Financial Performance & Valuation - HF Sinclair's 2023 P/E multiple is 6.7x, based on a share price of $52.09 and an Adj EPS of $7.82[7] - Par Pacific's 2023 P/E multiple is 6.0x, based on a share price of $31.48 and an Adj EPS of $5.26[97] - For the twelve months ended June 30, 2023, the company's Adjusted EBITDA was $707.423 million[68] - For the twelve months ended June 30, 2023, the company's Adjusted Net Income was $547.878 million[68] Refining Segment Highlights - The company's system-wide refining capacity is 218,000 bpd[99] - The company expects a 50% system-wide distillate & LSFO yield[14] - The company expects a 20% system-wide exposure to attractive Western Canadian heavy crude[14] - The company's system-wide distillate yield is 49%[15] Retail & Logistics - The company has 90 retail locations across four islands in Hawaii[12] - The company has 31 company-operated retail locations in Washington and Idaho[21] - The company targets gross term debt of $500-600 million fully supported by the stable cash flows of Retail & Logistics segments[25] Energy Transition Strategy - The company announced a $90 million investment in a Hawaii renewable fuels project[31] - The company's Hawaii SAF project is expected to come online in 2025[31] - The company's capital expenditures are less than $1.50/gallon for a 61 mmgpy project including feedstock pre-treatment to produce approximately 60% SAF[35]

Par Pacific Holdings, Inc. (NYSE:PARR) Q1 2023 Earnings Conference Call May 4, 2023 10:00 AM ET Company Participants Ashimi Patel - Director of Investor Relations William Pate - Chief Executive Officer Will Monteleone - President Shawn Flores - Senior Vice President and Chief Financial Officer Richard Creamer - Executive Vice President, Refining & Logistics Conference Call Participants Matthew Blair - Tudor, Pickering, Holt Nicolette Slusser - Goldman Sachs Ryan Todd - Piper Sandler John Royall - JPMorgan M ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________________________________________________________________________________ FORM 10-Q ________________________________________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________________________________________________________________________________ FORM 10-K ________________________________________________________________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 C ...

• Stable EBITDA contribution from retail and logistics segments History of Successful Acquisitions Refining Segment Highlights 49% 41% 40% 40% 35% Capital Expenditure and Turnaround Summary 1. See appendix for non-GAAP reconciliations. 1 Company calculation based on a rolling five-year quarterly average Company Highlights Refinery Retail Locations Trucks Rail Barge 2023 P/E Multiple | --- | --- | |---------------------------------|-------| | Washington | 42 | | Wyoming | 19 | | Par Pacific System | 155 | | ...

Financial Data and Key Metrics Changes - In 2022, the company achieved an adjusted EBITDA of $643 million and an adjusted net income of $475 million, translating to $7.93 per share, with nearly all adjusted net income converted into cash from operations [7][29] - For Q4 2022, adjusted EBITDA was $175 million and adjusted earnings were $133 million, or $2.20 per share, compared to $188 million in Q3 2022 [29] - The company paid down nearly $65 million in funded debt and increased cash on hand by over $375 million, resulting in a year-end net debt of approximately $25 million [8] Business Line Data and Key Metrics Changes - The Refining segment reported $146 million of adjusted EBITDA in Q4 2022, down from $188 million in Q3 2022, impacted by a net price lag benefit and a negative FIFO impact [29] - The Logistics segment's adjusted EBITDA decreased to $16 million in Q4 from $22 million in Q3, primarily due to one-time pipeline maintenance activities [29] - The Retail segment achieved record quarterly adjusted EBITDA of $25 million in Q4, up from $20 million in Q3, driven by increased margins in fuel and merchandise sales [31] Market Data and Key Metrics Changes - Total refining throughput was 134,000 barrels per day, representing 86% utilization in Q4 2022 [17] - The Singapore 3-1-2 index declined by approximately $4 per barrel to $22.84, while the Washington market conditions remained strong at $28 per barrel despite a $5 drop [19][20] - In Hawaii, production costs per barrel were $5.42, influenced by minor planned maintenance activities [17] Company Strategy and Development Direction - The company is focused on maintaining strong operational reliability, integrating the Billings acquisition, growing retail brands, and progressing renewable projects [27] - The strategy includes targeting a June 1 closing for the Billings transaction and achieving synergy targets [27] - The company is also investing in smaller-scale renewable projects to maximize flexibility amid market uncertainties [11] Management's Comments on Operating Environment and Future Outlook - Management noted that global product cracks remain strong due to increasing demand, particularly from China, which has abandoned its zero COVID lockdown policy [9] - The company expects Hawaii production costs to remain competitive in the current market environment, with no major planned maintenance activities in 2023 [18] - Management expressed confidence in the sustainability of recent capture rates in Hawaii refining, supported by strong market conditions [39] Other Important Information - The company completed a refinancing of its funded debt, reducing its cost of capital and enhancing liquidity [8][33] - Total liquidity at year-end was $577 million, consisting of $491 million in cash and $86 million in availability [32] Q&A Session Summary Question: Key factors to consider ahead of the Billings transaction close - Management highlighted the importance of the carveout audit and technology setup, expressing confidence in achieving synergy targets [37] Question: Factors driving higher capture rate outlook for Hawaii refining - Management noted strong refined products market conditions and a rebound in Chinese demand as key drivers [38] Question: Future distributions from Laramie based on profitability - Management indicated that distributions would depend on asset coverage ratios and drilling investment levels, with expectations for annual distributions [41] Question: Impact of Washington's clean fuel standard on refining capture rate - Management stated that the clean fuel standard would primarily impact rack pricing rather than capture rates, with a focus on managing environmental credit balances [43][44] Question: Maintenance and CapEx expectations post-Billings - Management outlined a consistent maintenance cycle with an annual spend of about $60 million for existing assets, with Billings adding approximately $100 million in normalized maintenance and turnaround requirements [48][49] Question: Dynamics driving retail strength and tourism recovery - Management noted gradual recovery in Japanese tourism to Hawaii and positive macro trends supporting retail performance [50] Question: Capital allocation priorities post-Billings - Management emphasized a growth-oriented approach, focusing on integrating Billings and identifying attractive opportunities before considering returning capital to shareholders [52][55]

