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While presented with numerical specificity, certain forward-looking statements are based (1) upon assumptions that are inherently subject to significant business, economic, regulatory, environmental, seasonal and competitive uncertainties, contingencies and risks including, without limitation, our ability to maintain adequate liquidity, our ability to realize the potential benefit of our net operating loss tax carryforwards, our ability to obtain sufficient debt and equity financing, our capital costs and operating costs, anticipated commodity pricing, anticipated refinery closures, differentials or crack spreads, anticipated or projected pricing information related to oil, NGLs, and natural gas, our ability to realize the potential benefits of our supply and offtake agreements and LC facility agreements, assumptions related to our investment in Laramie Energy, LLC, Laramie Energy, LLC's financial and operational performance and plans, including estimated production growth and Adjusted EBITDAX, our ability to meet environmental and regulatory requirements, our ability to increase refinery throughput and profitability, estimated production, our ability to evaluate and pursue strategic and growth opportunities, our estimates of anticipated Adjusted EBITDA, Adjusted Net income per share, and Adjusted earnings per share, the amount and scope of anticipated capital expenditures and turnaround activities, expectations related to our potential renewable fuels projects, other maintenance and growth capital projects, anticipated 10 year and next 12 months turnaround schedule and expenditures, including costs, timing, and benefits, anticipated throughput, production costs, on-island and export sales expectations in Hawaii, anticipated throughput and distillate yield expectations in Wyoming, our estimates related to the annual gross margin impact of changes in RINs prices, our expectations regarding RINs prices and related small refinery exemptions, the Russia-Ukraine war, Israel-Palestine conflict, Houthi attacks in the Red Sea, Iranian activities in the Strait of Hormuz and their potential impacts on the global crude oil market and our business, estimated impact on annual free cash flow of key drivers, expectations regarding Par Pacific's posted market indices and the other metrics we utilize (including free cash flow, Adjusted EBITDA, Adjusted Net Income, and Adjusted earnings per share), the effects of the acquisition of the ExxonMobil Billings refinery and associated marketing and logistics assets (the \"Acquisition\"), the anticipated synergies and other benefits of the Acquisition, including renewable growth opportunities, the anticipated financial and operating results of the Acquisition and the effect on the Company's cash flows and profitability (including Adjusted EBITDA and Adjusted Net Income and free cash flow per share) and other known and unknown risks (all of which are difficult to predict and many of which are beyond the company's control), some of which are further discussed in the company's periodic and other filings with the SEC and (2) upon assumptions with respect to future business decisions that are subject to change.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:16:29.645+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "832e8ad3-ad2b-407f-89b5-c57dd2fe3437", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.914, "x": 0.043, "y": 0.679 }, "kind": "paragraph", "text": "This presentation contains non-GAAP financial measures, such as Adjusted EBITDA and Adjusted Net Income (loss). Beginning with financial results reported for periods in fiscal year 2022, the inventory valuation adjustment was modified to include the first-in, first-out (\"FIFO\") inventory gains (losses) associated with our titled manufactured inventory in Hawaii. Beginning with financial results reported for the second quarter of 2022, Adjusted Net Income and Adjusted EBITDA also exclude the mark-to-market losses (gains) associated with our net RINs liability. Beginning with financial results reported for periods in fiscal year 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA exclude the mark-to-market losses (gains) associated with our net obligation related to the Washington Climate Commitment Act and Clean Fuel Standard effective beginning in 2023. These modifications were made to better reflect our operating performance and to improve comparability between periods. Beginning with financial results reported for periods in fiscal year 2023, Adjusted Net Income (loss) and Adjusted EBITDA also exclude the redevelopment and other costs for our Par West facility, which was shut down in 2020. This modification improves comparability between periods by excluding expenses incurred in connection with the strategic redevelopment of this non-operating facility. Beginning with financial results reported for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA also exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments acquired on June 1, 2023, as part of the Billings Acquisition. Beginning with financial results reported for the fourth quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA excludes all hedge losses (gains) associated with our Washington ending inventory and LIFO layer increment impacts associated with our Washington inventory. We are also no longer adjusting for the contango (gains) and backwardation losses associated with our Washington intermediation agreement (terminated in the fourth quarter of 2023). In addition, we have modified our environmental obligation mark-to-market adjustment to include only the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act (\"Washington CCA\") and Clean Fuel Standard. This modification was made as part of our change in how we estimate our environmental obligation liabilities. Adjusted Net Income and Adjusted EBITDA have been recast for prior periods when reported to conform to the modified presentation. Please see the Appendix for the definitions and reconciliations to GAAP of the non-GAAP financial measures that are based on reconcilable historical information.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:16:29.645+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9dc7ccb3-7875-486e-a1df-f5a3e959a895", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.914, "x": 0.043, "y": 0.516 }, "kind": "paragraph", "text": "There can be no assurance that the results implied or expressed in such forward-looking statements or the underlying assumptions will be realized and that actual results of operations or future events will not be materially different from the results implied or expressed in such forward-looking statements. Under no circumstances should the inclusion of the forward-looking statements be regarded as a representation, undertaking, warranty or prediction by the company or any other person with respect to the accuracy thereof or the accuracy of the underlying assumptions, or that the company will achieve or is likely to achieve any particular results. The forward-looking statements are made as of the date hereof and the company disclaims any intent or obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. 