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 ...

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, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 O ...

Par Pacific 9 INVESTOR PRESENTATION I JUNE 2022 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, ...

Par Pacific Holdings Inc. (NYSE:PARR) Q1 2022 Earnings Conference Call May 5, 2022 10:00 AM ET Company Participants Ashimi Patel - Senior Manager, IR William Pate - President, CEO & Director Richard Creamer - EVP of Refining and Logistics James Vaughn - EVP of Retail William Monteleone - Executive VP, CFO & Director Conference Call Participants Carly Davenport - Goldman Sachs Matthew Blair - Tudor, Pickering, Holt Alejandra Magana - JPMorgan Jason Gabelman - Cowen and Company Andrew Shapiro - Lawndale C ...

| Par Pacific 9 INVESTOR PRESENTATION I MAY 2022 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 Performance - For the three months ended March 31, 2022, the company reported a net loss of $137.1 million, compared to a net loss of $62.2 million for the same period in 2021, representing an increase in net loss of 120%[162]. - Adjusted EBITDA improved to $8.3 million for the three months ended March 31, 2022, compared to a loss of $34.4 million in the same period of 2021, indicating a significant recovery[163]. - Revenues for the three months ended March 31, 2022, were $1.35 billion, a 52% increase from $888.7 million in the same period of 2021[166]. - The company reported a net loss of $137.1 million in Q1 2022, compared to a net loss of $62.2 million in Q1 2021, reflecting a deterioration of 120.1%[180]. - Operating income for the three months ended March 31, 2022, was a loss of $121,096 compared to a loss of $44,662 in the same period of 2021, indicating a decline in operational performance[202][204]. Revenue Segments - The refining segment's revenues were $1.3 billion for the three months ended March 31, 2022, up from $838.8 million in the same period of 2021, reflecting strong market conditions[168]. - The logistics segment reported revenues of $42.5 million for the three months ended March 31, 2022, slightly up from $41.3 million in the same period of 2021[168]. - For the three months ended March 31, 2022, revenues were $1.4 billion, an increase of $0.5 billion compared to $0.9 billion for the same period in 2021[187]. Operational Metrics - The refining segment's feedstocks throughput decreased to 118.2 Mbpd in Q1 2022 from 127.4 Mbpd in Q1 2021, indicating a decline in operational capacity[169]. - Wyoming Refinery's feedstocks throughput increased to 15.3 Mbpd in Q1 2022 from 14.6 Mbpd in Q1 2021, representing a growth of 4.8%[170]. - Refined product sales volume rose to 14.8 Mbpd in Q1 2022, up from 13.1 Mbpd in Q1 2021, reflecting a growth of 12.99%[170]. Profitability Metrics - The adjusted gross margin per barrel for the refining segment increased to $3.27 in Q1 2022 from $0.76 in Q1 2021, demonstrating improved profitability[169]. - Adjusted Gross Margin per barrel surged to $24.91 in Q1 2022 compared to $2.35 in Q1 2021, indicating a significant increase of 964.3%[170]. - Adjusted Gross Margin for refining was $58.7 million, an increase of $53.7 million from $5.0 million in the prior year[185]. Expenses and Costs - The company's total operating expenses increased to $1.47 billion for the three months ended March 31, 2022, compared to $933.3 million in the same period of 2021, primarily due to higher utility and maintenance costs[162]. - Operating expense (excluding depreciation) was $81.4 million, an increase of $7.2 million compared to $74.2 million in the prior year[190]. - General and administrative expense (excluding depreciation) increased to $15.9 million, up $4.0 million from $11.9 million in Q1 2021[193]. Strategic Decisions - The company suspended purchases of Russian crude oil for its Hawaii refinery in response to the ongoing Russia-Ukraine conflict, impacting supply chains[160]. - The company is considering strategic alternatives regarding its 46.0% equity investment in Laramie Energy due to an improved outlook for natural gas[157]. - The company plans to seek additional debt or equity capital to fund significant business changes or refinance existing debt[209]. Market Conditions - Average Brent crude oil prices increased to $97.90 per barrel in Q1 2022 from $61.32 per barrel in Q1 2021, a rise of 60.0%[170]. - The average 3-1-2 Singapore Crack Spread increased to $16.21 per barrel in Q1 2022 from $3.80 per barrel in Q1 2021, marking a substantial increase of 326.1%[170]. Cash Flow and Liquidity - As of March 31, 2022, the liquidity position was $212.0 million, consisting of $207.4 million at Par Petroleum, LLC and subsidiaries, and $4.7 million at Par Pacific Holdings[207]. - Net cash used in operating activities for Q1 2022 was $7.7 million, an improvement from $30.7 million in Q1 2021[211]. - Net cash provided by financing activities for Q1 2022 was approximately $52.6 million, compared to $82.5 million in Q1 2021[214]. Debt and Interest - The company had $237.5 million in debt principal subject to floating interest rates as of March 31, 2022[228]. - An increase of 1% in the variable rate on indebtedness would result in an increase to Cost of revenues (excluding depreciation) and Interest expense of approximately $4.4 million and $4.6 million per year, respectively[228]. Risk Management - The company is exposed to market risks related to the volatility in the price of RINs, which may significantly alter obligations to blend renewable fuels or purchase RINs[227]. - The company closely monitors the creditworthiness of customers to mitigate credit risk associated with nonpayment or nonperformance[230].

