Par Pacific Holdings, Inc. Common Stock · NYSE:PARR
Par Pacific Holdings, Inc. Common Stock — Q2 2025 Earnings Presentation
27 slides from Par Pacific Holdings, Inc. Common Stock's earnings presentation, Aug 6, 2025
Slide 1: Investor Presentation August 2025
INVESTOR PRESENTATION I AUGUST 2025
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 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
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: 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 • 52
Slide 6: Distillate-Oriented Yield Profile
Distillate-Oriented Yield Profile Distillate Cracks ($/bbl) Advantaged Distillate Yield % 1 $80 $70 52% $60 $50 $40 40% 39% 38% $30 $20 $10 $- Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Apr-20 Apr-23 Apr-19 Apr-21 Apr-22 Apr-24 Apr-25 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Oct-19 Oct
Slide 7: Multimodal Logistics System
Multimodal Logistics System Diverse logistics assets enable flexibility and development of integrated downstream system 6
Slide 8: Leading Retail Position in Attractive Markets
Leading Retail Position in Attractive Markets Hawaii Retail • 87 locations across four islands • 33 company-operated convenience stores • Scarcity of land, high real estate costs and logistics complexity strengthen competitive position • Dual-branded retail network to attract and retain broad custom
Slide 9: Growing Contribution from Retail and Logistics Segments
Growing Contribution from Retail and Logistics Segments Trending Retail & Logistics Adj. EBITDA ($MM) 1 $211 $196 $165 $135 $125 $120 $121 $97 $74 $73 $76 $85 $60 $68 $47 2021 2022 2023 2024 LTM 6/30/25 Retail Logistics Targeted gross term debt of 3-4x Retail and Logistics annual Adjusted EBITDA 1.
Slide 10: Capital Expenditure and Turnaround Summary
Capital Expenditure and Turnaround Summary $210 - 240 $209 $85 - 95 $74 $105 $84 $88 $48 $50 - 60 $6 $40 $30 $36 $38 $18 $87 $75 - 85 $9 $65 $36 $46 $29 1 2 2021 2022 2023 2024 2025 Guidance Midcycle Guidance Maintenance Growth Turnarounds Normalized Annual Location Cycle Upcoming Turnaround Turnaro
Slide 11: Hawaii Renewables
Hawaii Renewables Hawaii Renewable Fuels Project Hawaii Renewables JV Simplified Structure • Par Pacific is executing a project in Hawaii to produce renewable fuels, including Renewable Diesel (RD), Sustainable Aviation Fuel (SAF), and Renewable Naphtha • Highly capital efficient project, delivering
Slide 12: Strong Balance Sheet Position
Strong Balance Sheet Position 1 Total Liquidity 2 Term Debt / LTM Retail & Logistics Adj. EBITDA 3 3-4x Target $644 $614 $647 $577 $179 4.8x 3.8x 3.3x 3.3x 3.0x 12/31/2021 12/31/2022 12/31/2023 12/31/2024 6/30/2025 12/31/2021 12/31/2022 12/31/2023 12/31/2024 6/30/2025 Funded Working Capital Financin
Slide 13: Enhanced Financial Flexibility and Cost of Capital
Enhanced Financial Flexibility and Cost of Capital Funded Working Capital Financing versus Hydrocarbon Inventory & Accounts Receivable (AR) 1 90% 91% 1 2 3 65% 59% 61% 58% 58% 56% 55% 56% 52% $41 $1,447 $1,497 $115 $1,363 $105 $1,267 $1,203 $1,221 $1,206 $1,213 $1,164 $987 $525 $893 $959 $525 $872 $
Slide 14: Mid-Cycle Financial Profile
Mid-Cycle Financial Profile Refining Assumptions Hawaii Wyoming Washington Montana Combined Par Pacific Mid-Cycle ($MM) $/bbl unless otherwise noted Regional Index 1 $8.00 – 9.00 $17.50 – 18.50 $8.50 – 9.50 $16.00 – 17.00 $11.00 – 12.00 Refining $340 - 370 Capture % 2 100 – 110% 90 – 100% 85 – 95% 9
Slide 15: Company Highlights
Company Highlights 1 Growth Profile Underpinned by Successful Acquisitions 2 Strong Balance Sheet 3 Portfolio of Valuable Opportunities to Drive Future Growth 4 Downside Protection from Diversified Businesses 5 Federal Tax Attributes Enhance Free Cash Flow 14
Slide 16: Appendix
Appendix 15
Slide 17: Hawaii Index
Hawaii Index 35.00 30.00 25.00 20.00 15.00 9.70 10.00 5.00 - Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Hawaii Index 5-Yr Average ($/bbl) Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 3-Yr Avg 5-Yr Avg 10-Yr Avg Hawaii In
Slide 18: Wyoming Index
Wyoming Index 40.00 35.00 30.00 25.00 18.79 20.00 15.00 10.00 5.00 - Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Wyoming Index 5-Yr Average ($/bbl) Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 3-Yr Avg 5-Yr Avg 10-Yr Avg
Slide 19: Montana Index
Montana Index 45.00 40.00 35.00 30.00 25.00 20.00 16.72 15.00 10.00 5.00 - Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Montana Index 5-Yr Average ($/bbl) Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 3-Yr Avg 5-Yr Avg 10-Y
Slide 20: Washington Index
Washington Index 35.00 30.00 25.00 20.00 15.00 8.61 10.00 5.00 - (5.00) Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Washington Index 5-Yr Average ($/bbl) Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 3-Yr Avg 5-Yr Avg 10-Y
Slide 21: Corporate Structure
Corporate Structure Par Pacific Holdings Inc. NYSE: PARR Yellowstone Yellowstone Hawaii Laramie Energy Limited Pipe Line Renewables, Energy, LLC $641 MM Term Partnership Company LLC 46% Interest Loans due 2030 65% Interest 40% Interest 63.5% Interest 2 Par Petroleum, LLC ABL Credit Facility due 2028
Slide 22: Trended Term Debt
Trended Term Debt $ millions 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 6/30/2025 Term Debt $ 683 $ 580 $ 515 $ 551 $ 644 $ 641 Unsecured Term Debt 49 - - - - - Total Term Debt 1 732 580 515 551 644 641 Cash and Cash Equivalents 68 112 491 279 192 169 Net Term Debt $ 664 $ 468 $ 24 $ 272
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures Consolidated Adjusted EBITDA by Segment Reconciliation (1) For the twelve months ended June 30, 2025 ($ in thousands) Corporate and Refining Logistics Retail Other Operating income (loss) $ 10,205 $ 96,566 $ 74,505 $ (110,820) Adjustments to operating income (loss): Depre
Slide 24: 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
Slide 25: 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 26: 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 27: 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):