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• Refined Petroleum Products: Produces and sells various fuels including ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, asphalt, and other distillates.
• Retail Fuel and Merchandise Sales: Operates fuel retail outlets selling gasoline, diesel, and convenience store items such as prepared foods, soft drinks, and other sundries.
• Refined Product Logistics and Distribution: Provides services for the storage, transportation, and distribution of refined products utilizing terminals, pipelines, and trucking operations.
• Crude Oil Logistics: Operates a crude oil pipeline gathering system and storage facilities for the transportation of crude oil.

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Will Monteleone - President and Chief Executive Officer

Mr. Monteleone was appointed President and Chief Executive Officer of Par Pacific Holdings effective April 2024. He has been with Par Pacific for over a decade, having served in various leadership positions including President (2023–2024), Executive Vice President and Chief Financial Officer (2022–2023), Senior Vice President and Chief Financial Officer (2017–2022), Senior Vice President of Mergers & Acquisitions (2015–2017), and an earlier stint as Chief Executive Officer (2013–2015). Prior to joining Par Pacific, Mr. Monteleone was a Vice President at Equity Group Investments (EGI), a Chicago-based private investment firm founded by Sam Zell, where he was involved in restructurings and investments, primarily in the energy industry. He began his professional career at Banc of America Securities LLC, where he focused on debt capital raising transactions, including leveraged buyouts and acquisition financings. Mr. Monteleone's background with Equity Group Investments and his involvement in acquisition financings indicate a pattern of managing or working with companies backed by private equity firms.

Shawn Flores - Senior Vice President and Chief Financial Officer

Mr. Flores has served as Senior Vice President and Chief Financial Officer of Par Pacific Holdings since January 2023. He joined Par Pacific in July 2014 and has held various financial leadership roles, including Vice President of Finance since July 2021, where he was responsible for treasury, risk management, financial planning & strategy, and mergers & acquisitions functions. Before his tenure at Par Pacific, Mr. Flores worked in finance roles with BG Group in both Texas and the United Kingdom.

Richard Creamer - Executive Vice President, Refining and Logistics

Mr. Creamer has served as Executive Vice President, Refining and Logistics since April 2022. Prior to rejoining Par Pacific, he served as Vice President and Refinery Manager for HF Sinclair at its El Dorado, Kansas refinery. He also previously served as the Vice President and Refinery Manager for Par Pacific at its Kapolei, Hawaii refinery. His earlier career included various operations and engineering leadership roles along the Texas Gulf Coast with companies such as Flint Hills Resources, Invista, LyondellBasell, and Koch Industries.

Jeff Hollis - Senior Vice President, General Counsel and Corporate Secretary

Mr. Hollis has served as Senior Vice President, General Counsel and Secretary since January 2023, having previously held roles as Vice President, General Counsel and Secretary since January 2022, and Associate General Counsel and Secretary since 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, where his practice focused on mergers and acquisitions, capital markets transactions, securities regulation, and corporate governance.

Danielle Mattiussi - Senior Vice President, Chief Retail Officer

Ms. Mattiussi has served as Senior Vice President & Chief Retail Officer since January 2023. Prior to joining Par Pacific, she served as Vice President of Retail Operations for Maverik. Her earlier experience includes various marketing, business development, and sales management roles with Canon USA and Eastman Kodak.

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Key Risks to Par Pacific Holdings, Inc. (PARR)

1. Commodity Price Volatility: Par Pacific's profitability is significantly influenced by the volatile prices of crude oil, refined petroleum products (such as gasoline, diesel, and jet fuel), and the crack spreads (the difference between the wholesale price of refined petroleum products and the price of crude oil). Adverse fluctuations in these commodity prices can materially impact the company's refining margins, revenue, and overall financial performance.
2. Energy Transition and Decreased Demand for Fossil Fuels: The global movement towards decarbonization and cleaner energy sources, including the increasing adoption of electric vehicles and renewable fuels, poses a long-term risk to the demand for refined petroleum products. As governments and consumers shift away from fossil fuels, the demand for gasoline, diesel, and other products central to Par Pacific's refining and retail segments could decline, potentially affecting the company's future revenue streams and asset values.
3. Environmental Regulations and Compliance Costs: As an operator of refineries and logistics infrastructure, Par Pacific is subject to extensive and evolving environmental regulations. Changes in these regulations, including stricter emissions standards, carbon pricing, or renewable fuel mandates, can lead to increased operating costs, significant capital expenditures for compliance, and potential liabilities, thereby impacting the company's financial results.

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The clear emerging threat for Par Pacific is the global transition away from fossil fuels towards electrification and renewable energy sources. This trend directly impacts their core businesses:

• **Refining and Logistics Segments:** The increasing adoption of electric vehicles (EVs) and the long-term shift towards renewable energy will inevitably lead to a decline in demand for gasoline, diesel, and other refined petroleum products that Par Pacific produces and distributes. As transportation, industrial, and residential sectors reduce their reliance on petroleum, the market for these products will shrink, impacting refinery utilization and the need for distribution infrastructure.
• **Retail Segment:** The rise of electric vehicles poses a direct threat to their fuel retail outlets. As more consumers switch to EVs, the need for traditional gasoline and diesel pumps will diminish, potentially reducing foot traffic and sales at their 119 fuel retail locations. This parallels how streaming services disrupted physical video rental stores.