Par Pacific Holdings Inc. (NYSE:PARR) Q4 2021 Earnings Conference Call February 24, 2022 10:00 AM ET Company Participants Ashimi Patel - Senior Manager, IR William Pate - President, CEO & Director James Vaughn - EVP of Retail William Monteleone - Executive VP, CFO & Director Conference Call Participants Carly Davenport - Goldman Sachs Phil Gresh - JPMorgan Matthew Blair - Tudor, Pickering, Holt Jason Gabelman - Cowen Operator Good morning, and welcome to the Par Pacific Fourth Quarter 2021 Earnings Conferen ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________________________________________________________________________________ FORM 10-K ________________________________________________________________________________________________________________________ (Mark One) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-36550 __________________________________________________________ ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2021 was $85 million, with adjusted net income at $0.76 per share, including a $29 million non-cash mark-to-market benefit for RFS compliance [6][22] - Excluding the mark-to-market benefit, adjusted EBITDA was $56 million and adjusted earnings per share was $0.27 [22] - Cash flow from operations was $53 million, with capital expenditures and turnaround outlays totaling $8 million [27] Business Line Data and Key Metrics Changes - Retail segment adjusted EBITDA contribution was $14 million, with same-store sales fuel volumes up approximately 12% and merchandise sales up about 3.5% compared to Q3 2020 [23] - Logistics segment adjusted EBITDA was $19 million, slightly down from $20 million in Q2 2021 [23] - Refining segment recorded adjusted EBITDA of $64 million, a significant recovery from a loss of $29 million in Q2 2021 [23][24] Market Data and Key Metrics Changes - Wyoming's 3-2-1 index was $41.78 per barrel, with refinery throughput at approximately 18,000 barrels per day [14] - Washington's Pacific Northwest 5-2-2-1 index was $18.59 per barrel, with throughput averaging slightly over 38,000 barrels per day [15] - Hawaii's Singapore 3-1-2 index was $6.20 per barrel, with throughput averaging approximately 81,000 barrels per day [17] Company Strategy and Development Direction - The company is focused on debt reduction as a top priority while exploring small capital projects for future growth [9][32] - In terms of energy transition, the company is exploring opportunities in Hawaii and Washington, with a focus on local needs and leveraging regional strengths [10][11] - The company published its inaugural sustainability report, emphasizing its commitment to strong ESG standards [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving market conditions, particularly in Hawaii, and noted that the system is well-positioned to capture opportunities [20] - The company highlighted the need for the EPA to act on small refinery exemption applications and RVO obligation levels [8] - Management acknowledged the volatility in RIN prices and the impact of crude oil market conditions on profitability [7] Other Important Information - The company is reviewing capital allocation options, with a focus on reducing the cost of capital and evaluating growth opportunities in local markets [9] - The company expects annual cash interest expense to be between $50 million and $55 million, with liquidity totaling $277 million at the quarter's end [28] Q&A Session Summary Question: Capital allocation strategy moving into 2022 - Management emphasized that debt reduction remains the primary focus, with no significant limitations on equity repurchases or dividends at this time [32] Question: OpEx and impact of higher natural gas prices - Management noted that production costs in Hawaii were higher due to maintenance and utility costs, but overall sensitivity to natural gas price changes is low compared to typical refiners [33] Question: Hawaii's crude differential and capturing crack spread uplift - Management acknowledged potential headwinds in capturing crack spread uplift due to price lag and rising backwardation but remained optimistic about market conditions [36] Question: 2022 CapEx guidance - Management indicated that maintenance CapEx is expected to be in the $35 million to $40 million range, with additional planned turnaround activities [37] Question: M&A interest in niche markets - Management confirmed ongoing evaluation of M&A opportunities, particularly in PADD 4 and upper PADD 5, while maintaining a disciplined approach [38] Question: Update on Laramie's profitability and drilling plans - Management reported improved profitability at Laramie but indicated a focus on debt reduction and minimal CapEx for the time being [42] Question: RIN liabilities and 2021 obligations - Management confirmed that after the expected $30 million outflow in Q4, the company would be fully accrued on its 2021 RIN obligations [49]

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, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION ...