# EDGAR Filing Document

**Accession Number:** 0000821483
**File Stem:** 0000821483-26-000010
**Filing Date:** 2026-5
**Character Count:** 188763
**Document Hash:** 6d530461839266f398439c15c742c153
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000821483-26-000010.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0000821483-26-000010

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 96

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAR PACIFIC HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0000821483
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 841060803
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36550
- **FILM NUMBER:** 26948938

**BUSINESS ADDRESS:**
- **STREET 1:** 825 TOWN & COUNTRY LANE
- **STREET 2:** SUITE 1500
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024
- **BUSINESS PHONE:** (281) 899-4800

**MAIL ADDRESS:**
- **STREET 1:** 825 TOWN & COUNTRY LANE
- **STREET 2:** SUITE 1500
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAR PETROLEUM CORP/CO
- **DATE OF NAME CHANGE:** 20120907

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELTA PETROLEUM CORP/CO
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? parr-20260331

**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, 2026** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to** 

**Commission File No. 001-36550** 

________________________________________________________________________________________________________________________

**PAR PACIFIC HOLDINGS, INC.** 

**(Exact name of registrant as specified in its charter)**

________________________________________________________________________________________________________________________

---

| | |
|:---|:---|
| **<u>Delaware</u>** | **<u>84-1060803</u>** |
| **(State or other jurisdiction of** | **(I.R.S. Employer** |
| **incorporation or organization)** | **Identification No.)** |

---

---

| | | |
|:---|:---|:---|
| **825 Town & Country Lane, Suite 1500** | **825 Town & Country Lane, Suite 1500** | |
| **<u>Houston,</u>** | **<u>Texas</u>** | **<u>77024</u>** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**(281) 899-4800** 

**(Registrant's telephone number, including area code)**

**(Former name, former address and former fiscal year, if changed since last report)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| Common stock, $0.01 par value | PARR | New York Stock Exchange |
| Common stock, $0.01 par value | PARR | NYSE Texas, Inc. |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

50,144,277 shares of Common Stock, $0.01 par value, were outstanding as of April 30, 2026.

------

**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| PART I FINANCIAL INFORMATION | PART I FINANCIAL INFORMATION | Page No. |
| Item 1. | <u>[Financial Statements](#ia95ec2036a8f4cbe955b62d1fb6209bb_13)</u> |  |
|  | <u>[Condensed Consolidated Balance Sheets](#ia95ec2036a8f4cbe955b62d1fb6209bb_16)</u> | <u>[1](#ia95ec2036a8f4cbe955b62d1fb6209bb_16)</u> |
|  | <u>[Condensed Consolidated Statements of Operations](#ia95ec2036a8f4cbe955b62d1fb6209bb_19)</u> | <u>[2](#ia95ec2036a8f4cbe955b62d1fb6209bb_19)</u> |
|  | <u>[Condensed Consolidated Statements of Comprehensive Income (Loss)](#ia95ec2036a8f4cbe955b62d1fb6209bb_22)</u> | <u>[3](#ia95ec2036a8f4cbe955b62d1fb6209bb_22)</u> |
|  | <u>[Condensed Consolidated Statements of Cash Flows](#ia95ec2036a8f4cbe955b62d1fb6209bb_25)</u> | <u>[4](#ia95ec2036a8f4cbe955b62d1fb6209bb_25)</u> |
|  | <u>[Condensed Consolidated Statements of Changes in Stockholders' Equity](#ia95ec2036a8f4cbe955b62d1fb6209bb_28)</u> | <u>[5](#ia95ec2036a8f4cbe955b62d1fb6209bb_28)</u> |
|  | <u>[Notes to Condensed Consolidated Financial Statements](#ia95ec2036a8f4cbe955b62d1fb6209bb_31)</u> | <u>[6](#ia95ec2036a8f4cbe955b62d1fb6209bb_31)</u> |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ia95ec2036a8f4cbe955b62d1fb6209bb_178)</u> | <u>[23](#ia95ec2036a8f4cbe955b62d1fb6209bb_178)</u> |
| Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#ia95ec2036a8f4cbe955b62d1fb6209bb_322)</u> | <u>[45](#ia95ec2036a8f4cbe955b62d1fb6209bb_7696581396737)</u> |
| Item 4. | <u>[Controls and Procedures](#ia95ec2036a8f4cbe955b62d1fb6209bb_325)</u> | <u>[45](#ia95ec2036a8f4cbe955b62d1fb6209bb_325)</u> |
| PART II OTHER INFORMATION | PART II OTHER INFORMATION |  |
| Item 1. | <u>[Legal Proceedings](#ia95ec2036a8f4cbe955b62d1fb6209bb_331)</u> | <u>[46](#ia95ec2036a8f4cbe955b62d1fb6209bb_331)</u> |
| Item 1A. | <u>[Risk Factors](#ia95ec2036a8f4cbe955b62d1fb6209bb_334)</u> | <u>[46](#ia95ec2036a8f4cbe955b62d1fb6209bb_334)</u> |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#ia95ec2036a8f4cbe955b62d1fb6209bb_337)</u> | <u>[46](#ia95ec2036a8f4cbe955b62d1fb6209bb_337)</u> |
| Item 3. | <u>[Defaults Upon Senior Securities](#ia95ec2036a8f4cbe955b62d1fb6209bb_340)</u> | <u>[46](#ia95ec2036a8f4cbe955b62d1fb6209bb_340)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#ia95ec2036a8f4cbe955b62d1fb6209bb_343)</u> | <u>[46](#ia95ec2036a8f4cbe955b62d1fb6209bb_343)</u> |
| Item 5. | <u>[Other Information](#ia95ec2036a8f4cbe955b62d1fb6209bb_346)</u> | <u>[46](#ia95ec2036a8f4cbe955b62d1fb6209bb_346)</u> |
| Item 6. | <u>[Exhibits](#ia95ec2036a8f4cbe955b62d1fb6209bb_349)</u> | <u>[47](#ia95ec2036a8f4cbe955b62d1fb6209bb_349)</u> |

---

The terms "Par," "Company," "we," "our," and "us" refer to Par Pacific Holdings, Inc. and its consolidated subsidiaries unless the context suggests otherwise.

------

**PART I - FINANCIAL INFORMATION** 

**Item 1. FINANCIAL STATEMENTS** 

**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

 **CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

**(in thousands, except share data)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** | | |
| **Current assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $172168 | $164113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 352 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents, and restricted cash | 172520 | 164464 |
| Trade accounts receivable, net of allowances of $0.2 million and $0.4 million at March 31, 2026, and December 31, 2025, respectively | 481507 | 312672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1361968 | 1228787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | 134912 | 70168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 2150907 | 1776091 |
| **Property, plant, and equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | 1895082 | 1863105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation and amortization | (686613) | (665154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Property, plant, and equipment, net** | 1208469 | 1197951 |
| **Long-term assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use ("ROU") assets | 374286 | 391395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Refining and logistics equity investments | 101660 | 98654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in Laramie Energy, LLC | 44985 | 35806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 9741 | 9484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 127276 | 127276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | 192195 | 197032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $4209519 | $3833689 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | $4903 | $4930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations under inventory financing agreements | 287298 | 161492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 578169 | 341555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes | 17027 | 31565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 100172 | 99558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | 337179 | 467036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 1324748 | 1106136 |
| **Long-term liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net of current maturities | 942715 | 797940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | 11422 | 12002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 295237 | 312450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 84026 | 52645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2658148 | 2281173 |
| **Noncontrolling interest** | 35542 | 40976 |
| **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value: 3,000,000 shares authorized, none issued |  |  |
| Common stock, $0.01 par value; 500,000,000 shares authorized at March 31, 2026, and December 31, 2025, 49,266,668 shares and 49,685,138 shares issued at March 31, 2026, and December 31, 2025, respectively | 493 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 935897 | 957941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | 567806 | 541376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 11633 | 11726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 1515829 | 1511540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, noncontrolling interest, and stockholders' equity** | $4209519 | $3833689 |

---

See accompanying notes to the condensed consolidated financial statements.

------

**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

**(in thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| **Revenues** | $1823750 | $1745036 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (excluding depreciation) | 1558504 | 1559360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expense (excluding depreciation) | 142518 | 144154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 34460 | 36586 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense (excluding depreciation) | 24875 | 24243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity earnings from refining and logistics investments | (5829) | (7514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and integration costs | 64 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Par West redevelopment and other costs | 2985 | 3982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating loss, net | 851 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 1758428 | 1760812 |
| **Operating income (loss)** | 65322 | (15776) |
| **Other income (expense)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and financing costs, net | (15934) | (21848) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment and commitment costs | (62) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (14) | (371) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity earnings from Laramie Energy, LLC | 9179 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other expense, net** | (6831) | (21518) |
| **Income (loss) before income taxes** | 58491 | (37294) |
| Income tax benefit (expense) | (12340) | 6894 |
| **Net income (loss)** | 46151 | (30400) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interest | (8299) |  |
| **Net income (loss) attributable to Par Pacific stockholders** | $54450 | $(30400) |
| **Income (loss) attributable to Par Pacific stockholders per share** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.12 | $(0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.10 | $(0.57) |
| **Weighted-average number of shares outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 48401 | 53756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 49632 | 53756 |

---

See accompanying notes to the condensed consolidated financial statements.

------

**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

**(Unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| **Net income (loss)** | $46151 | $(30400) |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other post-retirement (loss), net of tax | (93) | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total other comprehensive income (loss), net of tax** | (93) | (76) |
| **Comprehensive income (loss)** | 46058 | (30476) |
| Less: Comprehensive income (loss) attributable to noncontrolling interest | (8299) |  |
| **Comprehensive income (loss) attributable to Par Pacific stockholders** | $54357 | $(30476) |

---

See accompanying notes to the condensed consolidated financial statements.

------

**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net Income (Loss) | $46151 | $(30400) |
| Adjustments to reconcile net income (loss) to cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 34460 | 36586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment and commitment costs |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 2189 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lower of cost and net realizable value adjustment | (785) | (2288) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | 10626 | (6894) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating loss, net | 851 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 3852 | 3546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivative contracts | 76879 | (9357) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity earnings from Laramie Energy, LLC | (9179) | (726) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity earnings from refining and logistics investments | (5829) | (7514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends received from refining and logistics investments | 2823 |  |
| Net changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable | (168835) | 13803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other assets | (88396) | 40284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (132637) | 31873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred turnaround expenditures | (17926) | (28177) |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations under inventory financing agreements | 125806 | 17273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, other accrued liabilities, and operating lease ROU assets and liabilities | 79243 | (60958) |
| **Net cash used in operating activities** | (40707) | (1399) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (43070) | (40933) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets and other |  | 12 |
| **Net cash used in investing activities** | (43070) | (40921) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings | 1452000 | 1424000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of borrowings | (1308720) | (1388683) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred loan costs |  | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of common stock for retirement | (36702) | (51098) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 3504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options | (18189) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for debt extinguishment and commitment costs | (62) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities, net | 2 |  |
| **Net cash provided by (used in) financing activities** | 91833 | (15853) |
| **Net increase (decrease) in cash, cash equivalents, and restricted cash** | 8056 | (58173) |
| Cash, cash equivalents, and restricted cash at beginning of period | 164464 | 192267 |
| Cash, cash equivalents, and restricted cash at end of period | $172520 | $134094 |
| **Supplemental cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash paid for:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | $(12540) | $(19443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes | (13) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued capital expenditures | $19229 | $28705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROU assets obtained in exchange for new finance lease liabilities |  | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROU assets obtained in exchange for new operating lease liabilities | 6910 | 45167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROU assets terminated in exchange for release from operating lease liabilities | 168 |  |

---

See accompanying notes to the condensed consolidated financial statements.

------

**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**

**(Unaudited)**

**(in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | | | | |
| | **Shares** | **Amount** |<br>**Additional**<br>**Paid-In**<br>**Capital** |<br>**Accumulated**<br>**Earnings** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income** |<br>**Total**<br>**Equity** |<br>**Non-**<br>**Controlling**<br>**Interest** |
| **Balance, December 31, 2024** | 55265 | $552 | $884548 | $295846 | $10356 | $1191302 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 753 | 7 | 3539 |  |  | 3546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of common stock for retirement | (3708) | (36) | (1340) | (51186) |  | (52562) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss |  |  |  |  | (76) | (76) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (30400) |  | (30400) |  |
| **Balance, March 31, 2025** | 52310 | $523 | $886747 | $214260 | $10280 | $1111810 | $— |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | | | | |
| | **Shares** | **Amount** |<br>**Additional**<br>**Paid-In**<br>**Capital** |<br>**Accumulated**<br>**Earnings** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income** |<br>**Total**<br>**Equity** |<br>**Non-**<br>**Controlling**<br>**Interest** |
| **Balance, December 31, 2025** | 49685 | $497 | $957941 | $541376 | $11726 | $1511540 | $40976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 370 | 3 | 3849 |  |  | 3852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions to joint venture |  |  | (2865) |  |  | (2865) | 2865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of common stock for retirement | (897) | (7) | (8343) | (28020) |  | (36370) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options | 109 |  | (14685) |  |  | (14685) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss |  |  |  |  | (93) | (93) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) |  |  |  | 54450 |  | 54450 | (8299) |
| **Balance, March 31, 2026** | 49267 | $493 | $935897 | $567806 | $11633 | $1515829 | $35542 |

---

See accompanying notes to the condensed consolidated financial statements.

------

**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

**Note 1**—**Overview**

Par Pacific Holdings, Inc. and its wholly owned subsidiaries ("Par" or the "Company") provide both renewable and conventional fuels to the western United States. Currently, we operate in three primary business segments:

1) **Refining** - We own and operate four refineries. Our refineries in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana, convert crude oil into gasoline, distillate, asphalt, and other products to serve the state of Hawaii and areas ranging from Washington state to the Dakotas and Wyoming.

2) **Retail** - We operate fuel retail outlets in Hawaii, Washington, and Idaho. We operate convenience stores and fuel retail sites under our "Hele" and "nomnom" brands, "76" branded fuel retail sites, and other sites operated by third parties that sell gasoline, diesel, and retail merchandise such as soft drinks, prepared foods, and other sundries. We also operate unattended cardlock stations.

3) **Logistics** - We operate an extensive multi-modal logistics network spanning the Pacific, the Northwest, and the Rocky Mountain regions. This network includes a single point mooring ("SPM") in Hawaii, a unit train-capable rail loading terminal in Washington, and other terminals, pipelines, trucking operations, marine vessels, storage facilities, loading and truck racks, and rail facilities for the movement of petroleum, refined products, and ethanol in and among the Hawaiian islands, between the U.S. West Coast and Hawaii, and in areas ranging from the state of Washington to the Dakotas and Wyoming.

As of March 31, 2026, we owned the following investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a 46% equity investment in Laramie Energy, LLC ("Laramie Energy");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a 65% equity investment in Yellowstone Energy Limited Partnership ("YELP");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a 40% equity investment in Yellowstone Pipeline Company ("YPLC"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a 63.5% ownership interest in Hawaii Renewables, LLC ("Hawaii Renewables").

Our Corporate and Other reportable segment primarily includes general and administrative costs.

**Note 2—Summary of Significant Accounting Policies**

**Principles of Consolidation and Basis of Presentation**

The condensed consolidated financial statements are presented in our reporting currency, the U.S. dollar, and include the accounts of Par Pacific Holdings, Inc., its wholly-owned subsidiaries, and its majority-owned subsidiaries in which we hold a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation.

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. The condensed consolidated financial statements contained in this report include all material adjustments of a normal recurring nature that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the complete fiscal year or for any other period. The condensed consolidated balance sheet as of December 31, 2025, was derived from our audited consolidated financial statements as of that date. These condensed consolidated financial statements should be read together with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.

