Par Pacific Holdings, Inc. Common Stock · NYSE:PARR
Par Pacific Holdings, Inc. Common Stock — Merger or Acquisition (November 2022)
11 slides from Par Pacific Holdings, Inc. Common Stock's merger presentation, November 2022
Slide 1: Acquisition of Billings Refinery and Associated Marketing & Logistics Assets
ACQUISITION OF BILLINGS REFINERY AND ASSOCIATED MARKETING & LOGISTICS ASSETS
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
Slide 3: Transaction Overview
Transaction Overview Acquisition of Billings refinery and associated marketing & logistics assets • Par Pacific to acquire 63,000 bpd ExxonMobil Billings refinery and associated marketing and logistics assets • Acquisition will enhance Par Pacific’s fully integrated downstream network in the upper R
Slide 4: Par Pacific Strategic Impact
Par Pacific Strategic Impact Acquisition will enhance our fully integrated downstream network 29 11 Seattle Kauai WA REFINERY WA Spokane Oahu HI REFINERY MT Strategic Rationale Molokai Maui Portland ND Billings Fargo • Increased scale and geographic diversification on the U.S. 61 OR 6 Boise MT REFIN
Slide 5: Par Pacific Financial Impact
Par Pacific Financial Impact Pro-Forma Midcycle Earnings Uplift 1 Par Pacific Billings Assets Par Pacific $ millions Midcycle Midcycle Pro-Forma Refining 230 75 305 Logistics 80 35 115 Retail 50 - 50 Corporate & Other (60) - (60) Expected Synergies 2 - 30 30 Adjusted EBITDA $ 300 $ 140 $ 440 Normali
Slide 6: Billings Refining Highlights
Billings Refining Highlights Refining Highlights Crude Slate & Product Yield 1 • 63,000 bpd high-conversion, complex refinery (10.8 Nelson Complexity Index) 38% Western Canadian Light/Medium & Synthetic • Hydrocracking, hydrotreating, coking, and fluidized catalytic cracking (FCC) capacity • Process
Slide 7: Billings Logistics Highlights
Billings Logistics Highlights Logistics Highlights Total Ownership Logistics Asset Capacity • Expansive network of crude and product midstream assets Share (Mbbls) • Seven terminal facilities provide advantaged access to key market areas throughout Upper Rockies and Pacific Northwest Silvertip Pipel
Slide 8: Billings Marketing Highlights
Billings Marketing Highlights Marketing Highlights Supplying Approximately 300 ExxonMobil-Branded Retail Locations • Retail (branded wholesale) and wholesale (unbranded) fuels marketing business Seattle WA Spokane 29 • Attractive long-term ExxonMobil-branded fuels market arrangement, supplying appro
Slide 9: Par Pacific Highlights
Par Pacific Highlights • Improving regional market fundamentals • Benefiting from regional refining closures and improving global mobility trends Improving Refining & • Industry-leading distillate production of approximately 50% 1 Logistics Position • Expect 20% system-wide exposure to attractive We
Slide 10: Appendix
Appendix 9
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures Par Pacific Billings Assets Par Pacific Pro $ million’s Midcycle Midcycle 2 Forma Net Income $165 $95 $260 Add: Depreciation and 100 45 145 amortization expense Add: Interest Expense 35 - 35 Add: Income Tax Expense - - - Adjusted EBITDA 1,3 $300 $140 $440 1. Midcycle Adju
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