PAR PACIFIC HOLDINGS Business Summary

Par Pacific Holdings, Inc. (PARR) operates a vertically integrated energy business model, generating revenue through the refining, transport, and retail distribution of conventional and renewable fuels. The company is organized into three primary segments: Refining, which manages four refineries in Hawaii, Washington, Wyoming, and Montana with a combined capacity of 219,000 barrels per day; Logistics, which operates a multimodal infrastructure network including 13 million barrels of storage and 549 miles of pipeline; and Retail, which manages 121 fuel and convenience locations under the Hele, 76, and nomnom brands. Par Pacific maintains a strategic competitive advantage by dominating niche, logistically complex markets in the Western United States where integrated assets provide a significant moat against larger mainland refiners. Its primary direct competitors include CVR Energy, Inc., HF Sinclair Corporation, Delek US Holdings, and PBF Energy Inc., with Par Pacific positioning itself as a high-efficiency regional specialist rather than a broad-market commodity player. The company’s leadership team is characterized by a deep pedigree in distressed asset restructuring and energy investment, largely stemming from its 2012 emergence from the bankruptcy of Delta Petroleum under the stewardship of Sam Zell’s Equity Group Investments (EGI). President and CEO William Monteleone, who assumed the role in April 2024, previously served as CFO and is a former EGI Vice President. He is supported by SVP and CFO Shawn Flores, who oversees the firm’s capital allocation and M&A strategy, and SVP and General Counsel Jeffrey Hollis. The technology and digital strategy are led by SVP and Chief Information Officer Suresh Rao, appointed in July 2025. The Board of Directors is chaired by Robert Silberman, a Managing Director at EGI, and includes former CEO William Pate and Aaron Zell of the Zell Family Office. Major institutional backing is provided by top-tier investors including BlackRock, Vanguard, and State Street, reflecting the company’s transition from a restructuring play into a stable, high-revenue energy infrastructure platform.