**Use of Estimates**

The preparation of our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and the related disclosures. Actual amounts could differ from these estimates.

**Allowance for Credit Losses**

We did not have a material change in our allowances on trade receivables during the three months ended March 31, 2026 and 2025, respectively.

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**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

**Cost Classifications**

The following table summarizes depreciation and finance lease amortization expense excluded from each line item in our condensed consolidated statements of operations (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Cost of revenues | $5766 | $6785 |
| Operating expense | 17575 | 21684 |
| General and administrative expense | 783 | 687 |

---

**Accounting Principles Adopted**

There have been no recent accounting pronouncements adopted, including the expected dates of adoption and estimated effects on our financial condition, results of operations, and cash flows, that had a material impact on our condensed consolidated financial statements as of and for the three months ended March 31, 2026.

**Accounting Principles Not Yet Adopted**

We have evaluated the recently issued, but not yet effective, accounting pronouncements and determined that there have been no new accounting pronouncements that are expected to have a material impact on our condensed consolidated financial statements as of and for the three months ended March 31, 2026.

**Note 3—Refining and Logistics Equity Investments**

**Yellowstone Energy Limited Partnership**

As of March 31, 2026, we owned a 65% limited partnership ownership interest in YELP. YELP owns a cogeneration facility in Billings, Montana, that converts petroleum coke, supplied from our Montana refinery and other nearby third-party refineries, into power production for the local utility grid.

The change in our equity investment in YELP is as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Beginning balance | $69740 | $57167 |
| Equity earnings from YELP | 3725 | 5637 |
| Amortization of basis difference | (348) | (348) |
| Dividends received | (2823) |  |
| Ending balance | $70294 | $62456 |

---

**Yellowstone Pipeline Company**

As of March 31, 2026, we owned a 40% ownership interest in YPLC. YPLC owns a refined products pipeline that begins at our Montana refinery and transports refined product throughout Montana and the Pacific Northwest.

The change in our equity investment in YPLC is as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Beginning balance | $28914 | $29144 |
| Equity earnings from YPLC | 2414 | 2187 |
| Accretion of basis difference | 38 | 38 |
| Ending balance | $31366 | $31369 |

---

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**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

**Note 4—Investment in Laramie Energy**

As of March 31, 2026, we owned a 46% ownership interest in Laramie Energy, an entity focused on developing and producing natural gas in Garfield, Mesa, and Rio Blanco counties, Colorado. The balance of our investment in Laramie Energy was $45.0 million and $35.8 million as of March 31, 2026, and December 31, 2025, respectively.

As of March 31, 2026, and December 31, 2025, Laramie Energy's term loan had an outstanding balance of $160.0 million.

At March 31, 2026, our equity in the underlying net assets of Laramie Energy exceeded the carrying value of our investment by approximately $57.0 million. This difference arose primarily due to other-than-temporary impairments of our equity investment in Laramie Energy recorded in prior years.

The change in our equity investment in Laramie Energy is as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Beginning balance | $35806 | $12498 |
| Equity earnings (losses) from Laramie Energy | 7773 | (888) |
| Accretion of basis difference | 1406 | 1614 |
| Ending balance | $44985 | $13224 |

---

**Note 5—Joint Venture**

**Renewable Fuels Facility Joint Venture**

As of March 31, 2026, we held a 63.5% ownership interest in Hawaii Renewables and Alohi Renewable Energy LLC ("Alohi"), an entity owned by Mitsubishi Corporation and ENEOS Corporation, held the remaining 36.5% ownership interest. The joint venture was formed for the development, construction, ownership, and operation of the new renewables fuels manufacturing facility co-located with our Hawaii refinery ("Renewable Fuels Facility"). The Renewable Fuels Facility began operations in April 2026.

The economic interest held by Alohi is recorded as a noncontrolling interest on our condensed consolidated balance sheets. Hawaii Renewables' net income or loss is reflected in our refining segment on our condensed consolidated statements of operations.

**Noncontrolling Interest**

No accretion was recorded for the three months ended March 31, 2026. We do not consider any of the put or exit rights described in the Equity Contribution Agreement executed by the Company and Alohi on July 21, 2025, to be probable as of March 31, 2026, as Alohi has not exercised or indicated its intent to exercise its put option and none of the contingent events have occurred.

**Note 6—Revenue Recognition**

As of March 31, 2026, and December 31, 2025, receivables from contracts with customers were $423.7 million and $265.0 million, respectively. Our refining segment recognizes deferred revenues when cash payments are received in advance of delivery of products to the customer. Deferred revenue was $1.8 million and $6.7 million as of March 31, 2026, and December 31, 2025, respectively. We have elected to apply a practical expedient not to disclose the value of unsatisfied performance obligations for (i) contracts with an original expected duration of less than one year and (ii) contracts where the variable consideration has been allocated entirely to our unsatisfied performance obligation.

The following table provides information about disaggregated revenue by major product line and includes a reconciliation of the disaggregated revenues to total segment revenues (in thousands):

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**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Three Months Ended March 31, 2026** | **Refining** | **Logistics** | **Retail** |
| <u>Product or service:</u> |  |  |  |
| Gasoline | $672652 | $— | $96885 |
| Distillates (1) | 792092 |  | 11708 |
| Other refined products (2) | 276124 |  | 16 |
| Merchandise |  |  | 23644 |
| Transportation and terminalling services |  | 76846 |  |
| Other revenue | 31659 |  | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total segment revenues (3) | $1772527 | $76846 | $133108 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Three Months Ended March 31, 2025** | **Refining** | **Logistics** | **Retail** |
| <u>Product or service:</u> |  |  |  |
| Gasoline | $579300 | $— | $100633 |
| Distillates (1) | 659885 |  | 10988 |
| Other refined products (2) | 366350 |  |  |
| Merchandise |  |  | 24028 |
| Transportation and terminalling services |  | 71415 |  |
| Other revenue | 80594 |  | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total segment revenues (3) | $1686129 | $71415 | $136432 |

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_______________________________________________________

(1)Distillates primarily include diesel and jet fuel.

(2)Other refined products include fuel oil, vacuum gas oil, and asphalt.

(3)Refer to "Note 19—Segment Information" for the reconciliation of segment revenues to total consolidated revenues.

**Note 7—Inventories**

Inventories at March 31, 2026, and December 31, 2025, consisted of the following (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Titled Inventory** | **Inventory Financing Agreements (1)** | **Total** |
| **March 31, 2026** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Crude oil and feedstocks | $173156 | $241471 | $414627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Refined products and blendstock | 576022 |  | 576022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse stock and other (2) | 371319 |  | 371319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1120497 | $241471 | $1361968 |
| **December 31, 2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Crude oil and feedstocks | $144363 | $125077 | $269440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Refined products and blendstock | 413066 |  | 413066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse stock and other (2) | 546281 |  | 546281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1103710 | $125077 | $1228787 |

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________________________________________________________

(1)Please read "Note 9—Inventory Financing Agreements" for further information.

(2)Includes $272.7 million and $450.7 million of Renewable Identification Numbers ("RINs") and environmental credits, reported at the lower of cost or net realizable value, as of March 31, 2026, and December 31, 2025, respectively. Our renewable volume obligation and other gross environmental credit obligations of $266.7 million and $380.4 million are included in Other accrued liabilities on our condensed consolidated balance sheets as of March 31, 2026, and December 31, 2025, respectively.

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**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

As of March 31, 2026, and December 31, 2025, there was a $2.1 million write-down of the lower of cost or net realizable value of inventory. As of March 31, 2026, and December 31, 2025, the current replacement cost exceeded the LIFO inventory carrying value by approximately $35.5 million and $9.1 million, respectively.

**Note 8—Prepaid and Other Current Assets**

Prepaid and other current assets at March 31, 2026, and December 31, 2025, consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Collateral posted with broker for derivative instruments (1) | $1955 | $7016 |
| Prepaid insurance | 12585 | 18999 |
| Deferred financing costs | 1060 | 1568 |
| Derivative assets | 61989 | 32211 |
| Prepaid environmental credits | 41114 |  |
| Other | 16209 | 10374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $134912 | $70168 |

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_________________________________________________________

(1)Our cash margin that is required as collateral deposits on our commodity derivatives cannot be offset against the fair value of open contracts except in the event of default. Please read "Note 12—Derivatives" for further information.

**Note 9—Inventory Financing Agreements**

**Inventory Intermediation Agreement** 

On June 27, 2025, we entered into an amendment to the Inventory Intermediation Agreement to, among other things, facilitate entry into the Product Financing Agreement (both as defined below) and revise certain other terms and conditions. As of March 31, 2026, and December 31, 2025, there were $225.6 million and $130.2 million of outstanding obligations under the Inventory Intermediation Agreement, respectively.

**Product Financing Agreement**

On June 27, 2025, we entered into a RINs financing agreement with Citigroup Energy Inc. ("Citi") (the "Product Financing Agreement") to, among other things, provide funding to finance RINs, which is not to exceed $450 million in the aggregate when combined with obligations under the inventory intermediation agreement with Citi (the "Inventory Intermediation Agreement"). Pursuant to the Product Financing Agreement, from time to time, we may elect to sell surplus RINs and contemporaneously enter into a corresponding obligation to repurchase identical RINs at a future date to provide an additional source of short-term financing and to take advantage of market liquidity for holdings that are not currently required for operations. In such cases, the sale is not recognized, but rather the proceeds are treated as product financing proceeds where a corresponding product financing obligation is recorded. The subsequent repurchase is treated as repayment of the product financing obligation, with the difference recorded as interest expense over the intervening period. Such transactions are presented as Proceeds from inventory financing agreements in our condensed consolidated statement of cash flows. As of March 31, 2026, and December 31, 2025, there were no product financing obligations under the Product Financing Agreement.

**Renewables Intermediation Agreement**

On October 2, 2025, Hawaii Renewables entered into a Framework Agreement for Commodity Swap Transactions (the "Renewables Intermediation Agreement") with Wells Fargo Bank, National Association ("Wells Fargo") pursuant to which the parties agreed to a framework for entering into a series of swap transactions to support our renewable fuels facility operations. Under the Renewables Intermediation Agreement, Hawaii Renewables and Wells Fargo will enter into a series of commodity swap transactions on a monthly basis and Wells Fargo will agree to prepay a fixed amount not to exceed $100 million to Hawaii Renewables. The net initial prepayment of $27.2 million from Wells Fargo was presented as Proceeds from inventory financing agreements in our condensed consolidated statement of cash flows. As of March 31, 2026, and December 31, 2025, there were $61.7 million and $31.3 million of outstanding obligations under the Renewables Intermediation Agreement, respectively.

In connection with the Renewables Intermediation Agreement, on December 16, 2025, we entered into a Renewables LC Facility Agreement. Please read "Note 11—Debt" for definition and further information.

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**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

The following table summarizes the inventory intermediation fees, which are included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations, and Interest expense and financing costs, net, related to the intermediation agreements (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Net fees and expenses:** |  |  |
| Inventory Intermediation Agreement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory intermediation fees (1) | $8291 | $5600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and financing costs, net | 332 | 332 |
| Renewables Intermediation Agreement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory intermediation fees (1) | 670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and financing costs, net | 505 |  |

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___________________________________________________

(1)Inventory intermediation fees under the Inventory Intermediation Agreement include market structure fees of $15.4 million and $4.5 million for the three months ended March 31, 2026 and 2025, respectively. Inventory intermediation fees under the Renewables Intermediation Agreement include immaterial market structure fees for the three months ended March 31, 2026. There were no inventory intermediation fees under the Renewables Intermediation Agreement for three months ended March 31, 2025.

**Note 10—Other Accrued Liabilities**

Other accrued liabilities at March 31, 2026, and December 31, 2025, consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Accrued payroll and other employee benefits | $22179 | $42034 |
| Environmental credit obligations (1) | 266672 | 380390 |
| Derivative liabilities | 20953 | 13739 |
| Deferred revenue | 1823 | 6719 |
| Other | 25552 | 24154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $337179 | $467036 |

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___________________________________________________

(1)Please read "Note 13—Fair Value Measurements" for further information. A portion of these obligations are expected to be settled with our RINs assets and other environmental credits, which are presented as Inventories on our condensed consolidated balance sheet and are stated at the lower of cost or net realizable value. The carrying costs of these assets were $272.7 million and $450.7 million as of March 31, 2026, and December 31, 2025, respectively.

 **Note 11—Debt**

The following table summarizes our outstanding debt (in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| ABL Credit Facility due 2028 | $321000 | $175000 |
| Term Loan Credit Agreement due 2030 | 632000 | 633625 |
| Other long-term debt | 5949 | 6205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal amount of long-term debt | 958949 | 814830 |
| Less: unamortized discount and deferred financing costs | (11331) | (11960) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt, net of unamortized discount and deferred financing costs | 947618 | 802870 |
| Less: current maturities, net of unamortized discount and deferred financing costs | (4903) | (4930) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net of current maturities | $942715 | $797940 |

---

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**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

As of March 31, 2026, and December 31, 2025, we had $72.2 million and $44.5 million in letters of credit outstanding under the ABL Credit Facility, as defined below, respectively. As of March 31, 2026, and December 31, 2025, we had no letters of credit outstanding under the Letter of Credit Facility Agreement Hawaii Renewables entered into with Wells Fargo (the "Renewables LC Facility Agreement"). We had $66.0 million and $85.9 million in surety bonds outstanding as of March 31, 2026, and December 31, 2025, respectively.

Under the ABL Credit Facility and the Term Loan Credit Agreement, defined below, our subsidiaries are restricted from paying dividends or making other equity distributions, subject to certain exceptions.

**ABL Credit Facility due 2028**

As of March 31, 2026, the Asset-Based Revolving Credit Agreement with certain lenders, and Wells Fargo Bank, National Association, as administrative agent and collateral agent (as amended from time to time, the ABL Credit Facility), had revolving loans of $321 million outstanding, a borrowing base of approximately $1.2 billion, and $765.5 million of availability.

**Cross Default Provisions**

Included within each of our debt agreements are affirmative and negative covenants, and customary cross default provisions, that require the repayment of amounts outstanding on demand unless the triggering payment default or acceleration is remedied, rescinded, or waived. As of March 31, 2026, we were in compliance with all of our debt instruments.

**Note 12—Derivatives**

**Commodity Derivatives**

Our condensed consolidated balance sheets present derivative assets and liabilities on a net basis. Please read "Note 13—Fair Value Measurements" for the gross fair value and net carrying value of our derivative instruments.

Our open futures and over-the-counter ("OTC") swaps expire by June 2027. At March 31, 2026, our open commodity derivative contracts represented (in thousands of barrels):

---

| | | | |
|:---|:---|:---|:---|
| **Contract Type** | **Purchases** | **Sales** | **Net** |
| Futures |  | (107) | (107) |
| Swaps | 95181 | (103383) | (8202) |
| &nbsp;&nbsp;&nbsp;Total | 95181 | (103490) | (8309) |

---

At March 31, 2026, we also had option collars that economically hedge a portion of our internally consumed fuel at our refineries. The following table provides information on these option collars as of March 31, 2026:

---

| | |
|:---|:---|
| | **2026** |
| Total open option collars | 1670 |
| Weighted-average strike price - floor (in dollars) | $45.50 |
| Weighted-average strike price - ceiling (in dollars) | $82.56 |
| Earliest commencement date | April 2026 |
| Furthest expiry date | December 2026 |

---

**Environmental Credit Derivatives**

At March 31, 2026, our open environmental credit derivative contracts represented zero credits.

**Interest Rate Derivatives** 

We are exposed to interest rate volatility in our ABL Credit Facility, Term Loan Credit Agreement, and the Inventory Intermediation Agreement. We may utilize interest rate swaps to manage our interest rate risk.

