Par Pacific (PARR) Investor presentation summary

Strategic growth and operational highlights

• Expanded from a single refinery to a vertically integrated, multi-site platform through successful acquisitions, increasing scale and geographic reach in favorable markets with strong integration and synergy realization.

• Provides renewable and conventional fuels to the western U.S., with a system-wide refining capacity of 219,000 bpd and a peer-leading distillate cut for higher margins.

• Integrated logistics network includes 13 million barrels of storage and multimodal assets, supporting flexibility and downstream integration.

• Operates 115 retail fuel locations in Hawaii and the Pacific Northwest, with proprietary and dual-branded networks enhancing market position.

• Holds a 46% stake in Laramie Energy and approximately $0.7 billion in federal tax attributes as of year-end 2025.

Refining and product yield profile

• System-wide crude capacity is 219,000 bpd, with 53% distillate and low sulfur fuel oil yield and 20% exposure to Western Canadian Select heavy crude.

• Product yield for the twelve months ended 3/31/2026: 39% distillates, 35% gasoline, 14% LSFO, 7% asphalt, 5% other products.

• Distillate-oriented yield profile supports higher margins, with 53% distillate and LSFO yield outperforming peers.

Retail and logistics segment performance

• Retail and logistics segments show growing EBITDA contribution, with stable performance across market cycles.

• Retail network in Hawaii (87 locations) and the Northwest (28 locations) leverages proprietary brands and expanded merchandise/food offerings to drive margin capture.

• Targeted gross term debt of 3-4x annual adjusted EBITDA for retail and logistics segments.