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• Valero (VLO) for Hawaii, but with its own gas stations.
• ExxonMobil (XOM) or Chevron (CVX) for Hawaii, minus the oil drilling, focused on refineries and gas stations.

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• Refined Petroleum Products: Production and sale of various fuels and petroleum products such as gasoline, diesel, jet fuel, and asphalt from their oil refineries.
• Retail Fuel and Convenience Store Merchandise: Operation of gas stations and convenience stores selling fuel, food, beverages, and other merchandise directly to consumers.
• Logistics and Midstream Services: Transportation, storage, terminalling, and distribution of crude oil and refined products through pipelines, terminals, and marine infrastructure.

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Par Pacific (PARR) - Major Customers

Par Pacific Holdings, Inc. (PARR) operates in three primary segments: Refining, Logistics, and Retail. Based on its significant revenue contribution from its Refining and Logistics segments, Par Pacific primarily sells its products and services to other companies (B2B).

While the company's 2023 Form 10-K states that one customer accounted for approximately 17% of its consolidated revenues, the name of this major customer is not publicly disclosed in its regulatory filings. Therefore, specific named companies cannot be listed. However, based on the nature of Par Pacific's operations, its major B2B customers generally fall into the following categories:

• Wholesale Distributors and Fuel Marketers: These companies purchase refined petroleum products such as gasoline, diesel, and jet fuel in bulk. They then distribute and sell these products to their own networks, which include other retailers, commercial fleets, government entities, and various industrial users.
• Airlines and Marine Operators: Customers directly purchasing jet fuel for aviation or bunker fuel for shipping and marine transportation fleets.
• Construction and Industrial Companies: Buyers of specialized products such as asphalt for road building, infrastructure projects, and other industrial fuels for their operational needs.
• Other Energy Companies: Businesses that utilize Par Pacific's logistics services, including its pipelines, terminals, and storage facilities, for the transportation and storage of crude oil and refined products.

Although Par Pacific primarily serves other businesses, it also operates a Retail segment that sells directly to individual consumers. Through its network of branded gasoline stations and convenience stores (including brands like '76', 'Circle K', 'Cenex', 'Hele', and 'Minit Stop'), it sells motor fuels and convenience store merchandise directly to the public.

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William Monteleone President and Chief Executive Officer

William Monteleone has served as President and Chief Executive Officer of Par Pacific since April 2024. He previously held roles as President from January 2023 to April 2024, and Chief Financial Officer from March 2017 to December 2022. Monteleone also served as Senior Vice President of Mergers and Acquisitions from February 2015 to March 2017, and as Chief Executive Officer from June 2013 to January 2015. Before joining Par Pacific in 2013, he was a Vice President at Equity Group Investments (EGI), a private investment firm founded by Sam Zell, where his work focused on restructurings and investments primarily within the energy industry. He began his career at Banc of America Securities LLC. Monteleone has served on the Board of Directors for Par Pacific since 2012, and on the Board of Managers for Laramie Energy, LLC, as well as on the Board of Directors of Wapiti Oil and Gas I, LLC, Wapiti Oil and Gas II, LLC, and Kuwait Energy Company.

Shawn Flores Senior Vice President, Chief Financial Officer

Shawn Flores has been the Senior Vice President and Chief Financial Officer of Par Pacific since 2023. He joined the company in 2014 and has held various financial leadership positions, including Vice President of Finance since 2021. In this role, he oversaw Par Pacific's treasury, risk management, financial planning & strategy, and mergers & acquisitions functions.

Richard Creamer Executive Vice President, Refining and Logistics

Richard Creamer has served as Executive Vice President, Refining and Logistics since April 2022. Prior to rejoining Par Pacific, Mr. Creamer was Vice President and Refinery Manager for HF Sinclair for the El Dorado, Kansas refinery. He previously served as Vice President and Refinery Manager for Par Pacific at the Kapolei, Hawaii refinery and held various operations and engineering leadership roles at Flint Hills Resources, Invista, LyondellBasell, and Koch Industries.

Jeff Hollis Senior Vice President, General Counsel and Secretary

Jeff Hollis has been Senior Vice President, General Counsel and Secretary since January 2023. He previously served as Vice President, General Counsel and Secretary starting in January 2022, and as Associate General Counsel and Secretary from June 2015. Before joining Par Pacific, Mr. Hollis was a Senior Counsel at Air Liquide and an Associate at the law firm of Baker Botts.