The following table provides information on the fair value amounts (in thousands) of our derivatives as of March 31, 2026, and December 31, 2025, and their placement within our condensed consolidated balance sheets.

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**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **Balance Sheet Location** | **March 31, 2026** | **December 31, 2025** |
|  |  | *Asset (Liability)* | *Asset (Liability)* |
| Commodity derivatives (1) | Prepaid and other current assets | $— | $21588 |
| Environmental credit derivatives (1) | Prepaid and other current assets |  | 1380 |
| Commodity derivatives (1) | Other long-term assets |  | 1295 |
| Commodity derivatives (2) | Other accrued liabilities | (20955) | (944) |
| Commodity derivatives | Other liabilities | (31574) |  |
| Citi repurchase obligation derivative | Obligations under inventory financing agreements | (18127) | 3289 |
| Wells Fargo terminal obligation derivative | Obligations under inventory financing agreements | (990) | 517 |
| Interest rate derivatives | Other liabilities | (347) | (380) |

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_________________________________________________________

(1)Does not include cash collateral of $2.0 million and $7.0 million recorded in Prepaid and other current assets as of March 31, 2026, and December 31, 2025, respectively. Does not include $62.0 million and $9.2 million recorded in Prepaid and other current assets as of March 31, 2026, and December 31, 2025, respectively, related to realized derivatives receivable.

(2)Does not include $12.8 million recorded in Other accrued liabilities as of December 31, 2025, related to realized derivatives payable. There were no realized derivatives payables recorded in Other accrued liabilities as of March 31, 2026.

The following table summarizes the pre-tax gains (losses) recognized in Net income (loss) on our condensed consolidated statements of operations resulting from changes in fair value of derivative instruments not designated as hedges charged directly to earnings (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| |<br>**Statement of Operations Location** | **2026** | **2025** |
| Commodity derivatives | Cost of revenues (excluding depreciation) | $(52591) | $9387 |
| Environmental credit derivatives | Cost of revenues (excluding depreciation) | (360) |  |
| Citi repurchase obligation derivative | Cost of revenues (excluding depreciation) | (21416) | (3548) |
| Wells Fargo terminal obligation derivative | Cost of revenues (excluding depreciation) | (1507) |  |
| Interest rate derivatives | Interest expense and financing costs, net | 32 | (85) |

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**Note 13—Fair Value Measurements**

**Assets and Liabilities Measured at Fair Value on a Recurring Basis**

***Gross Environmental Credit Obligations***

The portion of the estimated gross environmental credit obligations satisfied by internally generated or purchased RINs or other environmental credits is recorded at the carrying value of such internally generated or purchased RINs or other environmental credits. The remainder of the estimated gross environmental credit obligation is recorded at the market price of the RINs or other environmental credits that are needed to satisfy the remaining obligation as of the end of the reporting period and classified as Level 2 instruments as we obtain the pricing inputs for the RINs and other environmental credits from brokers based on market quotes on similar instruments. As of March 31, 2026, the U.S. Environmental Protection Agency ("EPA") has not made a determination with respect to small refinery exemptions for the 2025 compliance year. Accordingly, our recorded RFS obligation for the three months ended March 31, 2026, reflects 100% of the RFS obligation for the respective period with no assumption of SRE relief. Please read "Note 15—Commitments and Contingencies" for further information on the EPA regulations related to greenhouse gases.

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**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

**Financial Statement Impact**

Fair value amounts by hierarchy level as of March 31, 2026, and December 31, 2025, are presented gross in the tables below (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Level 1** | **Level 2** | **Level 3** | **Gross Fair Value** | **Effect of Counter-Party Netting** | **Net Carrying Value on Balance Sheet (1)** |
| **Assets** | | | | | | |
| Commodity and environmental credit derivatives | $26 | $1731498 | $— | $1731524 | $(1731524) | $— |
| **Liabilities** |  |  |  |  |  |  |
| Commodity derivatives | $(554) | $(1783499) | $— | $(1784053) | $1731524 | $(52529) |
| Citi repurchase obligation derivative |  |  | (18127) | (18127) |  | (18127) |
| Wells Fargo terminal obligation derivative |  | (990) |  | (990) |  | (990) |
| Interest rate derivatives |  | (347) |  | (347) |  | (347) |
| Gross environmental credit obligations (2) (3) |  | (22289) |  | (22289) |  | (22289) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $(554) | $(1807125) | $(18127) | $(1825806) | $1731524 | $(94282) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Gross Fair Value** | **Effect of Counter-Party Netting** | **Net Carrying Value on Balance Sheet (1)** |
| **Assets** | | | | | | |
| Commodity and environmental credit derivatives | $2439 | $422235 | $— | $424674 | $(400411) | $24263 |
| **Liabilities** |  |  |  |  |  |  |
| Commodity derivatives | $(1833) | $(399522) | $— | $(401355) | $400411 | $(944) |
| Citi repurchase obligation derivative |  |  | 3289 | 3289 |  | 3289 |
| Wells Fargo terminal obligation derivative |  | 517 |  | 517 |  | 517 |
| Interest rate derivatives |  | (380) |  | (380) |  | (380) |
| Gross environmental credit obligations (2) (3) |  | (23679) |  | (23679) |  | (23679) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $(1833) | $(423064) | $3289 | $(421608) | $400411 | $(21197) |

---

_________________________________________________________

(1)Does not include cash collateral of $2.0 million and $7.0 million as of March 31, 2026, and December 31, 2025, respectively, included within Prepaid and other current assets on our condensed consolidated balance sheets, respectively.

(2)Does not include RINs assets and other environmental credits of $272.7 million and $450.7 million presented in Inventories on our condensed consolidated balance sheet and stated at the lower of cost and net realizable value as of March 31, 2026, and December 31, 2025, respectively.

(3)Does not include environmental liabilities of $244.4 million and $356.7 million satisfied by internally generated or purchased environmental credits and presented at the carrying value of these credits included in Other Accrued Liabilities on our condensed consolidated balance sheets as of March 31, 2026, and December 31, 2025, respectively.

------

**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

A roll forward of Level 3 derivative instruments measured at fair value on a recurring basis is as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Balance, at beginning of period | $3289 | $(1588) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlements |  |  |
| Total losses included in earnings (1) | (21416) | (3548) |
| Balance, at end of period | $(18127) | $(5136) |

---

_________________________________________________________

(1)Included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations.

The carrying value and fair value of long-term debt and other financial instruments as of March 31, 2026, and December 31, 2025, are as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** |
| | **Carrying Value** | **Fair Value** |
| ABL Credit Facility due 2028 (1) | $321000 | $321000 |
| Term Loan Credit Agreement due 2030 (2) | 620669 | 632000 |
| Product Financing Agreement (2) |  |  |
| Other long-term debt (2) | 5949 | 6101 |

---

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** |
| | **Carrying Value** | **Fair Value** |
| ABL Credit Facility due 2028 (1) | $175000 | $175000 |
| Term Loan Credit Agreement due 2030 (2) | 621665 | 633625 |
| Product Financing Agreement (2) |  |  |
| Other long-term debt (2) | 6205 | 6310 |

---

_________________________________________________________

(1)The fair value measurements of the ABL Credit Facility are considered Level 3 measurements in the fair value hierarchy.

(2)The fair value measurements of the Term Loan Credit Agreement, Product Financing Agreement and Other long-term debt are considered Level 2 measurements in the fair value hierarchy as discussed below.

The fair values of the Term Loan Credit Agreement and Other long-term debt were determined using a market approach based on quoted prices and the inputs used to measure the fair value are classified as Level 2 inputs within the fair value hierarchy.

The carrying value of our ABL Credit Facility, Renewables LC Facility and Product Financing Agreement were determined to approximate fair value as of March 31, 2026. The fair value of all non-derivative financial instruments recorded in current assets, including cash and cash equivalents, restricted cash, and trade accounts receivable, and current liabilities, including accounts payable, approximate their carrying value due to their short-term nature.

**Note 14—Leases**

We have cancellable and non-cancellable finance and operating lease liabilities for the lease of land, vehicles, office space, retail facilities, and other facilities used in the storage and transportation of crude oil and refined products. Most of our leases include one or more options to renew, with renewal terms that can extend the lease term from one to 30 years or more. There are no material residual value guarantees associated with any of our leases.

------

**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

The following table provides information on the amounts (in thousands) of our right-of-use assets ("ROU assets") and liabilities, weighted-average remaining lease terms, and weighted average discount rates as of March 31, 2026, and December 31, 2025, and their placement within our condensed consolidated balance sheets:

---

| | | | |
|:---|:---|:---|:---|
| **Lease type** | **Balance Sheet Location** | **March 31, 2026** | **December 31, 2025** |
| **Assets** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance | Property, plant, and equipment | $32380 | $33557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance | Accumulated amortization | (16676) | (17185) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance | Property, plant, and equipment, net | 15704 | 16372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating | Operating lease right-of-use ("ROU") assets | 374286 | 391395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total right-of-use assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total right-of-use assets | $389990 | $407767 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance | Other accrued liabilities | $2264 | $2303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating | Operating lease liabilities | 100172 | 99558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance | Finance lease liabilities | 11422 | 12002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating | Operating lease liabilities | 295237 | 312450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total lease liabilities |  | $409095 | $426313 |
| **Weighted-average remaining lease term (in years)** | **Weighted-average remaining lease term (in years)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance |  | 9.90 | 9.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating |  | 6.78 | 6.58 |
| **Weighted-average discount rate** | **Weighted-average discount rate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance |  | 6.88% | 6.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating |  | 7.49% | 7.62% |

---

The following table summarizes the lease costs and income recognized in our condensed consolidated statements of operations (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|<br>**Lease cost (income) type** | **2026** | **2025** |
| Finance lease cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of finance lease ROU assets | $669 | $685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities | 237 | 238 |
| Operating lease cost | 31530 | 31589 |
| Variable lease cost | 2972 | 3008 |
| Short-term lease cost | 1112 | 2269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net lease cost | $36520 | $37789 |
| Operating lease income (1) | $(616) | $(574) |

---

_________________________________________________________

(1)The majority of our lessor income comes from leases with lease terms of one year or less and the estimated future undiscounted cash flows from lessor income are not expected to be material.

------

**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

The following table summarizes the supplemental cash flow information related to leases as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|<br>**Lease type** | **2026** | **2025** |
| Cash paid for amounts included in the measurement of liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing cash flows from finance leases | $651 | $528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows from finance leases | 239 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows from operating leases | 31128 | 29395 |
| Non-cash supplemental amounts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ROU assets obtained in exchange for new finance lease liabilities |  | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;ROU assets obtained in exchange for new operating lease liabilities | 6910 | 45167 |
| &nbsp;&nbsp;&nbsp;&nbsp;ROU assets terminated in exchange for release from operating lease liabilities | 168 |  |

---

The table below includes the estimated future undiscounted cash flows for finance and operating leases as of March 31, 2026 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **For the year ending December 31,** | **Finance leases** | **Operating leases** | **Total** |
| 2026 (1) | $2118 | $96413 | $98531 |
| 2027 | 3022 | 118778 | 121800 |
| 2028 | 2118 | 100762 | 102880 |
| 2029 | 1712 | 25131 | 26843 |
| 2030 | 1163 | 18706 | 19869 |
| 2031 | 1079 | 15095 | 16174 |
| Thereafter | 7613 | 107991 | 115604 |
| &nbsp;&nbsp;&nbsp;Total lease payments | 18825 | 482876 | 501701 |
| Less amount representing interest | (5362) | (87244) | (92606) |
| &nbsp;&nbsp;&nbsp;&nbsp;Present value of lease liabilities | $13463 | $395632 | $409095 |

---

_________________________________________________________

(1)Represents the period from April 1, 2026, to December 31, 2026.

Additionally, we have $11.4 million future undiscounted cash flows for operating leases and no future undiscounted cash flows for finance leases that have not yet commenced. The lease will commence when the asset is made available for our use.

**Note 15—Commitments and Contingencies**

In the ordinary course of business, we are a party to various lawsuits and other contingent matters. We establish accruals for specific legal matters when we determine that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on our financial condition, results of operations, or cash flows.

**Tax and Related Matters**

From time to time, Par Hawaii Refining, LLC ("PHR") has appealed various tax assessments related to its land, buildings, and fuel storage tanks, and is currently appealing the City of Honolulu's property tax assessments for tax years 2023, 2024, 2025, and 2026. During the first quarter of 2022, we received a tax assessment in the amount of $1.4 million from the Washington Department of Revenue related to its audit of certain taxes allegedly payable on certain sales of raw vacuum gas oil between 2014 and 2016. We appealed in November 2022. On September 26, 2025, the Thurston County Superior Court dismissed our refund claim. We have appealed to the Washington Court of Appeals. Additionally, by opinion dated September 22, 2021, the Hawaii Attorney General reversed a prior 1964 opinion exempting various business transactions conducted in the Hawaii foreign trade zone from certain state taxes. We and other similarly situated state taxpayers who had previously claimed such exemptions, certain of which we are contractually obligated to indemnify, are currently being audited for such prior tax periods. Similarly, on September 30, 2021, we received notice of a complaint filed on May 17, 2021, on camera and under seal in the first circuit court of the state of Hawaii alleging that PHR, Par Pacific Holdings, Inc. and certain unnamed defendants

------

**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

made false claims and statements in connection with various state tax returns related to our business conducted within the Hawaii foreign trade zone, and seeking unspecified damages, penalties, interest and injunctive relief. We dispute the allegations in the complaint and intend to vigorously defend ourselves in such proceeding.

**Environmental Matters** 

Like other petroleum refiners, our operations are subject to extensive and periodically changing federal, state, and local environmental laws and regulations governing air emissions, wastewater discharges, and solid and hazardous waste management activities. Many of these regulations are becoming increasingly stringent and the cost of compliance can be expected to increase over time. The EPA also regularly conducts compliance inspections related to these regulations.

Periodically, we receive communications from various federal, state, and local governmental authorities asserting violations of environmental laws and/or regulations. These governmental entities may also propose or assess fines or require corrective actions for these asserted violations. Except as disclosed below, we do not anticipate that any such matters currently asserted will have a material impact on our financial condition, results of operations, or cash flows.

***Hawaii Consent Decree***

On July 18, 2016, PHR and subsidiaries of Tesoro Corporation ("Tesoro") entered into a consent decree with the EPA, the U.S. Department of Justice and other state governmental authorities concerning alleged violations of the federal Clean Air Act related to the ownership and operation of multiple facilities owned or formerly owned by Tesoro and its affiliates ("Consent Decree"), including our refinery in Kapolei, Hawaii, that we acquired from Tesoro in 2013. On September 29, 2023, we received a letter from the EPA related to the alleged violation of certain air emissions limits, controls, monitoring, and repair requirements under the Consent Decree and the Clean Air Act. We are unable to predict the cost to resolve these alleged violations, but resolution will likely involve financial penalties or impose capital expenditure requirements that could be material.

***Wyoming Refinery***

Our Wyoming refinery is subject to a number of consent decrees, orders, and settlement agreements involving the EPA and/or the Wyoming Department of Environmental Quality, some of which date back to the late 1970s and several of which remain in effect, requiring further actions at the Wyoming refinery. The largest cost component arising from these various decrees relates to the investigation, monitoring, and remediation of soil, groundwater, surface water, and sediment contamination associated with the facility's historic operations. Investigative work by Hermes Consolidated LLC, and its wholly owned subsidiary, Wyoming Pipeline Company, (collectively, "WRC" or "Wyoming Refining") and negotiations with the relevant agencies as to remedial approaches remain ongoing on a number of aspects of the contamination, meaning that investigation, monitoring, and remediation costs are not reasonably estimable for some elements of these efforts. As of March 31, 2026, we have accrued $15.6 million for the well-understood components of these efforts based on current information, approximately one-third of which we expect to incur in the next five years and the remainder to be incurred over approximately 25 years.

