Par Pacific Holdings, Inc. (PARR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Par Pacific Holdings, Inc. (PARR) surge como una fuerza dinámica en el panorama energético, navegando estratégicamente el complejo ecosistema de petróleo con su innovador modelo de negocio. Al combinar a la perfección las capacidades de refinación avanzada, las asociaciones estratégicas y el posicionamiento de mercado diversificado, la compañía transforma la distribución de combustible tradicional en una empresa sofisticada y multidimensional que atiende a clientes comerciales, industriales y minoristas en los mercados de petróleo clave. Su enfoque único integra infraestructura de vanguardia, innovación tecnológica y estrategias adaptativas que los posicionan como un jugador resistente en el sector energético en constante evolución.

Par Pacific Holdings, Inc. (PARR) - Modelo de negocio: asociaciones clave

Acuerdos estratégicos de refinación y marketing con las principales compañías petroleras

Par Pacific Holdings mantiene asociaciones estratégicas con las siguientes compañías petroleras:

Empresa asociada	Tipo de acuerdo	Volumen anual (barriles)
Phillips 66	Suministro de productos refinados	5.2 millones
Petróleo de maratón	Coordinación logística	3.8 millones

Empresas conjuntas con redes regionales de distribución de petróleo

Par Pacific ha establecido empresas conjuntas en las siguientes regiones:

• Red de distribución de petróleo de Hawaii
• Consorcio de distribución de combustible del noroeste del Pacífico
• Wyoming Refining Collaborative

Asociaciones de logística y transporte

Compañero de transporte	Alcance del servicio	Volumen de transporte anual
Ferrocarril BNSF	Transporte de petróleo crudo	42,000 cargas
Crowley Maritime	Envío de combustible	1,5 millones de barriles

Colaboración de tecnología de energía renovable

Inversiones actuales de asociación renovable:

• Asociación de tecnología diesel renovable con Honeywell UOP
• Acuerdo de desarrollo de combustible de aviación sostenible

Asociaciones de la cadena de suministro con productores de petróleo crudo

Productor de crudo	Volumen de suministro anual	Duración del contrato
Logística de Tesoro	4.5 millones de barriles	Acuerdo a 5 años
Asociación de productores de crudos de Wyoming	2.7 millones de barriles	Acuerdo de 3 años

Par Pacific Holdings, Inc. (PARR) - Modelo de negocio: actividades clave

Refinación de petróleo y producción de combustible

Par Pacific opera tres refinerías de petróleo con una capacidad total de procesamiento de petróleo crudo combinado de 102,500 barriles por día:

Ubicación	Capacidad (barriles/día)	Tipo
Kapolei, Hawaii	94,000	Refinería de petróleo
Dickinson, Dakota del Norte	5,500	Refinería de petróleo
Cross Woods, Utah	3,000	Refinería de petróleo

Distribución de combustible minorista a través de tiendas de conveniencia

Par Pacific administra una red de puntos de distribución de combustible minorista:

• Total de tiendas de conveniencia: 63
• Cobertura geográfica: Hawai, Utah, Wyoming, Washington
• Ventas de combustible de marca: 34.2 millones de galones por mes

Marketing de combustible y distribución al por mayor

Métricas de distribución de combustible al por mayor:

Categoría de productos	Volumen anual
Gasolina	438 millones de galones
Diesel	196 millones de galones
Combustible para aviones	62 millones de galones

Gestión de activos y optimización de infraestructura

Activos de infraestructura:

• Capacidad de almacenamiento total: 4.1 millones de barriles
• Infraestructura de tuberías: 235 millas
• Instalaciones terminales: 7 ubicaciones estratégicas

Desarrollo de negocios energéticos

Inversiones actuales de exploración energética:

Categoría de inversión	Inversión total
Proyectos de energía renovable	$ 47 millones
Expansión de la infraestructura	$ 62 millones

Par Pacific Holdings, Inc. (PARR) - Modelo de negocio: recursos clave

Instalaciones avanzadas de refinación de petróleo

Par Pacific opera instalaciones de refinación de petróleo con las siguientes especificaciones:

Ubicación	Capacidad de refinería	Capacidad de procesamiento
Kapolei, Hawaii	94,000 barriles por día	Principalmente productos petroleros refinados
Estado de Washington	48,000 barriles por día	Producción de combustible diesel y avión

Activos de petróleo e infraestructura

La infraestructura petrolera de Par Pacific incluye:

• 7 instalaciones de terminal en múltiples estados
• 3 terminales de asfalto
• Extensa red de tuberías y almacenamiento

