Par Pacific Holdings, Inc. (NYSE:PARR) Q2 2021 Results Conference Call August 5, 2021 10:00 AM ET Company Participants Ashimi Patel - Investor Relations William Pate - President and Chief Executive Officer Joseph Israel - President and Chief Executive Officer of Par Petroleum Will Monteleone - Chief Financial Officer Conference Call Participants Carly Davenport - Goldman Sachs Phil Gresh - JPMorgan Jason Gabelman - Cowen Matthew Blair - Tudor, Pickering, Holt Patrick Sheffield - Beach Point Capital Jake Gom ...

9 | Par Pacific INVESTOR PRESENTATION | AUGUST 2021 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 performance have been provided to assist you in your evaluation, but should not be relied upon as an accurate representation of future results. Certain statemen ...

PART I FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Par Pacific Holdings, Inc.'s unaudited condensed consolidated financial statements for Q2 2021, including balance sheets, income, and cash flow statements, with notes on key transactions Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $1,030,679 | $636,469 | | **Total Assets** | $2,524,380 | $2,133,861 | | **Total Current Liabilities** | $1,369,690 | $878,680 | | **Total Liabilities** | $2,354,688 | $1,887,587 | | **Total Stockholders' Equity** | $169,692 | $246,274 | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $1,217,525 | $515,301 | $2,106,205 | $1,719,384 | | **Operating Loss** | ($84,501) | ($25,443) | ($129,163) | ($206,616) | | **Net Loss** | ($108,958) | ($40,560) | ($171,185) | ($262,897) | | **Diluted Loss per Share** | ($1.84) | ($0.76) | ($3.01) | ($4.94) | - Net cash from operating activities for the six months ended June 30, 2021, significantly decreased to **$1.8 million** from **$33.8 million** year-over-year, while investing activities provided **$88.8 million** due to asset sales, reversing a **$30.2 million** outflow[16](index=16&type=chunk)[270](index=270&type=chunk) - The company completed sale-leaseback transactions for 22 retail properties in Q1 2021, generating **$112.8 million** cash and recognizing a **$63.9 million** gain[115](index=115&type=chunk)[116](index=116&type=chunk) - An equity offering of **5.75 million** common shares in March 2021 generated approximately **$87.2 million** in net proceeds[146](index=146&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2021 financial performance, noting a **$109.0 million** net loss driven by inventory adjustments and RINs expenses, despite improved Adjusted EBITDA and enhanced liquidity from asset sales and equity offerings - The Q2 2021 net loss widened to **$109.0 million** from **$40.6 million** in Q2 2020, primarily due to unfavorable inventory adjustments and increased RINs expenses[177](index=177&type=chunk) - Adjusted EBITDA for Q2 2021 improved to a loss of **$6.7 million** from a **$50.3 million** loss in Q2 2020, driven by better crack spreads and increased demand[178](index=178&type=chunk) - Liquidity was enhanced by a **$112.8 million** sale-leaseback of 22 retail properties and an **$87.2 million** equity offering in Q1 2021[173](index=173&type=chunk) - As of June 30, 2021, the company's liquidity position stood at **$243.5 million**, comprising cash on hand and available credit facilities[263](index=263&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Q2 2021 revenues increased to **$1.2 billion** due to higher crude prices and refining volumes, but operating loss widened to **$84.5 million** due to increased costs, RINs expenses, and unfavorable inventory adjustments Segment Operating Income (Loss) (in thousands) | Segment | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Refining | ($99,119) | ($36,757) | | Logistics | $14,542 | $6,303 | | Retail | $12,651 | $16,180 | - The Refining segment's Q2 2021 operating loss increased by **$62.3 million** year-over-year, mainly due to a **$50.3 million** rise in RINs expenses and a **$158.4 million** unfavorable inventory adjustment[208](index=208&type=chunk) - The Retail segment's Q2 2021 operating income decreased by **$3.5 million** year-over-year, driven by a **31%** drop in fuel margins despite a **28%** increase in fuel sales volumes[210](index=210&type=chunk) [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2021, the company's liquidity was **$243.5 million**, bolstered by Q1 2021 sale-leaseback and equity offerings, with a 2021 capital expenditure budget of **$35 million to $45 million** Cash Flow Summary - Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,815 | $33,767 | | Net cash provided by (used in) investing activities | $88,847 | ($30,160) | | Net cash provided by financing activities | $15,358 | $13,247 | - The 2021 capital expenditure and deferred