Par Pacific Holdings, Inc. (PARR): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out the real engine behind Par Pacific Holdings, Inc. (PARR), and honestly, it's more than just gas stations; it's a vertically integrated machine blending traditional refining-with $\mathbf{219,000}$ bpd capacity-with a serious pivot to low-carbon fuels in tough markets like Hawaii. They are sinking $\mathbf{\$210}$ million to $\mathbf{\$240}$ million in Capital Expenditure this year to make that transition happen, all while their retail side, Hele and nomnom, is pulling in solid cash, like that $\mathbf{\$21.9}$ million in Q3 2025 retail Adjusted EBITDA. So, how does this complex logistics and refining play actually make money across its diverse segments, especially with those big maintenance costs budgeted at $\mathbf{\$85-95}$ million in 2025? Let's break down the whole Business Model Canvas below to see the full picture, defintely worth a look.

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

You're looking at the core relationships Par Pacific Holdings, Inc. (PARR) has locked in to secure both its renewable fuel future and its existing natural gas exposure. These aren't just handshake deals; they involve significant capital and operational integration.

Hawaii Renewables, LLC Joint Venture with Mitsubishi Corporation and ENEOS Corporation

The partnership to establish Hawaii Renewables, LLC is a cornerstone of Par Pacific Holdings, Inc.'s renewable strategy. This joint venture (JV) is set up to produce renewable fuels at the Kapolei, Hawaii refinery. The closing of this deal in October 2025 brought in immediate cash proceeds for Par Pacific Holdings, Inc. The facility itself is slated to be operational by the close of 2025, making it the largest renewable fuels manufacturing site in Hawaii.

The structure involves Mitsubishi Corporation and ENEOS Corporation, who formed Alohi Renewable Energy, LLC to participate. This entity acquired a specific stake in the JV for a defined cash amount. Par Pacific Holdings, Inc. retains the majority interest and is responsible for the project's execution and day-to-day operations through its affiliate, Par Hawaii Refining, LLC.

Here's the quick math on the JV structure and expected output:

Once fully running, the facility is expected to churn out approximately 61 million gallons per year of various products. The design allows for flexibility, but initially, it's set up to produce up to 60% Sustainable Aviation Fuel (SAF), with the remainder being renewable diesel (RD), renewable naphtha, and low carbon liquefied petroleum gases.

Equity Interest in Laramie Energy, LLC

Par Pacific Holdings, Inc. maintains a significant, non-controlling interest in the natural gas production space via its investment in Laramie Energy, LLC. This partnership is focused on developing and producing natural gas assets concentrated in Western Colorado. While Par Pacific Holdings, Inc. owns the stake, distributions from Laramie Energy, LLC are currently restricted by its credit facility terms.

The financial contribution from this investment, based on third quarter 2025 results, looks like this:

For context, in the second quarter of 2025, Par Pacific Holdings, Inc. recorded $1.9 million in equity earnings from Laramie Energy, LLC, whose total Adjusted EBITDAX was $12.4 million.

Global Feedstock Procurement and Product Offtake

The renewable fuels venture is fortified by the commercial reach of its partners. These relationships directly address securing necessary inputs and moving the final products.

• Mitsubishi Corporation provides access to its global integrated business, including the Petro-Diamond Inc. Terminal in Long Beach, California.
• Mitsubishi also brings expertise in global feedstock procurement.
• ENEOS Corporation leverages its established success in fuel refining and trading across the Asia-Pacific and North America markets for product offtake.

These partners help de-risk the supply chain for the 61 million gallons per year of renewable fuels capacity.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of Par Pacific Holdings, Inc. as of late 2025. This is where the real work happens-turning molecules into money across refining, moving product, and selling it at the pump. Honestly, the numbers from the third quarter of 2025 show this integrated model is firing on all cylinders, especially with the regulatory tailwinds.

Refining crude oil into conventional and renewable fuels.

Par Pacific Holdings, Inc. maintains its position by operating four refineries with a combined capacity of 219,000 barrels per day (bpd) across Hawaii, the Pacific Northwest, and the Rockies. The key activity here is maximizing throughput and margin in complex markets. For the third quarter of 2025, the combined throughput hit a near record of 198,000 barrels per day (bpd). The Refining segment delivered an operating income of $340.8 million in Q3 2025, which included an SRE (Small Refinery Exemption) impact of $199.5 million. The Adjusted Gross Margin for the Refining segment in that same quarter was $450.3 million. They also achieved a new record low in Refining production costs at $6.13 per barrel. The company controls the entire value chain, from crude oil processing to the final sale at the pump.

