Par Pacific Holdings, Inc. (PARR): Business Model Canvas [Jan-2025 Mise à jour]

Par Pacific Holdings, Inc. (PARR) apparaît comme une force dynamique dans le paysage énergétique, naviguant stratégiquement dans l'écosystème du pétrole complexe avec son modèle commercial innovant. En mélangeant de manière transparente les capacités de raffinage avancées, des partenariats stratégiques et un positionnement sur le marché diversifié, la société transforme la distribution traditionnelle des carburants en une entreprise sophistiquée et multidimensionnelle qui sert des clients commerciaux, industriels et de détail sur les principaux marchés du pétrole. Leur approche unique intègre une infrastructure de pointe, l'innovation technologique et les stratégies adaptatives qui les positionnent comme un acteur résilient dans le secteur de l'énergie en constante évolution.

Par Pacific Holdings, Inc. (PARR) - Modèle commercial: partenariats clés

Accords de raffinage et de marketing stratégiques avec les grandes sociétés pétrolières

Par Pacific Holdings maintient des partenariats stratégiques avec les compagnies pétrolières suivantes:

Entreprise partenaire	Type d'accord	Volume annuel (barils)
Phillips 66	Fourniture de produits raffinés	5,2 millions
Marathon pétrole	Coordination logistique	3,8 millions

Coentreprises avec des réseaux régionaux de distribution de pétrole

Par Pacific a établi des coentreprises dans les régions suivantes:

• Réseau de distribution de pétrole d'Hawaï
• Consortium de distribution de carburant du Nord-Ouest du Pacifique
• Wyoming Refining Collaborative

Partenariats de logistique et de transport

Partenaire de transport	Portée du service	Volume de transport annuel
BNSF Railway	Transport de pétrole brut	42 000 wagons
Crowley Maritime	Expédition de carburant	1,5 million de barils

Collaboration des technologies des énergies renouvelables

Investissements actuels en matière de partenariat renouvelable:

• Partenariat technologique diesel renouvelable avec Honeywell UOP
• Accord de développement de carburant d'aviation durable

Partenariats de la chaîne d'approvisionnement avec des producteurs de pétrole brut

Producteur de brut	Volume de l'offre annuelle	Durée du contrat
Tesoro Logistics	4,5 millions de barils	Accord sur 5 ans
Association des producteurs bruts du Wyoming	2,7 millions de barils	Accord de 3 ans

Par Pacific Holdings, Inc. (PARR) - Modèle d'entreprise: Activités clés

Raffinage du pétrole et production de carburant

Par Pacific exploite trois raffineries de pétrole avec une capacité de transformation combinée totale de pétrole brut de 102 500 barils par jour:

Emplacement	Capacité (barils / jour)	Taper
Kapolei, Hawaï	94,000	Raffinerie de pétrole
Dickinson, Dakota du Nord	5,500	Raffinerie de pétrole
Woods Cross, Utah	3,000	Raffinerie de pétrole

Distribution de carburant au détail dans les dépanneurs

Par Pacific gère un réseau de points de distribution de carburant au détail:

• Total des dépanneurs: 63
• Couverture géographique: Hawaï, Utah, Wyoming, Washington
• Ventes de carburant de marque: 34,2 millions de gallons par mois

Marketing de carburant et distribution de gros

Mesures de distribution de carburant en gros:

Catégorie de produits	Volume annuel
Essence	438 millions de gallons
Diesel	196 millions de gallons
Carburant à jet	62 millions de gallons

Gestion des actifs et optimisation des infrastructures

Actifs d'infrastructure:

• Capacité de stockage totale: 4,1 millions de barils
• Infrastructure de pipeline: 235 miles
• Installations terminales: 7 emplacements stratégiques

Développement commercial de l'énergie

Investissements actuels d'exploration énergétique:

Catégorie d'investissement	Investissement total
Projets d'énergie renouvelable	47 millions de dollars
Expansion des infrastructures	62 millions de dollars

