[Management View]
Par Pacific Holdings reported strong Q3 2025 results, driven by high distillate production, record operational efficiency, and a significant financial boost from small refinery exemptions. Key metrics include adjusted EBITDA of $372 million and adjusted net income of $5.95 per share. Strategic priorities focus on enhancing logistics flexibility and increasing mid-cycle earnings power through low capital, high return projects.

[Outlook]
Management expects Q4 throughput guidance of 184,000–193,000 barrels per day due to planned maintenance and market seasonality. Future plans include continued monetization of excess RINs and strategic investments to boost earnings power, particularly at the Billings asset.

[Financial Performance]
Q3 adjusted EBITDA was $372 million, including a $200 million boost from small refinery exemptions. Refining segment adjusted EBITDA increased to $338 million from $108 million in Q2. Logistics segment adjusted EBITDA rose to $37 million, and retail segment adjusted EBITDA was $22 million. Combined throughput was 198,000 barrels per day, with record low production costs of $6.13 per barrel system-wide.

[Q&A Highlights]
Question 1: Washington capture might have been lower than expectations. Was this due to jet versus diesel dynamics, and will it reverse in Q4?
Answer: Yes, the lower capture was due to jet-to-diesel spreads, which have now compressed to typical levels. This had a 15% capture impact in Q3, but we expect to be within the 85%-95% range adjusting for this.

Question 2: Turnaround schedule for 2026, including work at Washington, Hawaii, or Wyoming?
Answer: Planned turnaround in Hawaii next year and a small plant outage in Washington to address crude unit inefficiencies. Wyoming turnaround deferred due to earlier outage work.

Question 3: Priorities for cash use given expected influx from JV payment and RIN monetization?
Answer: Focus on completing renewables project construction and pursuing growth projects in Montana. Weighing these against share repurchase opportunities.

Question 4: Strength in Singapore margin environment and its sustainability?
Answer: Singapore margins are strong due to tight inventories and geopolitical disruptions. This supports our distillate-oriented refineries, with gas oil cracks at $30.

Question 5: Early thoughts on Q4 shaping out and capture expectations?
Answer: Refining index at $15.55 per barrel, up from Q3. Seasonal dynamics expected in Rockies. Hawaii capture around 110%, Tacoma in the 85%-95% range, and strong diesel margins in Montana and Wyoming.

Question 6: Incremental heavy barrels entering the market and distillate yield strategy?
Answer: No major changes expected. Focus on maximizing distillate yield with adequate intermediates for downstream processing.

Question 7: Pursuing additional small refinery exemptions?
Answer: Will avail all opportunities consistent with the law and EPA/DOE scoring. No material changes expected currently.

Question 8: Managing RIN liability moving forward?
Answer: Prefer not to disclose commercial strategy. Will manage position considering tail risks and ensure flexibility to capture small refinery exemption benefits.

Question 9: Montana's lower operating costs sustainability?
Answer: Seasonal improvements expected, with $10 per barrel annual target for Montana team.

[Sentiment Analysis]
Analysts and management maintained a positive tone, highlighting strong operational performance and strategic growth opportunities. Management expressed confidence in achieving future targets and navigating market dynamics.

[Quarterly Comparison]
| Metric | Q3 2025 | Q2 2025 |
|-------------------------------|---------------|---------------|
| Adjusted EBITDA | $372 million | $108 million |
| Refining Segment EBITDA | $338 million | $108 million |
| Logistics Segment EBITDA | $37 million | $30 million |
| Retail Segment EBITDA | $22 million | $23 million |
| Combined Throughput | 198,000 bpd | 184,000 bpd |
| Production Costs per Barrel | $6.13 | $6.50 |

[Risks and Concerns]
- Seasonal market conditions and planned maintenance may impact throughput and costs.
- Geopolitical disruptions and crude delivery delays could affect margins.
- Regulatory changes in small refinery exemptions and RIN management pose potential risks.

[Final Takeaway]
Par Pacific delivered a robust Q3 2025 performance, driven by operational efficiency and strategic initiatives. The company is well-positioned for future growth, with a strong balance sheet and focused investments in high-return projects. Management remains optimistic about navigating market dynamics and achieving long-term objectives.