Par Pacific Holdings, Inc. Common Stock · NYSE:PARR
Par Pacific Holdings, Inc. Common Stock — Investor Presentation (August 2026)
29 slides from Par Pacific Holdings, Inc. Common Stock's investor presentation, August 2026
Slide 1: Investor Presentation August 2026
INVESTOR PRESENTATION I AUGUST 2026
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 $100 $90 $80 52% $70 $60 $50 $40 41% 39% 38% $30 $20 $10 $- Jul-25 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-26 Apr-23 Apr-19 Apr-20 Apr-21 Apr-22 Apr-24 Apr-25 Apr-26 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 J
Slide 7: Multimodal Logistics System
Multimodal Logistics System Diverse logistics assets enable flexibility and development of integrated downstream system 6
Slide 8: Leading Retail Position in Attractive Markets
Leading Retail Position in Attractive Markets Hawaii Retail • 87 locations across four islands • 33 company-operated convenience stores • Scarcity of land, high real estate costs and logistics complexity strengthen competitive position • Dual-branded retail network to attract and retain broad custom
Slide 9: Growing Contribution from Retail and Logistics Segments
Growing Contribution from Retail and Logistics Segments Trending Retail & Logistics Adj. EBITDA ($MM) 1 $212 $205 $196 $165 $135 $126 $120 $128 $97 $74 $76 $86 $77 $60 $68 2022 2023 2024 2025 LTM 6/30/26 Retail Logistics Targeted term debt of 3-4x Retail and Logistics annual Adjusted EBITDA 1. See a
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
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 $1,412 $915 $577 $644 $614 3.8x 3.3x 3.3x 3.0x 2.5x 12/31/2022 12/31/2023 12/31/2024 12/31/2025 6/30/2026 12/31/2022 12/31/2023 12/31/2024 12/31/2025 6/30/2026 Funded Working Capital Financ
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% $1,491 $115 $1,203 $1,206 34% $987 $995 27% $893 $483 $594 $243 $175 $194 $161 $162 12/31/2022 12/31/2023 12/31/2024 12/31/2
Slide 13: Mid-Cycle Financial Profile
Mid-Cycle Financial Profile Refining Assumptions 1, 2 Hawaii Wyoming Washington Montana Combined Par Pacific Mid-Cycle ($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 (SRE) $365 - 395
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 $351 60 $300 $250 55 $200 $150 50 49 $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 Ending Share
Slide 15: Capital Expenditure and Turnaround Summary
Capital Expenditure and Turnaround Summary $250 $209 $190 - 220 $101 $74 $50 - 60 $125 $54 $35 - 45 $88 $48 $45 $6 $36 $105 - 115 $87 $95 $80 $46 2023 2024 2025 2026 Guidance1 Midcycle Guidance Maintenance Growth Turnarounds Normalized Annual Upcoming Major Location Cycle Turnaround Outlay 2 Turnaro
Slide 16: Company Highlights
Company Highlights 1 Growth Profile Underpinned by Successful Acquisitions 2 Strong Balance Sheet 3 Portfolio of Valuable Opportunities to Drive Future Growth 4 Downside Protection from Diversified Businesses 5 Federal Tax Attributes Enhance Free Cash Flow 15
Slide 17: Appendix
Appendix 16
Slide 18: Hawaii Index
Hawaii Index 50.00 45.00 40.00 35.00 30.00 25.00 20.00 14.51 15.00 10.00 5.00 - Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Hawaii Index 5-Yr Average ($/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 Q2-26 3-Yr Avg 5-Yr Avg
Slide 19: Wyoming Index
Wyoming Index 35.00 30.00 25.00 21.27 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 Q2-26 Wyoming Index 5-Yr Average ($/bbl) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 3-Yr Avg 5-Yr Avg 10-Yr Avg Wyomin
Slide 20: Montana Index
Montana Index 35.00 30.00 25.00 18.74 20.00 15.00 10.00 5.00 - Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Montana Index 5-Yr Average ($/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 Q2-26 3-Yr Avg 5-Yr Avg 10-Yr Avg Montan
Slide 21: Washington Index
Washington Index 25.00 20.00 15.00 10.97 10.00 5.00 - (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 Q2-26 Washington Index 5-Yr Average ($/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 Q2-26 3-Yr Avg 5-Yr Avg 10-Yr Avg Washi
Slide 22: Corporate Structure
Corporate Structure Par Pacific Holdings Inc. NYSE: PARR Yellowstone Yellowstone Hawaii Laramie Energy Limited Pipe Line Renewables, Energy, LLC $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 Facility,
Slide 23: Trended Term Debt
Trended Term Debt $millions 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 6/30/2026 Total Term Debt 1 580 515 551 644 640 506 Secured Term Debt 580 515 546 640 634 - Unsecured Term Debt - - - - - 500 Other Secured Debt - - 5 4 6 6 Cash and Cash Equivalents 112 491 279 192 164 185 Net Term D
Slide 24: Mid-Cycle Financial Profile Footnotes
Mid-Cycle Financial Profile Footnotes 1. Refining Assumptions and Par Pacific Mid-Cycle Financial Profile updated in December of 2025 to reflect management’s current expectations and assumptions. 2. Regional Indices are based on management’s estimates of location-specific product pricing and crude d
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures Consolidated Adjusted EBITDA by Segment Reconciliation (1) For the twelve months ended June 30, 2026 ($ in thousands) Corporate and Refining Logistics Retail Other Operating income (loss) $ 1,116,665 $ 98,967 $ 65,510 $ (123,493) Adjustments to operating income (loss): De
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 Logistics Retail Other Operating income (loss) $ 487,032 $ 97,558 $ 74,706 $ (120,538) Adjustments to operating income (loss):
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
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):
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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