Par Pacific Holdings, Inc. (PARR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Par Pacific Holdings, Inc. (PARR) surge como uma força dinâmica no cenário energético, navegando estrategicamente no complexo ecossistema de petróleo com seu inovador modelo de negócios. Ao combinar perfeitamente recursos avançados de refino, parcerias estratégicas e posicionamento diversificado de mercado, a empresa transforma a distribuição tradicional de combustível em uma empresa sofisticada e multidimensional que serve clientes comerciais, industriais e de varejo nos principais mercados petrolíferos. Sua abordagem única integra infraestrutura de ponta, inovação tecnológica e estratégias adaptativas que as posicionam como um participante resiliente no setor de energia em constante evolução.

Par Pacific Holdings, Inc. (PARR) - Modelo de negócios: Parcerias -chave

Acordos estratégicos de refino e marketing com grandes empresas de petróleo

A Part Pacific Holdings mantém parcerias estratégicas com as seguintes empresas de petróleo:

Empresa parceira	Tipo de contrato	Volume anual (barris)
Phillips 66	Fornecimento de produtos refinados	5,2 milhões
Maratona Petróleo	Coordenação de logística	3,8 milhões

Joint ventures com redes regionais de distribuição de petróleo

A Par Pacific estabeleceu joint ventures nas seguintes regiões:

• Rede de distribuição de petróleo do Havaí
• Consórcio de distribuição de combustível do noroeste do Pacífico
• Wyoming Refining Collaborative

Parcerias de logística e transporte

Parceiro de transporte	Escopo de serviço	Volume anual de transporte
Ferrovia BNSF	Transporte de petróleo bruto	42.000 cargas
Crowley Maritime	Envio de combustível	1,5 milhão de barris

Colaboração de tecnologia de energia renovável

Investimentos atuais de parceria renovável:

• Parceria de tecnologia a diesel renovável com a Honeywell UOP
• Contrato de Desenvolvimento de Combustível da Aviação Sustentável

Parcerias da cadeia de suprimentos com produtores de petróleo bruto

Produtor bruto	Volume anual de oferta	Duração do contrato
Tesoro Logistics	4,5 milhões de barris	Contrato de 5 anos
Associação de Produtores de Crude Wyoming	2,7 milhões de barris	Contrato de 3 anos

Par Pacific Holdings, Inc. (PARR) - Modelo de negócios: Atividades -chave

Refino de petróleo e produção de combustível

O Par Pacific opera três refinarias de petróleo com uma capacidade total de processamento de petróleo combinado de 102.500 barris por dia:

Localização	Capacidade (barris/dia)	Tipo
Kapolei, Havaí	94,000	Refinaria de petróleo
Dickinson, Dakota do Norte	5,500	Refinaria de petróleo
Woods Cross, Utah	3,000	Refinaria de petróleo

Distribuição de combustível de varejo através de lojas de conveniência

Par Pacific gerencia uma rede de pontos de distribuição de combustível de varejo:

• Lojas de conveniência total: 63
• Cobertura geográfica: Havaí, Utah, Wyoming, Washington
• Vendas de combustível de marca: 34,2 milhões de galões por mês

Marketing de combustível e distribuição por atacado

Métricas de distribuição de combustível por atacado:

Categoria de produto	Volume anual
Gasolina	438 milhões de galões
Diesel	196 milhões de galões
Combustível de aviação	62 milhões de galões

Gerenciamento de ativos e otimização de infraestrutura

Ativos de infraestrutura:

• Capacidade total de armazenamento: 4,1 milhões de barris
• Infraestrutura de pipeline: 235 milhas
• Instalações terminais: 7 locais estratégicos

Desenvolvimento de negócios energéticos

Investimentos atuais de exploração de energia:

Categoria de investimento	Investimento total
Projetos de energia renovável	US $ 47 milhões
Expansão da infraestrutura	US $ 62 milhões