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

Métrico	Cantidad
Activos totales	$ 1.2 mil millones
Equidad total	$ 463.7 millones
Equivalentes de efectivo y efectivo	$ 92.5 millones

Equipo de gestión

Personal de gestión clave:

• William Pate - Presidente y CEO
• Mike Ewing - Director Financiero
• Experiencia ejecutiva promedio: más de 20 años en el sector energético

Red de logística y transporte

Activos de transporte:

• Flota de 120 camiones de transporte
• Acuerdos de transporte ferroviario
• Capacidades de envío marino

Par Pacific Holdings, Inc. (PARR) - Modelo de negocio: propuestas de valor

Suministro de combustible confiable y consistente en múltiples mercados

Par Pacific Holdings opera redes de suministro de combustible en múltiples mercados estratégicos:

Región	Capacidad de suministro de combustible (barriles/día)	Cobertura del mercado
Hawai	49,000	95% de participación en el mercado regional
Washington	32,000	68% de penetración del mercado regional
Wyoming	22,000	52% Distribución regional

Precios competitivos en los mercados regionales de combustible

Par Pacific mantiene estrategias de fijación de precios competitivas:

• Margen de combustible promedio: $ 0.12- $ 0.18 por galón
• Variación del precio del combustible minorista: 3-5% por debajo de los competidores regionales
• Ingresos anuales de ventas de combustible: $ 1.2 mil millones

Soluciones de energía integrales para clientes comerciales y minoristas

La cartera de soluciones de energía incluye:

Segmento de clientes	Servicios ofrecidos	Ingresos anuales
Comercial	Suministro de combustible a granel, gestión de flotas	$ 425 millones
Minorista	Venta de combustible de la tienda de conveniencia	$ 675 millones
Industrial	Productos petroleros especializados	$ 225 millones

Posicionamiento geográfico estratégico en los mercados de petróleo clave

Distribución del mercado geográfico:

• Hawai: 3 refinerías, 12 terminales de distribución
• Washington: 2 refinerías, 8 centros de distribución
• Wyoming: 1 refinería, 5 puntos de distribución

Compromiso con la eficiencia operativa y la innovación tecnológica

Tecnología y métricas de eficiencia:

Métrica de eficiencia	Actuación	Inversión
Tasa de utilización de la refinería	92%	$ 45 millones
Transformación digital	Logística impulsada por IA	$ 22 millones
Iniciativas de sostenibilidad	10% de reducción de emisiones	$ 18 millones

Par Pacific Holdings, Inc. (PARR) - Modelo de negocios: relaciones con los clientes

Ventas directas y gestión de cuentas para clientes mayoristas

Par Pacific administra las relaciones de combustible mayoristas con las siguientes métricas clave:

Segmento de clientes	Volumen anual	Valor de contrato promedio
Clientes de aviación	47.2 millones de galones	$ 3.6 millones
Transporte comercial	62.5 millones de galones	$ 4.9 millones
Clientes industriales	33.8 millones de galones	$ 2.7 millones

Programas de fidelización de clientes para consumidores de combustible minorista

Detalles del programa de fidelización:

• Miembros totales inscritos: 127,500
• Redención de puntos promedio: $ 42 por miembro
• Tasa de retención: 68.3%

Plataformas digitales para precios de combustible e información de servicio

Estadísticas de compromiso digital:

Métrica de plataforma	Valor
Descargas de aplicaciones móviles	92,300
Usuarios activos mensuales	53,700
Solicitudes de cheques de precios en línea	1.2 millones anualmente

Sistemas de atención al cliente receptivos

Métricas de rendimiento del servicio al cliente:

• Tiempo de respuesta promedio: 17 minutos
• Calificación de satisfacción del cliente: 4.6/5
• Canales de soporte: teléfono, correo electrónico, chat en vivo, redes sociales

Servicio personalizado para clientes comerciales e industriales

Desglose de servicio personalizado:

Categoría de cliente	Gerentes de cuentas dedicados	Planes de precios personalizados
Grandes clientes empresariales	42	87% ofrecido
Clientes de negocios medianos	63	65% ofrecido
Pequeñas empresas	29	43% ofrecido

Par Pacific Holdings, Inc. (PARR) - Modelo de negocio: canales

Redes de tiendas de conveniencia de marca

Par Pacific opera 64 tiendas de conveniencia en Hawai y el noroeste del Pacífico a partir de 2023. La red minorista de la compañía genera aproximadamente $ 187.5 millones en ingresos anuales de las tiendas de conveniencia.