Additionally, we believe the Wyoming refinery will need to modify or close a series of wastewater impoundments in the next several years, which will include remediation of soil in the impoundments to increase capacity and bring them to a usable state. Based on current information, reasonable estimates we have received suggest costs of approximately $11.6 million to complete these projects.

Finally, among the various historic consent decrees, orders, and settlement agreements into which Wyoming Refining has entered, there are several penalty orders associated with exceedances of permitted limits by the Wyoming refinery's wastewater discharges. Although the frequency of these exceedances has declined over time, Wyoming Refining may become subject to new penalty enforcement action in the next several years, which could involve penalties in excess of $300,000.

***Regulation of Greenhouse Gases***

Under the Energy Independence and Security Act (the "EISA"), the Renewable Fuel Standard (the "RFS") requires an increasing amount of renewable fuel to be blended into the nation's transportation fuel supply. Over time, higher annual RFS requirements have the potential to reduce demand for our refined transportation fuel products.

The RFS enables the EPA to exempt certain small refineries from the renewable fuels blending requirements in the event such requirements would cause disproportionate economic hardship to that refinery. As of March 31, 2026, the EPA has not made a determination with respect to small refinery exemptions for the 2025 compliance year. Accordingly, our recorded

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**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

RFS obligation for the three months ended March 31, 2026, reflects 100% of the RFS obligation for the respective period with no assumption of SRE relief.

***Other***

The Climate Commitment Act ("Washington CCA"), was established in 2021 and took effect January 1, 2023. The Washington CCA established a cap and invest program designed to significantly reduce greenhouse gas emissions. We purchase emission allowances and compliance credits or allowances at State auctions and on the open market to meet our obligations under the CCA, and include the costs in the price of our products.

We assumed certain environmental liabilities as part of our purchase of the Montana refinery, including costs related to hazardous waste corrective measures, and ground and surface water sampling and monitoring. Based on current information, reasonable estimates we have received suggest the aggregate amount of these liabilities to be approximately $8.6 million. We expect to incur these costs over a 20 to 30 year period. On December 17, 2025, Exxon Mobil Corporation filed a complaint against Par Montana, LLC and several other parties to recover alleged cleanup costs at the Yale Oil site in Billings, Montana. However, at this time, we do not believe that we have any material liability associated with any Superfund site, including the Yale Oil site.

On November 6, 2025, Pacific Current, LLC, formerly the owner of the Hamakua power plant, filed a complaint against PHR and another company. The complaint claims that PHR manufactured and sold defective naphtha fuel to a third party that resold the fuel to Pacific Current, allegedly causing significant damage to the plant. We do not presently believe the outcome will have a material impact on our financial position, results of operations, or cash flows.

**Note 16—Stockholders' Equity**

**Share Repurchase Program**

On February 21, 2025, the Board authorized a share repurchase program for up to $250 million of common stock, with no specified end date. This repurchase program terminated and replaced the prior authorization to repurchase up to $250 million of common stock. During the three months ended March 31, 2026, 0.7 million shares were repurchased under this share repurchase program for $28.0 million. The repurchased shares were retired by the Company upon receipt. During the three months ended March 31, 2025, 3.6 million shares were repurchased under the prior share repurchase program for $51.2 million. As of March 31, 2026, there was $109.2 million of authorization remaining under the current share repurchase program.

**Incentive Plans**

The following table summarizes our compensation costs recognized in General and administrative expense (excluding depreciation) and Operating expense (excluding depreciation) under the Amended and Restated Par Pacific Holdings, Inc. 2012 Long-term Incentive Plan and Stock Purchase Plan (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Restricted Stock Awards | $2707 | $2498 |
| Restricted Stock Units | 806 | 678 |
| Stock Option Awards | 340 | 370 |

---

During the three months ended March 31, 2026, we granted 291 thousand shares of restricted stock and restricted stock units with a fair value of approximately $12.4 million. As of March 31, 2026, there were approximately $21.9 million of total unrecognized compensation costs related to restricted stock awards and restricted stock units, which are expected to be recognized on a straight-line basis over a weighted-average period of 1.6 years.

During the three months ended March 31, 2026, we granted no stock option awards. As of March 31, 2026, there were approximately $4.0 million of total unrecognized compensation costs related to stock option awards, which are expected to be recognized on a straight-line basis over a weighted-average period of 3.1 years.

During the three months ended March 31, 2026, we granted 98 thousand performance restricted stock units to executive officers. These performance restricted stock units had a fair value of approximately $4.2 million and are subject to certain annual performance targets based on three-year-performance periods as defined by our Board of Directors. As of

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**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

March 31, 2026, there were approximately $6.9 million of total unrecognized compensation costs related to the performance restricted stock units, which are expected to be recognized on a straight-line basis over a weighted-average period of 2.4 years.

During the three months ended March 31, 2026, we paid $18.2 million related to the exercises of stock options. There were no payments made related to the exercise of stock options during the three months ended March 31, 2025

**Note 17—Income (Loss) per Share**

The following table sets forth the computation of basic and diluted income (loss) per share attributable to Par Pacific stockholders (in thousands, except per share amounts):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net income (loss) | $46151 | $(30400) |
| Less: Net loss attributable to noncontrolling interest | (8299) |  |
| Net income (loss) attributable to Par Pacific stockholders | $54450 | $(30400) |
| Numerator for diluted income (loss) attributable to Par Pacific stockholders per common share | $54450 | $(30400) |
| Basic weighted-average common stock shares outstanding | 48401 | 53756 |
| Plus: dilutive effects of common stock equivalents | 1231 |  |
| Diluted weighted-average common stock shares outstanding | 49632 | 53756 |
| Basic income (loss) attributable to Par Pacific stockholders per common share | $1.12 | $(0.57) |
| Diluted income (loss) attributable to Par Pacific stockholders per common share | $1.10 | $(0.57) |
| Diluted income (loss) attributable to Par Pacific stockholders per common share excludes the following equity instruments because their effect would be anti-dilutive: (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of unvested restricted stock | 170 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of stock options | 350 | 1565 |

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______________________________________________________

(1)Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted Net Loss attributable to Par Pacific stockholders per common share for the three months ended March 31, 2025.

**Note 18—Income Taxes**

Our income tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter.

For the three months ended March 31, 2026, our effective tax rate differed from the statutory rates primarily as a result of the differing apportionment rates for our state income taxes as well as an adjustment for officers' compensation and equity method investments.

For the three months ended March 31, 2025, our effective tax rate differed from the statutory rates primarily as a result of the differing apportionment rates for our state income taxes as well as an adjustment for equity compensation and equity method investments.

Our net taxable income must be apportioned to various states based upon the income tax laws of the states in which we derive our revenue. Our NOL carryforwards will not always be available to offset taxable income apportioned to the various states. The states from which our refining, retail, and logistics revenues are derived are not the same states in which our NOLs were incurred; therefore, we expect to incur state tax liabilities in connection with our refining, retail, and logistics operations.

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**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

 **Note 19—Segment Information**

We report the results for the following four reportable segments: (i) Refining, (ii) Retail, (iii) Logistics and (iv) Corporate and Other. Segment asset information is not provided to our chief operating decision-maker.

Summarized financial information concerning reportable segments consists of the following (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2026** | **Refining** | **Logistics** | **Retail** | **Corporate, Eliminations and Other (1)** | **Total** |
| Revenues |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel revenue | $1740868 | $— | $108609 | $(86130) | $1763347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 31659 | 76846 | 24499 | (72601) | 60403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1772527 | 76846 | 133108 | (158731) | 1823750 |
| Cost of revenues (excluding depreciation) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refining intercompany logistics costs | 72606 |  |  | (72606) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other cost of revenues (excluding depreciation) | 1504915 | 42961 | 96962 | (86334) | 1558504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues (excluding depreciation) | 1577521 | 42961 | 96962 | (158940) | 1558504 |
| Operating expense (excluding depreciation) | 115920 | 5892 | 20706 |  | 142518 |
| Depreciation and amortization | 25421 | 5800 | 2435 | 804 | 34460 |
| General and administrative expense (excluding depreciation) |  |  |  | 24875 | 24875 |
| Equity earnings from refining and logistics investments | (3377) | (2452) |  |  | (5829) |
| Acquisition and integration costs |  |  |  | 64 | 64 |
| Par West redevelopment and other costs |  |  |  | 2985 | 2985 |
| Other operating loss, net | 726 | 125 |  |  | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | $56316 | $24520 | $13005 | $(28519) | $65322 |
| Interest expense and financing costs, net |  |  |  |  | (15934) |
| Debt extinguishment and commitment costs |  |  |  |  | (62) |
| Other loss, net |  |  |  |  | (14) |
| Equity earnings from Laramie Energy, LLC |  |  |  |  | 9179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes |  |  |  |  | 58491 |
| Income tax expense |  |  |  |  | (12340) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** |  |  |  |  | $46151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interest |  |  |  |  | (8299) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income attributable to Par Pacific stockholders** |  |  |  |  | $54450 |
| Capital expenditures | $31953 | $5988 | $3232 | $1897 | $43070 |

---

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**PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES**

**Notes to Condensed Consolidated Financial Statements**

**For the Interim Periods Ended March 31, 2026 and 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2025** | **Refining** | **Logistics** | **Retail** | **Corporate, Eliminations and Other (1)** | **Total** |
| Revenues |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel revenue | $1605535 | $— | $111621 | $(80818) | $1636338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 80594 | 71415 | 24811 | (68122) | 108698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1686129 | 71415 | 136432 | (148940) | 1745036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (excluding depreciation) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refining intercompany logistics costs | 68149 |  |  | (68149) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other cost of revenues (excluding depreciation) | 1502973 | 40567 | 96639 | (80819) | 1559360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues (excluding depreciation) | 1571122 | 40567 | 96639 | (148968) | 1559360 |
| Operating expense (excluding depreciation) | 118620 | 4365 | 21169 |  | 144154 |
| Depreciation and amortization | 26397 | 6819 | 2662 | 708 | 36586 |
| General and administrative expense (excluding depreciation) |  |  |  | 24243 | 24243 |
| Equity earnings from refining and logistics investments | (5289) | (2225) |  |  | (7514) |
| Acquisition and integration costs |  |  |  |  |  |
| Par West redevelopment and other costs |  |  |  | 3982 | 3982 |
| Other operating loss, net |  |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | $(24721) | $21889 | $15961 | $(28905) | $(15776) |
| Interest expense and financing costs, net |  |  |  |  | (21848) |
| Debt extinguishment and commitment costs |  |  |  |  | (25) |
| Other loss, net |  |  |  |  | (371) |
| Equity earnings from Laramie Energy, LLC |  |  |  |  | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes |  |  |  |  | (37294) |
| Income tax benefit |  |  |  |  | 6894 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net loss** |  |  |  |  | $(30400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interest |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net loss attributable to Par Pacific stockholders** |  |  |  |  | $(30400) |
| Capital expenditures | $33974 | $3821 | $2458 | 680 | $40933 |

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________________________________________________________

(1)Includes eliminations of intersegment revenues and cost of revenues of $158.7 million and $148.9 million for the three months ended March 31, 2026 and 2025, respectively.

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**Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Overview**

We are a growing energy company based in Houston, Texas, that provides both renewable and conventional fuels to the western United States. For more information, please read "Note 1—Overview" to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. The following should be read in conjunction with our condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q.

 **Recent Events Affecting Comparability of Periods**

***Operational Update***

Our Wyoming refinery experienced an operational incident on the evening of February 12, 2025, and remained safely idled during repair and recovery work through late April 2025, when the refinery returned to full crude operations. The 47 days of idle time in 2025 impacted comparability between the three months ended March 31, 2026, and March 31, 2025.

***Economic Update***

Geopolitical tensions in the Middle East and Red Sea region continue in 2026, putting upward pressure on prices in March 2026. The effective closure of the Strait of Hormuz in early March 2026 has disrupted global trade patterns and increased crude oil price volatility worldwide. Crude oil prices increased during the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Brent crude oil prices averaged $99.60 per barrel during March, raising the quarterly average to $78.38 per barrel during the three months ended March 31, 2026, compared to $74.98 per barrel during the three months ended March 31, 2025. Average U.S. retail gasoline prices spiked to $3.48 per gallon in March, raising the quarterly average to $2.99 per gallon during the three months ended March 31, 2026, consistent with the average cost per gallon during the three months ended March 31, 2025. On March 1, 2026, OPEC agreed to increase output by 206,000 barrels per day beginning in April 2026. The overall energy price index increased 12.5% and the total consumer price index increased 3.3% year over year as of March 31, 2026.

Please read our Item 1A. — Risk Factors discussion below and on our Annual Report on Form 10-K for the year ended December 31, 2025 for further information.

***Employee Update***

Approximately 49% of the workforce at our Hawaii and Tacoma refineries are represented by the United Steelworkers Union under a collective bargaining agreement that expired January 31, 2026, and is currently subject to 24-hour extension periods while the parties continue their negotiations.

**Results of Operations**

***Three months ended March 31, 2026 compared to the three months ended March 31, 2025***

***Net Income (Loss) Attributable to Par Pacific Stockholders.*** Our financial results for the first quarter of 2026 improved from a net loss attributable to Par Pacific stockholders of $30.4 million for the three months ended March 31, 2025, to net income attributable to Par Pacific Stockholders of $54.5 million for the three months ended March 31, 2026. The $84.9 million increase was primarily driven by an $81.0 million increase in our refining segment operating income, an $8.5 million increase in Equity earnings from Laramie Energy, LLC, and a $5.9 million decrease in Interest expense and financing costs, net, partially offset by a $19.2 million increase in income tax expense. Please read the discussions of segment and consolidated results below for additional information.

***Adjusted EBITDA and Adjusted Net Income Attributable to Par Pacific Stockholders.*** For the three months ended March 31, 2026, Adjusted EBITDA was $91.5 million compared to $10.1 million for the three months ended March 31, 2025. The $81.4 million increase was primarily due to an $80.8 million increase in refining segment Adjusted Gross Margin.

For the three months ended March 31, 2026, Adjusted Net Income attributable to Par Pacific stockholders was $38.5 million compared to Adjusted Net Loss attributable to Par Pacific stockholders of $50.3 million for the three months ended March 31, 2025. The $88.8 million improvement was primarily related to the factors described above for the increase in Adjusted EBITDA and a $5.8 million decrease in Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain).

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Please read the discussion of Adjusted Gross Margin by Segment and the Discussion of Consolidated Results below for additional information.

The following tables summarize our consolidated results of operations for the three months ended March 31, 2026, compared to the three months ended March 31, 2025 (in thousands).

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
| | **2026** | **2025** |<br>**$ Change** |<br>**% Change** |
| Revenues | $1823750 | $1745036 | $78714 | 5% |
| &nbsp;&nbsp;&nbsp;Cost of revenues (excluding depreciation) | 1558504 | 1559360 | (856) | —% |
| &nbsp;&nbsp;&nbsp;Operating expense (excluding depreciation) | 142518 | 144154 | (1636) | (1)% |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 34460 | 36586 | (2126) | (6)% |
| &nbsp;&nbsp;&nbsp;General and administrative expense (excluding depreciation) | 24875 | 24243 | 632 | 3% |
| &nbsp;&nbsp;&nbsp;Equity earnings from refining and logistics investments | (5829) | (7514) | 1685 | 22% |
| &nbsp;&nbsp;&nbsp;Acquisition and integration costs | 64 |  | 64 | NM (1) |
| &nbsp;&nbsp;&nbsp;Par West redevelopment and other costs | 2985 | 3982 | (997) | (25)% |
| &nbsp;&nbsp;&nbsp;Other operating loss, net | 851 | 1 | 850 | 85,000% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1758428 | 1760812 |  |  |
| Operating income (loss) | 65322 | (15776) |  |  |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense and financing costs, net | (15934) | (21848) | 5914 | (27)% |
| &nbsp;&nbsp;&nbsp;Debt extinguishment and commitment costs | (62) | (25) | (37) | 148% |
| &nbsp;&nbsp;&nbsp;Other expense, net | (14) | (371) | 357 | (96)% |
| &nbsp;&nbsp;&nbsp;Equity earnings from Laramie Energy, LLC | 9179 | 726 | 8453 | 1,164% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | (6831) | (21518) |  |  |
| Income (loss) before income taxes | 58491 | (37294) |  |  |
| Income tax benefit (expense) | (12340) | 6894 | (19234) | (279)% |
| **Net income (loss)** | 46151 | (30400) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interest | (8299) |  | (8299) | NM (1) |
| **Net income (loss) attributable to Par Pacific stockholders** | $54450 | $(30400) |  |  |

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________________________________________________________

(1)NM - Not meaningful

The following tables summarize our operating income (loss) by segment for the three months ended March 31, 2026 and 2025 (in thousands).

