PAR PACIFIC REPORTS FOURTH QUARTER AND 2025 RESULTS (Form 8-K)

PAR PACIFIC REPORTS FOURTH QUARTER AND 2025 RESULTS

HOUSTON, February 24, 2026 - Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific" or the "Company") today reported its financial results for the fourth quarter and twelve months ended December 31, 2025.

•Net income attributable to Par Pacific stockholders of $77.7 million, or $1.53 per diluted share, for the fourth quarter and $369.4 million, or $7.16 per diluted share, for the full year

•Adjusted Net Income attributable to Par Pacific stockholders of $59.5 million, or $1.17 per diluted share, for the fourth quarter and $390.1 million, or $7.56 per diluted share, for the full year

•Adjusted EBITDA of $113.1 million for the fourth quarter and $633.5 million for the full year

•Repurchased 0.7 million shares in the fourth quarter, bringing total 2025 repurchases to 6.5 million shares at an average price of approximately $19 per share, reducing shares outstanding by 10%

Par Pacific reported Net income attributable to Par Pacific stockholders of $369.4 million, or $7.16 per diluted share, for the twelve months ended December 31, 2025, compared to a Net loss attributable to Par Pacific stockholders of $(33.3) million, or $(0.59) per diluted share, for the twelve months ended December 31, 2024. Adjusted Net Income attributable to Par Pacific stockholders for 2025 was $390.1 million, compared to $21.2 million for 2024. 2025 Adjusted EBITDA was $633.5 million, compared to $238.7 million for 2024.

Par Pacific reported Net income attributable to Par Pacific stockholders of $77.7 million, or $1.53 per diluted share, for the quarter ended December 31, 2025, compared to a Net loss attributable to Par Pacific stockholders of $(55.7) million, or $(1.01) per diluted share, for the same quarter in 2024. Fourth quarter 2025 Adjusted Net Income attributable to Par Pacific stockholders was $59.5 million, compared to an Adjusted Net Loss attributable to Par Pacific stockholders of $(43.4) million in the fourth quarter of 2024. Fourth quarter 2025 Adjusted EBITDA was $113.1 million, compared to $10.9 million in the fourth quarter of 2024. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.

"We made meaningful progress on our strategic initiatives and delivered strong 2025 financial results," said Will Monteleone, President and Chief Executive Officer. "We successfully executed the Montana turnaround, advanced the Hawaii renewable fuels project towards startup, and reduced shares outstanding by 10%."

Refining

The Refining segment generated operating income of $487.0 million for the year ended December 31, 2025, including a Small Refinery Exemption ("SRE") impact of $199.5 million, compared to $17.4 million for the year ended December 31, 2024. Adjusted Gross Margin for the Refining segment in the year ended December 31, 2025 was $1.0 billion, compared to $618.3 million in the year ended December 31, 2024.

Refining segment Adjusted EBITDA for the year ended December 31, 2025 was $519.2 million, compared to $139.2 million for the year ended December 31, 2024. Full year 2025 Adjusted Gross Margin and Adjusted EBITDA for the Refining segment include a SRE impact of $202.6 million. Refining segment throughput was 188 thousand barrels per day (Mbpd) for the year ended December 31, 2025, compared to 187 Mbpd for the year ended December 31, 2024.

The Refining segment reported operating income of $89.7 million in the fourth quarter of 2025, compared to an operating loss of $(65.4) million in the fourth quarter of 2024. Adjusted Gross Margin for the Refining segment was $214.2 million in the fourth quarter of 2025, compared to $92.4 million in the fourth quarter of 2024.

Refining segment Adjusted EBITDA was $87.6 million in the fourth quarter of 2025, compared to $(22.3) million in the fourth quarter of 2024. Refining segment throughput was 191 Mbpd for the fourth quarter of 2025, compared to 188 Mbpd for the fourth quarter of 2024.

