Par Pacific Holdings, Inc. (PARR) SEC Filings & Earnings Calls

Transition risk during retirement period; new executive from outside the company

“Mr. Creamer will serve as Senior Advisor until retirement date; Mr. Stumbo formerly at Valero”

Transaction subject to regulatory approvals and customary closing conditions; may not close as expected.

“The Transaction is expected to close by the end of 2026, subject to regulatory approvals and the satisfaction of customary closing conditions.” · word for word

Deferred consideration ($27.5M payable on fifth anniversary) introduces credit risk.

“Approximately $27.5 million is payable on the fifth anniversary of the closing date.” · word for word

Geopolitical Risk

“The Strait of Hormuz effectively closed in early March 2026, which has disrupted global trade patterns and increased crude oil price volatility worldwide.” · word for word

Operational Risk

“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” · word for word

Regulatory Risk

“Environmental obligation mark-to-market adjustments of ($41.2) million for Q2 2026”

Price lag impact volatility: Hawaii refinery's net price lag benefit of $76.5M in Q2 2026 partially reverses negative impact from Q1 2026, indicating earnings sensitivity to refined product price trends.

“The net price lag impact reflects the Hawaii refinery's contractual sales volumes that are priced based on prior-month and prior-week average market prices. The second quarter 2026 net price lag benefit was driven by lower refined product prices in June relative to March, partially reversing the negative net price lag impact recognized in the first quarter o”

Working capital outflows of $312.2M in Q2 2026, though expected to reverse, create near-term cash flow pressure.

“Net cash provided by operations totaled $282.6 million for the three months ended June 30, 2026, including working capital outflows of $(312.2) million” · word for word

Increased leverage from new debt, but improved liquidity and maturity profile.

“$500M new senior notes; restrictive covenants.”

Extensive risk factors including geopolitical conflicts, tariffs, and market disruptions.

“the Russia-Ukraine war, military conflicts in the Middle East, political activity in Venezuela, Houthi-related disruptions in the Red Sea, the ongoing military conflict with Iran and disruptions in the Strait of Hormuz” · word for word

Geopolitical supply disruption

“The effective closure of the Strait of Hormuz in early March 2026 has disrupted global trade patterns and increased crude oil price volatility worldwide.” · word for word

Labor contract expiration

“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.” · word for word

Operational incident recurrence

“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.” · word for word

Net price lag impact of $(125.5)M in Hawaii due to rapidly rising prices; expected to reverse in declining price environment.

“The net price lag impact reflects the Hawaii refinery’s contractual sales volumes that are structured on prior month and prior week average pricing.” · word for word

Retail same-store fuel volumes declined 3.3% YoY; inside sales revenue down 1.0%.

“First quarter 2026 same store fuel volumes and inside sales revenue declined by (3.3)% and (1.0)%, respectively.”

SRE Uncertainty Risk

“Because the timing and magnitude of SREs is uncertain, SREs were not included in the Company's 2025 budget.” · word for word

Refining Margin Volatility Risk

“The Company's business profile has evolved over time... peer group includes companies with significant refining exposure.”

Tariff cost pressure

“Any imposition of, or increase in, tariffs on imports of feedstocks or other materials could increase our production costs and the cost to maintain our assets.” · word for word

RIN cost volatility

“We are exposed to the volatility in the market price of RINs...If sufficient RINs are unavailable for purchase, if we have to pay a significantly higher price for RINs...our results of operations and cash flows could be adversely affected.” · word for word

Renewable fuel demand erosion

“Renewable fuels mandates and other mandates may reduce demand for the petroleum fuels we produce, which could have a material adverse effect on our business results of operations and financial condition.” · word for word

Refining margins are cyclical and dependent on crack spreads; SRE benefits may not recur.

“Refining segment Adjusted Gross Margin includes SRE impact of $202.6 million for FY2025.”

Operational Incident at Wyoming Refinery

“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.” · word for word

Crude Oil Price Volatility

“The U.S. Energy Information Administration ("EIA") in its October 2025 short term energy outlook forecasts average Brent crude oil prices to decrease to $62 per barrel in the fourth quarter of 2025 and average $52 per barrel in 2026 due to increased global oil inventories driven by increased production by OPEC and weak global demand growth.” · word for word

Tariff and Trade Policy Uncertainty

“Effective August 1, 2025, the U.S. adopted new and increased tariffs on countries and specific goods, subject to evolving exemptions.” · word for word

Geopolitical Risk

“Geopolitical tensions in the Middle East and Red Sea region continue in 2025, putting upward pressure on prices.” · word for word

SRE Uncertainty for Future Periods

“As of September 30, 2025, the EPA has not made a determination with respect to small refinery exemptions for the 2025 compliance year.” · word for word

Earnings heavily dependent on SRE benefit which may not recur.

“SRE impact of $195.9 million in Adjusted Net Income and $202.6 million in Adjusted EBITDA” · word for word