Company Overview - Par Pacific is a growing energy company focused on renewable and conventional fuels in the western United States[10] - The company has an integrated logistics network with 13 million barrels (MMbbls) of storage and marine, rail, and pipeline assets[10] - The company's system-wide refining capacity is 219,000 barrels per day (bpd)[10] - Par Pacific has 119 fuel retail locations in Hawaii and the Pacific Northwest[10] - The company holds a 46% ownership interest in Laramie Energy, a natural gas E&P company[10] - As of December 31, 2024, Par Pacific had approximately $1 billion in federal tax attributes[10] Refining Segment - Par Pacific's system-wide distillate & LSFO yield is 52%[22] - The company has a 21% system-wide exposure to Western Canadian Select (WCS) heavy crude[22] - Hawaii refinery crude capacity is 94,000 bpd, Montana is 63,000 bpd, Washington is 42,000 bpd, and Wyoming is 20,000 bpd[19] Retail and Logistics Segments - The Retail and Logistics segments are showing growing Adjusted EBITDA contribution through various market cycles[38] - The Trending Retail & Logistics Adjusted EBITDA for the Last Twelve Months (LTM) ending June 30, 2025, was $211 million[40] - The company is targeting gross term debt of 3-4x Retail and Logistics annual Adjusted EBITDA[41] Capital Expenditure and Turnaround - The company's 2024 actual capital expenditures were $209 million[44] - The company's 2025 capital expenditure guidance is $210-240 million[43] - The company expects a normalized annual turnaround outlay of $8-9 million for Hawaii, $7-8 million for Washington, $4-5 million for Wyoming, and $18-22 million for Montana[44] Hawaii Renewables Project - Par Pacific is executing a project in Hawaii to produce 61 million gallons per year capacity for renewable fuels, including Renewable Diesel (RD) and Sustainable Aviation Fuel (SAF)[51] - Mitsubishi and ENEOS will contribute $100 million to Hawaii Renewables through Alohi Renewable Energy for a 36.5% equity interest[51] Financial Position - As of June 30, 2025, the company's term debt was $641 million[99]

Core Viewpoint - Par Pacific Holdings, Mitsubishi Corporation, and ENEOS Corporation have established a joint venture named Hawaii Renewables to produce renewable fuels at Par Pacific's refinery in Kapolei, Hawaii, with Mitsubishi and ENEOS acquiring a 36.5% stake for $100 million [1][2][4]. Group 1: Joint Venture Details - Hawaii Renewables will utilize Par Pacific's existing refining and logistics infrastructure and advanced pretreatment technology from Lutros, LLC, with construction underway and expected completion by the end of the year [2][3]. - The facility will be the largest renewable fuels manufacturing site in Hawaii, projected to produce approximately 61 million gallons per year of renewable diesel, sustainable aviation fuel, renewable naphtha, and low carbon liquefied petroleum gases [2][3]. Group 2: Production and Environmental Impact - The facility is designed to produce up to 60% sustainable aviation fuel as an initial step towards decarbonizing Hawaii's air travel market, with the capability to process various feedstocks and adjust yields based on market conditions [3]. - The renewable fuels produced will help reduce greenhouse gas emissions while ensuring a reliable supply of transportation and utility fuels for Hawaii consumers [3]. Group 3: Strategic Partnership Benefits - The partnership combines Par Pacific's West Coast and Pacific asset base with Mitsubishi's global business capabilities, including access to its Petro-Diamond Inc. Terminal in Long Beach, California, and expertise in global feedstock procurement [4]. - ENEOS will enhance the partnership by leveraging its experience in fuel refining and trading across Asia-Pacific and North America, contributing to the initiative's success [4][5]. Group 4: Company Backgrounds - Par Pacific Holdings operates 219,000 barrels per day of refining capacity across four locations and has an extensive energy infrastructure network, including 13 million barrels of storage [6]. - Mitsubishi Corporation is a global integrated business enterprise with operations across various industries, including Environmental Energy and Power Solution [7][8]. - ENEOS Corporation is Japan's leading energy company, focusing on refining and marketing petroleum products while aiming for a carbon-neutral society through energy transition [9].