turnaround cost budget ranges from **$35 million to $45 million**, primarily for the Washington refinery turnaround and sustaining maintenance[273](index=273&type=chunk) - Proceeds from the March 2021 equity offering were used to repay **$48.7 million** of 5.00% Convertible Senior Notes and **$36.8 million** of 12.875% Senior Secured Notes[266](index=266&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=63&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces significant market risks from commodity price volatility, with a **$1** per barrel refining margin change impacting annualized operating income by **$50.7 million**, and interest rate risk on **$221.9 million** of floating-rate debt - A **$1** per barrel change in average gross refining margins would impact annualized operating income by approximately **$50.7 million**[281](index=281&type=chunk) - The company is exposed to interest rate risk on **$221.9 million** of floating-rate debt, where a **1%** rate increase would raise annual costs by approximately **$3.3 million** for Cost of Revenues and **$3.5 million** for Interest Expense[286](index=286&type=chunk) - The company faces market risk from the price volatility of Renewable Identification Numbers (RINs) for Renewable Fuel Standard (RFS) compliance, with 2021 RVO percentages yet to be set by the EPA[285](index=285&type=chunk) [Controls and Procedures](index=65&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting during Q2 2021 - Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of **June 30, 2021**[289](index=289&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended **June 30, 2021**[290](index=290&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=66&type=section&id=Item%201.%20Legal%20Proceedings) The company may be involved in litigation arising from normal business operations, with details on commitments and contingencies provided in Note 13 of the financial statements - The company is party to various lawsuits and contingent matters in the ordinary course of business, with accruals established when an unfavorable outcome is probable and estimable[119](index=119&type=chunk)[292](index=292&type=chunk) [Risk Factors](index=66&type=section&id=Item%201A.%20Risk%20Factors) The company's business and financial condition continue to be adversely affected by the COVID-19 pandemic, with its ultimate impact remaining uncertain and potentially amplifying other risks - The company's business and financial results have been adversely affected by the COVID-19 pandemic, leading to a global economic slowdown and decreased demand for crude oil and refined products[294](index=294&type=chunk) - The ultimate impact of the COVID-19 pandemic on operations and financial condition remains uncertain, depending on evolving factors beyond the company's control[294](index=294&type=chunk) - The pandemic could precipitate or aggravate other risk factors identified in the company's 2020 Annual Report on Form 10-K[295](index=295&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has not paid and does not plan to pay common stock dividends due to debt restrictions, and repurchased a small number of shares for employee tax obligations - The company has not paid dividends and does not expect to, as subsidiaries are restricted by ABL Credit Facility and Senior Secured Notes indentures[296](index=296&type=chunk) Stock Repurchases - Quarter Ended June 30, 2021 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1 - April 30, 2021 | 146 | $14.78 | | May 1 - May 31, 2021 | — | — | | June 1 - June 30, 2021 | — | — | | **Total** | **146** | **$14.78** | [Defaults Upon Senior Securities](index=67&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is reported as not applicable for the period - Not applicable[299](index=299&type=chunk) [Mine Safety Disclosures](index=67&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is reported as not applicable for the period - Not applicable[300](index=300&type=chunk) [Other Information](index=67&type=section&id=Item%205.%20Other%20Information) This section indicates that there is no other information to report for the period - None[301](index=301&type=chunk) [Exhibits](index=68&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate agreements, amendments, indentures, and CEO/CFO certifications - Exhibits include key agreements such as the Second Amended and Restated Supply and Offtake Agreement with J. Aron & Company LLC[305](index=305&type=chunk) - Certifications from the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are included[306](index=306&type=chunk)

| Par Pacific 9 INVESTOR PRESENTATION | MAY 2021 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 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, ...

