Financial Data and Key Metrics Changes - Third quarter adjusted net income was $2.88 per share and adjusted EBITDA was $214 million, indicating strong financial performance [8][24] - The company generated record quarterly cash flow from operations of $341 million, driven by normalizing working capital and strong earnings [24][32] - Free cash flow has improved significantly over the past two quarters, with over $400 million of GAAP net income generated [11] Business Segment Data and Key Metrics Changes - The Retail segment reported record adjusted EBITDA of $20 million for the quarter, up from $14 million in Q3 2021, despite a 1.9% decrease in same-store sales volumes [20][21] - The Logistics segment adjusted EBITDA contribution was $22 million, up sequentially from the second quarter by approximately $1 million [25] - Refining segment adjusted EBITDA was $188 million, down from $228 million in the second quarter, impacted by declining refined product cracks [25][10] Market Data and Key Metrics Changes - Distillate cracks remained strong due to high natural gas prices and significant demand from gas to oil substitution, with prompt distillate prices approximately $40 a barrel above gasoline prices in Singapore [10] - Market conditions in Hawaii saw a decline in Singapore 3.1.2 by approximately $10 per barrel to $26.43, but adjusted gross margins remained flat at $19 per barrel [26][28] - Wyoming market conditions declined approximately $9 per barrel compared to the second quarter, but adjusted gross margin remained strong at $51 per barrel [30] Company Strategy and Development Direction - The company is focused on successfully closing the acquisition of ExxonMobil's Billings refinery, which will double mainland refining capacity and enhance logistics [8][11] - There is ongoing progress on renewable energy projects, including a co-processing investment in Tacoma and a joint venture with Hawaiian Airlines for sustainable aviation fuel [12][70] - The company plans to continue investing in organic growth projects and expanding its retail footprint while integrating the Billings operation [64][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong operational reliability and profitability across all business segments, despite some challenges in the refining segment [9][11] - The management noted that global demand remains strong, and they are cautiously optimistic about future market conditions, particularly regarding distillate and gasoline spreads [41][42] - The company is preparing for potential economic impacts from rising interest rates but has not seen significant changes in demand to date [41] Other Important Information - The company reduced gross debt by approximately $14 million during the quarter, with a cash position growing by approximately $220 million [33][32] - The company anticipates the Billings operation to be immediately accretive to earnings and cash flow upon acquisition [11] Q&A Session Summary Question: Can you discuss the strong margins in Hawaii and the benefits realized from fuel oil lag? - Management highlighted three main factors: product crack hedging benefit of approximately $5.50 per barrel, price lag benefit of about $7.50 per barrel due to falling prices, and a $2.50 per barrel higher backwardation cost [38] Question: What are the prospects for rising product exports out of China and the risk to Hawaii margins? - Management indicated that Chinese policy remains focused on internalizing refining capacity, and there have been no major changes affecting exports [39][40] Question: Can you elaborate on the drivers of strong retail results? - The primary driver was the reversal of demand destruction from rising crude oil prices in Q2, with some recovery in international visitors to Hawaii noted [48] Question: What is the outlook for working capital in Q4? - Management stated that working capital changes will depend on crude price fluctuations, with no specific items expected to reverse [58] Question: How will the company approach its balance sheet and cash deployment going forward? - The focus will be on building cash and liquidity in anticipation of the Billings transaction, with potential growth alternatives being considered [62] Question: Can you provide details on the renewable diesel projects? - The Tacoma project is expected to produce about 500 barrels per day, while the Hawaii project aims for approximately 4,000 barrels per day capacity focused on sustainable aviation fuel [70]

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, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION ...

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 ...