Terrill Pitkin Senior Vice President, Planning & Commercial

Terrill Pitkin has served as Senior Vice President, Planning & Commercial since May 2023. Prior to this role, he was the Vice President of Planning & Optimization since April 2020. Mr. Pitkin joined Par Pacific in November 2014 and has held a variety of commercial and planning leadership roles. His prior experience includes engineering and operations roles at the Marathon Petroleum refinery in Galveston and the BP refinery in Texas City.

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The key risks to Par Pacific's business include market volatility and commodity price fluctuations, operational hazards and reliability, and regulatory and environmental risks.

1. Market Volatility and Commodity Price Fluctuations: Par Pacific operates in the inherently volatile oil and gas industry, making its financial performance highly susceptible to fluctuating crude oil prices and refining margins. This volatility disproportionately impacts its refining segment, which accounts for a significant portion of its revenue generation.
2. Operational Hazards and Reliability: The company's refining, transportation, and storage operations are exposed to substantial operational hazards such as fires, explosions, spills, and mechanical failures. Such incidents can lead to business interruptions, costly shutdowns, increased maintenance expenses, and potential reputational damage. Even minor operational disruptions can result in significant lost profit opportunities.
3. Regulatory and Environmental Risks, including Energy Transition: Par Pacific operates within a highly regulated environment, facing increasingly stringent environmental laws and regulations. These risks include the potential impacts of climate change policies and the broader energy transition, which could erode long-term demand for traditional refined products, increase compliance costs, and lead to financial penalties or remediation expenses.

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1. Rapid Adoption of Electric Vehicles (EVs): The increasing sales and market penetration of electric vehicles globally, and particularly in key regions like Washington State (where PARR operates a refinery and retail network), directly erode demand for gasoline and diesel fuels. Policies such as California's Advanced Clean Cars II rule banning new internal combustion engine (ICE) vehicle sales by 2035, and similar trends and targets in other jurisdictions, indicate a significant long-term decline in traditional transportation fuel consumption.

2. Emergence and Growth of Renewable Fuels: The refining industry is experiencing a significant shift towards the production of renewable diesel and Sustainable Aviation Fuels (SAFs). Many competitors are actively investing in or converting existing refineries to produce these lower-carbon alternatives. As demand for and regulatory mandates around renewable fuels grow, PARR's traditional fossil fuel products could face diminished market share and profitability if the company does not adequately pivot its production capabilities.

3. Increasing Regulatory and Policy Pressure: Jurisdictions where PARR operates, such as Washington State and Hawaii, are at the forefront of implementing stringent environmental regulations, carbon pricing mechanisms, and clean fuel standards. For example, Washington's Clean Fuel Standard, which became effective in 2023, directly increases costs for high-carbon fuels and incentivizes lower-carbon alternatives. These policies increase operating costs for traditional fossil fuel production and distribution while simultaneously incentivizing alternatives, directly impacting PARR's refining and logistics segments.

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Par Pacific Holdings (PARR) operates in three main business segments: Refining, Retail, and Logistics, primarily serving Hawaii, the Pacific Northwest (Washington, Idaho), and the Rocky Mountain regions (Wyoming).

Refining and Retail Products:

• Gasoline:
  • Hawaii: Statewide gasoline consumption was approximately 34.6 million gallons in June 2024, 36.4 million gallons in May 2024, 32.1 million gallons in February 2025, 34.8 million gallons in January 2025, and 33.9 million gallons in November 2024.
  • Washington State: Demand for gasoline is forecasted to increase to 2,493 million gallons annually by 2024.
  • Idaho: Residents purchased approximately 2.1 million gallons of gasoline daily in 2021, totaling about 766.5 million gallons annually.
• Diesel Fuel:
  • Hawaii (Highway Use): Consumption was around 3.6 million gallons in June 2024, 4.1 million gallons in May 2024, 3.5 million gallons in February 2025, 3.7 million gallons in January 2025, and 3.7 million gallons in November 2024.
  • Washington State: Total diesel consumption is forecasted to decline from 977 million gallons in 2023 to between 792.55 million and 966 million gallons by 2025.
• Jet Fuel (Aviation Fuel):
  • Hawaii: Statewide aviation fuel consumption was approximately 17.8 million gallons in February 2025 and 18.8 million gallons in November 2024.
  • Pacific Northwest (Washington and Oregon): The combined transportation fuel demand, which includes gasoline, diesel fuel, and jet fuel, was 440,100 barrels per day in 2020 (approximately 6.7 billion gallons annually).
  • U.S. Aviation Fuel Market: This market is projected to reach an estimated value of USD 218.63 billion by 2032. The global jet fuel market is estimated at USD 431.7 billion in 2025.
• Retail Fuel Sales (Gas Stations):
  • Idaho: The market size of the Gas Stations industry in Idaho is estimated to be $1.2 billion in 2025.