Región	Número de tiendas	Ingresos anuales
Hawai	48	$ 132.6 millones
Noroeste del Pacífico	16	$ 54.9 millones

Distribución directa de combustible al por mayor

Par Pacific ofrece aproximadamente 142.5 millones de galones de combustible anualmente a través de canales mayoristas directos. El segmento mayorista genera $ 845.3 millones en ingresos anuales.

• Distribución de combustible de aviación: 37.6 millones de galones
• Distribución de combustible diesel: 58.9 millones de galones
• Distribución de gasolina: 46 millones de galones

Plataformas de precios y compras de combustible en línea

La plataforma digital de la compañía admite Precios de combustible en tiempo real Para 64 ubicaciones minoristas, permitiendo estrategias de precios dinámicos.

Aplicaciones de gestión de combustible móvil

La aplicación móvil de Par Pacific admite transacciones digitales para aproximadamente el 42% de las ventas de tiendas de conveniencia, lo que representa $ 78.6 millones en volumen anual de transacciones digitales.

Asociaciones minoristas estratégicas

Tipo de socio	Número de asociaciones	Impacto anual de ingresos
Cuentas de flota comercial	87	$ 129.4 millones
Marca de copia minorista	23	$ 41.2 millones

Par Pacific Holdings, Inc. (PARR) - Modelo de negocio: segmentos de clientes

Empresas de transporte comercial

Par Pacific sirve a compañías de transporte comercial con servicios de suministro y distribución de combustible.

Categoría de segmento	Volumen de combustible anual estimado	Cuota de mercado
Flotas de camiones	42.6 millones de galones	8.3%
Transporte de larga distancia	28.3 millones de galones	6.7%

Empresas industriales y manufactureras

Par Pacific ofrece soluciones de combustible especializadas para operaciones industriales.

• Contratos de combustible industrial total: 47 acuerdos activos
• Valor promedio de contrato anual: $ 3.2 millones
• Cobertura geográfica: Hawai, Washington, Utah

Consumidores minoristas y conductores individuales

Distribución de combustible minorista a través de estaciones de marca y sin marca.

Segmento minorista	Número de estaciones	Venta anual de combustible
Estaciones minoristas de marca	124 ubicaciones	186.5 millones de galones
Estaciones minoristas sin marca	76 ubicaciones	92.3 millones de galones

Clientes de aviación y combustible marino

Soluciones de combustible especializadas para la aviación y los sectores marinos.

• Volumen de combustible de aviación: 62.4 millones de galones anualmente
• Volumen de combustible marino: 24.7 millones de galones anualmente
• Mercados clave: Hawai, Noroeste del Pacífico

Sectores agrícola y de construcción

Suministro de combustible para equipos pesados ​​y maquinaria agrícola.

Sector	Consumo anual de combustible	Número de contratos de clientes
Clientes agrícolas	18.6 millones de galones	92 contratos
Clientes de construcción	22.4 millones de galones	115 contratos

Par Pacific Holdings, Inc. (PARR) - Modelo de negocio: Estructura de costos

Gastos de adquisición de petróleo crudo

A partir de los informes financieros de 2023, los costos de adquisición de petróleo crudo de Par Pacific fueron de aproximadamente $ 1.2 mil millones anuales. La compañía obtiene petróleo crudo de múltiples regiones con el siguiente desglose de adquisiciones:

Región fuente	Volumen de adquisiciones	Costo por barril
Alaska North Slope	38,000 barriles/día	$ 68.50/barril
Canadá occidental	22,000 barriles/día	$ 62.75/barril
Otras fuentes nacionales	15,000 barriles/día	$ 65.90/barril

Costos operativos y de mantenimiento de la refinería

Los gastos operativos anuales de la refinería para el par del Pacífico en 2023 totalizaron $ 287.6 millones, con los costos de mantenimiento que se desglosan de la siguiente manera:

• Mantenimiento programado: $ 42.3 millones
• Reparaciones no programadas: $ 23.7 millones
• Actualizaciones de equipos: $ 35.5 millones
• Cumplimiento ambiental: $ 18.2 millones

Infraestructura de transporte y logística

Los gastos de transporte y logística para 2023 fueron de $ 156.4 millones, que incluyen:

Categoría de logística	Costo anual
Transporte de tuberías	$ 67.2 millones
Transporte de camiones y ferrocarril	$ 53.8 millones
Envío marino	$ 35.4 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados en 2023 ascendieron a $ 124.7 millones:

