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 ...

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, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION ...

Par Pacific Holdings, Inc. (NYSE:PARR) Q3 2020 Earnings Conference Call November 2, 2020 10:30 AM ET Company Participants Ashimi Patel - Manager of Investor Relations William Pate - President & Chief Executive Officer Will Monteleone - Chief Financial Officer Joseph Israel - President & Chief Executive Officer of Par Petroleum Conference Call Participants Neil Mehta - Goldman Sachs Brad Heffern - RBC Capital Markets Matthew Blair - Tudor, Pickering, Holt & Co Jason Gabelman - Cowen Patrick Sheffield - Beac ...

INVESTOR PRESENTATION I NOVEMBER 2020 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 a ...

Financial Performance - For Q2 2020, the company reported a net loss of $40.6 million, a significant decline from a net income of $28.2 million in Q2 2019, reflecting a decrease of 243%[199]. - Adjusted EBITDA for Q2 2020 was a loss of $50.3 million, compared to earnings of $68.5 million in Q2 2019, indicating a decline of 173.5%[200]. - Revenues for Q2 2020 were $515.3 million, down 63% from $1.41 billion in Q2 2019, primarily due to lower refining sales volumes related to COVID-19[207]. - For the first half of 2020, net income decreased to a loss of $262.9 million from a profit of $89.3 million in the same period of 2019, a decline of 394%[202]. - Adjusted EBITDA for the first half of 2020 was a loss of $36.7 million, compared to earnings of $119.0 million in the first half of 2019, a decrease of 130.8%[203]. - Operating income for Q2 2020 was a loss of $25.4 million, compared to an operating income of $48.6 million in Q2 2019[207]. - Total revenues for the three months ended June 30, 2020, were $1,409,409 million, a decrease from $1,347,557 million in the same period of 2019[210]. - Operating income for the six months ended June 30, 2020, was a loss of $206,616 million, compared to a profit of $70,044 million for the same period in 2019[211]. - The company reported a net loss of $(40,560) thousand for the three months ended June 30, 2020, compared to a net income of $28,169 thousand in 2019[226]. - Adjusted Net Income (Loss) for the three months ended June 30, 2020, was $(90,760) thousand, compared to $22,403 thousand in 2019, indicating a significant decline[226]. Impairments and Charges - The company experienced goodwill impairments of $67.9 million and an other-than-temporary impairment of $45.3 million related to its equity investment in Laramie Energy during the first half of 2020[202]. - The company reported an impairment expense of $67,922 million for the six months ended June 30, 2020, which was not present in the same period of 2019[211]. - The company incurred an impairment expense of $38,105 thousand for the six months ended June 30, 2020, which was not present in the same period in 2019[222]. - Goodwill impairment charges of $67.9 million were recorded in the first half of 2020, affecting both refining and retail segments[256]. Sales and Production - Feedstocks throughput for the refining segment decreased to 115.5 Mbpd in Q2 2020 from 172.9 Mbpd in Q2 2019, representing a decline of approximately 33%[213]. - Total refined product sales volume for the refining segment was 119.3 Mbpd in Q2 2020, down from 176.4 Mbpd in Q2 2019, indicating a decrease of about 32%[213]. - The company experienced a significant reduction in on-island sales volume, which fell to 69.1 Mbpd in Q2 2020 from 113.5 Mbpd in Q2 2019[213]. - Retail sales volumes for the three months ended June 30, 2020, decreased to 22,586 thousand gallons from 31,810 thousand gallons in 2019, representing a decline of approximately 29%[217]. Cost and Margins - Adjusted gross margin per barrel for the refining segment was $(6.96) in Q2 2020, down from $3.46 in Q2 2019[213]. - Adjusted Gross Margin for the refining segment for the three months ended June 30, 2020, was $(22,338) thousand, compared to $98,181 thousand for the same period in 2019, indicating a significant decrease[222]. - The company's operating income (loss) for the refining segment for the six months ended June 30, 2020, was $(205,327) thousand, compared to $47,548 thousand in 2019, reflecting a decline of over 530%[222]. - Production costs per barrel increased to $4.45 in Q2 2020 from $2.82 in Q2 2019, reflecting a rise of approximately 58%[213]. Liquidity and Financing - The company has taken measures to address liquidity, including deferring capital expenditures and issuing $105 million in senior secured notes due 2026[196]. - The company’s liquidity position as of June 30, 2020 was $203.8 million, consisting of $198.5 million at Par Petroleum, LLC and subsidiaries[282]. - The company had access to $142.9 million in cash on hand as of June 30, 2020, along with various credit facilities[283]. - Interest expense and financing costs for the six months ended June 30, 2020, were $35.1 million, a decrease of $3.9 million compared to $39.0 million for the same period in 2019[259]. Market Conditions - The ongoing COVID-19 pandemic has caused significant disruptions, with mandatory self-quarantine orders affecting operations in Hawaii and Washington[198]. - Average Brent crude oil prices dropped from $68.47 per barrel in Q2 2019 to $33.39 per barrel in Q2 2020, while WTI prices fell from $59.91 to $28.00 per barrel in the same period[241]. - A $1 change in the price of crude oil would result in a change of approximately $0.4 million to the fair value of derivative instruments and cost of revenues[302]. Future Outlook - The company plans to continue focusing on market expansion and new product development to improve future performance[214]. - The company may seek to raise additional debt or equity capital to fund significant changes to its business or refinance existing debt[284]. - The company’s capital expenditure budget for 2020 ranges from $95 million to $110 million, focusing on various projects including a Washington renewables project[290].