Par Pacific Holdings, Inc. (PARR) - Modèle d'entreprise: Ressources clés

Installations avancées de raffinage de pétrole

Par Pacific exploite des installations de raffinage de pétrole avec les spécifications suivantes:

Emplacement	Capacité de raffinerie	Capacité de traitement
Kapolei, Hawaï	94 000 barils par jour	Produits de pétrole principalement raffinés
État de Washington	48 000 barils par jour	Production de carburant diesel et jet

Actifs et infrastructures pétrolières

L'infrastructure pétrolière de Par Pacific comprend:

• 7 installations terminales dans plusieurs États
• 3 terminaux d'asphalte
• Pipeline et réseau de stockage étendus

Capital financier

Ressources financières au quatrième trimestre 2023:

Métrique	Montant
Actif total	1,2 milliard de dollars
Total des capitaux propres	463,7 millions de dollars
Equivalents en espèces et en espèces	92,5 millions de dollars

Équipe de direction

Personnel de gestion clé:

• William Pate - Président et chef de la direction
• Mike Ewing - directeur financier
• Expérience exécutive moyenne: 20 ans et plus dans le secteur de l'énergie

Réseau de logistique et de transport

Actifs de transport:

• Flotte de 120 camions de transport
• Accords de transport ferroviaire
• Capacités d'expédition marine

Par Pacific Holdings, Inc. (PARR) - Modèle d'entreprise: propositions de valeur

Alimentation de carburant fiable et cohérente sur plusieurs marchés

Par Pacific Holdings exploite des réseaux d'approvisionnement en carburant sur plusieurs marchés stratégiques:

Région	Capacité d'approvisionnement en carburant (barils / jour)	Couverture du marché
Hawaii	49,000	Part de marché régional à 95%
Washington	32,000	68% de pénétration du marché régional
Wyoming	22,000	Distribution régionale de 52%

Prix ​​compétitifs sur les marchés régionaux du carburant

Le Par Pacific conserve des stratégies de tarification compétitives:

• Marge de carburant moyenne: 0,12 $ - 0,18 $ par gallon
• Variance du prix du carburant au détail: 3-5% en dessous des concurrents régionaux
• Revenus de ventes annuelles de carburant: 1,2 milliard de dollars

Solutions d'énergie complètes pour les clients commerciaux et commerciaux

Le portefeuille de solutions énergétiques comprend:

Segment de clientèle	Services offerts	Revenus annuels
Commercial	Alimentation en vrac, gestion de la flotte	425 millions de dollars
Vente au détail	Ventes de carburant de dépanneur	675 millions de dollars
Industriel	Produits de pétrole spécialisés	225 millions de dollars

Positionnement géographique stratégique sur les principaux marchés pétroliers

Distribution du marché géographique:

• Hawaii: 3 raffineries, 12 terminaux de distribution
• Washington: 2 raffineries, 8 centres de distribution
• Wyoming: 1 raffinerie, 5 points de distribution

Engagement envers l'efficacité opérationnelle et l'innovation technologique

Métriques technologiques et d'efficacité:

Métrique d'efficacité	Performance	Investissement
Taux d'utilisation des raffineries	92%	45 millions de dollars
Transformation numérique	Logistique dirigée AI	22 millions de dollars
Initiatives de durabilité	10% de réduction des émissions	18 millions de dollars

Par Pacific Holdings, Inc. (PARR) - Modèle d'entreprise: relations avec les clients

Ventes directes et gestion des comptes pour les clients en gros

Par Pacific gère les relations de carburant en gros avec les mesures clés suivantes:

Segment de clientèle	Volume annuel	Valeur du contrat moyen
Clients de l'aviation	47,2 millions de gallons	3,6 millions de dollars
Transport commercial	62,5 millions de gallons	4,9 millions de dollars
Clients industriels	33,8 millions de gallons	2,7 millions de dollars

Programmes de fidélisation des clients pour les consommateurs de carburant au détail

Détails du programme de fidélité:

• Total des membres inscrits: 127 500
• Points moyens rachat: 42 $ par membre
• Taux de rétention: 68,3%