Par Pacific Holdings, Inc. (PARR) - Modelo de negócios: Recursos -chave

Instalações avançadas de refino de petróleo

O PAR Pacific opera instalações de refino de petróleo com as seguintes especificações:

Localização	Capacidade de refinaria	Capacidade de processamento
Kapolei, Havaí	94.000 barris por dia	Produtos de petróleo principalmente refinados
Estado de Washington	48.000 barris por dia	Produção de combustível a diesel e aviação

Ativos de petróleo e infraestrutura

A infraestrutura de petróleo do Par Pacific inclui:

• 7 instalações terminais em vários estados
• 3 terminais de asfalto
• Extensa rede de oleodutos e armazenamento

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica	Quantia
Total de ativos	US $ 1,2 bilhão
Patrimônio total	US $ 463,7 milhões
Caixa e equivalentes de dinheiro	US $ 92,5 milhões

Equipe de gerenciamento

Pessoal de gerenciamento -chave:

• William Pate - Presidente e CEO
• Mike Ewing - Diretor Financeiro
• Experiência executiva média: mais de 20 anos no setor de energia

Rede de logística e transporte

Ativos de transporte:

• Frota de 120 caminhões de transporte
• Acordos de transporte ferroviário
• Capacidades de envio marítimo

Par Pacific Holdings, Inc. (PARR) - Modelo de Negócios: Proposições de Valor

Suprimento de combustível confiável e consistente em vários mercados

A PACIFIC Holdings opera redes de fornecimento de combustível em vários mercados estratégicos:

Região	Capacidade de fornecimento de combustível (barris/dia)	Cobertura de mercado
Havaí	49,000	95% de participação de mercado regional
Washington	32,000	68% de penetração no mercado regional
Wyoming	22,000	52% de distribuição regional

Preços competitivos nos mercados regionais de combustível

O PAR Pacific mantém estratégias de preços competitivos:

• Margem média de combustível: US $ 0,12 a US $ 0,18 por galão
• Variação do preço do combustível de varejo: 3-5% abaixo dos concorrentes regionais
• Receita anual de vendas de combustível: US $ 1,2 bilhão

Soluções de energia abrangentes para clientes comerciais e de varejo

O portfólio de soluções energéticas inclui:

Segmento de clientes	Serviços oferecidos	Receita anual
Comercial	Fornecimento de combustível em massa, gerenciamento de frota	US $ 425 milhões
Varejo	Vendas de combustível para loja de conveniência	US $ 675 milhões
Industrial	Produtos de petróleo especializados	US $ 225 milhões

Posicionamento geográfico estratégico nos principais mercados petrolíferos

Distribuição do mercado geográfico:

• Havaí: 3 refinarias, 12 terminais de distribuição
• Washington: 2 refinarias, 8 centros de distribuição
• Wyoming: 1 Refinaria, 5 pontos de distribuição

Compromisso com a eficiência operacional e a inovação tecnológica

Métricas de tecnologia e eficiência:

Métrica de eficiência	Desempenho	Investimento
Taxa de utilização da refinaria	92%	US $ 45 milhões
Transformação digital	Logística acionada por IA	US $ 22 milhões
Iniciativas de sustentabilidade	10% de redução de emissões	US $ 18 milhões

Par Pacific Holdings, Inc. (PARR) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas e gerenciamento de contas para clientes atacadistas

Par Pacific gerencia as relações de combustível por atacado com as seguintes métricas -chave:

Segmento de clientes	Volume anual	Valor médio do contrato
Clientes de aviação	47,2 milhões de galões	US $ 3,6 milhões
Transporte comercial	62,5 milhões de galões	US $ 4,9 milhões
Clientes industriais	33,8 milhões de galões	US $ 2,7 milhões

Programas de fidelidade do cliente para consumidores de combustível de varejo

Detalhes do programa de fidelidade:

• Total de membros inscritos: 127.500
• Redenção de pontos médios: US $ 42 por membro
• Taxa de retenção: 68,3%