Operating a complex logistics network (marine, rail, pipeline).

Controlling the movement of product is a major competitive advantage, particularly in logistically-challenging areas like Hawaii. The Logistics segment utilizes an extensive energy infrastructure network that includes 13 million barrels of storage, plus marine, rail, rack, and pipeline assets. This activity proved highly profitable in Q3 2025, with the segment reporting a record Adjusted EBITDA of $37.3 million, an increase from $33.0 million year-over-year. Operating income for Logistics in Q3 2025 was $30.2 million, up from $26.2 million in Q3 2024, and the Adjusted Gross Margin was $43.0 million.

Managing and growing the Hele and nomnom retail chains.

The final point of sale is managed through the Hele brand in Hawaii and the nomnom convenience store chain in the Pacific Northwest. The Retail segment showed solid growth in Q3 2025, with sales volumes reaching 31.8 million gallons, compared to 31.2 million gallons in the prior year's third quarter. Adjusted EBITDA for the Retail segment was $21.9 million in Q3 2025, up from $21.0 million in Q3 2024. You can see the same-store performance, too: fuel volumes were up 1.8% and inside sales revenue increased by 0.9% over Q3 2024. The trailing twelve months Retail Adjusted EBITDA reached $86 million.

Completing the Hawaii renewable hydrotreater project.

This is the future-facing activity, leveraging existing assets to produce low-carbon fuels. The Hawaii Renewable Hydrotreater (RHT) Project is a 61 million gallons per year facility designed to produce up to 60% Sustainable Aviation Fuel (SAF). The project was expected to come online in the second half of 2025. This initiative required a significant capital outlay, with 2025 guidance including approximately $30-40 million to complete the project. The company announced the closing of the Hawaii Renewables joint venture in late October 2025, receiving $100 million in proceeds from strategic partners. This project represents an additional $90 million investment on top of more than $200 million invested in the Hawaii refinery over the last decade.

Here's a quick look at the segment performance driving the overall results in Q3 2025:

Finance: review the cash flow impact from the $100 million JV closing against the Q3 working capital outflow of $(146.5) million.

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

You're looking at the core assets Par Pacific Holdings, Inc. uses to run its business as of late 2025. These are the physical and intellectual anchors of their operations.

The company's refining backbone is substantial, boasting a combined refining capacity of 219,000 bpd across four distinct locations in Hawaii, the Pacific Northwest, and the Rockies. This physical footprint is supported by an extensive logistics infrastructure, which includes 13 million barrels of storage capacity, along with marine, rail, rack, and pipeline assets to move product. This scale is key to their market presence in the western United States.

Par Pacific Holdings, Inc. maintains a significant retail presence through its consumer-facing brands:

• Hele (Hawaii)
• nomnom (Pacific Northwest)

The retail segment showed solid volume growth in the third quarter of 2025, reporting sales volumes of 31.8 million gallons. Same store fuel volumes grew by 1.8% in Q3 2025 compared to Q3 2024, while the operating income for the segment reached $19.1 million in the third quarter of 2025.

A major strategic resource is the commitment to lower-carbon fuels via the Hawaii Renewables, LLC facility. This joint venture, expected to be built by the end of 2025, is set to be the largest renewable fuels manufacturing facility in Hawaii. It is anticipated to produce roughly 61 million gallons per year of renewable diesel, sustainable aviation fuel (SAF), renewable naphtha, and low-carbon liquified petroleum gases. Par Pacific Holdings, Inc. allocated between $30 to $40 million in its 2025 capital expenditure guidance specifically to complete this renewable hydrotreater project in Hawaii.

Here's a look at the operational scale across the main segments based on the third quarter of 2025 results:

The company's overall asset base also includes its ownership stake in Laramie Energy, LLC, a natural gas production company with assets in Western Colorado. Par Pacific Holdings, Inc. owns 46% of Laramie Energy, LLC as of mid-2025 reports.

The 2025 capital expenditure guidance reflects planned investment across these resources, totaling between $210 million to $240 million. This includes:

• $85 to $95 million for turnarounds & catalyst.
• $75 to $85 million for maintenance.
• $50 to $60 million for growth initiatives.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.