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2026** | **Refining** | **Logistics (1)** | **Retail** | **Corporate, Eliminations and Other (2)** | **Total** |
| Revenues | $1772527 | $76846 | $133108 | $(158731) | $1823750 |
| Cost of revenues (excluding depreciation) | 1577521 | 42961 | 96962 | (158940) | 1558504 |
| Operating expense (excluding depreciation) | 115920 | 5892 | 20706 |  | 142518 |
| Depreciation and amortization | 25421 | 5800 | 2435 | 804 | 34460 |
| General and administrative expense (excluding depreciation) |  |  |  | 24875 | 24875 |
| Equity earnings from refining and logistics investments | (3377) | (2452) |  |  | (5829) |
| Acquisition and integration costs |  |  |  | 64 | 64 |
| Par West redevelopment and other costs |  |  |  | 2985 | 2985 |
| Other operating loss, net | 726 | 125 |  |  | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | $56316 | $24520 | $13005 | $(28519) | $65322 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2025** | **Refining** | **Logistics (1)** | **Retail** | **Corporate, Eliminations and Other (2)** | **Total** |
| Revenues | $1686129 | $71415 | $136432 | $(148940) | $1745036 |
| Cost of revenues (excluding depreciation) | 1571122 | 40567 | 96639 | (148968) | 1559360 |
| Operating expense (excluding depreciation) | 118620 | 4365 | 21169 |  | 144154 |
| Depreciation and amortization | 26397 | 6819 | 2662 | 708 | 36586 |
| General and administrative expense (excluding depreciation) |  |  |  | 24243 | 24243 |
| Equity earnings from refining and logistics investments | (5289) | (2225) |  |  | (7514) |
| Acquisition and integration costs |  |  |  |  |  |
| Par West redevelopment and other costs |  |  |  | 3982 | 3982 |
| Other operating loss, net |  |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | $(24721) | $21889 | $15961 | $(28905) | $(15776) |

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________________________________________________________

(1)Our logistics operations consist primarily of intercompany transactions that eliminate on a consolidated basis.

(2)Includes eliminations of intersegment Revenues and Cost of revenues (excluding depreciation) of $158.7 million and $148.9 million for the three months ended March 31, 2026 and 2025, respectively.

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Below is a summary of key operating statistics for the refining segment for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Total Refining Segment** |  |  |
| Feedstocks Throughput (Mbpd)  | 184.3 | 176.0 |
| Refined product sales volume (Mbpd) | 188.8 | 184.6 |
| Adjusted Gross Margin per bbl ($/throughput bbl) (1) | $11.16 | $6.59 |
| Production costs per bbl ($/throughput bbl) | 6.93 | 7.41 |
| D&A per bbl ($/throughput bbl) | 1.53 | 1.67 |
| **Hawaii Refinery** |  |  |
| Feedstocks Throughput (Mbpd) | 89.8 | 79.4 |
| Yield (% of total throughput) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gasoline and gasoline blendstocks | 28.7% | 25.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Distillates | 35.9% | 34.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel oils | 30.5% | 32.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other products | 2.0% | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total yield | 97.1% | 96.6% |
| Refined product sales volume (Mbpd) | 90.4 | 88.6 |
| Adjusted Gross Margin per bbl ($/throughput bbl) (1) | $13.10 | $8.90 |
| Production costs per bbl ($/throughput bbl) | 4.67 | 4.81 |
| D&A per bbl ($/throughput bbl) | 0.26 | 0.23 |
| **Montana Refinery** |  |  |
| Feedstocks Throughput (Mbpd) | 56.9 | 51.7 |
| Yield (% of total throughput) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gasoline and gasoline blendstocks | 46.8% | 45.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Distillates | 35.5% | 32.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asphalt | 9.3% | 11.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other products | 2.9% | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total yield | 94.5% | 92.2% |
| Refined product sales volume (Mbpd) | 50.7 | 47.4 |

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Adjusted Gross Margin per bbl ($/throughput bbl) (1) | $6.93 | $5.04 |
| Production costs per bbl ($/throughput bbl) | 9.05 | 10.56 |
| D&A per bbl ($/throughput bbl) | 2.57 | 2.34 |
| **Washington Refinery** |  |  |
| Feedstocks Throughput (Mbpd) | 23.0 | 38.6 |
| Yield (% of total throughput) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gasoline and gasoline blendstocks | 24.1% | 24.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Distillates | 33.0% | 35.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asphalt | 17.9% | 15.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other products | 21.5% | 20.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total yield | 96.5% | 96.1% |
| Refined product sales volume (Mbpd) | 30.4 | 36.5 |
| Adjusted Gross Margin per bbl ($/throughput bbl) (1) | $8.17 | $2.09 |
| Production costs per bbl ($/throughput bbl) | 7.53 | 4.16 |
| D&A per bbl ($/throughput bbl) | 2.98 | 2.01 |
| **Wyoming Refinery** |  |  |
| Feedstocks Throughput (Mbpd) | 14.6 | 6.3 |
| Yield (% of total throughput) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gasoline and gasoline blendstocks | 48.7% | 50.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Distillates | 44.0% | 45.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel oils | 2.2% | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other products | 2.1% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total yield | 97.0% | 99.6% |
| Refined product sales volume (Mbpd) | 17.3 | 12.1 |
| Adjusted Gross Margin per bbl ($/throughput bbl) (1) | $26.79 | $19.83 |
| Production costs per bbl ($/throughput bbl) | 11.68 | 34.35 |
| D&A per bbl ($/throughput bbl) | 3.02 | 12.25 |

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Market Indices (average $ per barrel)** |  |  |
| Hawaii Index | $31.11 | $8.13 |
| Montana Index | 4.84 | 7.07 |
| Washington Index | 8.20 | 4.15 |
| Wyoming Index | 19.30 | 20.31 |
| Combined Index | 19.21 | 7.38 |
| **Market Cracks (average $ per barrel)** |  |  |
| Singapore 3.1.2 Product Crack | $36.01 | $13.12 |
| Montana 6.3.2.1 Product Crack | 15.08 | 17.02 |
| Washington 3.1.1.1 Product Crack | 16.55 | 12.01 |
| Wyoming 2.1.1 Product Crack | 22.22 | 21.74 |
| **Crude Oil Prices (average $ per barrel)** |  |  |
| Brent | $78.38 | $74.98 |
| WTI | 72.67 | 71.42 |
| ANS (-) Brent | 2.91 | 2.18 |
| Bakken Guernsey (-) WTI | 0.20 | (1.81) |
| Bakken Williston (-) WTI | (1.54) | (3.08) |
| WCS Hardisty (-) WTI | (13.75) | (12.45) |
| MSW (-) WTI | (3.06) | (5.20) |
| Syncrude (-) WTI | 0.62 | (1.96) |
| Brent M1-M3 | 3.89 | 1.22 |

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________________________________________________________

(1)We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out ("LIFO") inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out ("FIFO") inventory costing method. Total Refining Segment Adjusted Gross Margin per barrel is presented net of intercompany profit in inventory of $0.50 per barrel and $0.08 per barrel for the three months ended March 31, 2026, and March 31, 2025, respectively, which represents margin on intercompany sales where the inventory remains on our condensed consolidated balance sheet at period end.

Below is a summary of key operating statistics for the retail segment for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Retail Segment** |  |  |
| Retail sales volumes (thousands of gallons) | 28064 | 29431 |

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***Non-GAAP Performance Measures***

Management uses certain financial measures and forecasts to evaluate our operating performance and allocate resources that are considered non-GAAP financial measures. The chief operating decision-maker ("CODM") is the Chief Executive Officer ("CEO"), who uses certain non-GAAP financial measures and forecasts to allocate resources and evaluate

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our operating performance. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.

Management, including the CODM, uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) attributable to Par Pacific stockholders, Adjusted EBITDA (as defined below) and Adjusted EBITDA by segment (as defined below) are useful supplemental financial measures that allow management and investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure.

Beginning with the financial results reported for the fourth quarter of 2025, Adjusted Net Income (Loss) attributable to Par Pacific stockholders excludes the portion of non-GAAP adjustments associated with the noncontrolling interest in our joint venture established on October 21, 2025. Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA by segment also excludes other operating gains and losses (which primarily includes the impacts of the noncash remeasurement of our environmental liabilities). This modification improves comparability between periods by excluding non-cash gains and losses that do not reflect ongoing underlying business operations.

Beginning with the financial results reported for the fourth quarter of 2025, Adjusted EBITDA includes the Adjusted Net Income (Loss) attributable to noncontrolling interests associated with our joint venture established on October 21, 2025.

***Adjusted Gross Margin***

Adjusted Gross Margin is defined as Operating income (loss) excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating expense (excluding depreciation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• depreciation and amortization ("D&A");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Par's portion of interest, taxes, and D&A expense from refining and logistics investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairment expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other operating (gain) loss, net (which includes the impacts of the noncash remeasurement of our environmental liabilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Par's portion of accounting policy differences from refining and logistics investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental obligation mark-to-market adjustment (which represents the mark-to-market losses (gains) associated with our net RINs liability and our net obligation associated with the Washington Climate Commitment Act and Clean Fuel Standard); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unrealized loss (gain) on derivatives.

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&nbsp;&nbsp;&nbsp;&nbsp;The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, Operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands).

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| | | | |
|:---|:---|:---|:---|
| **Three months ended March 31, 2026** | **Refining** | **Logistics** | **Retail** |
| **Operating Income** | $56316 | $24520 | $13005 |
| &nbsp;&nbsp;&nbsp;Operating expense (excluding depreciation) | 115920 | 5892 | 20706 |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 25421 | 5800 | 2435 |
| &nbsp;&nbsp;Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 927 | 1082 |  |
| &nbsp;&nbsp;&nbsp;Inventory valuation adjustment | (61226) |  |  |
| &nbsp;&nbsp;&nbsp;Environmental obligation mark-to-market adjustments | (29508) |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized loss on derivatives | 76911 |  |  |
| &nbsp;&nbsp;Par's portion of accounting policy differences from refining and logistics investments | (412) |  |  |
| &nbsp;&nbsp;&nbsp;Other operating loss, net | 726 | 125 |  |
| **Adjusted Gross Margin (1)** | $185075 | $37419 | $36146 |

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| | | | |
|:---|:---|:---|:---|
| **Three months ended March 31, 2025** | **Refining** | **Logistics** | **Retail** |
| **Operating Income (Loss)** | $(24721) | $21889 | $15961 |
| &nbsp;&nbsp;&nbsp;Operating expense (excluding depreciation) | 118620 | 4365 | 21169 |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 26397 | 6819 | 2662 |
| &nbsp;&nbsp;&nbsp;Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 1152 | 966 |  |
| &nbsp;&nbsp;&nbsp;Inventory valuation adjustment | (11687) |  |  |
| &nbsp;&nbsp;&nbsp;Environmental obligation mark-to-market adjustments | 4954 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gain on derivatives | (9442) |  |  |
| &nbsp;&nbsp;&nbsp;Par's portion of accounting policy differences from refining and logistics investments | (945) |  |  |
| &nbsp;&nbsp;&nbsp;Other operating loss, net |  |  | 1 |
| **Adjusted Gross Margin (1)** | $104328 | $34039 | $39793 |

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____________________________________________________________________________

(1)For the three months ended March 31, 2026 and 2025, there was no impairment expense in Operating income (loss).

***Adjusted Net Income (Loss) Attributable to Par Pacific Stockholders and Adjusted EBITDA***

&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Income (Loss) attributable to Par Pacific stockholders is defined as Net income (loss) attributable to Par Pacific stockholders excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our RINs and Washington CCA and Clean Fuel Standard);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unrealized (gain) loss on derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition and integration costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redevelopment and other costs related to Par West;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• debt extinguishment and commitment costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase in (release of) tax valuation allowance and other deferred tax items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the value of contingent consideration and common stock warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• severance costs and other non-operating expense (income);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairment expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairment expense associated with our investment in Laramie Energy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Par's share of equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Par's portion of accounting policy differences from refining and logistics investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other operating (gain) loss, net (which includes the impacts of the noncash remeasurement of our environmental liabilities); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noncontrolling interest impact of non-GAAP adjustments.

Adjusted EBITDA is defined as Adjusted Net Income (Loss) attributable to Par Pacific stockholders plus Adjusted Net Income (Loss) attributable to noncontrolling interests excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• D&A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest expense and financing costs, net, excluding interest rate derivative loss (gain);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cash distributions from Laramie Energy, LLC to Par;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Par's portion of interest, taxes, and D&A expense from refining and logistics investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• income tax expense (benefit) excluding the increase in (release of) tax valuation allowance.

&nbsp;&nbsp;&nbsp;&nbsp;The following table presents a reconciliation of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA to the most directly comparable GAAP financial measure, Net income (loss) attributable to Par Pacific stockholders, on a historical basis for the periods indicated (in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Net Income (loss) attributable to Par Pacific stockholders** | $54450 | $(30400) |
| &nbsp;&nbsp;&nbsp;Inventory valuation adjustment | (61226) | (11687) |
| &nbsp;&nbsp;&nbsp;Environmental obligation mark-to-market adjustments | (29508) | 4954 |
| &nbsp;&nbsp;&nbsp;Unrealized loss (gain) on derivatives | 76879 | (9357) |
| &nbsp;&nbsp;&nbsp;Acquisition and integration costs | 64 |  |
| &nbsp;&nbsp;&nbsp;Par West redevelopment and other costs | 2985 | 3982 |
| &nbsp;&nbsp;&nbsp;Debt extinguishment and commitment costs | 62 | 25 |
| &nbsp;&nbsp;&nbsp;Changes in valuation allowance and other deferred tax items (1) | 10628 | (6894) |
| &nbsp;&nbsp;&nbsp;Severance costs and other non-operating expense (2) | 53 | 726 |
| &nbsp;&nbsp;&nbsp;Equity earnings from Laramie Energy, LLC, excluding cash distributions | (9179) | (726) |
| &nbsp;&nbsp;&nbsp;Par's portion of accounting policy differences from refining and logistics investments | (412) | (945) |
| &nbsp;&nbsp;&nbsp;Other operating loss, net | 851 | 1 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest impact of non-GAAP adjustments | (7105) |  |
| **Adjusted Net Income (Loss) attributable to Par Pacific stockholders (3)** | 38542 | (50321) |
| &nbsp;&nbsp;&nbsp;Adjusted Net Loss attributable to noncontrolling interests (4) | (1194) |  |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 34460 | 36586 |
| &nbsp;&nbsp;&nbsp;Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain) | 15966 | 21763 |
| &nbsp;&nbsp;&nbsp;Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 2009 | 2118 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 1712 |  |
| **Adjusted EBITDA (3)** | $91495 | $10146 |

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________________________________________

(1)For the three months ended March 31, 2026 and 2025, we recognized a non-cash deferred tax expense of $10.6 million and a deferred tax benefit of $6.9 million, respectively, driven by an increase in our 2026 taxable income. This tax expense (benefit) is included in Income tax expense (benefit) on our condensed consolidated statements of operations.