Refinery Operations - The Hawaii refinery operated at an average combined crude oil throughput of 82.0 Mbpd, or 87% utilization, for the year ended December 31, 2021[30]. - The Washington refinery operated at an average throughput of 36.3 Mbpd, or 86% utilization, for the year ended December 31, 2021[37]. - The Wyoming refinery operated at an average throughput of 16.9 Mbpd, or 94% utilization, for the year ended December 31, 2021[45]. - The company had a throughput of 135 Mbpd for the full year of 2021, with a $1 per barrel change in average gross refining margins potentially impacting annualized operating income by approximately $48.7 million[355]. - The company consumed approximately 135 Mbpd of crude oil during the refining process in 2021, with about 3% of this throughput accounted for as a fuel cost[358]. Financial Performance - The 3-1-2 Singapore Crack Spread averaged $6.22 per barrel during the year ended December 31, 2021, with a high of $10.49 per barrel in the fourth quarter[31]. - The Pacific Northwest 5-2-2-1 Index averaged $15.95 per barrel during the year ended December 31, 2021, with a high of $18.59 per barrel in the third quarter[38]. - The Wyoming 3-2-1 Index averaged $29.00 per barrel during 2021, with a high of $41.78 per barrel in the third quarter[46]. - The company had one customer in its refining segment that accounted for 13% of consolidated revenue for the years ended December 31, 2021, and 2020[120]. Storage Capacity - The Hawaii refinery has a total crude oil storage capacity of 3.4 MMbbls and refined product storage capacity of 3.3 MMbbls[27][28]. - The Washington refinery has a total crude oil storage capacity of 1.2 MMbbls and refined product storage capacity of 1.5 MMbbls[34]. - The Wyoming refinery has a total crude oil storage capacity of 267 Mbbls and refined product storage capacity of 513 Mbbls[42][43]. - The Washington logistics network has a storage capacity of 2.8 MMbbls and includes a proprietary 14-mile jet fuel pipeline serving Joint Base Lewis McChord[63]. - The logistics network in Hawaii includes a 27-mile pipeline network and a total storage capacity of 301 Mbbls across seven petroleum terminals[61]. Workforce and Diversity - The workforce consisted of 1,336 employees as of December 31, 2021, with 17% represented by the United Steelworkers Union[122]. - The company’s workforce included 49% minorities and 6% protected veterans as of December 31, 2021[123]. Environmental Compliance - The company reported a combined GHG emission total of 619,609 metric tons in 2020, which is 32% below the Title V permit limit[89]. - The GHG permit issued for the company's Hawaii refineries caps emissions at 904,945 metric tons per year, representing a 16% reduction from 2010 levels[89]. - The company’s Hawaii refinery has not been required to install new controls due to compliance with the National Ambient Air Quality Standards (NAAQS)[91]. - The company is subject to significant state and federal air permitting and pollution control requirements, with ongoing enforcement activities by the EPA[110]. - Compliance with the EPA's final rule on toxic air emissions from petroleum refineries has not materially impacted the company's financial condition or cash flows[111]. - The company believes it is in substantial compliance with environmental regulations, including the Clean Water Act and the Oil Pollution Act[105][104]. Market and Economic Conditions - The company expects a slow but steady recovery in Hawaii's economy, with unemployment dropping from 11.8% at the end of 2020 to 7.7% at the end of 2021[67]. - In South Dakota, tourism spending increased by 29.7% in 2021, reaching approximately $4.4 billion, with transportation services accounting for 19.1% of tourism dollars[74]. - The population in Washington grew by 14.6% and Idaho by 17.3% from 2010 to 2020, significantly outpacing the national growth rate of 7.4%[70]. Risk Management - The company utilizes exchange-traded futures, options, and OTC swaps to manage commodity price risks associated with refined product sales and crude oil purchases[356]. - As of December 31, 2021, a $1 change in the price of crude oil would result in a $2.1 million change to the fair value of the company's derivative instruments and cost of revenues[357]. - The company is exposed to market risks related to the volatility in the price of RINs required to comply with the Renewable Fuel Standard, with obligations based on a percentage of production from Hawaii, Wyoming, and Washington refineries[359]. - The company is subject to credit risk from nonpayment or nonperformance by counterparties and will continue to monitor the creditworthiness of customers[363]. Regulatory and Legislative Developments - The Renewable Fuel Standard (RFS) requires an increasing amount of renewable fuel to be blended into the transportation fuel supply, up to 36 billion gallons by 2022[94]. - The company anticipates compliance costs and uncertainties regarding the various requirements contained in the Energy Independence and Security Act (EISA) and RFS[99]. - The company has received extensions of small refinery exemptions from the EPA for its refineries, allowing for continued compliance with Tier 3 gasoline standards[96]. - The company is monitoring legislative developments in Washington, including a low-carbon fuel standard aimed at reducing carbon intensity by 20% by 2038[89]. Financial Obligations - As of December 31, 2021, the company had $215.6 million of indebtedness subject to floating interest rates, with a potential increase of 1% in variable rates resulting in an increase of approximately $3.8 million in Cost of revenues and $3.6 million in Interest expense annually[360]. - The company had entered into an interest rate swap at an average fixed rate of 3.91% to manage interest rate risk, which was set to expire on April 1, 2024[361]. - The company has contracts referencing LIBOR, with transition language in place, and does not expect the transition away from LIBOR to materially impact its financial condition[362].