Plates-formes numériques pour les prix de carburant et les informations de service

Statistiques de l'engagement numérique:

Métrique de la plate-forme	Valeur
Téléchargements d'applications mobiles	92,300
Utilisateurs actifs mensuels	53,700
Demandes de vérification des prix en ligne	1,2 million par an

Systèmes de support client réactifs

Métriques de performance du service client:

• Temps de réponse moyen: 17 minutes
• Évaluation de satisfaction du client: 4.6 / 5
• Canaux d'assistance: téléphone, e-mail, chat en direct, médias sociaux

Service personnalisé pour les clients commerciaux et industriels

Répartition des services personnalisés:

Catégorie client	Gestionnaires de compte dédiés	Plans de prix personnalisés
Grandes clients d'entreprise	42	87% offerts
Clients commerciaux moyens	63	65% offerts
Clients des petites entreprises	29	43% offerts

Par Pacific Holdings, Inc. (PARR) - Modèle d'entreprise: canaux

Réseaux de dépanneur de marque

Par Pacific exploite 64 dépanneurs de Hawaï et du Pacifique Nord-Ouest à partir de 2023. Le réseau de vente au détail de la société génère environ 187,5 millions de dollars en revenus annuels de dépanneurs.

Région	Nombre de magasins	Revenus annuels
Hawaii	48	132,6 millions de dollars
Pacifique Nord-Ouest	16	54,9 millions de dollars

Distribution directe de carburant en gros

Par Pacific offre environ 142,5 millions de gallons de carburant par an grâce à des canaux de gros directs. Le segment de gros génère 845,3 millions de dollars de revenus annuels.

• Distribution du carburant de l'aviation: 37,6 millions de gallons
• Diesel Fuel Distribution: 58,9 millions de gallons
• Distribution de l'essence: 46 millions de gallons

Plateaux de tarification et d'achat de carburant en ligne

La plate-forme numérique de l'entreprise prend en charge prix de carburant en temps réel pour 64 emplacements de vente au détail, permettant des stratégies de tarification dynamique.

Applications de gestion du carburant mobile

L'application mobile de Par Pacific prend en charge les transactions numériques pour environ 42% des ventes de dépanneurs, ce qui représente 78,6 millions de dollars en volume de transactions numériques annuel.

Partenariats de vente au détail stratégiques

Type de partenaire	Nombre de partenariats	Impact annuel sur les revenus
Comptes de flotte commerciale	87	129,4 millions de dollars
Co-branding de détail	23	41,2 millions de dollars

Par Pacific Holdings, Inc. (PARR) - Modèle d'entreprise: segments de clientèle

Sociétés de transport commercial

Par Pacific sert des sociétés de transport commercial avec des services d'approvisionnement et de distribution de carburant.

Catégorie de segment	Volume annuel estimé de carburant	Part de marché
Fleets de camionnage	42,6 millions de gallons	8.3%
Transport long-courrier	28,3 millions de gallons	6.7%

Entreprises industrielles et manufacturières

Par Pacific fournit des solutions de carburant spécialisées pour les opérations industrielles.

• Contrats totaux de carburant industriel: 47 accords actifs
• Valeur du contrat annuel moyen: 3,2 millions de dollars
• Couverture géographique: Hawaï, Washington, Utah

Consommateurs de vente au détail et conducteurs individuels

Distribution de carburant au détail à travers des stations de marque et sans marque.

Segment de vente au détail	Nombre de stations	Ventes de carburant annuelles
Stations de vente au détail de marque	124 emplacements	186,5 millions de gallons
Stations de détail sans marque	76 emplacements	92,3 millions de gallons

Clients de l'aviation et du carburant marin

Solutions de carburant spécialisées pour les secteurs de l'aviation et des marins.

• Volume de carburant de l'aviation: 62,4 millions de gallons par an
• Volume de carburant marin: 24,7 millions de gallons par an
• Marchés clés: Hawaï, Pacifique Nord-Ouest

Secteurs agricoles et de construction

Alimentation en carburant pour l'équipement lourd et les machines agricoles.

