Par Pacific : December Investor Presentation

INVESTOR PRESENTATION I DECEMBER 2025

Company Highlights

• Growing energy company providing renewable and conventional fuels to the western United States

• Integrated logistics network with 13 MMbbls of storage, and marine, rail,

  and pipeline assets

  
  
  

• System-wide refining capacity of 219,000 bpd

• Peer-group leading distillate cut, driving higher margins

• 119 fuel retail locations in Hawaii and the Pacific Northwest

• Growing EBITDA contribution from retail and logistics segments

  
  
  

• 46% ownership interest in Laramie Energy, a natural gas E&P company

• Approximately $1.0 billion in federal tax attributes as of December 31, 2024

Disciplined Focus on Increasing Adjusted EPS and Free Cash Flow

2

History of Successful Acquisitions

• Successful expansion from single refinery to vertically

  
  
  

  integrated multi-site platform over ten years

• Increased refining scale and targeted geographic reach in favorable markets through strategic bolt-on acquisitions

• Demonstrated ability to integrate acquisitions into operations with meaningful synergies

  3

  Refining Segment Highlights

  Refining Overview

  Refinery Crude Capacity	Mbpd
  Hawaii	94
  Montana	63
  Washington	42
  Wyoming	20
  Par Pacific System	219

  • Focus on process safety, environmental compliance, and

    operational reliability

  • System-wide crude capacity of 219,000 bpd

  • Throughput and yield optimized to serve local market needs

  • 52% system-wide distillate & LSFO yield 1

  • 22% system-wide exposure to Western Canadian Select (WCS) heavy crude

9/30/25 LTM Crude Sourcing

5% Powder River Basin

9/30/25 LTM Combined Product Yield

38% Distillates

39% Other Waterborne

5% ANS

Inland exposure

Waterborne exposure

16% Bakken

6% Other Products

7% Asphalt

13% Other Inland

1. Distillate and LSFO yield as of the last twelve months ended 9/30/2025.

22% Canadian

Heavy

14% LSFO

4

35% Gasoline

Distillate-Oriented Yield Profile

$80

Distillate Cracks ($/bbl)

Advantaged Distillate Yield % 1

$70

$60

52%

40%

39%

38%

$50

$40

$30

$20

$10

Jan-19

Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25

$-

NYH ULSD crack to WTI USGC ULSD crack to WTI Spore Gasoil .001% crack to Brent

9/30/25 LTM Par Pacific Yield

13% Asphalt, VGO & Other

52% Distillates & Low Sulfur Fuel Oil

1. Par Pacific distillate yields are based on results for the twelve months ended 9/30/2025. Peer distillate yields are based on results for the twelve months ended 12/31/2024, as presented in 12/31/2024 SEC filings.

5

35% Gasoline

Multimodal Logistics System

Diverse logistics assets enable flexibility and development

of integrated downstream system

Leading Retail Position in Attractive Markets

Hawaii Retail

• 87 locations across four islands

• 33 company-operated convenience stores

• Scarcity of land, high real estate costs and logistics complexity strengthen competitive position

• Dual-branded retail network to attract and retain broad

  customer base

  • Hele - proprietary local brand

  • 76 - exclusive license

    $86

$76

$68

$60

$47

• Expanding merchandise and food service offerings

  Northwest Retail

• 32 company-operated locations in Washington and Idaho

• Proprietary nomnom brand

• Attractive fuel supply opportunities enhancing margins

• Expanding merchandising assortment and food offerings to drive and increase margin capture

2021 2022 2023 2024 LTM 9/30/25

Growing Adjusted EBITDA Contribution Through

Various Market Cycles

Chart in $ millions. See appendix for non-GAAP reconciliations.

Growing Contribution from Retail and Logistics Segments

Trending Retail & Logistics Adj. EBITDA ($MM) 1 $216 $121

$97

$68

$130

$120

$74

$73

$86

$76

$60

$135 $165 $196

$47

2021 2022 2023 2024 LTM 9/30/25 Retail Logistics

Targeted gross term debt of 3-4x Retail and Logistics annual Adjusted EBITDA

1. See appendix for non-GAAP reconciliations.

Hawaii Renewables

Hawaii Renewable Fuels Project

• Par Pacific is executing a project in Hawaii to produce renewable fuels, including Renewable Diesel (RD), Sustainable Aviation Fuel (SAF), and Renewable Naphtha

• Highly capital efficient project, delivering 61 million gallons per year capacity for less

  than $1.75 per gallon, including feedstock pre-treatment

• Flexibility to produce up to 60% SAF or 90% RD yield

• Operating cost advantages by leveraging Par Pacific's existing resources, utilities, and

  distribution network, including pipeline connection to Honolulu Airport

• Construction is expected to be completed by the end of 2025

  Hawaii Renewables Joint Venture

• Par Pacific announced the closing of Hawaii Renewables, a strategic joint venture with Mitsubishi Corporation and ENEOS Corporation, in October 2025

• Par Pacific contributed the renewables fuels project and retained a 63.5% controlling equity interest in Hawaii Renewables; Par Hawaii Refining operates the joint venture

• Mitsubishi and ENEOS, through Alohi Renewable Energy, contributed $100 million to Hawaii Renewables for a 36.5% equity interest

• Strategic partnership brings commercial synergies, including global feedstock sourcing and market and customer access in the Asia-Pacific region, including California

Hawaii Renewables JV Simplified Structure

Alohi Renewable Energy

ENEOS

Corporation

Mitsubishi Corporation

36.5%

63.5%

Par Pacific Holdings

Par Hawaii Refining

Hawaii

Renewables

Operator

Note: Chart omits certain intermediate subsidiaries between parent and operating subsidiaries for brevity.