Core Viewpoint - Par Pacific Holdings Inc. (PARR) is primarily a refining company with a daily processing capacity of 219,000 barrels of oil, utilizing a diverse range of crude oil sources to mitigate risks associated with price fluctuations [1][2][7]. Group 1: Company Overview - PARR sources crude oil from various origins, including U.S. inland oil fields, waterborne imports, and Canadian heavy crude, allowing flexibility in response to price changes [2][7]. - A significant portion of PARR's crude oil is waterborne, with 22% coming from Canadian heavy oil, which is generally cheaper than lighter crude, providing a cost advantage [2][3]. Group 2: Competitive Landscape - Other major players in the refining sector include Phillips 66 (PSX) and Valero Energy Corporation (VLO), with PSX having a more diversified business model that includes midstream operations, making it less vulnerable to commodity price volatility [4]. - Valero Energy operates 15 refineries with a throughput capacity of 3.2 million barrels per day, generating sufficient cash flows to support shareholder returns and growth [5]. Group 3: Financial Performance - PARR's stock has increased by 174.3% over the past year, significantly outperforming the industry average of 18.7% [6][7]. - The company's current valuation shows a trailing 12-month enterprise value to EBITDA (EV/EBITDA) ratio of 5.20X, which is above the industry average of 4.57X [9]. - Recent upward revisions in the Zacks Consensus Estimate for PARR's 2025 earnings indicate positive market sentiment [11].