Par Pacific : May Investor Presentation

Published: 2026-05-06 09:30:11 ET PARR

Published on 05/06/2026 at 09:30 am EDT

INVESTOR PRESENTATION I MAY 2026

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, driving higher margins

115 fuel retail locations in Hawaii and the Pacific Northwest

Growing EBITDA contribution from retail and logistics segments

46% ownership interest in Laramie Energy, a natural gas E&P company

Approximately $0.7 billion in federal tax attributes as of December 31, 2025

Disciplined Focus on Increasing Adjusted EPS and Free Cash Flow

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 acquisitions into operations with meaningful synergies

Refining Overview

Refinery Crude Capacity

Mbpd

Hawaii

Montana

Washington

Wyoming

Par Pacific System

219

Focus on process safety, environmental compliance, and

operational reliability

System-wide crude capacity of 219,000 bpd

Throughput and yield optimized to serve local market needs

53% system-wide distillate & LSFO yield 1

20% system-wide exposure to Western Canadian Select (WCS) heavy crude 1

6% Powder River Basin

39% Distillates

41% Other Waterborne

4% ANS

14% Bakken

5% Other Products

7% Asphalt

15% Other Inland

20% Canadian

Heavy

14% LSFO

35% Gasoline

1. Distillate & LSFO yield and WCS exposure as of the last twelve months ended 3/31/2026.

Distillate-Oriented Yield Profile

Advantaged Distillate Yield % 1

$100

$90

$80

$70

$60

$50

$40

$30

$20

$10

Jan-19

Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26

53%

41%

39%

38%

NYH ULSD crack to WTI USGC ULSD crack to WTI Spore Gasoil .001% crack to Brent

12% Asphalt, VGO & Other

53% Distillates & Low Sulfur Fuel Oil

1. Par Pacific distillate yields are based on results for the twelve months ended 3/31/2026. Peer distillate yields are based on results for the twelve months ended 12/31/2025, as presented in their respective 12/31/2025 SEC filings.

35% Gasoline

Multimodal Logistics System

Diverse logistics assets enable flexibility and development

of integrated downstream system

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

customer base

Hele - proprietary local brand

76 - exclusive license

$86

$83

$76

$68

$60

Expanding merchandise and food service offerings

Northwest Retail

28 company-operated locations in Washington and Idaho

Proprietary nomnom brand

Attractive fuel supply opportunities enhancing margins

Expanding merchandising assortment and food offerings to drive and increase margin capture

2022 2023 2024 2025 LTM 3/31/26

Stable Adjusted EBITDA Contribution Through

Various Market Cycles

Chart in $ millions. See appendix for non-GAAP reconciliations.

Growing Contribution from Retail and Logistics Segments

$212 $211

$120

$76

$196

$165

$135

$83

$86

$74

$128

$126

$68

$60

$97

2022 2023 2024 2025 LTM 3/31/26

Targeted gross term debt of 3-4x Retail and Logistics annual Adjusted EBITDA

1. See appendix for non-GAAP reconciliations. Totals may not foot due to rounding.

Hawaii Renewables

Hawaii Renewable Fuels Project

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 year, leveraging Par Pacific's existing resources, utilities, and distribution network, including pipeline connection to Honolulu Airport

Flexibility to produce up to 60% SAF or 90% RD yield

Produced on-specification RD in April 2026

Hawaii Renewables JV Simplified Structure

Hawaii Renewables Joint Venture

Par Pacific announced the closing of Hawaii Renewables, a strategic joint venture with Mitsubishi Corporation and ENEOS Corporation, in October 2025

Par Pacific contributed the renewables fuels project and retained a 63.5% controlling ownership interest in Hawaii Renewables; Par Hawaii Refining operates the joint venture

Mitsubishi and ENEOS, through Alohi Renewable Energy, contributed $100 million to Hawaii Renewables for a 36.5% ownership interest

Strategic partnership brings commercial synergies, including global feedstock sourcing and market and customer access in the Asia-Pacific region, including California

Operator

Alohi Renewable Energy

ENEOS

Corporation

Mitsubishi Corporation

36.5%

63.5%

Par Pacific Holdings

Par Hawaii Refining

Hawaii

Renewables

Note: Chart omits certain intermediate subsidiaries between parent and operating subsidiaries for brevity.