Hawaii

The Hawaii Index averaged $15.38 per barrel in the fourth quarter of 2025, compared to $5.52 per barrel in the fourth quarter of 2024. Throughput in the fourth quarter of 2025 was 87 Mbpd, compared to 83 Mbpd for the same quarter in 2024. Production costs were $4.15 per throughput barrel in the fourth quarter of 2025, compared to $4.42 per throughput barrel in the same period of 2024.

The Hawaii refinery's Adjusted Gross Margin was $15.95 per barrel during the fourth quarter of 2025, including a net price lag impact of approximately $3.2 million, or $0.40 per barrel, compared to $7.36 per barrel during the fourth quarter of 2024.

Montana

The Montana Index averaged $11.14 per barrel in the fourth quarter of 2025, compared to $5.75 per barrel in the fourth quarter of 2024. The Montana refinery's throughput in the fourth quarter of 2025 was 52 Mbpd, consistent with the same quarter in 2024. Production costs were $11.74 per throughput barrel in the fourth quarter of 2025, compared to $10.48 per throughput barrel in the same period of 2024.

The Montana refinery's Adjusted Gross Margin was $8.03 per barrel during the fourth quarter of 2025, compared to $3.70 per barrel during the fourth quarter of 2024.

Washington

The Washington Index averaged $8.60 per barrel in the fourth quarter of 2025, compared to $(0.62) per barrel in the fourth quarter of 2024. The Washington refinery's throughput was 37 Mbpd in the fourth quarter of 2025, compared to 39 Mbpd in the fourth quarter of 2024. Production costs were $4.57 per throughput barrel in the fourth quarter of 2025, compared to $4.34 per throughput barrel in the same period of 2024.

The Washington refinery's Adjusted Gross Margin was $8.32 per barrel during the fourth quarter of 2025, compared to $1.05 per barrel during the fourth quarter of 2024.

Wyoming

The Wyoming Index averaged $18.31 per barrel in the fourth quarter of 2025, compared to $13.36 per barrel in the fourth quarter of 2024. The Wyoming refinery's throughput was 14 Mbpd in the fourth

quarter of 2025, consistent with the fourth quarter of 2024. Production costs were $13.27 per throughput barrel in the fourth quarter of 2025, compared to $11.49 per throughput barrel in the same period of 2024.

The Wyoming refinery's Adjusted Gross Margin was $10.41 per barrel during the fourth quarter of 2025, including a FIFO impact of approximately $(3.3) million, or $(2.49) per barrel, compared to $11.11 per barrel during the fourth quarter of 2024.

Retail

The Retail segment reported operating income of $74.7 million for the twelve months ended December 31, 2025, compared to $64.8 million in the twelve months ended December 31, 2024. Adjusted Gross Margin for the Retail segment was $170.4 million for the twelve months ended December 31, 2025, compared to $164.7 million in the twelve months ended December 31, 2024.

For the twelve months ended December 31, 2025, Retail segment Adjusted EBITDA was $85.9 million, compared to $76.0 million for the twelve months ended December 31, 2024. For the twelve months ended December 31, 2025, the Retail segment reported fuel sales volumes of 122.8 million gallons, compared to 121.5 million gallons for the twelve months ended December 31, 2024. 2025 same store fuel volumes and inside sales revenue increased by 1.6% and 1.5%, respectively, compared to 2024.

The Retail segment reported operating income of $18.9 million in the fourth quarter of 2025, compared to $19.5 million in the fourth quarter of 2024. Adjusted Gross Margin for the Retail segment was $43.6 million in the fourth quarter of 2025, compared to $43.4 million in the same quarter of 2024.

Retail segment Adjusted EBITDA was $22.0 million in the fourth quarter of 2025, compared to $22.2 million in the fourth quarter of 2024. The Retail segment reported fuel sales volumes of 30.8 million gallons in the fourth quarter of 2025, compared to 30.3 million gallons in the same quarter of 2024. Fourth quarter 2025 same store fuel volumes and inside sales revenue increased by 2.2% and 0.2%, respectively, compared to the fourth quarter of 2024.