• Salarios base: $ 89.3 millones
• Bonos de rendimiento: $ 18.5 millones
• Capacitación y desarrollo: $ 6.2 millones
• Beneficios y seguros: $ 10.7 millones

Inversiones de tecnología e infraestructura

La inversión en tecnología e infraestructura para 2023 fue de $ 45.2 millones, asignada de la siguiente manera:

Categoría de inversión	Gasto
Transformación digital	$ 18.6 millones
Ciberseguridad	$ 7.4 millones
Automatización de refinería	$ 12.3 millones	Análisis de datos	$ 6.9 millones

Par Pacific Holdings, Inc. (PARR) - Modelo de negocios: flujos de ingresos

Ventas de combustible minorista a través de tiendas de conveniencia

Ventas totales de combustible minorista para Par Pacific Holdings en 2022: $ 1.4 mil millones

Tipo de ubicación minorista	Número de ubicaciones	Ingresos anuales
Tiendas de conveniencia de Hawaii	33	$ 412 millones
Tiendas del noroeste del Pacífico	14	$ 276 millones

Distribución de combustible al por mayor

Ingresos al por mayor de distribución de combustible en 2022: $ 987 millones

• Distribución de combustible de aviación: $ 345 millones
• Distribución de diesel comercial: $ 412 millones
• Distribución de combustible marino: $ 230 millones

Comercio de productos petroleros

Ingresos comerciales totales de petróleo en 2022: $ 653 millones

Categoría de productos	Volumen comercial	Ganancia
Gasolina	42 millones de barriles	$ 342 millones
Diesel	28 millones de barriles	$ 211 millones
Combustible para aviones	15 millones de barriles	$ 100 millones

Servicios de transporte y logística de combustible

Ingresos de logística y transporte en 2022: $ 215 millones

• Servicios de transporte de tuberías: $ 87 millones
• Trucking and Distribution: $ 128 millones

Gestión de activos de infraestructura energética

Ingresos de gestión de activos de infraestructura en 2022: $ 176 millones

Tipo de activo	Número de activos	Ingresos anuales
Refinerías	2	$ 112 millones
Terminales de almacenamiento	8	$ 64 millones

Par Pacific Holdings, Inc. (PARR) - Canvas Business Model: Value Propositions

Supply security and reliability in logistically-challenging markets is a core offering. Par Pacific Holdings, Inc. maintains a combined refining capacity of 219,000 barrels per day (bpd) across its four locations. For instance, the Hawaii refinery achieved a record quarterly throughput of 88 Mbpd in the second quarter of 2025, demonstrating reliable supply to that island market. The company supports this with an extensive energy infrastructure network, including 13 million barrels of storage capacity, alongside marine, rail, rack, and pipeline assets.

The vertically integrated model controls the value chain from crude to pump, which helps manage costs and ensures supply. Par Pacific Holdings, Inc. sources crude from a variety of streams, including U.S. inland oil fields, imported oil delivered by ship, and Canadian heavy crude, with 22% of its crude supply being Canadian heavy oil. This flexibility allows switching crude sources if prices move unfavorably. The company operates refineries in Hawaii, Wyoming, Washington, and Montana. Furthermore, the integration extends downstream and upstream through its ownership of 46% of Laramie Energy, LLC, a natural gas production company. The scale of this integration is reflected in the trailing twelve months (TTM) revenue as of November 2025, which stood at $7.61 billion.

Transition to low-carbon fuels like Sustainable Aviation Fuel (SAF) is a key strategic value proposition. Par Pacific Holdings, Inc. is nearing completion of the Hawaii Sustainable Aviation Fuel (SAF) Project, which it aims to bring online by the end of 2025. This project involved an approximate investment of $90 million. The renewable fuels unit is expected to produce approximately 61 million gallons per year of SAF, renewable diesel (RD), and renewable naphtha. The capital expenditure guidance for 2025 included an allocation of $30 to $40 million specifically for completing this Hawaii renewable hydrotreater project. The unit can produce up to 60 percent SAF in its initial configuration.

Local community focus is delivered through the Hele and nomnom retail experience. Par Pacific Holdings, Inc. operates retail sites under the Hele, nomnom, and 76 brands. The retail business includes about 120 convenience and fueling sites across Idaho, Washington, and Hawaii. This segment shows strong performance, with operating income reaching $20.8 million in the second quarter of 2025, up from $16.1 million in the second quarter of 2024. The third quarter of 2025 saw the Retail segment's Adjusted EBITDA at $21.9 million. Same-store fuel volumes and inside sales revenue increased by 1.8% and 0.9%, respectively, in the third quarter of 2025 compared to the third quarter of 2024.

