from SREs is reflected in cost of sales, while the $56 million is from trading benefits associated with RINs [35][46] Question: How do you plan to finance the pipeline expansion projects? - Management indicated multiple financing options, including liquidity on the balance sheet and potential joint ventures, but specifics will be determined closer to final investment decisions [59][60] Question: What is the current state of the lubricants market and M&A opportunities? - The lubricants market is performing well, and the company continues to explore bolt-on acquisitions to enhance its portfolio [75][78]

Core Viewpoint - Par Pacific Holdings (PARR) is expected to report third-quarter results on November 4, with earnings estimated at $2.21 per share and revenues of $1.9 billion, reflecting significant year-over-year growth in earnings but a decline in revenues [1][6]. Group 1: Previous Quarter Performance - In the second quarter, Par Pacific reported adjusted earnings per share of $1.54, exceeding the Zacks Consensus Estimate of 74 cents, with revenues also surpassing expectations by 17.2% at $1.9 billion [2]. - The company has beaten the Zacks Consensus Estimate for earnings in three of the last four quarters, indicating a generally positive performance trend [3]. Group 2: Earnings Estimates and Revisions - The Zacks Consensus Estimate for the third-quarter earnings has been revised upward by 33.9% in the past 30 days, indicating a remarkable 2,310% increase year-over-year [6]. - However, the revenue estimate suggests a 10.9% decrease compared to the same period last year [6]. Group 3: Business Segment Performance - The refining segment remains the strongest profit driver for Par Pacific, achieving a record throughput of 88,000 barrels per day at its Hawaii refinery, with a low production cost of $4.18 per barrel [7]. - The refining income is projected to surge to $133 million in the third quarter, a significant improvement from $20.1 million earned in the previous year [9]. - Conversely, the logistics unit may negatively impact overall results due to cost pressures and limited volume growth, with an expected adjusted EBITDA decline of 11.4% to $29.2 million [10]. Group 4: Earnings ESP and Zacks Rank - The Earnings ESP for Par Pacific is -10.16%, indicating uncertainty in beating estimates for the upcoming quarter [12]. - The company currently holds a Zacks Rank of 1 (Strong Buy), which typically suggests a favorable outlook [12].