(2)For the three months ended March 31, 2025, we incurred $0.3 million of stock-based compensation expenses associated with equity awards modifications.

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(3)For the three months ended March 31, 2026 and 2025, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, cash distributions from Laramie Energy, or our share of Laramie Energy's asset impairment losses in excess of our basis difference. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA made during the reporting periods.

(4)Represents the amount necessary to reconcile Adjusted Net Income (Loss) attributable to Par Pacific stockholders to consolidated adjusted net income (loss) used in calculating Adjusted EBITDA. The amount equals net income (loss) attributable to noncontrolling interest minus the noncontrolling interest impact of non-GAAP adjustments.

***Adjusted EBITDA by Segment***

&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA by segment is defined as Operating income (loss) excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• D&A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unrealized (gain) loss on derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition and integration costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redevelopment and other costs related to Par West;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• severance costs and other non-operating expense (income);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other operating loss (gain), net (which includes the impacts of the noncash remeasurement of our environmental liabilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairment expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Par's portion of interest, taxes, and D&A expense from refining and logistics investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Par's portion of accounting policy differences from refining and logistics investments.

Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below Operating income (loss) on our condensed consolidated statement of operations.

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The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, Operating income (loss) by segment, on a historical basis, for our operating segments for the periods indicated (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2026** | **Refining** | **Logistics** | **Retail** | **Corporate and Other** |
| **Operating income (loss) by segment** | $56316 | $24520 | $13005 | $(28519) |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 25421 | 5800 | 2435 | 804 |
| &nbsp;&nbsp;&nbsp;Inventory valuation adjustment | (61226) |  |  |  |
| &nbsp;&nbsp;&nbsp;Environmental obligation mark-to-market adjustments | (29508) |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized loss on commodity derivatives | 76911 |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition and integration costs |  |  |  | 64 |
| &nbsp;&nbsp;&nbsp;Par West redevelopment and other costs |  |  |  | 2985 |
| &nbsp;&nbsp;&nbsp;Severance costs and other non-operating expense |  |  | 53 |  |
| &nbsp;&nbsp;&nbsp;Par's portion of accounting policy differences from refining and logistics investments | (412) |  |  |  |
| &nbsp;&nbsp;&nbsp;Other operating loss, net | 726 | 125 |  |  |
| &nbsp;&nbsp;&nbsp;Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 927 | 1082 |  |  |
| &nbsp;&nbsp;&nbsp;Other loss, net |  |  |  | (14) |
| **Adjusted EBITDA (1)** | $69155 | $31527 | $15493 | $(24680) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2025** | **Refining** | **Logistics** | **Retail** | **Corporate and Other** |
| **Operating income (loss) by segment** | $(24721) | $21889 | $15961 | $(28905) |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 26397 | 6819 | 2662 | 708 |
| &nbsp;&nbsp;&nbsp;Inventory valuation adjustment | (11687) |  |  |  |
| &nbsp;&nbsp;&nbsp;Environmental obligation mark-to-market adjustments | 4954 |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gain on derivatives | (9442) |  |  |  |
| &nbsp;&nbsp;&nbsp;Par West redevelopment and other costs |  |  |  | 3982 |
| &nbsp;&nbsp;&nbsp;Severance costs and other non-operating expense |  |  |  | 726 |
| &nbsp;&nbsp;&nbsp;Par's portion of accounting policy differences from refining and logistics investments | (945) |  |  |  |
| &nbsp;&nbsp;&nbsp;Other operating loss, net |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments | 1152 | 966 |  |  |
| &nbsp;&nbsp;&nbsp;Other loss, net |  |  |  | (371) |
| **Adjusted EBITDA (1)** | $(14292) | $29674 | $18624 | $(23860) |

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________________________________________

(1)For the three months ended March 31, 2026 and 2025, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy's asset impairment losses in excess of our basis difference.

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**Factors Impacting Segment Results**

***Operating Income***

***Three months ended March 31, 2026 compared to the three months ended March 31, 2025***

***Refining.*** Operating income for our refining segment was $56.3 million for the three months ended March 31, 2026, an increase of $81.0 million compared to an operating loss of $24.7 million for the three months ended March 31, 2025. Please read the Adjusted Gross Margin discussion below for additional information. The increase in operating income was primarily driven by:

•  an increase of $111.6 million related to favorable changes in feedstock differentials across all our refineries,

•  a favorable FIFO adjustment of $150.8 million driven by rising feedstock costs, and

•  an increase of $77.8 million primarily related to higher crack spreads at our Washington, Hawaii, and Montana refineries

partially offset by:

•  a decrease of $156.9 million related to unfavorable derivative impacts and

•  an unfavorable change of $104.0 million in the valuation of the step-out obligation related to our Inventory Intermediation Agreement driven by changes in commodity prices.

***Logistics.*** Operating income for our logistics segment was $24.5 million for the three months ended March 31, 2026, an increase of $2.6 million compared to $21.9 million for the three months ended March 31, 2025. $5.4 million of the increase was driven by higher throughput activity across our Wyoming, Hawaii, and Montana logistics assets, partially offset by increased repair and maintenance costs of $2.7 million in Hawaii related to planned maintenance activities. Our Wyoming refinery was idle for 47 days in the first quarter of 2025 as a result of an operational incident.

***Retail.*** Operating income for our retail segment was $13.0 million for the three months ended March 31, 2026, a decrease of $3.0 million compared to $16.0 million for the three months ended March 31, 2025. The decrease was primarily due to a $2.5 million decrease driven by lower fuel margins and a $1.4 million decline related to 5% lower fuel sales volumes.

***Adjusted Gross Margin***

***Three months ended March 31, 2026 compared to the three months ended March 31, 2025***

***Refining.*** For the three months ended March 31, 2026, our refining Adjusted Gross Margin was $185.1 million, an increase of $80.8 million compared to $104.3 million for the three months ended March 31, 2025. The increase was primarily driven by a $60.7 million increase related to favorable feedstock costs, and $79.3 million related to higher crack spreads, partially offset by $70.6 million related to unfavorable impacts from realized derivatives and a $32.1 million increase in environmental costs. Our combined index improved $11.83 per barrel, or 160%, in the first quarter of 2026 compared to the comparable period in 2025.

***Logistics.*** For the three months ended March 31, 2026, our logistics Adjusted Gross Margin was $37.4 million, an increase of $3.4 million compared to $34.0 million for the three months ended March 31, 2025. The increase is primarily due to higher throughput activity across our Hawaii, Montana and Wyoming logistics assets, partially offset by a $2.7 million increase in repair and maintenance costs in Hawaii related to planned maintenance activities.

***Retail.*** For the three months ended March 31, 2026, our retail Adjusted Gross Margin was $36.1 million, a decrease of $3.7 million compared to $39.8 million for the three months ended March 31, 2025. The decrease was primarily due to a $2.5 million decrease driven by fuel margins and a $1.4 million decrease related to lower fuel sales volumes.

**Discussion of Consolidated Results**

***Three months ended March 31, 2026 compared to the three months ended March 31, 2025***

***Revenues.*** For the three months ended March 31, 2026, revenues were $1.8 billion, a $0.1 billion increase compared to $1.7 billion for the three months ended March 31, 2025. The increase was primarily driven by higher refining revenue due to higher average product crack spreads and a 2% increase in product sales volumes. Average Brent crude oil prices increased 5% and average WTI crude oil prices increased 2% as compared to the prior period. The Combined Index increased 160% compared to the first quarter of 2025. Revenues at our retail segment decreased $3.3 million primarily due to a 5% decline in fuel sales volumes related to a 2% increase in prices. Please read our key operating statistics for further information.

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***Cost of Revenues (Excluding Depreciation).*** For the three months ended March 31, 2026, and the three months ended March 31, 2025, cost of revenues (excluding depreciation) was $1.6 billion.

***Operating Expense (Excluding Depreciation).*** For the three months ended March 31, 2026, operating expense (excluding depreciation) was $142.5 million, relatively consistent with $144.2 million for the three months ended March 31, 2025.

***Depreciation and Amortization*.** For the three months ended March 31, 2026, D&A was $34.5 million, a decrease of $2.1 million compared to $36.6 million for the three months ended March 31, 2025. The decrease was primarily due to Wyoming equipment damaged in the 2025 operational incident and no similar events in 2026.

***General and Administrative Expense (Excluding Depreciation).*** For the three months ended March 31, 2026, general and administrative expense (excluding depreciation) was $24.9 million, relatively consistent with $24.2 million for the three months ended March 31, 2025.

***Equity Earnings From Refining and Logistics Investments.*** During the three months ended March 31, 2026, Equity earnings from refining and logistics investments were $5.8 million, a decrease of $1.7 million compared to $7.5 million for the three months ended March 31, 2025. The decrease was primarily due to a $1.9 million decrease in our proportionate share of YELP's net income. Please read "Note 3—Refining and Logistics Equity Investments" for further information.

***Acquisition and Integration Costs.*** For the three months ended March 31, 2026, we incurred an immaterial amount of acquisition and integration costs, which was relatively consistent with the three months ended March 31, 2025, in which we incurred no acquisition and integration costs.

***Par West Redevelopment and Other Costs.*** For the three months ended March 31, 2026, Par West redevelopment and other costs were $3.0 million, a decrease of $1.0 million compared to $4.0 million for the three months ended March 31, 2025, primarily due to a decrease in redevelopment activities.

***Other Operating Loss, Net.*** For the three months ended March 31, 2026, there was a $0.9 million other operating loss, net, related to the disposal of refinery and logistics property and equipment. For the three months ended March 31, 2025, other operating loss, net, was immaterial.

***Interest Expense and Financing Costs, Net*.** For the three months ended March 31, 2026, our interest expense and financing costs were $15.9 million, a decrease of $5.9 million compared to $21.8 million for the three months ended March 31, 2025, primarily due to a decrease in interest expense related to lower outstanding balances under our ABL Credit Facility and lower Term Loan Credit Agreement interest rates.

***Equity earnings from Laramie Energy, LLC.*** For the three months ended March 31, 2026, Equity earnings from Laramie Energy, LLC were $9.2 million compared to Equity earnings from Laramie Energy, LLC of $0.7 million for the three months ended March 31, 2025. The increase was primarily due to an $8.7 million increase in our proportionate share of Laramie Energy's net income. Please read "Note 4—Investment in Laramie Energy" for further discussion.

***Income Taxes.*** For the three months ended March 31, 2026, our income tax expense was $12.3 million, an increase of $19.2 million compared to a $6.9 million income tax benefit for three months ended March 31, 2025, primarily related to our pre-tax net income in the first quarter of 2026 as compared to our pre-tax net loss in the first quarter of 2025. Please read "Note 18—Income Taxes" for further discussion.

***Net Loss Attributable to Noncontrolling Interests*.** For the three months ended March 31, 2026, losses attributable to noncontrolling interests were $8.3 million related to our Hawaii Renewables joint venture. For the three months ended March 31, 2025, there was no income or loss attributable to noncontrolling interests. Please read "Note 5—Joint Venture" for further discussion.

***Condensed Consolidating Financial Information***

On February 28, 2023, Par Petroleum, LLC ("Par Borrower") entered into the Term Loan Credit Agreement (the "Term Loan Credit Agreement") due 2030 with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto. The Term Loan Credit Agreement was co-issued by Par Petroleum Finance Corp. (together with the Par Borrower, the "Term Loan Borrowers"), which has no independent assets or operations. The Term Loan Credit Agreement is guaranteed on a senior unsecured basis only as to payment of principal and interest by Par Pacific Holdings, Inc. (the "Parent") and is guaranteed on a senior secured basis by all of the subsidiaries of Par Borrower. The Term Loan Credit Agreement

------

proceeds were used to refinance our existing Term Loan B Facility and repurchase our outstanding 7.75% Senior Secured Notes and 12.875% Senior Secured Notes, all three of which had similar guarantees that were replaced by those on the Term Loan Credit Agreement.

The following supplemental condensed consolidating financial information reflects (i) the Parent's separate accounts, (ii) Par Borrower and its consolidated subsidiaries' accounts (which are all guarantors of the Term Loan Credit Agreement), (iii) the accounts of subsidiaries of the Parent that are not guarantors of the Term Loan Credit Agreement and consolidating adjustments and eliminations, and (iv) the Parent's consolidated accounts for the dates and periods indicated. For purposes of the following condensed consolidating information, the Parent's investment in its subsidiaries is accounted for under the equity method of accounting (dollar amounts in thousands).