INVESTOR PRESENTATION I NOVEMBER 2022 Forward-Looking Statements / Disclaimers 1 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 performance have been provided to assist you in your evaluation, but should not be relied upon as an accurate representation of future results. Certain statements, estimate ...

Financial Data and Key Metrics Changes - Third quarter adjusted net income was $2.88 per share and adjusted EBITDA was $214 million, indicating strong financial performance [8][24] - The company generated record quarterly cash flow from operations of $341 million, driven by normalizing working capital and strong earnings [24][32] - Free cash flow has improved significantly over the past two quarters, with over $400 million of GAAP net income generated [11] Business Segment Data and Key Metrics Changes - The Retail segment reported record adjusted EBITDA of $20 million for the quarter, up from $14 million in Q3 2021, despite a 1.9% decrease in same-store sales volumes [20][21] - The Logistics segment adjusted EBITDA contribution was $22 million, up sequentially from the second quarter by approximately $1 million [25] - Refining segment adjusted EBITDA was $188 million, down from $228 million in the second quarter, impacted by declining refined product cracks [25][10] Market Data and Key Metrics Changes - Distillate cracks remained strong due to high natural gas prices and significant demand from gas to oil substitution, with prompt distillate prices approximately $40 a barrel above gasoline prices in Singapore [10] - Market conditions in Hawaii saw a decline in Singapore 3.1.2 by approximately $10 per barrel to $26.43, but adjusted gross margins remained flat at $19 per barrel [26][28] - Wyoming market conditions declined approximately $9 per barrel compared to the second quarter, but adjusted gross margin remained strong at $51 per barrel [30] Company Strategy and Development Direction - The company is focused on successfully closing the acquisition of ExxonMobil's Billings refinery, which will double mainland refining capacity and enhance logistics [8][11] - There is ongoing progress on renewable energy projects, including a co-processing investment in Tacoma and a joint venture with Hawaiian Airlines for sustainable aviation fuel [12][70] - The company plans to continue investing in organic growth projects and expanding its retail footprint while integrating the Billings operation [64][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong operational reliability and profitability across all business segments, despite some challenges in the refining segment [9][11] - The management noted that global demand remains strong, and they are cautiously optimistic about future market conditions, particularly regarding distillate and gasoline spreads [41][42] - The company is preparing for potential economic impacts from rising interest rates but has not seen significant changes in demand to date [41] Other Important Information - The company reduced gross debt by approximately $14 million during the quarter, with a cash position growing by approximately $220 million [33][32] - The company anticipates the Billings operation to be immediately accretive to earnings and cash flow upon acquisition [11] Q&A Session Summary Question: Can you discuss the strong margins in Hawaii and the benefits realized from fuel oil lag? - Management highlighted three main factors: product crack hedging benefit of approximately $5.50 per barrel, price lag benefit of about $7.50 per barrel due to falling prices, and a $2.50 per barrel higher backwardation cost [38] Question: What are the prospects for rising product exports out of China and the risk to Hawaii margins? - Management indicated that Chinese policy remains focused on internalizing refining capacity, and there have been no major changes affecting exports [39][40] Question: Can you elaborate on the drivers of strong retail results? - The primary driver was the reversal of demand destruction from rising crude oil prices in Q2, with some recovery in international visitors to Hawaii noted [48] Question: What is the outlook for working capital in Q4? - Management stated that working capital changes will depend on crude price fluctuations, with no specific items expected to reverse [58] Question: How will the company approach its balance sheet and cash deployment going forward? - The focus will be on building cash and liquidity in anticipation of the Billings transaction, with potential growth alternatives being considered [62] Question: Can you provide details on the renewable diesel projects? - The Tacoma project is expected to produce about 500 barrels per day, while the Hawaii project aims for approximately 4,000 barrels per day capacity focused on sustainable aviation fuel [70]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________________________________________________________________________________ FORM 10-Q ________________________________________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION ...

Par Pacific Holdings, Inc. (NYSE:PARR) Q2 2022 Earnings Conference Call August 9, 2022 10:00 AM ET Company Participants Ashimi Patel - Director, IR William Pate - President and CEO Richard Creamer - EVP, Refining and Logistics William Monteleone - Executive VP, CFO and Director Conference Call Participants Carly Davenport - Goldman Sachs John Royall - JPMorgan Matthew Blair - Tudor, Pickering, Holt Jason Gabelman - Cowen Operator Good day, and welcome to the Par Pacific Second Quarter 2022 Earnings Conferen ...