Par Pacific : May Investor Presentation

INVESTOR PRESENTATION I MAY 2024

Forward-Looking Statements / Disclaimers

The information contained in this presentation has been prepared to assist you in making your own evaluation of the company and does not purport to contain all of the information you may consider important. Any estimates or projections with respect to future performance have been provided to assist you in your evaluation, but should not be relied upon as an accurate representation of future results. Certain statements, estimates and financial information contained in this presentation constitute forward-looking statements.

Such forward-looking statements involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from the results implied or expressed in such forward-looking statements. While presented with numerical specificity, certain forward-looking statements are based (1) upon assumptions that are inherently subject to significant business, economic, regulatory, environmental, seasonal and competitive uncertainties, contingencies and risks including, without limitation, our ability to maintain adequate liquidity, our ability to realize the potential benefit of our net operating loss tax carryforwards, our ability to obtain sufficient debt and equity financing, our capital costs and operating costs, anticipated commodity pricing, differentials or crack spreads, anticipated or projected pricing information related to oil, NGLs, and natural gas, our ability to realize the potential benefits of our supply and offtake agreement and LC facility agreements, assumptions related to our investment in Laramie Energy, LLC, Laramie Energy, LLC's financial and operational performance and plans, including estimated production growth and Adjusted EBITDAX, our ability to meet environmental and regulatory requirements, our ability to increase refinery throughput and profitability, estimated production, our ability to evaluate and pursue strategic and growth opportunities, our estimates of anticipated Adjusted EBITDA, Adjusted Net income per share, and Adjusted earnings per share, the amount and scope of anticipated capital expenditures and turnaround activities, expectations related to our potential renewable fuels projects, other maintenance and growth capital projects, anticipated 10 year and next 12 months turnaround schedule and expenditures, including costs, timing, and benefits, anticipated throughput, production costs, on-island and export sales expectations in Hawaii, anticipated throughput and distillate yield expectations in Wyoming, our estimates related to the annual gross margin impact of changes in RINs prices, our expectations regarding RINs prices and related small refinery exemptions, the Russia-Ukraine war, Israel-Palestine conflict, Houthi attacks in the Red Sea, Iranian activities in the Strait of Hormuz and their potential impacts on the global crude oil market and our business, estimated impact on annual free cash flow of key drivers, expectations regarding Par Pacific's posted market indices and the other metrics we utilize (including free cash flow, Adjusted EBITDA, Adjusted Net Income, and Adjusted earnings per share), the effects of the acquisition of the ExxonMobil Billings refinery and associated marketing and logistics assets (the "Acquisition"), the anticipated synergies and other benefits of the Acquisition, including renewable growth opportunities, the anticipated financial and operating results of the Acquisition and the effect on the Company's cash flows and profitability (including Adjusted EBITDA and Adjusted Net Income and free cash flow per share) and other known and unknown risks (all of which are difficult to predict and many of which are beyond the company's control), some of which are further discussed in the company's periodic and other filings with the SEC and (2) upon assumptions with respect to future business decisions that are subject to change.

There can be no assurance that the results implied or expressed in such forward-looking statements or the underlying assumptions will be realized and that actual results of operations or future events will not be materially different from the results implied or expressed in such forward-looking statements. Under no circumstances should the inclusion of the forward-looking statements be regarded as a representation, undertaking, warranty or prediction by the company or any other person with respect to the accuracy thereof or the accuracy of the underlying assumptions, or that the company will achieve or is likely to achieve any particular results. The forward-looking statements are made as of the date hereof and the company disclaims any intent or obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. Recipients are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, recipients are expressly cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

This presentation contains non-GAAP financial measures, such as Adjusted EBITDA and Adjusted Net Income (loss). Beginning with financial results reported for periods in fiscal year 2022, the inventory valuation adjustment was modified to include the first-in,first-out ("FIFO") inventory gains (losses) associated with our titled manufactured inventory in Hawaii. Beginning with financial results reported for the second quarter of 2022, Adjusted Net Income and Adjusted EBITDA also exclude the mark-to-market losses (gains) associated with our net RINs liability. Beginning with financial results reported for periods in fiscal year 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA exclude the mark-to-market losses (gains) associated with our net obligation related to the Washington Climate Commitment Act ("Washington CCA") and Clean Fuel Standard effective beginning in 2023. These modifications were made to better reflect our operating performance and to improve comparability between periods. Beginning with financial results reported for periods in fiscal year 2023, Adjusted Net Income (loss) and Adjusted EBITDA also exclude the redevelopment and other costs for our Par West facility, which was shut down in 2020. This modification improves comparability between periods by excluding expenses incurred in connection with the strategic redevelopment of this non-operating facility. Beginning with financial results reported for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA also exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments acquired on June 1, 2023, as part of the Acquisition. Beginning with financial results reported for the fourth quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA excludes all hedge losses (gains) associated with our Washington ending inventory and LIFO layer increment impacts associated with our Washington inventory. We are also no longer adjusting for the contango (gains) and backwardation losses associated with our Washington intermediation agreement (terminated in the fourth quarter of 2023). In addition, we have modified our environmental obligation mark-to-market adjustment to include only the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard. This modification was made as part of our change in how we estimate our environmental obligation liabilities. Adjusted Net Income and Adjusted EBITDA have been recast for prior periods when reported to conform to the modified presentation. Beginning with financial results reported in the first quarter of 2024, Adjusted Net Income (loss) also excludes other non-operating income and expenses. This modification improves comparability between periods by excluding income and expenses resulting from non-operating activities. Please see the Appendix for the definitions and reconciliations to GAAP of the non-GAAP financial measures that are based on reconcilable historical information.