Here's a snapshot of the operational and financial metrics supporting these value propositions:

Metric Category	Specific Data Point	Value / Amount	Reporting Period / Context
Refining Capacity & Throughput	Total Combined Refining Capacity	219,000 bpd	As of late 2025
Refining Capacity & Throughput	Hawaii Refinery Throughput	88 Mbpd	Q2 2025
Vertical Integration	TTM Revenue	$7.61 billion	As of November 2025
Vertical Integration	Laramie Energy, LLC Ownership	46%	As of late 2025
Low-Carbon Fuels	Hawaii SAF Project Annual Capacity	61 million gallons per year	Expected capacity
Low-Carbon Fuels	2025 Growth CapEx for SAF Project	$30 to $40 million	2025 Guidance
Retail Experience	Total Convenience/Fueling Sites	About 120	As of Q2 2025 context
Retail Experience	Retail Segment Operating Income	$20.8 million	Q2 2025

The company's commitment to its integrated structure is also seen in its capital planning. Par Pacific Holdings, Inc.'s 2025 capital expenditure and turnaround outlay guidance ranged from $210 million to $240 million.

You can see the strong financial results underpinning these operations, with Q3 2025 Net Income reported at $262.6 million, or $5.16 per diluted share.

Finance: draft 13-week cash view by Friday.

Par Pacific Holdings, Inc. (PARR) - Canvas Business Model: Customer Relationships

You're looking at how Par Pacific Holdings, Inc. (PARR) manages its customer interactions across its diverse energy and retail footprint as of late 2025. The relationships split clearly between the business-to-business side and the direct-to-consumer experience at the pump and in the store.

Dedicated, long-term contracts for wholesale and commercial customers

For wholesale and commercial customers, the relationship is primarily managed through the Logistics and Refining segments, which supply fuel and products across the Pacific, Northwest, and Rocky Mountain regions. While specific contract terms aren't public, the health of these commercial relationships is reflected in the segment's financial contribution. For instance, the Logistics segment reported an operating income of $30.2 million in the third quarter of 2025, up from $26.2 million in the third quarter of 2024. Also, the Adjusted Gross Margin for the Logistics segment in the second quarter of 2025 was part of a system-wide throughput of 187,000 barrels per day. The company is also investing heavily in its infrastructure to serve these customers reliably, allocating $30 million to $40 million of its 2025 growth capital to complete the Hawaii renewable hydrotreater project.

Here's a look at the commercial/logistics segment performance, which underpins these relationships:

Metric (Period Ended Sept 30, 2025)	Amount	Comparison Period (Sept 30, 2024)
Logistics Segment Operating Income	$30.2 million	$26.2 million
Retail Segment Adjusted Gross Margin	$43.5 million	$42.6 million (Q3 2024)
System-Wide Throughput (Q2 2025)	187,000 barrels per day	Not directly comparable in release

Transactional relationship at the retail level (Hele and nomnom stores)

At the retail level, the relationship is transactional, driven by convenience, fuel, and in-store merchandise sales under the proprietary Hele brand in Hawaii and the nomnom brand in the Pacific Northwest. Par Pacific Holdings Inc. is ranked No. 103 on CSP's 2025 Top 202 ranking of U.S. c-store chains by store count. As of August 2025, the retail business included about 120 convenience and fueling sites across Idaho, Washington, and Hawaii, also operating under the 76 banner.

The focus here is on driving repeat visits through same-store performance, which showed positive momentum through the first half of 2025. The transactional success is evident in the segment's profitability metrics:

• Retail segment Adjusted EBITDA (Q3 2025): $21.9 million.
• Retail segment Operating Income (Q3 2025): $19.1 million.
• Retail fuel sales volumes (Q3 2025): 31.8 million gallons.

You can see the quarter-over-quarter improvement in the transactional relationship:

• Same store fuel volumes increased 1.8% (Q3 2025 vs Q3 2024).
• Same store inside sales revenue increased 0.9% (Q3 2025 vs Q3 2024).
• Same store inside sales revenue increased 3.0% (Q2 2025 vs Q2 2024).

The company also opportunistically reduced its share count, which directly impacts shareholder value, repurchasing $51 million of common stock in the first quarter of 2025, reducing shares outstanding by 5%.