Plataformas digitais para preços de combustível e informações de serviço

Estatísticas de engajamento digital:

Métrica da plataforma	Valor
Downloads de aplicativos móveis	92,300
Usuários ativos mensais	53,700
Solicitações de cheque de preço on -line	1,2 milhão anualmente

Sistemas de suporte ao cliente responsivos

Métricas de desempenho do atendimento ao cliente:

• Tempo médio de resposta: 17 minutos
• Classificação de satisfação do cliente: 4.6/5
• Canais de suporte: telefone, e -mail, chat ao vivo, mídia social

Serviço personalizado para clientes comerciais e industriais

Redução personalizada de serviço:

Categoria de cliente	Gerentes de conta dedicados	Planos de preços personalizados
Grandes clientes corporativos	42	87% oferecidos
Clientes médios de negócios	63	65% oferecidos
Clientes de pequenas empresas	29	43% oferecidos

Par Pacific Holdings, Inc. (PARR) - Modelo de Negócios: Canais

Redes de lojas de conveniência de marca

O Par Pacific opera 64 lojas de conveniência no Havaí e no noroeste do Pacífico a partir de 2023. A rede de varejo da empresa gera aproximadamente US $ 187,5 milhões em receita anual de lojas de conveniência.

Região	Número de lojas	Receita anual
Havaí	48	US $ 132,6 milhões
Noroeste do Pacífico	16	US $ 54,9 milhões

Distribuição direta de combustível por atacado

O Par Pacific oferece aproximadamente 142,5 milhões de galões de combustível anualmente por meio de canais de atacado diretos. O segmento atacadista gera US $ 845,3 milhões em receita anual.

• Distribuição de combustível da aviação: 37,6 milhões de galões
• Distribuição de combustível a diesel: 58,9 milhões de galões
• Distribuição da gasolina: 46 milhões de galões

Plataformas de preços e compras on -line de combustível

A plataforma digital da empresa suporta Preços de combustível em tempo real Para 64 locais de varejo, permitindo estratégias de preços dinâmicos.

Aplicativos de gerenciamento de combustível móvel

O aplicativo móvel da Par Pacific suporta transações digitais para aproximadamente 42% das vendas de lojas de conveniência, representando US $ 78,6 milhões em volume anual de transações digitais.

Parcerias estratégicas de varejo

Tipo de parceiro	Número de parcerias	Impacto anual da receita
Contas de frota comercial	87	US $ 129,4 milhões
Co-branding de varejo	23	US $ 41,2 milhões

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

Empresas de transporte comercial

O Par Pacific atende a empresas de transporte comercial com serviços de fornecimento e distribuição de combustível.

Categoria de segmento	Volume anual estimado de combustível	Quota de mercado
Frotas de caminhões	42,6 milhões de galões	8.3%
Transporte de longo curso	28,3 milhões de galões	6.7%

Empresas industriais e de manufatura

O Par Pacific fornece soluções de combustível especializadas para operações industriais.

• Contratos totais de combustível industrial: 47 acordos ativos
• Valor médio anual do contrato: US $ 3,2 milhões
• Cobertura geográfica: Havaí, Washington, Utah

Consumidores de varejo e motoristas individuais

Distribuição de combustível de varejo através de estações de marca e sem marca.

Segmento de varejo	Número de estações	Vendas anuais de combustível
Estações de varejo de marca	124 locais	186,5 milhões de galões
Estações de varejo sem marca	76 locais	92,3 milhões de galões

Clientes de aviação e combustível marítimo

Soluções de combustível especializadas para setores de aviação e marítimo.

• Volume de combustível da aviação: 62,4 milhões de galões anualmente
• Volume de combustível marítimo: 24,7 milhões de galões anualmente
• Mercados -chave: Havaí, Pacífico Noroeste

Setores agrícolas e de construção

Fornecimento de combustível para equipamentos pesados ​​e máquinas agrícolas.

