Par Pacific Holdings, Inc. (NYSE:PARR) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET Company Participants Ashimi Patel - Vice President, Investor Relations Will Monteleone - President & Chief Executive Officer Richard Creamer - Executive Vice President, Refining & Logistics Shawn Flores - Senior Vice President & Chief Financial Officer Conference Call Participants Ryan Todd - Piper Sandler Matthew Blair - Tudor, Pickering, Holt Neil Mehta - Goldman Sachs John Royall - JPMorgan Jason Gabelman - TD ...

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, estimates and financial information contained in this presentation constitute forward-l ...

PAR PACIFIC HOLDINGS REPORTS FIRST QUARTER 2024 RESULTS HOUSTON, May 6, 2024 - Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific" or the "Company") today reported its financial results for the quarter ended March 31, 2024. Par Pacific reported a net loss of $(3.8) million, or $(0.06) per diluted share, for the quarter ended March 31, 2024, compared to net income of $237.9 million, or $3.90 per diluted share, for the same quarter in 2023. During the first quarter of 2023, the Company recorded a $94.7 mil ...

OR 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 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR ...

Par Pacific 9 INVESTOR PRESENTATION I FEBRUARY 2024 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 statem ...

Financial Data and Key Metrics Changes - The company reported fourth quarter adjusted EBITDA of $122 million and adjusted earnings of $65 million, or $1.08 per share, with full year adjusted EBITDA reaching $696 million and adjusted earnings of $501 million, or $8.21 per share, reflecting a 3% increase over 2022 [28][62] - Cash provided by operations during the fourth quarter totaled $130 million, excluding a net working capital outflow of $132 million, primarily due to a cash settlement of prior periods environmental credits [3][46] - Total liquidity at year-end was $644 million, consisting of $279 million in cash and $365 million in availability [3][46] Business Line Data and Key Metrics Changes - The Logistics segment reported adjusted EBITDA of $24 million in the fourth quarter, down from $29 million in the third quarter, attributed to elevated maintenance costs [2] - The Retail segment achieved adjusted EBITDA of $68 million for the full year, with fourth quarter same-store sales growth of 7.3% for fuel and 4.2% for merchandise [26][62] - The Refining segment's adjusted EBITDA was $107 million in the fourth quarter, a decrease from $234 million in the third quarter, impacted by net price lag benefits and a negative FIFO impact [29] Market Data and Key Metrics Changes - Fourth quarter throughput was 186,000 barrels per day, with Hawaii throughput at 81,000 barrels per day and production costs of $4.80 per barrel [20][21] - In Washington, fourth quarter throughput was 38,000 barrels per day, with production costs of $4.53 per barrel, and capture improved to 44% [22] - Montana throughput was 50,000 barrels per day, with production costs totaling $12.03 per barrel, elevated due to reliability projects and seasonal energy costs [24] Company Strategy and Development Direction - The company aims to focus on lower capital, higher return opportunities, such as the $90 million Hawaii SAF conversion project, expected to begin production in 2025 [48] - The company is committed to sustainability and renewable energy, particularly in Hawaii and Tacoma initiatives, while also pursuing M&A opportunities to grow its footprint [49][73] - The management emphasized the importance of improving reliability and capitalizing on market strength to ensure well-supplied markets [72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market outlook, citing robust Singapore cracks and favorable local production conditions due to high freight costs [56] - The company plans to address heater system constraints with a 15-day outage in the first quarter, which is expected to impact profitability by $5 million to $8 million [23] - The management highlighted a strong operational year for 2023, with significant improvements in safety metrics and energy efficiency [19][47] Other Important Information - The company completed a comprehensive refinancing, consolidating high-cost debt into a single-term loan, which is expected to reduce cash funding costs by over $10 million this year [5][6] - The company repurchased over $62 million of common stock last year at an average cost well below the current share price [46] Q&A Session Summary Question: M&A market interest and deal flow - Management indicated that while M&A remains a key part of the strategy, the current refining market presents challenges due to high seller expectations [9][10] Question: Business mix and distillate yield - Management confirmed a focus on distillate production, aiming to increase flexibility in production to meet community needs [15][16] Question: Upcoming turnaround schedule - Management noted a small 15-day outage planned in Washington, with no major turnarounds scheduled for the year [81]

NEWS RELEASE PAR PACIFIC REPORTS FOURTH QUARTER AND RECORD 2023 RESULTS HOUSTON, February 27, 2024 - Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific" or the "Company") today reported its financial results for the fourth quarter and twelve months ended December 31, 2023. Par Pacific reported net income of $728.6 million, or $11.94 per diluted share, for the twelve months ended December 31, 2023, compared to $364.2 million, or $6.08 per diluted share, for the twelve months ended December 31, 2022. Full ...

