Christine Thorp - Director, IR and Public Affairs William Pate - President and CEO Joseph Israel - President and CEO of Par Petroleum, LLC Chris Micklas - CFO Will Monteleone - SVP, Mergers and Acquisitions :

Jeff Dietert - Simmons Doug Leggate - Bank of America/Merrill Lynch Chi Chow - Tudor, Pickering, Holt Andrew Shapiro - Lawndale Capital Thomas Mitchell - Miller Tabak :

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Greetings and welcome to the Par Pacific Holdings Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Ms. Christine Thorp, Director of Investor Relations. Thank you. You may begin. :

Thank you. Welcome everyone to Par Pacific Holdings’ third quarter 2015 earnings conference call. With me today is William Pate, President and Chief Executive Officer of Par Pacific Holdings, Chris Micklas, Chief Financial Officer and Joseph Israel, President and Chief Executive Officer of Par Petroleum, LLC. Before we begin this discussion of Par Pacific Holdings’ financial results for its third quarter ended September 30, 2015, please note that remarks made by management today may contain forward-looking statements. These forward-looking statements may discuss plans, expectations, estimates and projections that involve significant risks and uncertainties, which could cause actual results to differ materially from the results discussed in these forward-looking statements. Information about the risks we face and the uncertainties associated with Par Pacific Holdings’ forward-looking statements can be found in the Company’s periodic reports filed with the SEC. Because of these risks and uncertainties, investors should not place undue reliance on forward-looking statements. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances. Today’s call is being recorded and will be available on the Investor Relations section of our Web site. Now let me turn the call over to Bill. :

Thank you, Christine. Thank you for joining us this morning. We have now reported four consecutive quarters of strong financial performance. It is important to note that this quarter’s adjusted EBITDA of $34 million reflects mid-cycle crack spreads although we did have a few events that broke our way and boosted results, notably the continued decline in crude oil prices. Joseph and Chris will go into these items and our overall operating and financial performance in a minute, but first I wanted to make a few comments about my recent appointment to the organization and the creation of Par Pacific Holdings. The Board of Directors and management decided to change the name of our organization to Par Pacific Holdings to more properly reflect our ambitious and diversified growth objective. We have a couple of great businesses in our Hawaiian franchise and Laramie Energy. As you may know, Par came into existence in 2012 and started with one employee. Since that time, this management team has built a large corporate entity from scratch, and we believe we can accomplish much more. With our equity sponsorship from Sam Zell, our $1.4 billion net operating loss carry forward, and the already proven ability of our management to acquire and integrate businesses, we feel that we are perfectly positioned to execute an acquisition-oriented growth strategy. This strategy is timely, given the need for a number of energy and infrastructure companies to address balance sheet and other capital requirements in this challenging environment. Our tax attributes gives us a unique advantage, allowing us to generate higher returns on our capital invested and therefore greater shareholder value creation from accretive acquisitions. Personally I am delighted to be leading this effort. I spent 21 years in the Zell organization pursuing opportunistic acquisitions and serving as an advisor…

Thanks Bill and good morning everyone. Yesterday we reported Par Pacific’s third quarter adjusted EBITDA of $34 million. Results were driven by the following three key dynamics. One, Mid Pacific refining margin environment at mid cycle in the third quarter, two, approximately $11 million positive impact attributed to falling oil price environment, and three, successful execution of planned maintenance in the refinery with approximately $2 million cost. Overall, strong results, reflecting our improved capture rate and profitability profile, across the board. In other words, by improving and maintaining a high level of safety and reliability performance, yields optimization, feedstock selection and flexible sale profile, we were able to improve our financial performance beyond just what market conditions gave us. Here are some numbers to put into perspective our improvements. Year-to-date, when comparing with last year, our on-island sales are up 13%, throughput is up 11%, production cost is down 19% on a per barrel basis. On the production side, we have improved our yield value by increasing distillate yield from 39% to 44%, gasoline and others from 28% to 30% yields, and reducing fuel oil yield from 30% to 22%. Bottom-line, year-over-year, while market has given us additional $2.93 per barrel to work with, on combined product and feedstock index basis, our realized net operating margin improved by $7.56 per barrel. In the third quarter, our refinery system operated under a mid-cycle environment. Combined $8.49 per barrel, 4-1-2-1 crack spread and mid pacific crude differential index in the third quarter was $0.07 per barrel under the three year average. The weak index in the third quarter was mainly driven by seasonally low availability of ANS and global negative distillate pricing trends. Also, the Singapore fuel oil crack was a back down to mid cycle, following the strong first half 2015…