1

Company Highlights

• Growing energy company providing both renewable and conventional fuels to the western United States
• Integrated logistics network with 13 MMbbls of storage, and marine, rail and pipeline assets
• System-widerefining capacity of 219,000 bpd
• Peer-groupleading distillate cut, driving higher margins
• 121 fuel retail locations in Hawaii and the Pacific Northwest
• Stable EBITDA contribution from retail and logistics segments
• 46% ownership interest in Laramie Energy, a natural gas E&P company
• Approximately $0.9 billion in federal tax attributes as of December 31, 2023

Disciplined Focus on Increasing Adjusted EPS and Free Cash Flow

2

History of Successful Acquisitions

• Successful expansion from single refinery to vertically integrated multi-site platform over ten years
• Increased refining scale and targeted geographic reach in favorable markets through strategic bolt-on acquisitions
• Demonstrated ability to integrate acquisitions into operations with meaningful synergies

3

Improving Earnings Per Share

Diluted LTM Adj. Net Income per Share 1

$ millions

$7.93$8.21

$6.66

$(0.67)

$(3.98)

12/31/2020

12/31/2021

12/31/2022

12/31/2023

3/31/2024

1. See appendix for non-GAAP reconciliations.	4

Attractive Relative Valuation

	5/2/2024	2024		2024 P/E
Peer Comparison	Share Price	Adj. EPS	1
Multiple
	($/sh)	($/sh)
Par Pacific	$31.01	$4.76		6.5x
PBF	$52.60	$7.29		7.2x
HF Sinclair	$54.24	$6.70		8.1x
CVR	$29.43	$2.63		11.2x
Delek	$26.71	$1.07		25.0x
Calumet	$15.93	$(0.42)		-37.9x

1. 2024 Adj. EPS based on street estimates as of 5/3/24. Source: Sentieo.

5

Refining Overview

Refining Segment Highlights

• Focus on process safety, environmental compliance and operational reliability
• System-widecrude capacity of 219,000 bpd
• Throughput and yield optimized to serve local market needs
• Expected 50% system-wide distillate & LSFO yield 1
• Expected 20% system-wide exposure to attractive Western Canadian heavy crude 1

Refinery Crude Capacity	Mbpd
Hawaii	94
Washington	42
Wyoming	20
Montana	63
Par Pacific System	219

3/31/24 LTM Crude Sourcing		3/31/24 LTM Combined Product Yield
	8% Powder	39% Distillates
	River Basin
40% Other
Waterborne	Inland exposure	6% Other
	Products

Waterborne exposure

		7% Asphalt
5% ANS	15% Bakken
	19% Canadian	34% Gasoline
	14% LSFO
	Heavy
13% Other Inland

6

1. Expected system-wide yield and crude exposure include full-year estimates for the Billings refinery.

Distillate-Oriented Yield Profile

Distillate Cracks ($/bbl)

Par Pacific System-wide Yield 1

50% Distillates &

Low Sulfur Fuel Oil

15% Asphalt,

VGO & Other

Advantaged Distillate Yield % 1, 2

50%

40%

39%

37%

34%

7

35% Gasoline

1. Par Pacific yields are based on management estimates, including a full year of contribution from the Billings refinery.
2. Peer distillate yields are based on 12/31/23 SEC filings.

Multimodal Logistics System

Diverse logistics assets enable flexibility and development

of integrated downstream system

8

Leading Retail Position in Attractive Markets

Hawaii Retail

• 89 locations across four islands
• 33 company-operated convenience stores
• Scarcity of land, high real estate costs and logistics complexity strengthen competitive position
• Dual-brandedretail network to attract and retain broad customer base
• • Hele - proprietary local brand
  • 76 - exclusive license
• Expanding merchandise and food service offerings
• New location opened in November 2023

Northwest Retail

• 32 company-operated locations in Washington and Idaho
• Proprietary nomnom brand
• Attractive fuel supply opportunities enhancing margins
• Expanding merchandising assortment and food offerings to drive and increase margin capture
• Closed acquisition of three locations in Q4 2022
• New flagship location opened in September 2023

$65	$68	$66
	$60
	$47

2020

2021

2022

2023

LTM 3/31/24

Steady Adjusted EBITDA Contribution Through

Various Market Cycles

9	Chart in $ millions. See appendix for non-GAAP reconciliations.