Logistics Services:

• U.S. Logistics Market (overall, including fuel transportation, storage, and distribution):
  • The U.S. logistics market size is anticipated to reach USD 1,997.6 billion in 2025.
  • The broader U.S. freight and logistics market size was valued at USD 1,405.5 billion in 2024 and is expected to grow to USD 1,930.7 billion by 2032.
• Global Fuel Supply Logistics Market (transportation, storage, and distribution of fuel products):
  • This market is expected to be valued at $17.4 billion in 2025, with a projected growth to $33.8 billion by 2033.

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Par Pacific Holdings, Inc. (PARR) is positioned for future revenue growth over the next 2-3 years, driven by a combination of strategic initiatives, operational efficiencies, and market dynamics across its refining, logistics, and retail segments.

1. Expansion into Sustainable Aviation Fuel (SAF) Production: Par Pacific is actively progressing its Sustainable Aviation Fuel (SAF) project in Hawaii, with financial contributions anticipated to begin in 2026. The company successfully closed the Hawaii Renewables joint venture with Mitsubishi and ENEOS in late October 2025, a strategic partnership expected to bolster its renewable energy initiatives and enhance market presence in the region. This venture includes approximately $30-40 million in growth guidance for 2025 to complete the Hawaii renewable hydrotreater project.
2. Continued Operational Improvements and Increased Refining Throughput: The company has demonstrated a focus on maximizing efficiency and throughput in its refining segment. Par Pacific achieved a near-record throughput of 198,000 barrels per day in Q3 2025 and set a new record low for refining production costs at $6.13 per barrel. Specifically, the Hawaii refinery recorded a quarterly operational throughput record. Analysts anticipate that these operational improvements, coupled with growing demand from tight U.S. West Coast markets, will support stable margins and contribute to profit margin expansion.
3. Growth in the Retail Segment: Par Pacific's retail segment has consistently shown strong performance, with quarterly same-store fuel revenue increasing by 1.8% and in-store revenue by 0.9% in Q3 2025 compared to the previous year. This growth is attributed to higher fuel margins, same-store sales growth, and effective cost control. The company also mentioned plans for strategic expansion within its retail development pipeline, particularly in the Pacific Northwest and Hawaii. This marks the third consecutive quarter of record last twelve months (LTM) retail adjusted EBITDA, which stands at $86 million.
4. Optimization and Increased Utilization of the Logistics Segment: The Logistics segment achieved a record adjusted EBITDA of $37 million in Q3 2025, an increase of $7 million from the previous quarter. This improvement reflects a return to normal summer operations in Montana and Wyoming and higher system utilization in Hawaii, indicating a more efficient leveraging of existing logistics assets and recovery of volumes.
5. Favorable Refining Market Conditions and Regulatory Support: Par Pacific has benefited from favorable market conditions, with product margins rallying due to tight fundamental supply and demand balances and geopolitical disruptions. The company also received a significant earnings boost of approximately $200 million from small refinery exemptions (SREs) for compliance periods between 2019 and 2024, contributing to strong adjusted EBITDA and net income. While the SREs provided a one-time boost for past periods, favorable refining market conditions and ongoing regulatory considerations can continue to impact future revenue and margins positively.

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Share Repurchases

• Year-to-date 2025, Par Pacific repurchased 5.7 million shares, reducing its basic share count by over 9%.
• Under a program effective February 26, 2025, the company repurchased 4,649,741 shares for $68.8 million.
• In Q2 2025, $28 million of common stock was repurchased, followed by an additional $16.4 million in Q3 2025.

Share Issuance

• At the May 1, 2025, annual meeting, stockholders were asked to approve an amendment to the 2018 Employee Stock Purchase Plan to increase the maximum number of shares available for issuance by 500,000 shares.

Inbound Investments

• In October 2025, Par Pacific closed its Hawaii Renewables joint venture with Mitsubishi and ENEOS, receiving $100 million in cash proceeds.

Outbound Investments

• Par Pacific holds a 46% ownership interest in Laramie Energy, LLC, a natural gas production company.

Capital Expenditures

• Par Pacific announced 2025 capital expenditure and turnaround outlay guidance in the range of $210 million to $240 million.
• Planned 2025 capital expenditures include $85-95 million for turnarounds & catalyst, $75-85 million for maintenance, and $50-60 million for growth initiatives.
• Growth initiatives for 2025 specifically allocate $30-40 million to complete the Hawaii renewable hydrotreater project and $10 million for ERP system enhancements.