PAR PACIFIC HOLDINGS, INC.

Refining

The Refining segment reported operating income of $454.4 million in the third quarter of 2026, including an SRE impact of $142.4 million, compared to $340.8 million in the third quarter of 2025. Adjusted Gross Margin for the Refining segment was $752.4 million in the third quarter of 2026, compared to $450.3 million in the third quarter of 2025.

Refining segment Adjusted EBITDA was $618.0 million in the third quarter of 2026, compared to $337.6 million in the third quarter of 2025. Third quarter 2026 Adjusted Gross Margin and Adjusted EBITDA for

the Refining segment include an SRE impact of $222.0 million. Refining segment throughput was 174 thousand barrels per day (Mbpd) for the third quarter of 2026, compared to 198 Mbpd for the third quarter of 2025.

Hawaii

The Hawaii Index averaged $38.31 per barrel in the third quarter of 2026, compared to $10.27 per barrel in the third quarter of 2025. Throughput in the third quarter of 2026 was 57 Mbpd, compared to 82 Mbpd for the same quarter in 2025. Production costs were $8.45 per throughput barrel in the third quarter of 2026, compared to $4.66 per throughput barrel in the same period of 2025. Third quarter 2026 throughput and production costs reflect reduced rates during the Hawaii turnaround.

The Hawaii refinery’s Adjusted Gross Margin was $20.69 per barrel during the third quarter of 2026, including a net price lag impact of approximately $(52.2) million, or $(10.03) per barrel, compared to Adjusted Gross Margin of $11.40 per barrel during the third quarter of 2025.

The net price lag impact reflects the Hawaii refinery's contractual sales volumes that are priced based on prior-month and prior-week average market prices. The third quarter 2026 net price lag impact was driven by higher refined product prices in September relative to June. In general, declining refined product prices produce a positive net price lag impact, while rising prices produce a negative net price lag impact.

Montana

The Montana Index averaged $40.30 per barrel in the third quarter of 2026, compared to $17.99 per barrel in the third quarter of 2025. The Montana refinery’s throughput in the third quarter of 2026 was 58 Mbpd, compared to 58 Mbpd for the same quarter in 2025. Production costs were $10.41 per throughput barrel in the third quarter of 2026, compared to $8.76 per throughput barrel in the same period of 2025.

The Montana refinery’s Adjusted Gross Margin was $75.92 per barrel during the third quarter of 2026, including an SRE benefit of $167.2 million, or $31.12 per barrel, compared to Adjusted Gross Margin of $27.41 per barrel during the third quarter of 2025.

Washington

The Washington Index averaged $30.68 per barrel in the third quarter of 2026, compared to $16.66 per barrel in the third quarter of 2025. The Washington refinery’s throughput was 40 Mbpd in the third quarter of 2026, compared to 39 Mbpd in the third quarter of 2025. Production costs were $4.68 per throughput barrel in the third quarter of 2026, compared to $4.31 per throughput barrel in the same period of 2025.

The Washington refinery’s Adjusted Gross Margin was $35.95 per barrel during the third quarter of 2026, including an SRE benefit of $32.2 million, or $8.66 per barrel, compared to Adjusted Gross Margin of $32.46 per barrel during the third quarter of 2025.

Wyoming

The Wyoming Index averaged $49.83 per barrel in the third quarter of 2026, compared to $19.87 per barrel in the third quarter of 2025. The Wyoming refinery’s throughput was 19 Mbpd in the third quarter of 2026, compared to 19 Mbpd in the third quarter of 2025. Production costs were $9.27 per throughput barrel in the third quarter of 2026, compared to $8.11 per throughput barrel in the same period of 2025.

The Wyoming refinery's Adjusted Gross Margin was $64.98 per barrel during the third quarter of 2026, including an SRE benefit of $22.6 million, or $13.07 per barrel, and a FIFO impact of approximately $8.8 million, or $5.11 per barrel, compared to Adjusted Gross Margin of $58.22 per barrel during the third quarter of 2025.