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, optimizing margins.

• Maintains a leading retail position with 119 fuel retail locations in Hawaii and the Pacific Northwest, leveraging dual-branded networks and proprietary 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 allocation

• Retail and logistics segments have shown growing EBITDA contributions, with Adjusted EBITDA rising from $85 million in 2021 to $76 million in the LTM ending 6/30/2025.

• Maintains a targeted gross term debt of 3-4x annual Adjusted EBITDA for retail and logistics, supporting disciplined capital structure.

• Capital expenditures for 2024 were $209 million, with 2025 guidance of $210-240 million, including investments in reliability, renewables, and IT enhancements.

• Normalized annual turnaround cycles and outlays are planned for each refinery, with significant investments scheduled for Montana in 2025.

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

Renewable fuels and strategic partnerships

• Hawaii Renewables project aims to deliver 61 million gallons per year of renewable fuels at under $1.75 per gallon, with flexibility to produce up to 60% SAF or 90% RD yield.

• Strategic joint venture with Mitsubishi Corporation and ENEOS Corporation, with partners contributing $100 million for a 36.5% equity interest; project expected online by end of 2025.

• Leverages existing infrastructure for cost advantages and direct pipeline connection to Honolulu Airport.