Strong Balance Sheet Position 1

3-4x Target

3.8x

3.3x

3.0x

$577

$644

$614

$915

$938

12/31/2022 12/31/2023 12/31/2024 12/31/2025 3/31/2026 12/31/2022 12/31/2023 12/31/2024 12/31/2025 3/31/2026

$893

$709

$677

$336

$608

($403)

$186

$484

$506

$654

12/31/2022 12/31/2023 12/31/2024 12/31/2025 3/31/2026 12/31/2022 12/31/2023 12/31/2024 12/31/2025 3/31/2026

See appendix for non-GAAP reconciliations. All dollar values presented in millions.

Total Liquidity consists of cash and cash equivalents and availability under the ABL credit facility.

Enhanced Financial Flexibility and Cost of Capital

90%

59%

56%

41%

34%

$161

$194

$287

$175

$321

$594

$483

$115

$893

$995

$987

$1,206

$1,203

$1,472

12/31/2022 12/31/2023 12/31/2024 12/31/2025 3/31/2026

June 2023 - Completed Billings Acquisition and upsized ABL from $150 million to $600 million.

October 2023 - Terminated Tacoma intermediation facility and upsized ABL from $600 million to $900 million, reducing cash funding costs by approximately $6 million annually.

June 2024 - Replaced legacy Hawaii intermediation with smaller, crude-only intermediation and upsized ABL from $900 million to $1.4 billion, further reducing cash funding costs by approximately $10 million annually.

All dollar values presented in millions. Funded Working Capital Financing includes obligations under Inventory Financing Agreements and drawn portion of ABL Credit Facility. Percent Borrowed Against Hydrocarbon Inventory and AR is calculated as Funded Working Capital Financing divided by the book value of Hydrocarbon Inventory and AR. Hydrocarbon inventories are stated at the lower of cost and net realizable value and include crude oil and feedstocks and refined products and blendstock.

Mid-Cycle Financial Profile

Refining Assumptions 1, 2

$/bbl unless otherwise noted

Hawaii

Wyoming

Washington

Montana

Combined

Par Pacific Mid-Cycle ($MM) 1

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 (SRE)

$365 - 395

Capture %

105 - 115%

90 - 100%

85 - 95%

90 - 100%

95 - 105%

Logistics

125

Midpoint Throughput (bpd)

85,000

17,500

40,000

55,000

195,000 - 200,000

Retail

Production Costs

$4.25 - 4.75

$7.75 - 8.25

$3.75 - 4.25

$9.75 - 10.25

$6.00 - 6.50

Renewables 3

See appendix for historical regional index, USGC, and Singapore pricing, and footnote disclosures.

Corporate (90)

Mid-Cycle Adjusted EBITDA 4 $485 - 515

Normalized Maintenance Capex & Amortized Turnarounds 5 (125)

Cash Interest 6 (50)

Cash Taxes 7 (10)

Modified Levered Free Cash Flow 4, 8 $300 - 330

Potential SRE Benefit 9 170 - 340

Modified Levered Free Cash Flow incl. Potential SRE Benefit 4

$470 - 670

3/31/26 Share Count (MM shares) 49.3

Accretive Shareholder Returns

65 $400

$351

$350

60 $300

$250

55 $200

$150

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

Capital Expenditure and Turnaround Summary

$36

$105 - 115

$95

$87

$80

$46

$45

$48

$35 - 45

$54

$50 - 60

$74

$101

$209

$250

$190 - 220

$125

$88

Location

Normalized Annual

Turnaround Outlay 2

Cycle

Upcoming Major

Turnaround

Hawaii

$8 - 10 million

5 years

2026

Washington

$7 - 8 million

6 years

2028

Wyoming

$4 - 6 million

5 years

2027

Montana

$24 - 26 million

5-6 years

2029

Chart in $ millions.

1. 2026 turnaround guidance includes approximately $10MM for planned maintenance in Washington. 2026 Maintenance costs includes approximately $20MM in catalyst costs, $15MM in Hawaii single point mooring (SPM) investments, and $10MM on Montana reliability investments. 2026 growth guidance includes approximately $30MM in refining and logistics growth investments and $10MM in retail growth investments.

Company Highlights

Growth Profile Underpinned by Successful Acquisitions

Strong Balance Sheet

Portfolio of Valuable Opportunities to Drive Future Growth

Downside Protection from Diversified Businesses

Federal Tax Attributes Enhance Free Cash Flow

Appendix

Hawaii Index

35.00

12.33

30.00

25.00

20.00

15.00

10.00

5.00

Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

($/bbl)

Q1-23

Q2-23

Q3-23

Q4-23

Q1-24

Q2-24

Q3-24

Q4-24

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

3-Yr Avg

5-Yr Avg

10-Yr Avg

Hawaii Index

13.32

8.43

17.88

12.48

12.07

7.41

4.49

5.52

8.13

8.57

10.27

15.38

31.11

11.79

12.33

9.40

Singapore 3-1-2 Product Crack

21.22

13.72

23.39

19.44

18.67

12.49

11.00

11.69

13.12

13.56

16.34

21.43

36.01

17.56

17.76

13.12

Three, five, and ten year averages are based on the quarterly averages for the referenced periods.