Community engagement through local initiatives and the Hele brand

Par Pacific Holdings, Inc.'s mission is 'Humbly Serving Communities,' which translates into local focus, especially through the Hele brand in Hawaii. This engagement is supported by strategic investments aimed at local benefit and sustainability. The company is allocating between $30 million and $40 million in 2025 growth capital specifically to complete the Hawaii renewable hydrotreater project. Furthermore, the company is on track to achieve $30 million to $40 million in annual cost savings relative to 2024 through a broader cost reduction initiative, which helps maintain competitive pricing for the community.

The commitment to the local market is also seen in the balance sheet management; as of March 31, 2025, gross term debt was $642 million, or 3.2 times the Retail and Logistics Last Twelve Months (LTM) EBITDA, keeping them at the low end of their 3 to 4 times leverage target, ensuring financial stability to serve the regions. Finance: draft 13-week cash view by Friday.

Par Pacific Holdings, Inc. (PARR) - Canvas Business Model: Channels

You're looking at how Par Pacific Holdings, Inc. gets its refined products and fuels to the end-user across its niche markets. It's a tightly integrated system, which is key to its competitive moat in places like Hawaii.

Wholesale sales via the extensive logistics network.

The wholesale side relies heavily on the logistics backbone. The company achieved a near-record system-wide throughput of 198,000 barrels per day (bpd) in the third quarter of 2025. This throughput feeds both their retail and wholesale customers across Hawaii, the Pacific Northwest, and the Rockies.

The Logistics segment, which supports this distribution, reported an operating income of $30.2 million for the third quarter of 2025. Its Adjusted EBITDA for the same period hit $37.3 million, showing strong performance from moving product through the system.

Company-operated retail gas stations and convenience stores.

Par Pacific Holdings, Inc. operates a network of company-operated retail fuel stations and convenience stores under established brands. As of the latest operational snapshot, the company runs 119 total fuel retail locations across its footprint. In Hawaii, you see the Hele, 76, and nom nom brands, while the Pacific Northwest and Rockies utilize the nom nom brand.

The Retail segment delivered sales volumes of 31.8 million gallons in the third quarter of 2025. For the trailing twelve months ending September 30, 2025, the retail Adjusted EBITDA reached $86 million. For the third quarter of 2025 specifically, Retail segment Adjusted EBITDA was $21.9 million.

Here's a quick look at the retail performance metrics for the latest reported quarter:

Metric	Value (Q3 2025)	Comparison to Q3 2024
Fuel Volumes (Same Store)	Increase of 1.8%	Increase of 1.8%
Inside Sales Revenue (Same Store)	Increase of 0.9%	Increase of 0.9%
Segment Adjusted EBITDA	$21.9 million	Compared to $21.0 million

Marine, rail, rack, and pipeline assets for product distribution.

This infrastructure is the physical backbone of the entire operation. Par Pacific Holdings, Inc. manages an extensive energy infrastructure network that includes 13 million barrels of storage capacity. This network is comprised of marine, rail, rack, and pipeline assets, which are critical for serving logistically complex markets.

The company's total refining capacity across its four refineries (Hawaii, Wyoming, Washington, and Montana) stands at 219,000 bpd. The Hawaii refinery alone contributed a throughput of 82 thousand barrels per day (Mbpd) in the third quarter of 2025.

Direct sales to military and government entities in Hawaii.

Par Hawaii plays a critical role in meeting the state's energy demand, which includes dedicated supply channels. The company is actively engaged with communities across its operating footprint to leverage local resources and policies. The strategic partnership formed with the closing of the Hawaii Renewables joint venture in late October 2025, which brought in $100 million in cash proceeds, is intended to expand market access, which would include government and military contracts.

You'll want Finance to track the cash inflow from that joint venture closing, which is expected to further strengthen the balance sheet by the end of the year.

Par Pacific Holdings, Inc. (PARR) - Canvas Business Model: Customer Segments

You're looking at the core groups Par Pacific Holdings, Inc. (PARR) serves across its integrated energy, infrastructure, and retail footprint as of late 2025. The customer base is geographically diverse, spanning island markets and the western U.S. mainland, and segmented by the type of fuel or service required.

The company's overall refining capacity, which feeds these segments, stands at a combined 219,000 barrels per day (bpd) across four locations in Hawaii, the Pacific Northwest, and the Rockies. This production capability directly serves the diverse needs of these customer groups.

Wholesale and commercial customers in the Western U.S.

