Par Pacific Holdings, Inc. Common Stock · NYSE:PARR

Par Pacific Holdings, Inc. Common Stock — Investor Presentation (November 2026)

29 slides from Par Pacific Holdings, Inc. Common Stock's investor presentation, November 2026

  1. Slide 1: Investor Presentation November 2026

    INVESTOR PRESENTATION I NOVEMBER 2026

  2. Slide 2: Forward-Looking Statements / Disclaimers

    Forward-Looking Statements / Disclaimers The information contained in this presentation has been prepared to assist you in making your own evaluation of the company and does not purport to contain all of the information you may consider important. Any estimates or projections with respect to future

  3. Slide 3: Company Highlights

    Company Highlights • Growing energy company providing renewable and conventional fuels to the western United States • Integrated logistics network with 13 MMbbls of storage, and marine, rail, and pipeline assets • System-wide refining capacity of 219,000 bpd • Peer-group leading distillate cut, driv

  4. Slide 4: History of Successful Acquisitions

    History of Successful Acquisitions • Successful expansion from single refinery to vertically integrated multi-site platform over ten years • Increased refining scale and targeted geographic reach in favorable markets through strategic bolt-on acquisitions • Demonstrated ability to integrate acquisit

  5. Slide 5: Refining Overview

    Refining Overview Refining Segment Highlights Refinery Crude Capacity Mbpd • Focus on process safety, environmental compliance, and Hawaii 94 operational reliability Montana 63 • System-wide crude capacity of 219,000 bpd Washington 42 • Throughput and yield optimized to serve local market needs • 51

  6. Slide 6: Distillate-Oriented Yield Profile

    Distillate-Oriented Yield Profile Distillate Cracks ($/bbl) Advantaged Distillate Yield % 1 $100 $80 51% $60 $40 41% 39% 38% $20 $- Jul-20 Jul-24 Jul-19 Jul-21 Jul-22 Jul-23 Jul-25 Jul-26 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26

  7. Slide 7: Multimodal Logistics System

    Multimodal Logistics System Diverse logistics assets enable flexibility and development of integrated downstream system 6

  8. Slide 8: Leading Retail Position in Attractive Markets

    Leading Retail Position in Attractive Markets Hawaii Retail • 87 locations across four islands • 33 company-operated convenience stores • Scarcity of land, high real estate costs, and logistics complexity strengthen competitive position • Dual-branded retail network to attract and retain broad custo

  9. Slide 9: Stable Contribution from Retail and Logistics Segments

    Stable Contribution from Retail and Logistics Segments Trending Retail & Logistics Adj. EBITDA ($MM) 1 $212 $196 $195 $165 $135 $126 $120 $122 $97 $74 $76 $86 $68 $73 $60 2022 2023 2024 2025 LTM 9/30/26 Retail Logistics Targeted term debt of 3-4x Retail and Logistics annual Adjusted EBITDA 1. See ap

  10. Slide 10: Hawaii Renewables

    Hawaii Renewables Hawaii Renewable Fuels Project Hawaii Renewables JV Simplified Structure • Renewable fuels facility capable of producing Renewable Diesel (RD), Sustainable Aviation Fuel (SAF), and Renewable Naphtha • Highly capital and operating efficient project, delivering 61 million gallons per

  11. Slide 11: Strong Balance Sheet Position

    Strong Balance Sheet Position 1 Total Liquidity 2 Term Debt / LTM Retail & Logistics Adj. EBITDA 3 3-4x Target $2,435 $915 $577 $644 $614 3.8x 3.3x 3.3x 3.0x 2.6x 12/31/2022 12/31/2023 12/31/2024 12/31/2025 9/30/2026 12/31/2022 12/31/2023 12/31/2024 12/31/2025 9/30/2026 Funded Working Capital Financ

  12. Slide 12: Enhanced Financial Flexibility and Cost of Capital

    Enhanced Financial Flexibility and Cost of Capital Funded Working Capital Financing versus Hydrocarbon and Renewable Inventory & Accounts Receivable (AR) 1 90% 1 3 4 2 59% 56% $1,707 $115 $1,203 $1,206 34% $987 $995 $893 $483 $594 15% $175 $194 $259 $161 12/31/2022 12/31/2023 12/31/2024 12/31/2025 9

  13. Slide 13: December 2025 Mid-Cycle Financial Profile

    December 2025 Mid-Cycle Financial Profile Refining Assumptions 1, 2 Hawaii Wyoming Washington Montana Combined Par Pacific Mid-Cycle ($MM) 1 $/bbl unless otherwise noted Regional Index $8.00 – 9.00 $17.50 – 18.50 $8.50 – 9.50 $16.00 – 17.00 $11.00 – 12.00 Refining, excl. Small Refinery Exemption (SR

  14. Slide 14: Accretive Shareholder Returns

    Accretive Shareholder Returns ~20% reduction in shares outstanding following the Billings acquisition Opportunistic Share Repurchase History 65 $400 $350 61 $361 60 $300 $250 55 $200 $150 49 50 $100 $50 45 $0 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Ending