Financial Data and Key Metrics Changes - First quarter adjusted EBITDA was a loss of $43 million and adjusted net loss was $1.55 per share, which included a $47 million non-cash prior period mark-to-market expense [8][28] - Current liquidity stands at $287 million, significantly higher than the end of 2019 levels, and net debt is down to $462 million, more than $45 million below year-end 2019 [15][37] Business Line Data and Key Metrics Changes - The retail segment adjusted EBITDA contribution was $8 million, down from $16 million in the fourth quarter of 2020, primarily due to margin compression and lower volumes [30] - The Logistics segment adjusted EBITDA contribution was $16 million, up $7 million from the fourth quarter of 2020, driven by increased demand in Hawaii and Wyoming [31] - The Refining segment recorded an adjusted EBITDA loss of $55 million, but excluding the prior period mark-to-market expense, the loss would be $9 million [32] Market Data and Key Metrics Changes - Air travel to Hawaii increased significantly, with passenger arrivals now approximately 65% of pre-pandemic levels, primarily due to domestic travel [9] - The Wyoming 3-2-1 Index averaged $20.97 per barrel in Q1, with throughput averaging approximately 15,000 barrels per day [19] - The Singapore 3-1-2 Index averaged $3.80 per barrel in Q1, with throughput averaging approximately 81,000 barrels per day [23] Company Strategy and Development Direction - The company is transitioning its Northwest retail unit to its proprietary nomnom convenience store brand, which is expected to boost segment profit [13] - The company is well-positioned for new greenhouse gas regulations due to low emissions and a completed renewables logistics system [14] - The company anticipates improving profitability as the economy recovers and expects much of the global demand growth to be in distillates [15][16] Management's Comments on Operating Environment and Future Outlook - Management noted a key inflection point in the industry due to increasing vaccination rates and improving mobility trends [7] - The company expects a rebound in retail performance as crude oil prices stabilize and traffic volumes increase [12] - Management expressed confidence in the recovery of refining profitability, particularly in Hawaii, as market conditions improve [44] Other Important Information - The company completed a $116 million sale-leaseback of certain real estate properties and an $87 million equity issuance to enhance liquidity [14][37] - The company is focused on maximizing asset utilization and transitioning back to positive profitability territory [26] Q&A Session Summary Question: Trends in second quarter performance and Hawaii - Management observed significant changes in profitability from January and February to March, with increased runs at refineries and improved market indices [43] Question: Singapore crack spreads and demand recovery - Management indicated that while supply has increased, the Singapore market is affected by international factors and may return to historical means with ongoing volatility [50] Question: Retail segment performance in Q1 - Management noted that volume lagged behind Q4 due to fewer days and a lull in markets, but March showed improvement [56] Question: RINs obligations and Supreme Court case - Management expects the Supreme Court to reverse a lower court decision, allowing for waivers for 2019 and 2020 RINs obligations [62][66] Question: Crude guidance in Hawaii - Management clarified that the increase in crude costs is due to a lag in pricing and not a change in crude quality [69] Question: Laramie's performance and cash generation - Management stated that Laramie's cash generation will primarily be used for debt reduction [72] Question: Logic behind equity raise - Management explained that the equity raise aims to lower the cost of senior debt funding and improve liquidity [83]

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, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 ...

