Par Pacific : August Investor Presentation

INVESTOR PRESENTATION I AUGUST 2022

Forward-Looking Statements / Disclaimers

The information contained in this presentation has been prepared to assist you in making your own evaluation of the company and does not purport to contain all of the information you may consider important. Any estimates or projections with respect to future performance have been provided to assist you in your evaluation, but should not be relied upon as an accurate representation of future results. Certain statements, estimates and financial information contained in this presentation constitute forward-looking statements.

Such forward-looking statements involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from the results implied or expressed in such forward-looking statements. 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, 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, our retail store conversion, 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, estimates related to the impact of COVID-19 on our business, results of operations, financial position, and liquidity, the conflict between Russia and Ukraine and its 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 per share, and Adjusted earnings 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.

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. Recipients are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, recipients are expressly cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

This presentation contains non-GAAP financial measures, such as Adjusted EBITDA, Adjusted Net Income (loss), and Laramie Energy Adjusted EBITDAX. 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. This modification was made to better align Adjusted Net Income (Loss) and Adjusted EBITDA with the cash flow of the Hawaii refining business. Prior to 2022, the impacts of FIFO inventory gains (losses) associated with Hawaii titled manufactured inventory were eliminated through the inventory valuation adjustment. Our calculation of Adjusted Gross Margin is also adjusted for the inventory valuation adjustment. 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. This modification was made to better reflect our operating performance and to improve comparability between periods. Adjusted Net Income and Adjusted EBITDA have been recast for prior periods when reported to conform to the modified presentation. For the twelve months ended 2019, 2020, 2021, and Q2 2022, there was no change in value of contingent consideration. We have recast Adjusted Gross Margin, Adjusted Net Income (Loss) and Adjusted EBITDA 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.

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Company Highlights

• Owner & operator of essential energy infrastructure in PADD IV and V markets
• 154,000 bpd operating petroleum refining capacity
• Integrated logistics network with 9 MMbbls of storage, and marine, rail and pipeline assets
• Logistics system in Tacoma includes unit train and terminalling capabilities for renewable fuels and feedstocks
• 119 fuel retail locations in Hawaii and the Pacific Northwest
• 46% ownership interest in Laramie Energy, a natural gas E&P company
• $1.6 billion in federal tax attributes as of December 31, 2021

Disciplined Focus on Increasing Adjusted EPS and Free Cash Flow

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Improving Financial Performance

LTM Consolidated Adj. EBITDA

$340

$268

$203

$126 $124

$86

$47

$20

$(30)

$(107)

$(128)

Q4-19

Q1-20

Q2-20

Q3-20

Q4-20

Q1-21

Q2-21

Q3-21

Q4-21

Q1-22

Q2-22

1. See appendix for non-GAAP reconciliations.

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Financial Metrics

	2019	2020	2021	Q2-22
	LTM
Adjusted EBITDA ($ millions)
Refining	$176	$(210)	$53	$280
Logistics	76	57	73	74
Retail	59	65	47	39
Corporate & Other	(44)	(40)	(48)	(53)
Adjusted EBITDA	$268	$(128)	$126	$340
Diluted Adjusted Net Income	$1.93	$(5.47)	$(0.62)	$2.94
(Loss) per Share

Note: Adjusted EBITDA totals may not foot due to rounding.

1 Equity value of approximately $993 MM reflects share price of $16.50 and outstanding share count of approximately 60.2 MM as of July 29, 2022. See appendix for non-GAAP reconciliations.

As of Jun 30, 2022

Share Price 1	$16.50

Enterprise Value 1

$1,338

Net Debt	$346

Liquidity$286

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