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Parent Guarantor** | **Par Borrower and Subsidiaries** | **Non-Guarantor Subsidiaries and Eliminations** | **Par Pacific Holdings, Inc. and Subsidiaries** |
| **ASSETS** | | | | |
| **Current assets** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $18080 | $131392 | $22696 | $172168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 352 |  |  | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable |  | 481507 |  | 481507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories |  | 1306120 | 55848 | 1361968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | 6057 | 127883 | 972 | 134912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current note receivable from subsidiaries | 48000 |  | (48000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from related parties | 603246 |  | (603246) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 675735 | 2046902 | (571730) | 2150907 |
| **Property, plant, and equipment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | 27456 | 1753853 | 113773 | 1895082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation and amortization | (18300) | (658097) | (10216) | (686613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Property, plant, and equipment, net** | 9156 | 1095756 | 103557 | 1208469 |
| **Long-term assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use ("ROU") assets | 6683 | 367603 |  | 374286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Refining and logistics equity investments |  |  | 101660 | 101660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in Laramie Energy, LLC |  |  | 44985 | 44985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in subsidiaries | 1064578 |  | (1064578) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net |  | 8298 | 1443 | 9741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill |  | 124679 | 2597 | 127276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets |  | 180176 | 12019 | 192195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $1756152 | $3823414 | $(1370047) | $4209519 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |
| **Current liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | $— | $52924 | $(48021) | $4903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations under inventory financing agreements |  | 225631 | 61667 | 287298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 4830 | 554579 | 18760 | 578169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes | 13 | 16935 | 79 | 17027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 566 | 99606 |  | 100172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | 1890 | 327334 | 7955 | 337179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | 276236 | 407347 | (683583) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 283535 | 1684356 | (643143) | 1324748 |
| **Long-term liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net of current maturities |  | 942715 |  | 942715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | 632 | 14625 | (3835) | 11422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 10009 | 285228 |  | 295237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  | 188884 | (104858) | 84026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 294176 | 3115808 | (751836) | 2658148 |
| **Commitments and contingencies** |  |  |  |  |
| **Noncontrolling interest** |  |  | 35542 | 35542 |
| **Stockholders' equity** |  |  |  |  |
| Common stock | 493 |  |  | 493 |
| Additional paid-in capital | 882044 | (262066) | 315919 | 935897 |
| Accumulated earnings (deficit) | 567806 | 960143 | (960143) | 567806 |
| Accumulated other comprehensive income (loss) | 11633 | 9529 | (9529) | 11633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 1461976 | 707606 | (653753) | 1515829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, noncontrolling interest, and stockholders' equity** | $1756152 | $3823414 | $(1370047) | $4209519 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Parent Guarantor** | **Par Borrower and Subsidiaries** | **Non-Guarantor Subsidiaries and Eliminations** | **Par Pacific Holdings, Inc. and Subsidiaries** |
| **ASSETS** | | | | |
| **Current assets** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $15639 | $125892 | $22582 | $164113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 351 |  |  | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable |  | 312672 |  | 312672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories |  | 1199523 | 29264 | 1228787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | 2903 | 65864 | 1401 | 70168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from related parties | 579579 |  | (579579) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current note receivable from subsidiaries | 60000 |  | (60000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 658472 | 1703951 | (586332) | 1776091 |
| **Property, plant, and equipment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | 25016 | 1729382 | 108707 | 1863105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation and amortization | (17730) | (637470) | (9954) | (665154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Property, plant, and equipment, net** | 7286 | 1091912 | 98753 | 1197951 |
| **Long-term assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use ("ROU") assets | 6787 | 384608 |  | 391395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Refining and logistics equity investments |  |  | 98654 | 98654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in Laramie Energy, LLC |  |  | 35806 | 35806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in subsidiaries | 1051331 |  | (1051331) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net |  | 8541 | 943 | 9484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill |  | 124679 | 2597 | 127276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long term note receivable from subsidiaries | 3000 |  | (3000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets |  | 174385 | 22647 | 197032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $1726876 | $3488076 | $(1381263) | $3833689 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |
| **Current liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | $— | $64930 | $(60000) | $4930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obligations under inventory financing agreements |  | 130150 | 31342 | 161492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 3062 | 331502 | 6991 | 341555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes |  | 31565 |  | 31565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 536 | 99022 |  | 99558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | 3474 | 457297 | 6265 | 467036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | 254102 | 393859 | (647961) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 261174 | 1508325 | (663363) | 1106136 |
| **Long-term liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net of current maturities |  | 800940 | (3000) | 797940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | 690 | 15201 | (3889) | 12002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 10192 | 302258 |  | 312450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  | 153152 | (100507) | 52645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 272056 | 2779876 | (770759) | 2281173 |
| **Commitments and contingencies** |  |  |  |  |
| **Noncontrolling interest** |  |  | 40976 | 40976 |
| **Stockholders' equity** |  |  |  |  |
| Preferred stock |  |  |  |  |
| Common stock | 497 |  |  | 497 |
| Additional paid-in capital | 901221 | (205916) | 262636 | 957941 |
| Accumulated earnings (deficit) | 541376 | 904494 | (904494) | 541376 |
| Accumulated other comprehensive income (loss) | 11726 | 9622 | (9622) | 11726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 1454820 | 708200 | (651480) | 1511540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, noncontrolling interest, and stockholders' equity** | $1726876 | $3488076 | $(1381263) | $3833689 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Parent Guarantor** | **Par Borrower and Subsidiaries** | **Non-Guarantor Subsidiaries and Eliminations** | **Par Pacific Holdings, Inc. and Subsidiaries** |
| **Revenues** | $203 | $1825450 | $(1903) | $1823750 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (excluding depreciation) |  | 1538435 | 20069 | 1558504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expense (excluding depreciation) |  | 141004 | 1514 | 142518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 570 | 33632 | 258 | 34460 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense (excluding depreciation) | 6732 | 18143 |  | 24875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity earnings from refining and logistics investments |  |  | (5829) | (5829) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and integration costs | 64 |  |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Par West redevelopment and other costs |  | 2985 |  | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating loss, net |  | 851 |  | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 7366 | 1735050 | 16012 | 1758428 |
| **Operating income (loss)** | (7163) | 90400 | (17915) | 65322 |
| **Other income (expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and financing costs, net | (18) | (15610) | (306) | (15934) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment and commitment costs |  | (62) |  | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | (9) |  | (5) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity earnings (losses) from subsidiaries | 61639 |  | (61639) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity earnings from Laramie Energy, LLC |  |  | 9179 | 9179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income (expense), net** | 61612 | (15672) | (52771) | (6831) |
| **Income (loss) before income taxes** | 54449 | 74728 | (70686) | 58491 |
| Income tax benefit (expense) (1) |  | (19079) | 6739 | (12340) |
| **Net income (loss)** | 54449 | 55649 | (63947) | 46151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interest |  |  | (8299) | (8299) |
| **Net income attributable to Par Pacific stockholders** | $54449 | $55649 | $(55648) | $54450 |
| **Adjusted EBITDA** | $(6538) | $94634 | $3399 | $91495 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Parent Guarantor** | **Par Borrower and Subsidiaries** | **Non-Guarantor Subsidiaries and Eliminations** | **Par Pacific Holdings, Inc. and Subsidiaries** |
| **Revenues** | $— | $1745009 | $27 | $1745036 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (excluding depreciation) |  | 1559360 |  | 1559360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expense (excluding depreciation) |  | 144154 |  | 144154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 487 | 36051 | 48 | 36586 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense (excluding depreciation) | 7302 | 16941 |  | 24243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity earnings from refining and logistics investments |  |  | (7514) | (7514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and integration costs |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Par West redevelopment and other costs |  | 3982 |  | 3982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating loss, net |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 7789 | 1760489 | (7466) | 1760812 |
| **Operating income (loss)** | (7789) | (15480) | 7493 | (15776) |
| **Other income (expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and financing costs, net | (31) | (21904) | 87 | (21848) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment and commitment costs |  | (25) |  | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | (8) | (363) |  | (371) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity earnings (losses) from subsidiaries | (22572) |  | 22572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity earnings from Laramie Energy, LLC |  |  | 726 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income (expense), net** | (22611) | (22292) | 23385 | (21518) |
| **Income (loss) before income taxes** | (30400) | (37772) | 30878 | (37294) |
| Income tax benefit (expense) (1) |  | 6993 | (99) | 6894 |
| **Net income (loss)** | $(30400) | $(30779) | $30779 | $(30400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interest |  |  |  |  |
| **Net loss attributable to Par Pacific stockholders** | $(30400) | $(30779) | $30779 | $(30400) |
| **Adjusted EBITDA** | $(7129) | $8561 | $8714 | $10146 |

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________________________________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;The income tax benefit (expense) of the Parent Guarantor and Issuer and Subsidiaries is determined using the separate return method. The Non-Guarantor Subsidiaries and Eliminations column includes tax benefits recognized at the Par consolidated level that are primarily associated with changes to the consolidated valuation allowance and other deferred tax balances.

***Non-GAAP Financial Measures***

Adjusted EBITDA for the supplemental consolidating condensed financial information, which is segregated at the "Parent Guarantor," "Par Borrower and Subsidiaries," and "Non-Guarantor Subsidiaries and Eliminations" levels, is calculated in a similar manner as the Par Pacific Holdings, Inc. Adjusted EBITDA. Net income (loss), which management considers the most directly comparable GAAP measure, is used as the basis for the calculation instead of Net income (loss) attributable to Par Pacific stockholders because certain adjustments used in calculating Adjusted EBITDA are not practicably segregated at these

------

levels. See "Results of Operations — Non-GAAP Performance Measures — Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA" above.

The following tables present a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, Net income (loss), on a historical basis for the periods indicated (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Parent Guarantor** | **Par Borrower and Subsidiaries** | **Non-Guarantor Subsidiaries and Eliminations** | **Par Pacific Holdings, Inc. and Subsidiaries** |
| **Net income (loss)** | $54449 | $55649 | $(63947) | $46151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory valuation adjustment |  | (69404) | 8178 | (61226) |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental obligation mark-to-market adjustments |  | (29508) |  | (29508) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on derivatives |  | 65593 | 11286 | 76879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and integration costs | 64 |  |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Par West redevelopment and other costs |  | 2985 |  | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment and commitment costs |  | 62 |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance costs and other non-operating expense |  | 53 |  | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating loss (gain), net |  | 851 |  | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity earnings from Laramie Energy, LLC, excluding cash distributions |  |  | (9179) | (9179) |
| &nbsp;&nbsp;&nbsp;&nbsp;Par's portion of accounting policy differences from refining and logistics investments |  |  | (412) | (412) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 570 | 33632 | 258 | 34460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and financing costs, net, excluding unrealized<br>interest rate derivative loss (gain) | 18 | 15642 | 306 | 15966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity losses (income) from subsidiaries | (61639) |  | 61639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments |  |  | 2009 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) |  | 19079 | (6739) | 12340 |
| **Adjusted EBITDA (1)** | $(6538) | $94634 | $3399 | $91495 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Parent Guarantor** | **Par Borrower and Subsidiaries** | **Non-Guarantor Subsidiaries and Eliminations** | **Par Pacific Holdings, Inc. and Subsidiaries** |
| **Net income (loss)** | $(30400) | $(30779) | $30779 | $(30400) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory valuation adjustment |  | (11687) |  | (11687) |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental obligation mark-to-market adjustments |  | 4954 |  | 4954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss (gain) on derivatives |  | (9357) |  | (9357) |
| &nbsp;&nbsp;&nbsp;&nbsp;Par West redevelopment and other costs |  | 3982 |  | 3982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment and commitment costs |  | 25 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance costs and other non-operating expense (2) | 181 | 545 |  | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating loss, net |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity earnings from Laramie Energy, LLC, excluding cash distributions |  |  | (726) | (726) |
| &nbsp;&nbsp;&nbsp;&nbsp;Par's portion of accounting policy differences from refining and logistics investments |  |  | (945) | (945) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 487 | 36051 | 48 | 36586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and financing costs, net, excluding unrealized<br>interest rate derivative loss (gain) | 31 | 21819 | (87) | 21763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity losses (income) from subsidiaries | 22572 |  | (22572) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Par's portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments |  |  | 2118 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) |  | (6993) | 99 | (6894) |
| **Adjusted EBITDA (1)** | $(7129) | $8561 | $8714 | $10146 |

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________________________________________

(1)Please read the Non-GAAP Performance Measures and Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA discussions above for information regarding the components of Adjusted Net Income (Loss) attributable to Par Pacific stockholders and Adjusted EBITDA.

(2)For the three months ended March 31, 2025, we incurred $0.3 million of stock-based compensation expenses associated with equity awards modifications.

**Liquidity and Capital Resources**

Our liquidity and capital requirements are primarily a function of our debt maturities and debt service requirements and contractual obligations, capital expenditures, turnaround outlays, and working capital needs. Examples of working capital needs include purchases and sales of commodities and associated margin and collateral requirements, facility maintenance costs, and other costs such as payroll. Our primary sources of liquidity are cash flows from operations, cash on hand, amounts available under our credit agreements, and access to capital markets.

Our liquidity position as of March 31, 2026, was $937.7 million, consisting of $172.2 million of cash and cash equivalents and $765.5 million of availability under the ABL Credit Facility. Generally, the primary uses of our capital resources have been in the operations of our refining and retail segments, for payments related to acquisitions, to repay or refinance indebtedness and to repurchase shares of our common stock.

We believe our cash flows from operations and available capital resources will be sufficient to meet our current capital and turnaround expenditures, working capital, and debt service requirements for the next 12 months. We may seek to raise additional debt or equity capital to fund acquisitions and any other significant changes to our business or to refinance existing debt. We cannot offer any assurances that such capital will be available in sufficient amounts or at an acceptable cost.

***Cash Requirements.*** There have been no material changes to the cash requirements disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, outside the ordinary course of business.

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***Cash Flows***

The following table summarizes cash activities for the three months ended March 31, 2026 and 2025 (in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Net cash used in operating activities | $(40707) | $(1399) |
| Net cash used in investing activities | (43070) | (40921) |
| Net cash provided by (used in) financing activities | 91833 | (15853) |

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***Cash flows for the three months ended March 31, 2026***

Net cash used in operating activities for the three months ended March 31, 2026, was primarily driven by net cash used for changes in operating assets and liabilities of approximately $202.7 million, non-cash charges to operations and non-operating items of approximately $115.9 million, and net income of $46.2 million. Net cash used for changes in operating assets and liabilities resulted primarily from:

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| | |
|:---|:---|
| • | a $168.8 million increase in Accounts receivable primarily driven by timing of collections and increased pricing; |
| • | a $132.6 million increase in Inventories driven by higher average inventory costs and increases in total volumes, partially offset by a decrease in environmental credit inventory; |
| • | an $88.4 million increase in prepaid and other expenses primarily driven by increases in derivative assets and prepaid environmental credits; and |
| • | an increase in deferred turnaround expenditures of $17.9 million driven by expenditures related to Tacoma planned maintenance and Hawaii refinery turnaround activities; |
| partially offset by: | partially offset by: |
| • | a $125.8 million increase in obligations under inventory financing agreements primarily due to higher financed inventory volumes and prices and |
| • | an increase in Accounts payable and Other accrued liabilities of $79.2 million primarily driven by timing of payments and an increase in environmental credit obligations related to 2026 production, partially offset by the retirement of prior year CCA obligations. |

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Non-cash charges to operations and non-operating items consisted primarily of the following adjustments:

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| | |
|:---|:---|
| • | unrealized loss on derivatives contracts of $76.9 million driven by commodity prices, |
| • | depreciation and amortization expenses of $34.5 million, and |
| • | a $10.6 million change in deferred tax assets driven by our net income during the period, |
| partially offset by: | partially offset by: |
| • | equity earnings of $9.2 million from our investment in Laramie Energy. |

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&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities for the three months ended March 31, 2026, consisted primarily of $43.1 million of additions to property, plant, and equipment driven by profit improvement and maintenance projects at our refineries, including planned maintenance at our Hawaii and Washington refineries and our Hawaii renewable hydrotreater project.

Net cash provided by financing activities was approximately $91.8 million for the three months ended March 31, 2026, and consisted primarily of net borrowings of debt of $143.3 million driven by ABL Credit Facility activity, partially offset by repurchases of common stock of $36.7 million, including $28.0 million of repurchases under the share repurchase program, and $18.2 million related to stock option exercises settled in cash.

***Cash flows for the three months ended March 31, 2025***

Net cash used in operating activities for the three months ended March 31, 2025, was driven primarily by a net loss of $30.4 million, non-cash charges to operations and non-operating items of approximately $14.9 million, and net cash provided

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by changes in operating assets and liabilities of approximately $14.1 million. Non-cash charges to operations consisted primarily of the following adjustments:

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| | |
|:---|:---|
| • | depreciation and amortization expenses of $36.6 million, and |
| • | stock based compensation costs of $3.5 million, |
| partially offset by: | partially offset by: |
| • | unrealized gain on derivatives contracts of $9.4 million, |
| • | equity earnings of $7.5 million from our refining and logistic investments, |
| • | a $6.9 million change in deferred tax assets driven by our net income during the period, and |
| • | a $2.3 million benefit from changes in our inventory reserve for the lower of cost or net realizable value. |

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Net cash provided by changes in operating assets and liabilities resulted primarily from:

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| | |
|:---|:---|
| • | a $40.3 million decrease in prepaid and other expenses, primarily driven by decreases in derivative collateral, |
| • | a $31.9 million decrease in inventories primarily related to a $57.0 million decline in RINs and environmental credits inventory partially offset by a $13.3 million increase in crude inventory and an $8.3 million increase in refined products and blendstock inventory, |
| • | a $17.3 million increase in obligations under inventory financing agreements primarily due to increases in the step-out liability driven by higher volumes, and |
| • | a $13.8 million decrease in accounts receivable primarily related to lower volumes and the timing of collections, |
| partially offset by: | partially offset by: |
| • | a decrease in Accounts payable and other accrued liabilities of $61.0 million primarily driven by timing of payments, a $9.7 million decrease in advances from customers, and a $14.2 million decrease in RINs and other environmental credit obligations, and |
| • | an increase in deferred turnaround expenditures of $28.2 million driven by expenditures related to Montana refinery turnaround activities. |

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Net cash used in investing activities for the three months ended March 31, 2025, consisted primarily of $40.9 million in additions to property, plant, and equipment driven by profit improvement and maintenance projects at our refineries, including our Hawaii renewable hydrotreater project, planned maintenance at our Montana refinery, and repair and replacement work related to our Wyoming operational incident.