Acquisition and Investments - The company completed the acquisition of U.S. Oil & Refining Co. for a total purchase price of $326.5 million, including $289.5 million in cash and approximately 2.4 million shares valued at $37.0 million[20]. - The company owns a 46.0% equity investment in Laramie Energy, which has been reduced to zero book value as of December 31, 2020[82]. Refinery Operations - The Washington refinery operated at an average throughput of 39.1 Mbpd, achieving 93% utilization for the year ended December 31, 2020[41]. - The Hawaii refineries had a combined feedstocks throughput of 72.7 Mbpd for the year ended December 31, 2020, down from 109.0 Mbpd in 2019[32]. - The Par East refinery operated at an average crude oil throughput of 66.5 Mbpd, or 71% of crude oil utilization, for the year ended December 31, 2020[32]. - The Washington refinery's total yield was 97.3% for the year ended December 31, 2020, with gasoline and gasoline blendstocks making up 23.4% of total throughput[41]. - The Wyoming refinery operated at an average throughput of 12.3 Mbpd, representing 68% utilization for the year ended December 31, 2020[48]. - The Wyoming refinery's product yield percentages for 2020 were 49.2% gasoline and gasoline blendstocks, 45.2% distillates, and a total yield of 97.6%[48]. - The company has a total crude oil storage capacity of 1.2 MMbbls at the Washington refinery and 3.4 MMbbls at the Hawaii refineries[38][29]. - The Hawaii refineries consist of one operating refinery with a capacity of 94 Mbpd and one idled refinery as of December 31, 2020[26]. Market Conditions and Economic Impact - The average 3-1-2 Singapore Crack Spread was $3.15 per barrel for the year ended December 31, 2020, significantly lower than the $10.80 average in 2019[35]. - The average Wyoming 3-2-1 crack spread was $17.80 per barrel in 2020, down from $24.90 in 2019[51]. - The average crack spread for the Pacific Northwest 5-2-2-1 Index was $11.44 for the year ended December 31, 2020[43]. - The company actively monitors the impact of COVID-19 on its operations and financial performance, which has caused severe disruptions in the global economy[17]. Logistics and Infrastructure - The company has established a logistics network to transport crude oil and refined products, primarily serving the Pacific Northwest market[41]. - The logistics network in Wyoming includes a 98-mile crude oil pipeline gathering system and a 40-mile refined products pipeline[70]. - The logistics network in Washington includes 2.8 MMbbls of storage capacity and a proprietary 14-mile jet fuel pipeline[69]. - The company sources crude oil for the Wyoming refinery primarily from local producers in the Rocky Mountain region and North Dakota[45]. Employment and Workforce - As of December 31, 2020, the company had a total workforce of 1,403 employees, with 17% represented by the United Steelworkers Union[125]. - The workforce composition includes 706 employees in Refining and Logistics, 606 in Retail, and 91 in Corporate[125]. - The company has a commitment to diversity, with 50% of its workforce being minorities and 5% protected veterans as of December 31, 2020[126]. Environmental Compliance and Regulations - The company’s refineries are compliant with Tier 3 gasoline standards, which limit sulfur content to no more than 10 ppm on an annual average basis, effective since January 1, 2017[100]. - Hawaii's refineries submitted a GHG reduction plan demonstrating that additional reductions are not cost-effective due to already implemented energy conservation measures[93]. - Compliance costs and uncertainties regarding the EISA and RFS requirements may lead to decreased demand for refined petroleum products[103]. - The company is subject to significant state and federal air permitting and pollution control requirements, which may involve additional costs due to tightening standards[113]. - The company believes it is in substantial compliance with the Clean Water Act, which regulates pollutant discharges to U.S. waters[109]. - The company’s operations are in material compliance with applicable Naturally Occurring Radioactive Materials (NORM) standards[105]. - The company has not been notified of any claims or liabilities under the Superfund law, indicating no current environmental liability concerns[107]. Financial Performance and Risks - A $1 per barrel change in average gross refining margins would change annualized operating income by approximately $44.7 million[134]. - The company had $270.6 million of indebtedness subject to floating interest rates as of December 31, 2020, with a potential $3.0 million increase in Cost of revenues for a 1% rate increase[398]. - The company has hedged 25 thousand barrels per month of its internally consumed fuel cost at its Hawaii refineries through option collars with a floor of $36.50 and a ceiling of $60.00 per barrel[396]. - At December 31, 2020, the company had open commodity derivative contracts totaling 1,550 thousand barrels, with net purchases of 550 thousand barrels[394]. - The company is exposed to market risks related to the volatility in the price of Renewable Identification Numbers (RINs) required for compliance with the Renewable Fuel Standard[397]. - The company has entered into an interest rate swap at an average fixed rate of 3.91% to manage interest rate risk, set to expire on April 1, 2024[399]. Customer and Revenue Concentration - The company has one customer in its refining segment that accounted for 13% of consolidated revenue for the year ended December 31, 2020, with no other customer exceeding 10%[122].

Par Pacific Holdings, Inc. (NYSE:PARR) Q4 2020 Earnings Conference Call February 25, 2021 10:00 AM ET Company Participants Ashimi Patel - Manager, Investor Relations William Pate - President & Chief Executive Officer Joseph Israel - President and Chief Executive Officer Will Monteleone - Chief Financial Officer Conference Call Participants Neil Mehta - Goldman Sachs Phil Gresh - JPMorgan Matthew Blair - Tudor, Pickering, Holt Manav Gupta - Crédit Suisse Patrick Sheffield - Beach Point Capital Operator Gree ...

INVESTOR PRESENTATION I FEBRUARY 2021 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 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, estimates ...

INVESTOR PRESENTATION I JANUARY 2021 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 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, estimates an ...