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, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION ...

Financial Data and Key Metrics Changes - The company reported record quarterly adjusted EBITDA of $256 million, with adjusted net income of $3.15 per share, a 10% increase compared to the same period in 2022 [4][19] - The refining segment achieved record quarterly adjusted EBITDA of $234 million, up from $129 million in the previous quarter [19] - Cash provided by operations totaled $269 million, with strong free cash flow leading to record ending liquidity of $778 million [22] Business Line Data and Key Metrics Changes - The refining and logistics business units delivered total throughput of 198,000 barrels per day, including a full quarter contribution from Billings of 55,000 barrels per day [9] - The logistics segment reported adjusted EBITDA of $29 million, an increase from $26 million in the previous quarter [20] - The retail segment generated adjusted EBITDA of $17 million, slightly down from $18 million in the second quarter, but showed strong profitability on growing fuel volumes and merchandise revenue [21] Market Data and Key Metrics Changes - In Hawaii, third quarter throughput was 82,000 barrels per day, with production costs at $4.50 per barrel [9] - The quarterly Singapore Index averaged $23.39 per barrel, while the U.S. Gulf Coast index was $29.65 per barrel [9][12] - The company expects Hawaii crude differentials to average between $6 and $6.50 per barrel in the fourth quarter [11] Company Strategy and Development Direction - The company is focused on low-cost, high-return renewable projects, with ongoing initiatives in Tacoma and Hawaii [7][8] - The strategic growth initiatives include investing in refining reliability and expanding retail locations, with a goal of achieving annual throughput of 200,000 barrels per day or more [16][50] - The company aims to run consistently above 60,000 barrels per day and is laying groundwork for improved reliability [14] Management's Comments on Operating Environment and Future Outlook - Management noted strong distillate cracks across markets, while gasoline cracks have declined post-summer driving season [8] - The company remains optimistic about its operational performance and the potential for future growth, particularly in renewable fuels [17][50] - Management expressed confidence in the ability to navigate seasonal demand fluctuations without structural issues impacting gasoline demand [61] Other Important Information - The company repurchased $27 million of common stock during the quarter and has a strong balance sheet with limited financial obligations [6][25] - The company has terminated prior year rent obligations and closed a $120 million letter of credit facility to support its Hawaii refinery [23][24] Q&A Session Summary Question: Thoughts on margin capture and directional trends for the fourth quarter - Management indicated that WCS widening will boost capture, while secondary product market headwinds, particularly asphalt, remain a concern [26][27] Question: Priorities for cash use going forward - Management highlighted flexibility in the balance sheet, focusing on growth investments and share repurchases based on market conditions [31][32] Question: Running at 55,000 barrels per day versus the original target - Management emphasized reliability improvements rather than expanding capabilities, focusing on reducing unplanned outages [35][36] Question: Drivers of same-store sales growth - Management attributed growth to recovering demand in Hawaii and successful rebranding efforts in the Pacific Northwest [37][38] Question: Outlook for refining in China and its impact on supply - Management discussed the balanced production changes in China and the government's management of the refining complex [39][40] Question: Interest expense outlook and quarterly run rate - Management expects the quarterly run rate for interest expense to be around $15 million to $16 million going forward [44][45] Question: Opportunities for M&A in the current market - Management noted that the current strong market makes it challenging to find non-strategic refinery assets for acquisition [48][49] Question: Impact of refinery closures on West Coast market - Management expressed confidence in participating in changes in supply and demand due to potential refinery closures [59] Question: Structural issues for gasoline demand - Management indicated no structural issues, with seasonal trends consistent with historical patterns [61] Question: Green hydrogen project details - Management is developing a facility co-located with the Tacoma refinery to produce green hydrogen and sustainable aviation fuel [64]

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 June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 O ...