Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2021 was $85 million, with adjusted net income at $0.76 per share, including a $29 million non-cash mark-to-market benefit for RFS compliance [6][22] - Excluding the mark-to-market benefit, adjusted EBITDA was $56 million and adjusted earnings per share was $0.27 [22] - Cash flow from operations was $53 million, with capital expenditures and turnaround outlays totaling $8 million [27] Business Line Data and Key Metrics Changes - Retail segment adjusted EBITDA contribution was $14 million, with same-store sales fuel volumes up approximately 12% and merchandise sales up about 3.5% compared to Q3 2020 [23] - Logistics segment adjusted EBITDA was $19 million, slightly down from $20 million in Q2 2021 [23] - Refining segment recorded adjusted EBITDA of $64 million, a significant recovery from a loss of $29 million in Q2 2021 [23][24] Market Data and Key Metrics Changes - Wyoming's 3-2-1 index was $41.78 per barrel, with refinery throughput at approximately 18,000 barrels per day [14] - Washington's Pacific Northwest 5-2-2-1 index was $18.59 per barrel, with throughput averaging slightly over 38,000 barrels per day [15] - Hawaii's Singapore 3-1-2 index was $6.20 per barrel, with throughput averaging approximately 81,000 barrels per day [17] Company Strategy and Development Direction - The company is focused on debt reduction as a top priority while exploring small capital projects for future growth [9][32] - In terms of energy transition, the company is exploring opportunities in Hawaii and Washington, with a focus on local needs and leveraging regional strengths [10][11] - The company published its inaugural sustainability report, emphasizing its commitment to strong ESG standards [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving market conditions, particularly in Hawaii, and noted that the system is well-positioned to capture opportunities [20] - The company highlighted the need for the EPA to act on small refinery exemption applications and RVO obligation levels [8] - Management acknowledged the volatility in RIN prices and the impact of crude oil market conditions on profitability [7] Other Important Information - The company is reviewing capital allocation options, with a focus on reducing the cost of capital and evaluating growth opportunities in local markets [9] - The company expects annual cash interest expense to be between $50 million and $55 million, with liquidity totaling $277 million at the quarter's end [28] Q&A Session Summary Question: Capital allocation strategy moving into 2022 - Management emphasized that debt reduction remains the primary focus, with no significant limitations on equity repurchases or dividends at this time [32] Question: OpEx and impact of higher natural gas prices - Management noted that production costs in Hawaii were higher due to maintenance and utility costs, but overall sensitivity to natural gas price changes is low compared to typical refiners [33] Question: Hawaii's crude differential and capturing crack spread uplift - Management acknowledged potential headwinds in capturing crack spread uplift due to price lag and rising backwardation but remained optimistic about market conditions [36] Question: 2022 CapEx guidance - Management indicated that maintenance CapEx is expected to be in the $35 million to $40 million range, with additional planned turnaround activities [37] Question: M&A interest in niche markets - Management confirmed ongoing evaluation of M&A opportunities, particularly in PADD 4 and upper PADD 5, while maintaining a disciplined approach [38] Question: Update on Laramie's profitability and drilling plans - Management reported improved profitability at Laramie but indicated a focus on debt reduction and minimal CapEx for the time being [42] Question: RIN liabilities and 2021 obligations - Management confirmed that after the expected $30 million outflow in Q4, the company would be fully accrued on its 2021 RIN obligations [49]

Financial Performance - For the three months ended September 30, 2021, net income improved to $81.8 million from a net loss of $14.3 million for the same period in 2020, driven by higher product crack spreads and a 16% increase in sales volumes in the Refining segment [180]. - Adjusted EBITDA for the third quarter of 2021 was $84.7 million, compared to a loss of $16.1 million in the third quarter of 2020, primarily due to improved crack spreads and favorable RINs mark-to-market adjustments [181]. - For the nine months ended September 30, 2021, net loss decreased to $89.4 million from a net loss of $277.2 million for the same period in 2020, aided by favorable feedstock costs and a gain of $63.9 million from Sale-Leaseback Transactions [183]. - Revenues for the third quarter of 2021 were $1.31 billion, a 90% increase from $689.98 million in the third quarter of 2020 [187]. - The company reported revenues of $3.42 billion for the nine months ended September 30, 2021, representing a 42% increase from $2.41 billion in the same period in 2020 [189]. - Operating income for the three months ended September 30, 2021, was $97,793 million, compared to an operating income of $2,750 million for the same period in 2020, indicating a substantial recovery [192]. - For the nine months ended September 30, 2021, revenues were $3.4 billion, a $1.0 billion increase compared to $2.4 billion for the same period in 2020, primarily driven by a $0.9 billion increase in third-party revenues at the refining segment [230]. Refining Segment Performance - The refining margins improved during the third quarter of 2021 compared to the second quarter, with profitability in retail and logistics segments reaching over 90% of pre-pandemic levels [174]. - Feedstocks throughput for the refining segment increased to 137.3 Mbpd in Q3 2021 from 105.0 Mbpd in Q3 2020, reflecting a growth of approximately 30.5% [195]. - Refined product sales volume rose to 144.9 Mbpd in Q3 2021, up from 125.0 Mbpd in Q3 2020, marking an increase of about 15.9% [195]. - Adjusted gross margin per barrel for the refining segment improved to $7.66 in Q3 2021, compared to a negative margin of $(0.47) in Q3 2020 [195]. - The total yield for the refining segment improved to 97.5% in Q3 2021, compared to 94.4% in Q3 2020 [195]. - Adjusted Gross Margin for the refining segment was $120.0 million for the three months ended September 30, 2021, an increase of $103.7 million compared to $16.3 million in the same period of 2020 [216]. - The company reported an operating income of $86,413 thousand for the refining segment in Q3 2021, a significant recovery from an operating loss of $5,106 thousand in Q3 2020 [203]. Liquidity and Capital Management - The company undertook liquidity-enhancing measures, including a sale-leaseback transaction for $112.8 million and a public offering of 5.75 million shares resulting in net proceeds of approximately $87.2 million [176][177]. - As of September 30, 2021, liquidity position was $276.8 million, consisting of $272.2 million at Par Petroleum, LLC and subsidiaries [259]. - The company raised approximately $87.2 million from a public offering of 5.75 million shares at $16.00 per share in March 2021 [262]. - The company has access to various credit facilities totaling $201.3 million as of September 30, 2021 [260]. Cost and Expense Management - Cost of revenues (excluding depreciation) for the three months ended September 30, 2021, was $1.1 billion, an increase of $500 million compared to $600 million in the same period of 2020, primarily due to higher crude oil prices [223]. - Operating expense (excluding depreciation) increased to $221.1 million for the nine months ended September 30, 2021, up $11.2 million from $209.9 million in the same period of 2020, driven by higher utility and maintenance expenses [232]. - Production costs per barrel decreased to $4.28 in Q3 2021 from $5.80 in Q3 2020, indicating improved cost efficiency [195]. Market Conditions and Risks - The average Brent crude oil price increased to $73.23 per barrel in Q3 2021 from $43.34 per barrel in Q3 2020, a rise of 68.9% [196]. - A $1 change in the price of crude oil would result in a change of approximately $1.2 million to the fair value of the company's derivative instruments and cost of revenues [280]. - The company monitors the creditworthiness of customers to mitigate credit risk and establish credit limits according to its credit policy [285].

