Q2 2024 Par Pacific Holdings Inc Earnings Call Transcript
Key Points
- Second quarter adjusted EBITDA was $82 million, reflecting strong reliability and planned maintenance execution.
- Retail and logistics segments continued to deliver steady earnings, with same-store fuel and merchandise sales growth of 1.3% and 1.8%, respectively.
- Completion of the Billings maintenance positions the company to push utilization rates in the third quarter to meet market demand.
- Growth initiatives are progressing well, including the renewable hydrotreater conversion in Hawaii and the renewable fuel cogeneration project.
- The company further reduced its cost of debt capital and repurchased more than $65 million of its stock, maintaining a strong balance sheet.
- Refining segment's adjusted EBITDA decreased to $60 million from $81 million in the first quarter.
- The Southern Rockies market has been less attractive due to excess mid-continent inventories pressuring markets like Denver and Rapid City.
- Third quarter operating costs in Billings will reflect an incremental $7 million to $8 million related to maintenance activities on the coker unit.
- Net cash used in operations during the second quarter totaled $5 million, including a $61 million working capital outflow.
- The West Coast margin environment is challenging due to material increases in renewable diesel into the market and consistent exports of conventional petroleum diesel.
Good day, and welcome to the Par Pacific second-quarter 2024 earnings conference call.
(Operator Instructions)
And please note that this event is being recorded. I would now like to turn the conference over to Ashimi Patel, Vice President of Investor Relations. Please go ahead.
Thank you, Cole. Welcome to Par Pacific's second quarter earnings conference call. Joining me today are Will Monteleone, President and Chief Executive Officer; Richard Creamer, EVP of Refining and Logistics; and Shawn Flores, SVP and Chief Financial Officer.
Before we begin, note that our comments today may include forward-looking statements. Any forward-looking statements are subject to change and are not guarantees of future performance or events. They are subject to risks and uncertainties, and actual results may differ materially from these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements, and we disclaim any obligation to
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