  15. Slide 15: Capital Expenditure and Turnaround Summary

    Capital Expenditure and Turnaround Summary $250 $209 $190 - 220 $87 $74 $50 - 60 $125 $48 $35 - 45 $88 $48 $45 $6 $36 $105 - 115 $87 $74 $80 $46 1 2023 2024 2025 2026 Guidance Mid-Cycle Guidance Maintenance Growth Turnarounds Normalized Annual Scheduled Major Location Cycle Turnaround Outlay 2 Turna

  16. Slide 16: Company Highlights

    Company Highlights 1 Growth Profile Underpinned by Successful Acquisitions 2 Strong Balance Sheet 3 Portfolio of Valuable Opportunities to Drive Future Growth 4 Downside Protection from Diversified Businesses 5 Federal Tax Attributes Enhance Free Cash Flow 15

  17. Slide 17: Appendix

    Appendix 16

  18. Slide 18: Hawaii Index

    Hawaii Index 50.00 45.00 40.00 35.00 30.00 25.00 20.00 16.24 15.00 10.00 5.00 - Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Hawaii Index 5-Yr Average ($/bbl) Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 3-Yr Avg 5-Yr Avg 10-Yr Avg Hawaii Index 1

  19. Slide 19: Wyoming Index

    Wyoming Index 60.00 50.00 40.00 30.00 22.84 20.00 10.00 - Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Wyoming Index 5-Yr Average ($/bbl) Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 3-Yr Avg 5-Yr Avg 10-Yr Avg Wyoming Index 16.58 17.23 17.45 17.

  20. Slide 20: Montana Index

    Montana Index 45.00 40.00 35.00 30.00 25.00 20.03 20.00 15.00 10.00 5.00 - Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Montana Index 5-Yr Average ($/bbl) Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 3-Yr Avg 5-Yr Avg 10-Yr Avg Montana Index 14.8

  21. Slide 21: Washington Index

    Washington Index 35.00 30.00 25.00 20.00 15.00 12.19 10.00 5.00 - (5.00) Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Washington Index 5-Yr Average ($/bbl) Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 3-Yr Avg 5-Yr Avg 10-Yr Avg Washington Index

  22. Slide 22: Corporate Structure

    Corporate Structure Par Pacific Holdings Inc. NYSE: PARR Yellowstone Yellowstone Hawaii Laramie Energy Limited Pipe Line Renewables, Energy, LLC 2 $500 MM 7.375% Partnership Company LLC 46% Interest Senior Notes, due 2034 65% Interest 40% Interest 63.5% Interest Par Petroleum, LLC ABL Credit Facilit

  23. Slide 23: Trended Term Debt

    Trended Term Debt $millions 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 9/30/2026 Total Term Debt 1 580 515 551 644 640 505 Secured Term Debt 580 515 546 640 634 - Unsecured Term Debt - - - - - 500 Other Secured Debt - - 5 4 6 5 Cash and Cash Equivalents 112 491 279 192 164 731 Net Term D

  24. Slide 24: Mid-Cycle Financial Profile Footnotes

    Mid-Cycle Financial Profile Footnotes 1. Refining Assumptions and Par Pacific Mid-Cycle Financial Profile updated in December of 2025 to reflect management’s current expectations and assumptions. 2. Regional Indices are based on management’s estimates of location-specific product pricing and crude d

  25. Slide 25: Non-GAAP Financial Measures

    Non-GAAP Financial Measures Consolidated Adjusted EBITDA by Segment Reconciliation (1) For the twelve months ended September 30, 2026 ($ in thousands) Renewables Corporate and Refining (2) Logistics Retail (2) Other Operating income (loss) $ 1,259,136 $ 92,440 $ 62,380 $ (20,134) $ (122,549) Adjustm

  26. Slide 26: Non-GAAP Financial Measures

    Non-GAAP Financial Measures Consolidated Adjusted EBITDA by Segment Reconciliation (1) For the twelve months ended December 31, 2025 ($ in thousands) Corporate and Refining (2) Logistics Retail Other Operating income (loss) $ 487,032 $ 97,558 $ 74,706 $ (120,538) Adjustments to operating income (los

  27. Slide 27: Non-GAAP Financial Measures

    Non-GAAP Financial Measures Consolidated Adjusted EBITDA by Segment Reconciliation (1) For the twelve months ended December 31, 2024 ($ in thousands) Corporate and Refining Logistics Retail Other Operating income (loss) $ 17,412 $ 89,351 $ 64,800 $ (123,935) Adjustments to operating income (loss): D

  28. Slide 28: Non-GAAP Financial Measures

    Non-GAAP Financial Measures Consolidated Adjusted EBITDA by Segment Reconciliation (1) For the twelve months ended December 31, 2023 ($ in thousands) Corporate and Refining Logistics Retail Other Operating income (loss) $ 676,161 $ 69,744 $ 56,603 $ (122,502) Adjustments to operating income (loss):

  29. Slide 29: Non-GAAP Financial Measures

    Non-GAAP Financial Measures Consolidated Adjusted EBITDA by Segment Reconciliation (1) For the twelve months ended December 31, 2022 ($ in thousands) Corporate and Refining Logistics Retail Other Operating income (loss) $ 401,901 $ 54,049 $ 49,238 $ (67,285) Adjustments to operating income (loss): D

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