Setor	Consumo anual de combustível	Número de contratos de clientes
Clientes agrícolas	18,6 milhões de galões	92 contratos
Clientes de construção	22,4 milhões de galões	115 contratos

Par Pacific Holdings, Inc. (PARR) - Modelo de negócios: estrutura de custos

Despesas de aquisição de petróleo bruto

A partir de 2023 Relatórios financeiros, os custos de aquisição de petróleo do Par Pacific eram de aproximadamente US $ 1,2 bilhão anualmente. A empresa obtém petróleo bruto de várias regiões com a seguinte quebra de compras:

Região de origem	Volume de compras	Custo por barril
Inclinação norte do Alasca	38.000 barris/dia	$ 68,50/barril
Oeste do Canadá	22.000 barris/dia	US $ 62,75/barril
Outras fontes domésticas	15.000 barris/dia	US $ 65,90/barril

Custos operacionais e de manutenção da refinaria

As despesas operacionais anuais da refinaria do Par Pacific em 2023 totalizaram US $ 287,6 milhões, com os custos de manutenção quebrando da seguinte forma:

• Manutenção agendada: US $ 42,3 milhões
• Reparos não programados: US $ 23,7 milhões
• Atualizações de equipamentos: US $ 35,5 milhões
• Conformidade ambiental: US $ 18,2 milhões

Infraestrutura de transporte e logística

As despesas de transporte e logística para 2023 foram de US $ 156,4 milhões, incluindo:

Categoria de logística	Custo anual
Transporte de pipeline	US $ 67,2 milhões
Caminhão e trilho	US $ 53,8 milhões
Envio marítimo	US $ 35,4 milhões

Compensação e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2023 totalizaram US $ 124,7 milhões:

• Salários base: US $ 89,3 milhões
• Bônus de desempenho: US $ 18,5 milhões
• Treinamento e desenvolvimento: US $ 6,2 milhões
• Benefícios e seguro: US $ 10,7 milhões

Investimentos de tecnologia e infraestrutura

O investimento em tecnologia e infraestrutura para 2023 foi de US $ 45,2 milhões, alocado da seguinte maneira:

Categoria de investimento	Gasto
Transformação digital	US $ 18,6 milhões
Segurança cibernética	US $ 7,4 milhões
Automação de refinaria	US $ 12,3 milhões	Análise de dados	US $ 6,9 milhões

Par Pacific Holdings, Inc. (PARR) - Modelo de negócios: fluxos de receita

Vendas de combustível de varejo através de lojas de conveniência

Vendas totais de combustível de varejo para a Par Pacific Holdings em 2022: US $ 1,4 bilhão

Tipo de localização no varejo	Número de locais	Receita anual
Lojas de conveniência do Havaí	33	US $ 412 milhões
Lojas do noroeste do Pacífico	14	US $ 276 milhões

Distribuição de combustível por atacado

Receita de distribuição de combustível por atacado em 2022: US $ 987 milhões

• Distribuição de combustível da aviação: US $ 345 milhões
• Distribuição a diesel comercial: US $ 412 milhões
• Distribuição de combustível marinho: US $ 230 milhões

Negociação de produtos petrolíferos

Receita total de negociação de petróleo em 2022: US $ 653 milhões

Categoria de produto	Volume de negociação	Receita
Gasolina	42 milhões de barris	US $ 342 milhões
Diesel	28 milhões de barris	US $ 211 milhões
Combustível de aviação	15 milhões de barris	US $ 100 milhões

Serviços de transporte de combustível e logística

Receita de logística e transporte em 2022: US $ 215 milhões

• Serviços de transporte de pipeline: US $ 87 milhões
• Caminhões e distribuição: US $ 128 milhões

Gerenciamento de ativos de infraestrutura energética

Receita de gerenciamento de ativos de infraestrutura em 2022: US $ 176 milhões

Tipo de ativo	Número de ativos	Receita anual
Refinarias	2	US $ 112 milhões
Terminais de armazenamento	8	US $ 64 milhões

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.