Par Pacific Holdings, Inc. Common Stock · NYSE:PARR
Par Pacific Holdings, Inc. Common Stock — Investor Presentation (August 2024)
26 slides from Par Pacific Holdings, Inc. Common Stock's investor presentation, August 2024
Slide 1: Investor Presentation August 2024
INVESTOR PRESENTATION I AUGUST 2024
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: Company Highlights
Company Highlights • Growing energy company providing both 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,
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
Slide 5: Attractive Relative Valuation
Attractive Relative Valuation 8/5/2024 2024 2024 P/E Peer Comparison Share Price Adj. EPS 1 Multiple ($/sh) ($/sh) Par Pacific $23.57 $2.65 8.9x PBF $35.42 $1.69 21.0x HF Sinclair $46.08 $3.47 13.3x CVR $24.81 $0.72 34.5x Delek $21.73 -$2.26 NM Calumet $11.44 -$1.43 NM 1. 2024 Adj. EPS based on stre
Slide 6: Refining Overview
Refining Overview Refining Segment Highlights Refinery Crude Capacity Mbpd • Focus on process safety, environmental compliance and Hawaii 94 operational reliability Washington 42 • System-wide crude capacity of 219,000 bpd Wyoming 20 • Throughput and yield optimized to serve local market needs • 53%
Slide 7: Distillate-Oriented Yield Profile
Distillate-Oriented Yield Profile Distillate Cracks ($/bbl) Advantaged Distillate Yield % 1, 2 53% 40% 39% 37% 34% LTM Par Pacific System-wide Yield 53% Distillates & Low Sulfur Fuel Oil 12% Asphalt, VGO & Other 1. Par Pacific distillate yields are based on results for the last twelve months ended 6
Slide 8: Multimodal Logistics System
Multimodal Logistics System Diverse logistics assets enable flexibility and development of integrated downstream system 7
Slide 9: Leading Retail Position in Attractive Markets
Leading Retail Position in Attractive Markets Hawaii Retail • 88 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 custom
Slide 10: Stable Contribution from Retail and Logistics Segments
Stable Contribution from Retail and Logistics Segments Trending Retail & Logistics Adj. EBITDA ($MM) $174 $165 - - $134 $122 $120 - - - 97 107 57 74 73 65 60 68 67 47 2020 2021 2022 2023 LTM 6/30/24 Retail Logistics Targeted gross term debt of $500-600 million fully supported by the stable cash flow
Slide 11: Capital Expenditure and Turnaround Summary
Capital Expenditure and Turnaround Summary $220 - 250 $75 - 90 $114 $60 - 70 $84 $88 $50 $6 $30 $36 $19 $38 $18 $85 - 90 $9 $45 $29 $36 $46 2020 2021 2022 2023 2024 Guidance Maintenance Growth Turnarounds & Catalyst Normalized Annual Location Cycle Upcoming Turnaround Outlay 1 Hawaii $8-12 million 4
Slide 12: Renewables Strategy
Renewables Strategy Leverage local resources and policies to meet local needs Hawaii Sustainable Aviation Fuel (SAF) Project • Executing $90 million investment in Hawaii to produce renewable fuels including RD, SAF, and Renewable Naphtha • Capital expenditures of < $1.50/gallon for a 61 mmgpy projec
Slide 13: Strong Credit Metrics
Strong Credit Metrics LTM Consolidated Adj. EBITDA 1 $ millions $696 $643 $554 $126 $(53) $ millions 12/31/2020 12/31/2021 12/31/2022 12/31/2023 6/30/2024 Term Debt $ 683 $ 580 $ 515 $ 551 $ 548 Unsecured Term Debt 49 - - - - Total Term Debt2 732 580 515 551 5483 Cash 68 112 491 279 180 Net Term Deb
Slide 14: Company Highlights
