PAR PACIFIC HOLDINGS, INC. Q1 FY2025 earnings call

• Financial Results: First quarter adjusted EBITDA was $10 million and adjusted net loss was $0.94 per share. Reflects off-season conditions and Wyoming outage, but market improving with combined index up $6/bbl this quarter. • Business Segments: Retail same-store fuel and in-store revenue up 0.5% and 1.8% y-o-y; last 12 months total adjusted EBITDA >$80M. Refining and Logistics: Hawaii throughput 79k bbl/day, Washington 39k bbl/day, Wyoming 6k bbl/day, Montana 52k bbl/day. Wyoming refinery restarted a month early. Montana turnaround nearing completion. • Strategic Objectives: Reduced shares outstanding by 5%; Hawaii SAF project progressing; cost reduction efforts on track to achieve $30M-$40M annual savings.

Refining Segment: First quarter adjusted EBITDA loss was $14 million (compared to $22 million in Q4). Hawaii: Singapore 3-1-2 averaged $13.12 per barrel, crude differential $4.99, Hawaii index $8.13 per barrel, margin capture 109%. Wyoming: Index averaged $20.31 per barrel, capture 98%. Montana: Index averaged $7.07 per barrel, capture 71%. Washington: Index averaged $4.15 per barrel, capture 50%. Logistics Segment: First quarter adjusted EBITDA was $30 million, in line with mid-cycle run rate guidance. Retail Segment: First quarter adjusted EBITDA was $19 million compared to $22 million in the fourth quarter.

• Refining: Hawaii crude differential expected $5-$5.50/bbl Q2; Wyoming index guidance, Montana margin capture impacts; Washington index and capture. • Logistics: Mid-cycle run rate guidance met. • Retail: Mid-cycle results continue. • Free Cash Flow: Improving due to solid demand and lower capital requirements in H2.

• Wyoming Outage Impact: OpEx elevated by $6M due to outage, with additional $4M expected in Q2. • Policy Uncertainty: For Hawaii SAF project. • Market Conditions: Fluctuations in oil prices, market structure changes (backwardation to contango) affecting margins.

Q: Congrats on repairing Wyoming and getting it back up. Could you talk about the factors that came in better than expected and allowed you to restart it about a month earlier compared to your original guidance?

A: Yes, Matthew, this is Richard. The team there in Wyoming, supported with some of the other Par resources from other plants, really stepped up and really drove the activities. And also the third-party contractors that we had both on-site and off-site supporting us with materials and resources stepped up in a big way as well. So just an efficient team effort to pull together and respond to the incident and bring it back online. It was a great effort overall. Will Monteleone: Matt, the only thing I'd add is just a strong response from the team during -- kind of immediately following the event. We had some really cold weather following that. The team did a great job of stabilizing the plant, preventing any additional damage.

Q: So there's been quite a bit of moving pieces looking at West Coast markets and, by extension, Asian markets, including asset outages and announced closures. Can you talk about what you're seeing in terms of knock-on effects in your West Coast and Rockies markets in terms of supply/demand? And maybe even what you think the potential impact of rising product imports from Asia to California could mean for your Hawaii market?

A: Sure, Ryan. It's a good question. I think overall, you're seeing a need for increased product imports from Asia. And I think that has ultimately pushed the market into sort of persistent import parities. And for us, that's a favorable outcome for our West Coast position in Tacoma. It also benefits, I'll say, our sales profile that's in Eastern Washington, so again, the kind of western edges of the Rocky Mountain markets where our Montana business has a significant position. So I think those are the 2 areas that are most impactful and I think there's some knock-on effects to Hawaii as well. But across the board, I think a tighter West Coast market benefits us in a number of ways. And we're really strategically on the periphery of California but we're not in California. And so we'd try and position ourselves to participate in that market when it is attractive and then ultimately continue to try and operate really low-cost assets so that when the market is unattractive, we can ride through and ultimately put ourselves in a great spot to capitalize on the upside.