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Par Pacific Holdings, Inc. operates in the energy and infrastructure sectors across Hawaii, the Pacific Northwest (Washington and Idaho), Wyoming, and South Dakota. The company's main products and services encompass refining petroleum products, operating retail fuel and convenience stores, and providing logistics for refined product distribution. The addressable market sizes for its primary products and services in these regions are outlined below.

Refining Segment

Par Pacific's Refining segment produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, distillate, asphalt, and low sulfur fuel oil. The addressable markets for these refined products, based on the petroleum refining industry or specific product manufacturing, are:

• Hawaii: The Petroleum Refining industry in Hawaii is projected to have a market size of $2.4 billion in 2026. This market includes the production of gasoline, kerosene, distillate fuel oil (diesel fuel), aviation fuel, and residual fuel oil. In 2020, Hawaii's total petroleum expenditure reached $2.8 billion, with motor gasoline accounting for 41.3%, distillate fuel oil at 19.5%, jet fuel at 18.0%, residual fuel oil at 17%, and asphalt and road oil at 0.8% ($23.0 million).
• Wyoming: The Petroleum Refining industry in Wyoming is projected to have a market size of $4.0 billion in 2026. This market covers gasoline, kerosene, distillate fuel oil (diesel fuel), aviation fuel, residual fuel oil, and lubricant production. The Asphalt Manufacturing industry in Wyoming is projected at $112.4 million in 2026.
• South Dakota: The Petroleum Refining industry in South Dakota is projected to have a market size of $1.3 billion in 2026. The Asphalt Manufacturing industry in South Dakota is projected at $50.4 million in 2026.
• Washington (Asphalt): The Asphalt Manufacturing industry in Washington is projected at $559.6 million in 2026.
• Idaho (Asphalt): Null. Market size information for Asphalt Manufacturing in Idaho was not available.

Retail Segment

The Retail segment operates fuel retail outlets that sell merchandise, gasoline, and diesel under various brands. The addressable markets for these retail operations are:

• Hawaii: The Gas Stations with Convenience Stores industry in Hawaii is projected at $2.0 billion in 2026. The broader Convenience Stores industry in Hawaii is projected at $654.2 million in 2026.
• Washington: The Gas Stations with Convenience Stores industry in Washington is projected at $8.1 billion in 2026. The broader Convenience Stores industry in Washington is projected at $1.3 billion in 2026.
• Idaho: The Gas Stations with Convenience Stores industry in Idaho is projected at $4.7 billion in 2026. The broader Convenience Stores industry in Idaho is projected at $115.4 million in 2026.

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Par Pacific Holdings, Inc. (PARR) is expected to drive future revenue growth over the next two to three years through several key areas:

• Enhanced Refining Margins and Operational Efficiency: The company anticipates growth from significant improvements in regional refining margins, particularly in markets like Montana and Washington. Operational efficiency, demonstrated by the earlier-than-anticipated completion of maintenance at its Wyoming refinery and sustained high throughput in its Hawaii refinery, is also expected to contribute to revenue.
• Growth in the Logistics Segment: Par Pacific's Logistics segment is a consistent performer, generating record segment profits. This segment provides stable, fee-based income from transportation and terminalling services, which helps to mitigate the cyclical nature of the refining business and is expected to continue its growth trajectory.
• Expansion and Optimization of Renewable Fuels Capacity: A key strategic initiative for future revenue growth involves successfully integrating new renewable fuels capacity to capitalize on green energy premiums. The company's strategic plans for 2026 include optimizing its Hawaii renewables unit, indicating a focus on this emerging area.
• Retail Segment Expansion and Improved Margins: The Retail segment has consistently delivered growing results, setting new financial records in 2025. This growth is driven by favorable fuel and in-store margins, as well as continued traction from merchandising initiatives and food programs, contributing to both same-store fuel volumes and inside sales revenue.

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Share Repurchases

• Par Pacific launched a new $250 million share repurchase program in February 2026.
• The company repurchased 6.5 million shares in 2025 at an average price of approximately $19 per share, resulting in a 10% reduction in outstanding shares.
• Under a prior plan, Par Pacific completed a buyback of 10.99% of its shares.

Share Issuance

• The number of shares outstanding for Par Pacific decreased by 9.13% in one year.
• The company reduced its share count by 10% in 2025 through repurchases.

Outbound Investments

• Par Pacific closed on the Hawaii Renewables joint venture in October 2025, receiving $100 million in cash proceeds.
• The company's 2025 capital expenditure guidance included $30-40 million for completing the Hawaii renewable hydrotreater project.
• Planned growth capital expenditures for 2026 include approximately $30 million in refining and logistics, and $10 million in retail.

Capital Expenditures

• Par Pacific announced 2026 capital expenditure and turnaround outlay guidance of $190 million to $220 million, with a focus on turnarounds, maintenance, and growth projects.
• The company's 2025 capital expenditure and turnaround outlay guidance ranged from $210 million to $240 million, including allocations for turnarounds and catalysts ($85-95 million), maintenance ($75-85 million), and growth initiatives ($50-60 million).
• Capital expenditures in the last 12 months were reported at -$148.87 million.