Financial Performance - For Q1 2020, the company reported a net loss of $222.3 million, a significant decline from a net income of $61.1 million in Q1 2019[190]. - Adjusted EBITDA for Q1 2020 was $10.7 million, down from $47.6 million in Q1 2019, primarily due to unfavorable feedstock differentials and crack spreads[192]. - Revenues for Q1 2020 were $1.204 billion, a slight increase of 1% compared to $1.191 billion in Q1 2019[195]. - The company experienced a 14% increase in the cost of revenues, rising from $1.061 billion in Q1 2019 to $1.210 billion in Q1 2020[195]. - Impairment expenses in Q1 2020 totaled $67.9 million, compared to no impairment expenses in Q1 2019[195]. - The company’s equity investment in Laramie Energy resulted in a loss of $45.0 million in Q1 2020, compared to a gain of $0.3 million in Q1 2019[195]. - Operating income for the refining segment showed a loss of $168.6 million in Q1 2020 compared to a profit of $14.4 million in Q1 2019, indicating a significant decline in profitability[197]. - Adjusted Gross Margin per barrel for the refining segment dropped to $0.24 in Q1 2020 from $3.74 in Q1 2019, a decrease of 93.6%[199]. - The average production costs per barrel increased to $3.36 in Q1 2020 from $2.81 in Q1 2019, an increase of 19.5%[199]. - Total operating expenses for Q1 2020 were $1,385.3 million, compared to $1,169.9 million in Q1 2019, indicating an increase of about 18.4%[239][241]. - Net loss for Q1 2020 was $222.3 million, compared to a net income of $61.1 million in Q1 2019, reflecting a significant decline[239][241]. - Adjusted Gross Margin for the refining segment was $36.6 million for the three months ended March 31, 2020, a decrease of $49.1 million compared to $85.7 million for the same period in 2019[217]. Liquidity and Cash Flow - The company has taken measures to reduce cash outlays for 2020 by approximately $70 million to $80 million due to the impact of COVID-19[187]. - The company expects to utilize tax payment deferral opportunities provided by the CARES Act to strengthen liquidity[188]. - As of March 31, 2020, the liquidity position was $136.5 million, consisting of $131.6 million at Par Petroleum, LLC and subsidiaries, $4.8 million at Par Pacific Holdings, and $0.1 million at other subsidiaries[248]. - The company had access to $62.1 million in cash on hand and various credit facilities as of March 31, 2020, to support its operations and capital needs[249]. - The company expects cash flows from operations and available capital resources to be sufficient to meet current capital and turnaround expenditures, working capital, and debt service requirements for the next 12 months[250]. Operational Adjustments - The company has adjusted throughput rates at its Hawaii and Wyoming refineries in response to reduced demand for refined products[186]. - The company incurred acquisition and integration costs of $665,000 in Q1 2020, compared to $2.9 million in Q1 2019[197]. - For the three months ended March 31, 2020, net cash provided by operating activities was approximately $14.5 million, compared to a net cash used of approximately $56.8 million for the same period in 2019[252]. - Net cash used in investing activities was approximately $14.9 million for the three months ended March 31, 2020, primarily related to additions to property, plant, and equipment[253]. - Capital expenditures and deferred turnaround costs for the three months ended March 31, 2020 totaled approximately $16.5 million, with a budget for 2020 ranging from $95 million to $110 million[255]. Market Conditions and Future Outlook - The economic environment remains fluid and uncertain, with expectations for a longer recovery period for consumer and industrial demand for refined products[188]. - The adverse impact of COVID-19 on the company has been and will likely continue to be material, affecting its business, results of operations, financial condition, and liquidity[262]. - The company continues to seek strategic investments in business opportunities, although the amount and timing of those investments are unpredictable[256]. - The company may from time to time seek to retire or repurchase its outstanding convertible senior notes or common stock, depending on market conditions and liquidity requirements[251]. Segment Performance - The logistics segment achieved an operating income of $18.8 million for the three months ended March 31, 2020, an increase of $6.4 million compared to $12.4 million for the same period in 2019[214]. - The retail segment incurred an operating loss of $18.1 million for the three months ended March 31, 2020, a decrease of $28.2 million compared to an operating income of $10.1 million for the same period in 2019[215]. - Adjusted Gross Margin for the logistics segment increased to $27.7 million for the three months ended March 31, 2020, up by $9.0 million from $18.7 million for the same period in 2019[218]. - Adjusted Gross Margin for the retail segment was $31.4 million for the three months ended March 31, 2020, an increase of $2.9 million compared to $28.5 million for the same period in 2019[219]. Asset and Liability Overview - As of March 31, 2020, total current assets amounted to $612.5 million, with cash and cash equivalents at $62.1 million[234]. - The company's total assets as of March 31, 2020, were $2.14 billion, while total liabilities were $1.71 billion[234]. - The current liabilities totaled $727.9 million, with obligations under inventory financing agreements at $399.7 million[234]. - The company reported a total stockholders' equity of $430.4 million as of March 31, 2020[234]. - For the year ended December 31, 2019, total assets were $2.70 billion, with total liabilities at $2.05 billion[236]. - The long-term debt, net of current maturities, was $599.6 million as of December 31, 2019[236]. - The company’s accumulated earnings (deficit) stood at $(67.9) million as of December 31, 2019[236].

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 网 EXCHANGE ACT OF 1934 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-36550 PAR PACIFIC HOLDINGS, INC. For the fiscal vear ended December 31, 2019 OR (Exact name of registrant as specified in its charter) | Delaware | | --- | | (State or other jurisdiction of | | incorporation or organizati ...