This segment includes commercial entities across the mainland U.S., supplied by Par Pacific's operations in Washington, Wyoming, and Montana. These customers receive refined products like gasoline and distillates. The mainland refining system has a combined capacity of 60,000 bpd. For instance, the Montana refinery alone had a throughput of 44 Mbpd in the third quarter of 2025, while Washington contributed 41 Mbpd in the second quarter of 2025. These wholesale customers rely on Par Pacific's logistics network, which includes marine, rail, rack, and pipeline assets, to move product efficiently from the refineries in the Rockies and Pacific Northwest to market.

Retail consumers in Hawaii and the Pacific Northwest (Hele and nomnom).

Retail consumers are served through branded convenience stores and fuel stations. In Hawaii, Par Pacific operates under the Hele brand, alongside the 76 brand, with 90 retail locations on the islands. On the mainland, the nomnom convenience store chain serves customers across Washington and Idaho, with 29 retail locations reported in the Pacific Northwest and Rockies region. Retail performance in the second quarter of 2025 showed sales volumes of 30.8 million gallons, increasing to 31.8 million gallons in the third quarter of 2025. Same store fuel volumes grew by 1.8% in both the second and third quarters of 2025 compared to the prior year periods, showing consistent consumer demand. The last twelve months (LTM) Retail Adjusted EBITDA reached $86 million as of the third quarter of 2025.

Here's a quick look at the retail performance metrics for the first three quarters of 2025:

Metric	Q2 2025 Value	Q3 2025 Value
Retail Sales Volumes (Million Gallons)	30.8	31.8
Same Store Fuel Volume Growth (YoY)	1.8%	1.8%
Same Store Inside Sales Revenue Growth (YoY)	3.0%	0.9%

Aviation and shipping industries requiring conventional and renewable fuels.

Par Pacific Holdings, Inc. supplies fuel to the transportation sectors, including direct commercial interest from airlines, particularly in Hawaii, as the company progresses with its renewable fuels development. The Hawaii refinery, with a capacity of 94,000 bpd, is central to this supply. The company is actively positioning itself for the energy transition, evidenced by the closing of the Hawaii Renewables joint venture with Mitsubishi and ENEOS in late October 2025, which brought in $100 million in proceeds. This venture is geared toward supplying renewable fuels, which will serve future customer needs in these industries.

Industrial and utility customers for specialized products.

The refining process yields a spectrum of products beyond transportation fuels, which are sold to industrial and utility customers. Par Pacific's integrated network supplies a full spectrum of energy products. The company's logistics segment, which supports the delivery of these products, reported a record Adjusted EBITDA of $37.3 million in the third quarter of 2025. The refining segment's total throughput for the system was a near-record 198,000 bpd in Q3 2025, ensuring a broad supply base for these specialized commercial buyers. The company also has an ownership stake in Laramie Energy, LLC, a natural gas production company, which serves industrial energy needs in Western Colorado.

The customer base is served through distinct operational segments:

• Retail: Hele and nomnom branded fuel and convenience sales.
• Refining: Wholesale supply of conventional and renewable fuels.
• Logistics: Infrastructure services supporting all segments.
• Natural Gas Production: Via 46% ownership in Laramie Energy, LLC.

Par Pacific Holdings, Inc. (PARR) - Canvas Business Model: Cost Structure

You're looking at the major outlays for Par Pacific Holdings, Inc. (PARR) as we head into late 2025. The cost structure here is heavily weighted toward securing and processing the necessary barrels, plus keeping that complex infrastructure running smoothly.

High raw material costs, primarily crude oil and renewable feedstocks.

The cost of crude oil is your single biggest variable expense, honestly. Par Pacific Holdings, Inc. explicitly updated how they track this in 2025 to better reflect regional differentials to Brent and WTI, showing how sensitive they are to feedstock pricing. While a total raw material spend isn't published, we can see the regional impact through their throughput costs and index pricing from mid-2025:

• Hawaii Index averaged $\mathbf{\$8.57 \text{ per barrel}}$ in the second quarter of 2025.
• Montana Index averaged $\mathbf{\$20.29 \text{ per barrel}}$ in the second quarter of 2025.
• Washington Index averaged $\mathbf{\$15.37 \text{ per barrel}}$ in the second quarter of 2025.
• Wyoming Index averaged $\mathbf{\$21.41 \text{ per barrel}}$ in the second quarter of 2025.

Also, the push into renewables means feedstock sourcing for the new Hawaii facility is a growing cost consideration, with the company exploring locally grown oilseed crops to supplement inputs.

Significant 2025 Capital Expenditure guidance of $210 million to $240 million.