Thank you, Joseph. During the third quarter, Par Pacific reported net income of $15 million, or $0.39 per share, compared with a net loss of $39 million, or a loss of $1.19 per share in the third quarter of 2014. Adjusted net income for the third quarter was $24 million, or $0.64 per share. Adjusted EBITDA was $34 million, a $62 million improvement compared to a loss of $28 million in the third quarter of 2014. This quarter we have two additional adjustments for arriving at our Adjusted EBITDA. The first is a $13 million reduction in net income to adjust for changes in the valuation of our refinery inventory and changes in the valuation of the liability related to our supply and off take agreement with J Aron. We use the FIFO method of accounting for valuing inventory and we value our liability to Our Aron at the estimated termination value at the quarter end. This results in a timing difference. The inventory valuation adjustment used to calculate adjusted EBITDA removes the impact of the timing difference to more closely reflect the cash impact of our cost of sales. The second adjustment removes a non-cash charge of $10 million related to our commodity marketing and logistics business. We have continued to see market softness in the spreads between heavy crudes sourced in Canada and the price sold to refineries on the Gulf Coast. As a result, we decided to terminate our barge leases. The change in the market condition resulted in an impairment of our goodwill and our intangible asset related to the barge leases. Consistent with previous quarters, our third quarter included the following items that are excluded from adjusted EBITDA. An increase of $4 million in the estimated amount owed to Tesoro under the earn-out provision of our agreement. As our earnings profile has improved, the probability of future payouts has increased which is reflected in this adjustment. Due to falling crude prices, we had $7 million in un-realized losses on future commodity contracts and a lower of cost or market inventory adjustment. We had a $1 million loss due to an increase in the value of our common stock warrants. However, during the quarter, approximately half of our outstanding warrants were exercised. Therefore, going forward, we expect the magnitude of this adjustment to decrease relative to prior periods. We reported approximately $1 million in losses from our equity investment in Laramie Energy. And finally, we incurred $200,000 of acquisition and integration expenses related to our acquisition of Mid Pac. At quarter-end, our cash balance totaled $102 million, total debt was $170 million and total liquidity was $153 million. Year-to-date, we have generated $144 million of cash from operations which has enabled us to repay net debt of $29 million, complete the Mid Pac acquisition, and make an additional $28 million investment in Laramie. Now, I will turn the call back to Bill for his closing comments.

Thank you, Chris. That concludes our prepared remarks. Operator, would you see if we have any questions? : :

Thank you. We will now be conducting a question-and-answer session. [Operator Instructions] Our first question today is coming from Jeff Dietert of Simmons. Please proceed with your questions. :

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Thank you our next question is coming from Doug Leggate of Bank of America/Merrill Lynch. Please proceed with your question. :

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Thank you. Our next question is coming from Chi Chow of Tudor, Pickering, Holt. Please proceed with your question.

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Thank you. Our next question is coming from Andrew Shapiro of Lawndale Capital. Please proceed with your questions.

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Thank you. [Operator Instructions] Our next question is coming from Thomas Mitchell of Miller Tabak. Please proceed with your question.

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Thank you. Our next question is coming from Andrew Shapiro of Lawndale Capital. Please proceed with your follow-up question.

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Thank you. At this time I’d like to turn the floor back over to management for any additional or closing comment.

Thank you. Listen, I want to thank everybody for joining us. I’ve been here now for three weeks and a day, so it's been a learning experience for me. We have a great team around here, we are very proud of what we’ve created. And we look forward to creating even more and I look forward to speaking with you in the near future. Thank you.

Ladies and gentlemen, thank you for your participation in today’s teleconference. You may disconnect your lines at this time. And have a wonderful day.