Company Highlights 1 Growth Profile Underpinned by Successful Acquisitions 2 Completed Strategic and Accretive Acquisition of Billings Assets 3 Portfolio of Valuable Opportunities to Drive Future Growth 4 Downside Protection from Diversified Businesses 5 Federal Tax Attributes Enhance Free Cash Flow
Slide 15: Appendix
Appendix 14
Slide 16: Singapore 3.1.2 Crack Spread
Singapore 3.1.2 Crack Spread $40 Singapore 3.1.2 Crack $35 5-Yr Average $30 $25 5-Yr Average 1 = $13.66 $20 $15 $10 $5 $0 ($5) 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 ($/bbl) Singapore 3.1.2 Crack $6.20 $10.49 $16.21 $36.80 $26.43 $22.84 $21.22 $13.72 $23.39 $19.44 $1
Slide 17: RVO Adjusted USGC 3.2.1 Index
RVO Adjusted USGC 3.2.1 Index $45 RVO Adj. USGC 3.2.1 $40 5-Yr Average $35 $30 5-Yr Average 1 = $17.26 $25 $20 $15 $10 $5 $0 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 ($/bbl) RVO Adj. USGC 3.2.1 $12.57 $12.77 $18.24 $42.24 $29.01 $24.30 $26.55 $21.65 $29.65 $13.71 $21.3
Slide 18: RVO Adjusted PNW 3.1.1.1 Index
RVO Adjusted PNW 3.1.1.1 Index $50 RVO Adj. PNW 3.1.1.1 $45 5-Yr Average $40 $35 5-Yr Average 1 = $21.26 $30 $25 $20 $15 $10 $5 $0 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 ($/bbl) RVO Adj. PNW 3.1.1.1 $15.83 $15.76 $22.66 $47.23 $40.58 $30.11 $25.30 $25.13 $35.00 $17.9
Slide 19: Corporate Structure
Corporate Structure Par Pacific Holdings Inc. NYSE: PARR Yellowstone Yellowstone Laramie Energy, Energy Limited Pipe Line LLC Partnership Company $543 MM Term 46% Interest 65% Interest 40% Interest Loan due 2030 Par Petroleum, LLC ABL Credit Facility due 2028 1 Hermes Par Rocky Par Hawaii Consolidat
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Twelve Months Ended Consolidated Adjusted EBITDA and Adjusted Net Income Reconciliation (1) ($ in thousands) 2020 2021 2022 2023 Q2 2024 Net income (loss) $ (409,086) $ (81,297) $ 364,189 $ 728,642 $ 475,626 Adjustments to Net Income (loss): Inventory valuation adjustment
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures Consolidated Adjusted EBITDA by Segment Reconciliation (1) For the twelve months ended June 30, 2024 ($ in thousands) Corporate and Refining Logistics Retail Other Operating income (loss) $ 432,691 $ 74,860 $ 54,958 $ (132,182) Adjustments to operating income (loss): Depr
Slide 22: 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):
Slide 23: 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
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures Consolidated Adjusted EBITDA by Segment Reconciliation (1) For the twelve months ended December 31, 2021 ($ in thousands) Corporate and Refining Logistics Retail Other Operating income (loss) $ (88,799) $ 51,159 $ 81,249 $ (51,228) Adjustments to operating income (loss):
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures Consolidated Adjusted EBITDA by Segment Reconciliation (1) For the twelve months ended December 31, 2020 ($ in thousands) Corporate and Refining Logistics Retail Other Operating income (loss) $ (331,826) $ 35,044 $ 24,211 $ (45,427) Adjustments to operating income (loss):
Slide 26: Non-GAAP Financial Measures
Non-GAAP Financial Measures Diluted Adjusted Net Income per Share for the Twelve Months Ended (in thousands, except per share amounts) 2020 2021 2022 2023 Q2 2024 Adjusted Net Income (Loss) (212,034) (39,043) $ 474,668 $ 501,168 $ 328,835 Undistributed Adjusted Net Income allocated to participating
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