Par Pacific (PARR) Investor presentation summary

Strategic growth and business highlights

• Expanded from a single refinery to a vertically integrated, multi-site platform through successful acquisitions, increasing refining scale and geographic reach in favorable markets.

• Provides renewable and conventional fuels to the western U.S., with an integrated logistics network and 219,000 bpd refining capacity.

• Holds a leading retail position with 116 fuel retail locations in Hawaii and the Pacific Northwest, and a growing EBITDA contribution from retail and logistics.

• Owns a 46% stake in Laramie Energy and has approximately $0.7 billion in federal tax attributes as of December 2025.

• Focuses on increasing adjusted EPS and free cash flow, supported by diversified business segments.

Refining and logistics operations

• System-wide crude capacity is 219,000 bpd, with a 52% distillate and low sulfur fuel oil yield and 19% exposure to Western Canadian Select heavy crude.

• Diverse logistics assets, including marine, rail, and pipeline infrastructure, enable operational flexibility and integrated downstream development.

• Peer-leading distillate cut drives higher margins, with a 52% distillate yield compared to peers ranging from 38% to 41%.

• Throughput and yield are optimized for local market needs, with significant exposure to both inland and waterborne crude sources.

Retail and renewables initiatives

• Operates 87 retail locations in Hawaii and 29 in the Northwest, leveraging proprietary brands and expanding merchandise and food service offerings.

• Stable adjusted EBITDA from retail and logistics segments, with targeted term debt of 3-4x annual adjusted EBITDA.

• Launched Hawaii Renewables, a joint venture with Mitsubishi and ENEOS, producing renewable diesel and sustainable aviation fuel, with a 63.5% controlling interest.

• The renewables facility can produce up to 61 million gallons per year, leveraging existing infrastructure and offering flexibility in product mix.