Net cash used in financing activities was approximately $15.9 million for the three months ended March 31, 2025, and consisted primarily of repurchases of common stock of $51.1 million partially offset by net borrowings of debt of $35.3 million primarily driven by ABL Credit Facility activity.

**Critical Accounting Estimates** 

There have been no material changes to critical accounting estimates disclosed in our Annual Report on Form 10-K for the three months ended March 31, 2026.

**Forward-Looking Statements**

Certain statements in this Quarterly Report on Form 10-Q may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 ("PSLRA"), or in releases made by the SEC, all of which may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors including, without limitation, the Russia-Ukraine war, military conflicts in the Middle East, the political activity in Venezuela, Houthi-related disruptions in the Red Sea, the ongoing military conflict with Iran and disruptions in the Strait of Hormuz, and certain developments in the global crude oil markets, on our business, our customers, and the markets where we operate; the impact of tariffs and potential disruptions in international trade on our

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business; our beliefs regarding available capital resources; our beliefs regarding the likely results or impact of certain disputes or contingencies and any potential fines or penalties; our beliefs regarding the fair value of certain assets, and our expectations with respect to laws and regulations, including environmental regulations and related compliance costs and any fines or penalties related thereto; our expectations regarding the sufficiency of our cash flows and liquidity; our expectations regarding anticipated capital expenditures, including the timing and cost of compliance with consent decrees and other enforcement actions; our expectations regarding the impact of the adoption of certain accounting standards; our estimates regarding the fair value of certain indebtedness; estimated costs to settle claims from the Delta bankruptcy; the estimated value of, and our ability to settle, legal claims remaining to be settled against third parties; our expectations regarding the synergies or other benefits of our acquisitions; our expectations regarding certain tax liabilities and debt obligations; management's assumptions about the impact of future events on our existing business; the expected production volumes and operating performance of renewable fuels production in Hawaii through the Hawaii Renewables, LLC joint venture, as well as the commercial and other benefits anticipated from that joint venture; our ability to raise additional debt or equity capital; our ability to make strategic investments in business opportunities; and the estimates, assumptions, and projections regarding future financial condition, results of operations, liquidity, and cash flows. These and other forward-looking statements could cause the actual results, performance, or achievements of Par and its subsidiaries to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "expect," "anticipate," "intend," "estimate," "project," "may," "will," "would," "could," "should," "seeks," or "scheduled to," or other similar words, or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements are being made pursuant to the Securities Act, the Exchange Act, and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws.

The forward-looking statements contained in this Quarterly Report on Form 10-Q are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control, including those set out in our most recent Annual Report on Form 10-K and this Quarterly Report on Form 10-Q under "Risk Factors."

In addition, management's assumptions about future events may prove to be inaccurate. All readers are cautioned that the forward-looking statements contained in this Quarterly Report on Form 10-Q are not guarantees of future performance; and we cannot assure any reader that such statements will be realized or that the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors described above and under Critical Accounting Estimates and Risk Factors included in our most recent Annual Report on Form 10-K and in this Quarterly Report on Form 10-Q. All forward-looking statements speak only as of the date they are made. There can be no guarantee that the operational and financial measures the Company has taken, and may take in the future, will be fully effective. We do not intend to update or revise any forward-looking statements as a result of new information, future events, or otherwise. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

**Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

There have been no material changes to our disclosures about market risks as of and for the three months ended March 31, 2026, as compared to our disclosures about market risks discussed in Part II, Item 7A of our 2025 Form 10-K.

**Item 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

In connection with the preparation of this Quarterly Report on Form 10-Q, as of March 31, 2026, an evaluation was performed under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective as of March 31, 2026.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting during the quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II – OTHER INFORMATION**

**Item 1. LEGAL PROCEEDINGS**

From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of our business. Please read "Note 15—Commitments and Contingencies" to our condensed consolidated financial statements for more information.

**Item 1A. RISK FACTORS**

Other than the following risk factors, there have been no material changes from the risks factors included under Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. You should carefully consider the risk factors discussed in our 2025 Form 10-K, which could materially affect our business, financial condition, or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.

**Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

**Dividends**

We have not paid dividends on our common stock and we do not expect to do so in the foreseeable future. In addition, under the Renewables LC Facility**,** ABL Credit Facility, and Term Loan Credit Agreement, our subsidiaries are restricted from paying dividends or making other equity distributions, subject to certain exceptions.

**Repurchases**

The following table sets forth certain information with respect to repurchases of our common stock during the quarter ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total number of shares (or units) purchased (1)** | **Average price paid per share (or unit)** | **Total number of shares (or units) purchased as part of publicly announced plans or programs (1)** | **Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs (1)** |
| January 1 - January 31, 2026 | 543457 | $36.78 | 543457 | $117183955 |
| February 1 - February 28, 2026 | 353807 | 41.80 | 193695 | 109188350 |
| March 1 - March 31, 2026 |  |  |  | 109188350 |
| &nbsp;&nbsp;&nbsp;**Total** | 897264 | $38.76 | 737152 | $109188350 |

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________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)On February 21, 2025, the Board authorized a share repurchase program for up to $250 million of common stock, with no specified end date. This repurchase program terminated and replaced the prior authorization to repurchase up to $250 million of common stock.

**Item 3. DEFAULTS UPON SENIOR SECURITIES**

Not applicable.

**Item 4. MINE SAFETY DISCLOSURE**

Not applicable.

**Item 5. OTHER INFORMATION**

**Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements**

During the fiscal quarter ended March 31, 2026, no director or officer (as defined in Rule 16a-1(f) of the Securities Exchange Act) of the Company adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 105-1 trading arrangements as each term is defined in Item 408(a) of Regulation S-K.

------

**Item 6. EXHIBITS**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;2.1 | <u>[Third Amended Joint Chapter 11 Plan of Reorganization of Delta Petroleum Corporation and Its Debtor Affiliates dated August 16, 2012. Incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on September 7, 2012.](https://www.sec.gov/Archives/edgar/data/821483/000119312512385136/d408010dex21.htm)</u> |
| &nbsp;&nbsp;&nbsp;2.2 | <u>[Membership Interest Purchase Agreement dated as of June 17, 2013, by and among Tesoro Corporation, Tesoro Hawaii, LLC, and Hawaii Pacific Energy, LLC Incorporated by reference to Exhibit 2.4 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013, filed on August 14, 2013.](https://www.sec.gov/Archives/edgar/data/821483/000144586613000958/exhibit_2-4.htm)</u> |
| &nbsp;&nbsp;&nbsp;2.3 | <u>[Agreement and Plan of Merger dated as of June 2, 2014, by and among the Company, Bogey, Inc., Koko'oha Investments, Inc., and Bill D. Mills, in his capacity as the Shareholders' Representative. Incorporated by reference to Exhibit 2.5 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2014, filed on August 11, 2014.](https://www.sec.gov/Archives/edgar/data/821483/000144530514003578/exhibit25q22014.htm)</u> |
| &nbsp;&nbsp;&nbsp;2.4 | <u>[Amendment of Agreement and Plan of Merger dated as of September 9, 2014, by and among the Company, Bogey, Inc., Koko'oha Investments, Inc., and Bill D. Mills, in his capacity as the Shareholders' Representative. Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on September 10, 2014.](https://www.sec.gov/Archives/edgar/data/821483/000119312514338147/d787238dex102.htm)</u> |
| &nbsp;&nbsp;&nbsp;2.5 | <u>[Second Amendment of Agreement and Plan of Merger dated as of December 31, 2014, by and among Par Petroleum Corporation, Bogey, Inc., Koko'oha Investments, Inc., and Bill D. Mills, in his capacity as the Shareholder's Representative. Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on January 7, 2015.](https://www.sec.gov/Archives/edgar/data/821483/000119312515004015/d848287dex101.htm)</u> |
| &nbsp;&nbsp;&nbsp;2.6 | <u>[Third Amendment to Agreement and Plan of Merger dated as of March 31, 2015, by and among the Company, Bogey, Inc., Koko'oha Investments, Inc., and Bill D. Mills, in his capacity as the Shareholders' Representative. Incorporated by reference to Exhibit 2.4 to the Company's Current Report on Form 8-K filed on April 2, 2015.](https://www.sec.gov/Archives/edgar/data/821483/000119312515116573/d902717dex24.htm)</u> |
| &nbsp;&nbsp;&nbsp;2.7 | <u>[Unit Purchase Agreement, dated as of June 13, 2016, between Par Wyoming, LLC and Black Elk Refining, LLC. Incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on June 15, 2016.](https://www.sec.gov/Archives/edgar/data/821483/000119312516621785/d211802dex21.htm)</u> |
| &nbsp;&nbsp;&nbsp;2.8 | <u>[First Amendment to Unit Purchase Agreement dated as of July 14, 2016, between Par Wyoming, LLC and Black Elk Refining, LLC. Incorporated by reference to Exhibit 2.2 to the Company's Current Report on Form 8-K filed on July 15, 2016.](https://www.sec.gov/Archives/edgar/data/821483/000119312516648608/d220433dex22.htm)</u> |
| &nbsp;&nbsp;&nbsp;2.9 | <u>[Purchase and Sale Agreement dated as of November 26, 2018, among Par Petroleum, LLC, TrailStone NA Oil & Refining Holdings, LLC, and solely for certain purposes specified therein, the Company. Incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K/A filed on November 30, 2018. #](https://www.sec.gov/Archives/edgar/data/821483/000119312518338938/d667088dex21.htm)</u> |
| &nbsp;&nbsp;&nbsp;2.10 | <u>[Amendment No. 1 to Purchase and Sale Agreement dated as of January 11, 2019, among Par Petroleum, LLC, TrailStone NA Oil & Refining Holdings, LLC and Par Pacific Holdings, Inc. Incorporated by reference to Exhibit 2.2 to the Company's Current Report on Form 8-K filed on January 14, 2019.](https://www.sec.gov/Archives/edgar/data/821483/000119312519008539/d685448dex22.htm)</u> |
| &nbsp;&nbsp;&nbsp;2.11 | <u>[Equity and Asset Purchase Agreement dated as of October 20, 2022, by and among Exxon Mobil Corporation, ExxonMobil Oil Corporation and ExxonMobil Pipeline Company, LLC, as sellers, and Par Montana, LLC and Par Montana Holdings, LLC, as purchaser entities, and solely for the limited purposes set forth therein, Par Pacific Holdings, Inc. Incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on October 20, 2022.](https://www.sec.gov/Archives/edgar/data/821483/000082148322000069/a20221020ex21-purchaseagre.htm)</u> |
| &nbsp;&nbsp;&nbsp;2.12 | <u>[First Amendment to Equity and Asset Purchase Agreement dated as of June 1, 2023, by and among Exxon Mobil Corporation, ExxonMobil Oil Corporation and ExxonMobil Pipeline Company, LLC, as sellers, and Par Montana, LLC, Par Montana Holdings, LLC, and Par Rocky Mountain Midstream, LLC, as purchaser entities, and solely for the limited purposes set forth therein, Par Pacific Holdings, Inc. Incorporated by reference to Exhibit 2.2 to the Company's Current Report on Form 8-K filed on June 1, 2023.](https://www.sec.gov/Archives/edgar/data/821483/000119312523158690/d292719dex22.htm)</u> |
| &nbsp;&nbsp;&nbsp;2.13 | <u>[Equity Contribution Agreement, dated as of July 21, 2025, by and among Hawaii Renewables, LLC, Par Pacific Holdings, Inc. and Alohi Renewable Energy, LLC. Incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on July 21, 2025.](https://www.sec.gov/Archives/edgar/data/821483/000119312525161924/d93285dex21.htm)</u> |
| &nbsp;&nbsp;&nbsp;3.1 | <u>[Restated Certificate of Incorporation of the Company dated October 20, 2015. Incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on October 20, 2015.](https://www.sec.gov/Archives/edgar/data/821483/000082148315000017/restatedcertificateofincor.htm)</u> |
| &nbsp;&nbsp;&nbsp;3.2 | <u>[Second Amended and Restated Bylaws of the Company dated October 20, 2015. Incorporated by reference to Exhibit 3.3 to the Company's Current Report on Form 8-K filed on October 20, 2015.](https://www.sec.gov/Archives/edgar/data/821483/000082148315000017/a2015-10x12xsecondamendeda.htm)</u> |
| &nbsp;&nbsp;&nbsp;4.1 | <u>[Form of the Company's Common Stock Certificate. Incorporated by reference to Exhibit 4.1 to the Company's Annual Report on Form 10-K filed on March 31, 2014.](https://www.sec.gov/Archives/edgar/data/821483/000114420414019548/v371232_ex4-1.htm)</u> |
| &nbsp;&nbsp;&nbsp;4.2 | <u>[Stockholders Agreement dated April 10, 2015. Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on April 13, 2015.](https://www.sec.gov/Archives/edgar/data/821483/000119312515127617/d910567dex41.htm)</u> |
| &nbsp;&nbsp;&nbsp;31.1 | <u>[Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. \*](a20260331ex311-wm20260331.htm)</u> |
| &nbsp;&nbsp;&nbsp;31.2 | <u>[Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. \*](a20260331ex312-sf20260331.htm)</u> |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;32.1 | <u>[Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350. \*\*](a20260331ex321-wm20260331.htm)</u> |
| &nbsp;&nbsp;&nbsp;32.2 | <u>[Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350. \*\*](a20260331ex322-sf20260331.htm)</u> |
| &nbsp;&nbsp;&nbsp;101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.\* |
| &nbsp;&nbsp;&nbsp;101.SCH | Inline XBRL Taxonomy Extension Schema Documents.\* |
| &nbsp;&nbsp;&nbsp;101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document.\* |
| &nbsp;&nbsp;&nbsp;101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document.\* |
| &nbsp;&nbsp;&nbsp;101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document.\* |
| &nbsp;&nbsp;&nbsp;101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document.\* |
| &nbsp;&nbsp;&nbsp;104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\* |

---

\* &nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith.

# &nbsp;&nbsp;&nbsp;&nbsp;Portions of this exhibit have been redacted in accordance with Item 601(b)(10)(iv) of Regulation S-K.

## &nbsp;&nbsp;&nbsp;&nbsp;Certain schedules and similar attachments to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company undertakes to furnish supplementally a copy of any omitted schedule to the Securities and Exchange Commission upon request.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange of Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| PAR PACIFIC HOLDINGS, INC.<br>(Registrant) | PAR PACIFIC HOLDINGS, INC.<br>(Registrant) |
| By: | /s/ William Monteleone |
|  | &nbsp;&nbsp;William Monteleone |
|  | &nbsp;&nbsp;President and Chief Executive Officer |
| By: | /s/ Shawn Flores |
|  | &nbsp;&nbsp;Shawn Flores |
|  | &nbsp;&nbsp;Senior Vice President and Chief Financial Officer |

---

Date: May 6, 2026

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a)/15d-14(a) PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, William Monteleone, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Par Pacific Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

------

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 <br> b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 6, 2026

---

| |
|:---|
| /s/ William Monteleone |
| William Monteleone |
| President and Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a)/15d-14(a) PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, Shawn Flores, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Par Pacific Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

------

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 <br> b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 6, 2026

---

| |
|:---|
| /s/ Shawn Flores |
| Shawn Flores |
| Senior Vice President and Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906**

**OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Par Pacific Holdings, Inc. (the "Company") on Form 10-Q for the period ended March 31, 2026 (the "Report"), as filed with the Securities and Exchange Commission on the date hereof, I, William Monteleone, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ William Monteleone |
| William Monteleone |
| President and Chief Executive Officer |

---

May 6, 2026

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906**

**OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Par Pacific Holdings, Inc. (the "Company") on Form 10-Q for the period ended March 31, 2026 (the "Report"), as filed with the Securities and Exchange Commission on the date hereof, I, Shawn Flores, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Shawn Flores |
| Shawn Flores |
| Senior Vice President and Chief Financial Officer |

---

May 6, 2026

<br>