9 | Par Pacific INVESTOR PRESENTATION | NOVEMBER 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 statem ...

Par Pacific Holdings, Inc. (NYSE:PARR) Q2 2021 Results Conference Call August 5, 2021 10:00 AM ET Company Participants Ashimi Patel - Investor Relations William Pate - President and Chief Executive Officer Joseph Israel - President and Chief Executive Officer of Par Petroleum Will Monteleone - Chief Financial Officer Conference Call Participants Carly Davenport - Goldman Sachs Phil Gresh - JPMorgan Jason Gabelman - Cowen Matthew Blair - Tudor, Pickering, Holt Patrick Sheffield - Beach Point Capital Jake Gom ...

9 | Par Pacific INVESTOR PRESENTATION | AUGUST 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 statemen ...

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, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 O ...

| Par Pacific 9 INVESTOR PRESENTATION | MAY 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, ...

Financial Data and Key Metrics Changes - First quarter adjusted EBITDA was a loss of $43 million and adjusted net loss was $1.55 per share, which included a $47 million non-cash prior period mark-to-market expense [8][28] - Current liquidity stands at $287 million, significantly higher than the end of 2019 levels, and net debt is down to $462 million, more than $45 million below year-end 2019 [15][37] Business Line Data and Key Metrics Changes - The retail segment adjusted EBITDA contribution was $8 million, down from $16 million in the fourth quarter of 2020, primarily due to margin compression and lower volumes [30] - The Logistics segment adjusted EBITDA contribution was $16 million, up $7 million from the fourth quarter of 2020, driven by increased demand in Hawaii and Wyoming [31] - The Refining segment recorded an adjusted EBITDA loss of $55 million, but excluding the prior period mark-to-market expense, the loss would be $9 million [32] Market Data and Key Metrics Changes - Air travel to Hawaii increased significantly, with passenger arrivals now approximately 65% of pre-pandemic levels, primarily due to domestic travel [9] - The Wyoming 3-2-1 Index averaged $20.97 per barrel in Q1, with throughput averaging approximately 15,000 barrels per day [19] - The Singapore 3-1-2 Index averaged $3.80 per barrel in Q1, with throughput averaging approximately 81,000 barrels per day [23] Company Strategy and Development Direction - The company is transitioning its Northwest retail unit to its proprietary nomnom convenience store brand, which is expected to boost segment profit [13] - The company is well-positioned for new greenhouse gas regulations due to low emissions and a completed renewables logistics system [14] - The company anticipates improving profitability as the economy recovers and expects much of the global demand growth to be in distillates [15][16] Management's Comments on Operating Environment and Future Outlook - Management noted a key inflection point in the industry due to increasing vaccination rates and improving mobility trends [7] - The company expects a rebound in retail performance as crude oil prices stabilize and traffic volumes increase [12] - Management expressed confidence in the recovery of refining profitability, particularly in Hawaii, as market conditions improve [44] Other Important Information - The company completed a $116 million sale-leaseback of certain real estate properties and an $87 million equity issuance to enhance liquidity [14][37] - The company is focused on maximizing asset utilization and transitioning back to positive profitability territory [26] Q&A Session Summary Question: Trends in second quarter performance and Hawaii - Management observed significant changes in profitability from January and February to March, with increased runs at refineries and improved market indices [43] Question: Singapore crack spreads and demand recovery - Management indicated that while supply has increased, the Singapore market is affected by international factors and may return to historical means with ongoing volatility [50] Question: Retail segment performance in Q1 - Management noted that volume lagged behind Q4 due to fewer days and a lull in markets, but March showed improvement [56] Question: RINs obligations and Supreme Court case - Management expects the Supreme Court to reverse a lower court decision, allowing for waivers for 2019 and 2020 RINs obligations [62][66] Question: Crude guidance in Hawaii - Management clarified that the increase in crude costs is due to a lag in pricing and not a change in crude quality [69] Question: Laramie's performance and cash generation - Management stated that Laramie's cash generation will primarily be used for debt reduction [72] Question: Logic behind equity raise - Management explained that the equity raise aims to lower the cost of senior debt funding and improve liquidity [83]

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 March 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 ...

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].