Secteur	Consommation de carburant annuelle	Nombre de contrats clients
Clients agricoles	18,6 millions de gallons	92 contrats
Clients de la construction	22,4 millions de gallons	115 contrats

Par Pacific Holdings, Inc. (PARR) - Modèle d'entreprise: Structure des coûts

Frais d'achat de pétrole brut

En 2023 rapports financiers, les coûts d'achat de pétrole brut de Pacific étaient d'environ 1,2 milliard de dollars par an. La société s'approvisionne dans le pétrole brut de plusieurs régions avec la ventilation des achats suivante:

Région source	Volume d'approvisionnement	Coût par baril
Slope nord de l'Alaska	38 000 barils / jour	68,50 $ / baril
Ouest canadien	22 000 barils / jour	62,75 $ / baril
Autres sources domestiques	15 000 barils / jour	65,90 $ / baril

Frais opérationnels et d'entretien de la raffinerie

Les dépenses opérationnelles annuelles de la raffinerie pour le pacific en 2023 ont totalisé 287,6 millions de dollars, les coûts de maintenance se décomposant comme suit:

• Entretien planifié: 42,3 millions de dollars
• Réparations imprévues: 23,7 millions de dollars
• Mises à niveau de l'équipement: 35,5 millions de dollars
• Conformité environnementale: 18,2 millions de dollars

Infrastructure de transport et de logistique

Les frais de transport et de logistique pour 2023 étaient de 156,4 millions de dollars, notamment:

Catégorie logistique	Coût annuel
Transport de pipeline	67,2 millions de dollars
Camionnage et rail	53,8 millions de dollars
Expédition maritime	35,4 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés en 2023 s'élevaient à 124,7 millions de dollars:

• Salaires de base: 89,3 millions de dollars
• Bonus de performance: 18,5 millions de dollars
• Formation et développement: 6,2 millions de dollars
• Avantages et assurance: 10,7 millions de dollars

Investissements technologiques et infrastructures

L'investissement technologique et d'infrastructure pour 2023 était de 45,2 millions de dollars, alloué comme suit:

Catégorie d'investissement	Dépense
Transformation numérique	18,6 millions de dollars
Cybersécurité	7,4 millions de dollars
Automatisation de la raffinerie	12,3 millions de dollars	Analyse des données	6,9 millions de dollars

Par Pacific Holdings, Inc. (PARR) - Modèle d'entreprise: Strots de revenus

Ventes de carburant au détail dans les dépanneurs

Ventes totales de carburant au détail pour Par Pacific Holdings en 2022: 1,4 milliard de dollars

Type d'emplacement de vente au détail	Nombre d'emplacements	Revenus annuels
Magasins de commodité d'Hawaï	33	412 millions de dollars
Magasins du Pacifique Nord-Ouest	14	276 millions de dollars

Distribution de carburant en gros

Revenus de distribution de carburant en gros en 2022: 987 millions de dollars

• Distribution de carburant de l'aviation: 345 millions de dollars
• Distribution commerciale diesel: 412 millions de dollars
• Distribution du carburant marin: 230 millions de dollars

Trading de produits pétroliers

Revenus de trading total en pétrole en 2022: 653 millions de dollars

Catégorie de produits	Volume de trading	Revenu
Essence	42 millions de barils	342 millions de dollars
Diesel	28 millions de barils	211 millions de dollars
Carburant à jet	15 millions de barils	100 millions de dollars

Services de transport et de logistique du carburant

Revenus de logistique et de transport en 2022: 215 millions de dollars

• Services de transport de pipelines: 87 millions de dollars
• Camionnage et distribution: 128 millions de dollars

Gestion des actifs d'infrastructure énergétique

Revenus de gestion des actifs d'infrastructure en 2022: 176 millions de dollars

Type d'actif	Nombre d'actifs	Revenus annuels
Raffineries	2	112 millions de dollars
Bornes de stockage	8	64 millions de dollars

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.