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Adjusted Net Income (Loss) and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income (loss), net income\n(loss), cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. Adjusted Net Income (Loss) and Adjusted EBITDA presented by other companies may not be comparable to our presentation as other companies may define these\nterms differently. Beginning with financial results reported for periods in fiscal year 2022, the inventory valuation adjustment was modified to include the first-in, first-out (\"FIFO\") inventory gains (losses) associated with our titled manufactured inventory in Hawaii. Beginning with financial results reported for the second\nquarter of 2022, Adjusted Net Income and Adjusted EBITDA also exclude the mark-to-market losses (gains) associated with our net RINs liability. Beginning with financial results reported for periods in fiscal year 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA exclude the mark-to-market\nlosses (gains) associated with our net obligation related to the Washington Climate Commitment Act and Clean Fuel Standard effective beginning in 2023. These modifications were made to better reflect our operating performance and to improve comparability between periods. Beginning with financial results reported\nfor periods in fiscal year 2023, Adjusted Net Income (loss) and Adjusted EBITDA also exclude the redevelopment and other costs for our Par West facility, which was shut down in 2020. This modification improves comparability between periods by excluding expenses incurred in connection with the strategic\nredevelopment of this non-operating facility. Beginning with financial results reported for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA also exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments acquired on June\n1, 2023, as part of the Billings Acquisition. Beginning with financial results reported for the fourth quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA excludes all hedge losses (gains) associated with our Washington ending inventory and LIFO layer increment impacts associated with\nour Washington inventory. We are also no longer adjusting for the contango (gains) and backwardation losses associated with our Washington intermediation agreement (terminated in the fourth quarter of 2023) In addition, we have modified our environmental obligation mark-to-market adjustment to include only the\nmark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act (\"Washington CCA\") and Clean Fuel Standard. This modification was made as part of our change in how we estimate our environmental obligation liabilities. Adjusted Net Income\nand Adjusted EBITDA have been recast for prior periods when reported to conform to the modified presentation. For the twelve months ended December 31, 2019, 2020, 2021, 2022, and 2023, there was no change in value of contingent consideration or LIFO liquidation adjustment.\n(2) Includes increases in (releases of) our valuation allowance associated with business combinations and changes in deferred tax assets and liabilities that are not offset by a change in the valuation allowance. These tax expenses (benefits) are included in Income tax benefit (expense) on our condensed consolidated statements\nof operations.\n(3) Included in Equity earnings from Laramie Energy, LLC on our condensed consolidated statements of operations.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Adjusted EBITDA by segment also includes Gain on\ncurtailment of pension obligation and Other income (expense), net, which are presented below operating income (loss) on our condensed consolidated statements of operations. Beginning with financial results reported for periods in fiscal year 2022, the\ninventory valuation adjustment was modified to include the first-in, first-out (\"FIFO\") inventory gains (losses) associated with our titled manufactured inventory in Hawaii. Beginning with financial results reported for the second quarter of 2022, Adjusted\nNet Income and Adjusted EBITDA also exclude the mark-to-market losses (gains) associated with our net RINs liability. Beginning with the financial results reported in the first quarter of 2023, Adjusted Net Income and Adjusted EBITDA also exclude the\nmark-to-market losses (gains) associated with our net Washington CCA liability and the redevelopment and other costs of our Par West facility. Beginning with financial results report for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net\nIncome (Loss), and Adjusted EBITDA also exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments. This modification was made to better reflect our operating performance and to improve comparability\nbetween periods. Adjusted EBITDA by segment has been recast for prior periods when reported to conform to the modified presentation. Adjusted EBITDA by segment presented by other companies may not be comparable to our presentation as other\ncompanies may define these terms differently. For the twelve months ended December 31, 2023, there was no gain on curtailment of pension obligation or LIFO liquidation adjustment.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Beginning with financial results reported for periods in fiscal year 2022, the\ninventory valuation adjustment was modified to include the first-in, first-out (\"FIFO\") inventory gains (losses) associated with our titled manufactured inventory in\nHawaii. Beginning with financial results reported for the second quarter of 2022, Adjusted Net Income and Adjusted EBITDA also exclude the mark-to-market losses\n(gains) associated with our net RINs liability. Beginning with the financial results reported in the first quarter of 2023, Adjusted Net Income and Adjusted EBITDA also\nexclude the mark-to-market losses (gains) associated with our net Washington CCA liability and the redevelopment and other costs of our Par West facility.\nBeginning with financial results report for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA also exclude our\nportion of interest, taxes, and depreciation expense from our refining and logistics investments. This modification was made to better reflect our operating\nperformance and to improve comparability between periods. Adjusted EBITDA by segment has been recast for prior periods when reported to conform to the\nmodified presentation For the twelve months ended December 31, 2019, there was no severance costs, impairment expense, or gain on curtailment of post\nretirement medical plan obligation.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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