Par Pacific (PARR) Investor Presentation summary

Strategic growth and operational highlights

• Expanded from a single refinery to a vertically integrated, multi-site platform through targeted acquisitions, increasing refining scale and market reach in the western U.S. over the past decade.

• Operates an integrated logistics network with 13 million barrels of storage and multimodal assets, supporting flexibility and downstream integration.

• System-wide refining capacity stands at 219,000 barrels per day, with a peer-leading 52% distillate and low sulfur fuel oil yield, driving higher margins.

• Maintains a leading retail position with 119 fuel retail locations in Hawaii and the Pacific Northwest, leveraging proprietary and licensed brands.

• Holds a 46% stake in Laramie Energy and approximately $1.0 billion in federal tax attributes as of year-end 2024.

Financial performance and capital management

• Retail and logistics segments have shown growing Adjusted EBITDA contributions, with targeted gross term debt of 3-4x annual Adjusted EBITDA for these segments.

• Maintains a strong balance sheet with total liquidity of $579 million and term debt at 3.0x LTM Retail & Logistics Adjusted EBITDA as of September 30, 2025.

• Enhanced financial flexibility through upsizing the ABL credit facility to $1.4 billion and reducing cash funding costs by $16 million annually since 2023.

• Capital expenditure guidance for 2025 includes $30-40 million for the Hawaii renewable hydrotreater project and $10 million for IT enhancements.

• Mid-cycle financial profile targets Adjusted EBITDA of $445-475 million and levered free cash flow of $265-295 million.

Renewable fuels and sustainability initiatives

• Hawaii Renewables project aims to produce 61 million gallons per year of renewable fuels, with flexibility for up to 60% SAF or 90% RD yield, leveraging existing infrastructure for cost advantages.

• Strategic joint venture with Mitsubishi Corporation and ENEOS Corporation, with Par Pacific retaining a 63.5% controlling interest and partners contributing $100 million for a 36.5% stake.

• Project completion expected by end of 2025, targeting commercial synergies in feedstock sourcing and Asia-Pacific market access.