We believe the Hawaii Index is the most representative market indicator for our operations in Hawaii. The Hawaii Index is calculated as the Singapore 3-1-2 Product Crack, or 1 part gasoline (RON 92) and 2 parts middle distillates (Sing Jet & Sing Gasoil) as created from a barrel of Brent Crude, less the Par Hawaii Crude Differential.

Wyoming Index

35.00

20.29

30.00

25.00

20.00

15.00

10.00

5.00

Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

($/bbl)

Q1-23

Q2-23

Q3-23

Q4-23

Q1-24

Q2-24

Q3-24

Q4-24

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

3-Yr Avg

5-Yr Avg

10-Yr Avg

Wyoming Index

27.89

23.11

30.32

16.58

17.23

17.45

17.56

13.36

20.31

21.41

19.87

18.31

19.30

19.57

20.29

16.79

Wyoming 2-1-1 Product Crack

31.87

26.14

33.38

18.70

18.06

19.33

20.23

16.00

21.74

22.68

22.22

20.83

22.22

21.76

23.46

18.78

USGC 2-1-1 Product Crack

32.24

21.57

31.60

18.38

24.20

19.13

14.88

12.49

15.89

17.20

20.14

20.72

25.71

20.16

21.96

17.20

Three, five, and ten year averages are based on the quarterly averages for the referenced periods.

We believe the Wyoming Index is the most representative market indicator for our operations in Wyoming. The Wyoming Index is calculated as the Wyoming 2-1-1 Product Crack, or 1 part gasoline (Rockies gasoline) and 1 part distillate (USGC ULSD and USGC Jet) as created from a barrel of WTI crude, less 100% of the RVO cost for gasoline and ULSD, less the Bakken Guernsey crude differential to WTI on a one-month lag, less other cost of sales, including inflation-adjusted product delivery costs and yield loss expense, based on historical averages and management estimates. The USGC 2-1-1 Product Crack is included in the table above for reference and is calculated using the same products as the Wyoming 2-1-1 Product Crack and USGC pricing.

Montana Index

35.00

17.54

30.00

25.00

20.00

15.00

10.00

5.00

Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

($/bbl)

Q1-23

Q2-23

Q3-23

Q4-23

Q1-24

Q2-24

Q3-24

Q4-24

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

3-Yr Avg

5-Yr Avg

10-Yr Avg

Montana Index

21.81

30.14

28.04

14.80

17.09

19.15

15.32

5.75

7.07

20.29

17.99

11.14

4.84

15.98

17.77

15.06

Montana 6-3-2-1 Product Crack

22.36

36.04

38.47

23.56

19.17

25.50

26.08

15.31

17.02

29.00

30.37

21.18

15.08

24.75

26.06

21.05

USGC 6-3-2-1 Product Crack

21.08

17.33

23.51

11.87

17.40

14.41

11.53

9.22

11.89

14.86

17.15

16.77

14.36

15.03

16.24

12.92

Three, five, and ten year averages are based on the quarterly averages for the referenced periods.

We believe the Montana Index is the most representative market indicator for our operations in Montana. The Montana Index is calculated as the Montana 6-3-2-1 Product Crack, less Montana crude costs, less other costs of sales, including inflation-adjusted product delivery costs, yield loss expense, taxes and tariffs, and product discounts. The Montana 6.3.2.1 Product Crack is calculated by taking 3 parts gasoline (Billings E10 and Spokane E10), 2 parts distillate (Billings USLD and Spokane ULSD), and 1 part asphalt (Rocky Mountain Rail Asphalt) as created from a barrel of WTI Crude, less 100% of the RVO cost for gasoline & ULSD. Asphalt pricing is lagged by one-month. The Montana crude cost is calculated as 60% WCS differential to WTI, 20% MSW differential to WTI, and 20% Syncrude differential to WTI. The Montana crude cost is lagged by three-months and includes an inflation-adjusted crude delivery cost. Other costs of sales and crude delivery costs are based on historical averages and management estimates. The USGC 6-3-2-1 Crack is included in the table above for reference and is calculated using the same products as the Montana 6-3-2-1 Product Crack and USGC pricing.

Disclaimer

Par Pacific Holdings Inc. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 13:29 UTC.