Logistics

The Logistics segment generated operating income of $97.6 million for the twelve months ended December 31, 2025, compared to $89.4 million for the twelve months ended December 31, 2024. Adjusted Gross Margin for the Logistics segment was $147.6 million for the twelve months ended December 31, 2025, compared to $135.8 million for the twelve months ended December 31, 2024.

Adjusted EBITDA for the Logistics segment was $126.3 million for the twelve months ended December 31, 2025, compared to $120.2 million for the twelve months ended December 31, 2024.

The Logistics segment reported operating income of $21.7 million in the fourth quarter of 2025, compared to $24.8 million in the fourth quarter of 2024. Adjusted Gross Margin for the Logistics segment was $36.2 million in the fourth quarter of 2025, compared to $36.8 million in the same quarter of 2024.

Logistics segment Adjusted EBITDA was $29.6 million in the fourth quarter of 2025, compared to $33.0 million in the fourth quarter of 2024.

Liquidity

Net cash provided by operations totaled $445.3 million for the twelve months ended December 31, 2025, including working capital outflows of $(21.3) million and deferred turnaround expenditures of $(101.2)

million. Excluding these items, net cash provided by operations totaled $567.8 million for the twelve months ended December 31, 2025. Net cash provided by operations totaled $83.8 million for the twelve months ended December 31, 2024.

Net cash provided by operations totaled $93.8 million for the three months ended December 31, 2025, including working capital outflows of $(40.0) million and deferred turnaround expenditures of $(1.2) million. Excluding these items, net cash provided by operations totaled $135.0 million for the three months ended December 31, 2025. Net cash used in operations totaled $(15.5) million for the three months ended December 31, 2024.

Net cash used in investing activities totaled $(23.7) million and $(142.8) million for the three and twelve months ended December 31, 2025, respectively, compared to $(47.7) million and $(134.0) million for the three and twelve months ended December 31, 2024, respectively. Net cash used in investing activities for the three and twelve months ended December 31, 2025 includes $(27.5) million and $(148.9) million in capital expenditures, respectively.

Net cash used in financing activities totaled $(65.0) million and $(330.4) million for the three and twelve months ended December 31, 2025, respectively, compared to net cash provided by (used in) financing activities of $72.1 million and $(37.0) million for the three and twelve months ended December 31, 2024, respectively.

At December 31, 2025, Par Pacific's cash balance totaled $164.1 million, gross term debt was $639.8 million, and total liquidity was $914.6 million. Net term debt was $475.7 million at December 31, 2025.

The Company repurchased $27.8 million of common stock at a weighted average price of $38.49 per share during the fourth quarter of 2025. In February 2026, the Company's Board of Directors authorized management to repurchase up to $250 million of common stock, with no specified end date. This replaces the prior authorization to repurchase up to $250 million of common stock.

Laramie Energy

During the three and twelve months ended December 31, 2025, we recorded equity earnings of $12.5 million and $23.3 million, respectively, for Laramie Energy LLC ("Laramie"). Laramie's total net income was $23.7 million and $37.5 million for the three and twelve months ended December 31, 2025, respectively, compared to a net loss of $(11.3) million and $(15.5) million for the three and twelve months ended December 31, 2024, respectively.

Laramie's total Adjusted EBITDAX was $21.3 million and $67.5 million for the three and twelve months ended December 31, 2025, respectively, compared to $11.0 million and $45.8 million for the three and twelve months ended December 31, 2024, respectively.

Laramie's balance sheet position is strong with $39 million of cash and $160 million of debt at December 31, 2025. Laramie's net 2025 production was 108 million cubic feet of gas equivalent per day (MMcfe/d). Approximately 73% of Laramie's existing 2026 production is hedged at $3.46 per million British thermal unit (MMBtu).

Conference Call Information

A conference call is scheduled for Wednesday, February 25, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-833-974-2377 inside the U.S. or 1-412-317-5782 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company's website at http://www.parpacific.com on the Investors

page. A telephone replay will be available until March 11, 2026, and may be accessed by calling 1-855-669-9658 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 5756285.

About Par Pacific

Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the "nomnom" convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.