Company Profile: Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, owns and operates market-leading energy and infrastructure businesses. Par Pacific’s strategy is to acquire and develop energy and infrastructure businesses in logistically complex markets.  Par Pacific owns and operates one of the largest energy networks in Hawaii with 148,000-bpd of combined refining capacity, a logistics system supplying the major islands of the state and 91 retail locations.  In the Pacific Northwest and the Rockies, Par Pacific owns and operates 60,000-bpd of combined refining capacity, related multimodal logistics systems and 33 retail locations.  Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado.

Largest and Most Complex Refiner in Niche Hawaii Market
   - Crude capacity of 94,000 barrels per day
   - 50% distillate yield configuration
   - Flexibility to utilize a wide range of crude blends

Integrated Network of Logistics Assets
   - 5.4 million barrels of storage capacity with 27 miles of pipelines
   - 2 barges delivering products to 8 refined product terminals and ocean vessels
   - Difficult to replicate system of assets

Distributor and Marketer of Refined Products
   - Gasoline and diesel distributed through 91 locations across Hawaii and 33 locations in Idaho and Washington
   - Exclusive provider of “76” branded outlets in Hawaii
   - Completed launch of Hele, a local fuel brand in Hawaii

Significant Additional Asset Value
   - $1.6 billion NOL balance at December 31, 2017
   - Investment in Laramie Energy, a joint venture operated by Laramie Energy

Wyoming Refiner in a Niche Market
   - 18,000 barrels per day
   - Gasoline heavy yield configuration
   - Access to advantaged feedstocks and a growing niche refined products market

Wyoming Logistics
   - 140-mile of crude oil gathering systems
   - 40-mile refined product pipeline
   - Approximately 600,000 bbl of storage capacity