The planned investment for 2025 signals a major commitment to both maintaining current assets and pushing growth projects, like the renewable fuels unit coming online. Here's the quick math on the total guidance:

Category	2025 Guidance ($ in millions)
Total Capital Expenditure and Turnaround Outlay	$\mathbf{\$210 - \$240}$
Turnarounds & Catalyst	$\mathbf{\$85 - \$95}$
Maintenance	$\mathbf{\$75 - \$85}$
Growth Initiatives	$\mathbf{\$50 - \$60}$

Major maintenance and turnaround costs, budgeted at $85-95 million in 2025.

You can see the maintenance and turnaround costs are substantial, forming the largest portion of the planned capital outlay. This is non-negotiable spending to keep the 219,000 bpd of combined refining capacity operational. The budget for Turnarounds & Catalyst alone is set between $\mathbf{\$85 \text{ million and } \$95 \text{ million}}$. The Maintenance budget is separately set at $\mathbf{\$75 \text{ million to } \$85 \text{ million}}$.

Within that spending, Par Pacific Holdings, Inc. has earmarked specific funds for modernization and reliability:

• Approximately $\mathbf{\$10 \text{ million}}$ for reliability investments.
• Approximately $\mathbf{\$30 - \$40 \text{ million}}$ to complete the Hawaii renewable hydrotreater project.
• $\mathbf{\$10 \text{ million}}$ for ERP system enhancements.

Logistics and transportation costs for marine and pipeline operations.

While direct transportation cost figures aren't broken out in the guidance, the Logistics segment's profitability gives you a sense of the scale of that operation, which includes marine, rail, rack, and pipeline assets. The Logistics segment reported an Adjusted EBITDA of $\mathbf{\$37.3 \text{ million}}$ for the third quarter of 2025. Also, the Product Crack calculation used to determine margin explicitly includes inflation-adjusted product delivery costs, meaning logistics is baked into the cost of sales metric.

Par Pacific Holdings, Inc. (PARR) - Canvas Business Model: Revenue Streams

You're looking at how Par Pacific Holdings, Inc. (PARR) actually brings in the money based on their late 2025 operational snapshot. Honestly, it's a mix of traditional energy sales and a big push into cleaner fuels, which is smart for hedging risk.

The first major stream comes from refined product sales, primarily gasoline and distillates, from the Refining segment. For the third quarter of 2025, the Refining segment's Adjusted EBITDA hit $337.6 million, which includes a significant Small Refinery Exemption (SRE) impact of $202.6 million. Excluding that regulatory boost, the core business still delivered strong results, with system-wide throughput reaching 197.7 Mbpd and achieving a record-low production cost of $6.13 per barrel for the quarter.

Next up are the logistics fees generated from transportation and terminalling services. This segment is firing on all cylinders, posting a record Logistics segment Adjusted EBITDA of $37.3 million in Q3 2025. The operating income for this segment was $30.2 million in the same period.

The retail side, operating under the Hele brand in Hawaii, contributes through retail sales of fuel and in-store merchandise. For Q3 2025, the Retail segment's Adjusted EBITDA was $21.9 million, up from $21.0 million in Q3 2024. They moved 31.8 million gallons of fuel volume in the quarter. Same store fuel volumes saw a 1.8% increase, and inside sales revenue grew by 0.9% year-over-year for the quarter.

Finally, the new, forward-looking stream is renewable fuels sales from the Hawaii Renewables joint venture, which defintely started coming online late in 2025. Par Pacific closed this venture in October 2025, receiving cash proceeds of $100 million for a minority stake. The facility is expected to be the state's largest, with an annual production capacity of approximately 61 million gallons of product, including sustainable aviation fuel (SAF) and renewable diesel.

Here's a quick look at the segment performance that drives these revenue streams for the third quarter of 2025:

Revenue Source Segment	Q3 2025 Metric	Amount
Refining (Adjusted EBITDA)	Total Adjusted EBITDA	$337.6 million
Refining (Adjusted EBITDA)	SRE Impact Included	$202.6 million
Logistics (Adjusted EBITDA)	Record Adjusted EBITDA	$37.3 million
Retail (Adjusted EBITDA)	Adjusted EBITDA	$21.9 million
Retail (Fuel Volume)	Sales Volume (Gallons)	31.8 million

You should also note the cash event tied to the new renewable business:

• Cash proceeds from closing Hawaii Renewables JV: $100 million.
• Expected annual renewable fuels production capacity: 61 million gallons.
• Refining segment Q3 2025 Operating Income: $340.8 million.
• Total Company Q3 2025 Revenue: $2.01 billion.