Par Pacific Holdings, Inc., a growth-oriented energy company, provides both renewable and conventional fuels to the western United States.
As of December 31, 2024, the company owned a 46% equity investment in Laramie Energy, LLC (‘Laramie Energy’), an entity focused on developing and producing natural gas in Garfield, Mesa, and Rio Blanco counties, Colorado. As of December 31, 2024, through the Billings Acquisition, the company owned a 65% and a 40% equity investment in Yellowstone Energy Limit...
Par Pacific Holdings, Inc., a growth-oriented energy company, provides both renewable and conventional fuels to the western United States.
As of December 31, 2024, the company owned a 46% equity investment in Laramie Energy, LLC (‘Laramie Energy’), an entity focused on developing and producing natural gas in Garfield, Mesa, and Rio Blanco counties, Colorado. As of December 31, 2024, through the Billings Acquisition, the company owned a 65% and a 40% equity investment in Yellowstone Energy Limited Partnership (‘YELP’) and Yellowstone Pipeline Company (‘YPLC’), respectively.
Segments
The company’s business is organized into three primary segments:
Refining segment
This segment owns and operates four refineries with a total operating crude oil throughput capacity of 219 Mbpd. The company’s refineries in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana, convert crude oil into gasoline, distillate, asphalt, and other products to serve the state of Hawaii, and areas ranging from Washington state to the Dakotas and Wyoming.
The company owns and operates refineries in Hawaii, Wyoming, Washington, and Montana, with a total operating crude oil throughput capacity of 219 Mbpd. During the year ended December 31, 2024, the company’s refineries processed 186.7 Mbpd of crude oil and sold 199.9 Mbpd of refined products.
The company’s refineries consist of various units, including crude oil distillation, vacuum distillation, hydrocracking, catalytic reforming, naphtha hydrotreating, diesel hydrotreating, fluidized catalytic cracking, alkylation, and isomerizing units. The company’s refineries process a variety of condensate and light and heavy crude oils purchased from domestic and foreign suppliers to produce LPG, naphtha, gasoline, jet fuel, ULSD, marine fuel, LSFO, HSFO, asphalt, and other associated refined products.
The company’s refineries are connected with each other and with the communities they serve via pipelines, terminals, tankers, and other transportation mechanisms. These various forms of transportation allow the movement of crude oil, various feedstocks, and a variety of refined products from its suppliers to its refineries, among its refineries, and from its refineries to its customers.
Descriptions of the company’s refineries and their capacities are below.
Hawaii Refinery: The company’s Hawaii refinery is located in Kapolei, Hawaii, on the island of Oahu, and is rated at 94 Mbpd of crude unit operating throughput capacity. The Hawaii refinery’s major processing units produce LPG, naphtha, gasoline, jet fuel, ULSD, marine fuel, LSFO, HSFO, asphalt, and other associated refined products.
Prior to 2025, the 3-1-2 Singapore Crack Spread was the most representative market indicator for the company’s Hawaii operations, which was computed by taking one barrel of gasoline and two barrels of distillates (diesel and jet fuel) from three barrels of Brent crude oils. Beginning in 2025, the company established the Hawaii Index as a new benchmark for its Hawaii operations. The Hawaii Index is calculated as the Singapore 3-1-2 Product Crack, which is made up of the same components as the 3-1-2 Singapore Crack Spread, less the Par Hawaii Refining, LLC (‘PHR’) crude differential.
Montana Refinery: The company’s Montana refinery is located along the Yellowstone River just outside Billings, Montana, and is rated at 63 Mbpd throughput capacity. The Montana refinery is a high-conversion, complex facility that processes low-cost Western Canadian and regional Rocky Mountain crude oil to produce gasoline, distillate, asphalt, and other products to serve the Rocky Mountain region. The company’s Montana refinery assets include a 65% interest in YELP, which owns an adjacent co-generation facility.
Prior to 2025, the RVO Adjusted USGC 3-2-1 Index was the most representative market indicator for the company’s operations in Billings, Montana, which was computed by taking three barrels of WTI crude oil and converting them into two barrels of USGC gasoline and one barrel of USGC ULSD, less 100% of the RVO cost. Beginning in 2025, the company established the Montana Index as a new benchmark for its Montana refinery.
Washington Refinery: The company’s Washington refinery is located in Tacoma, Washington, and is rated at 42 Mbpd throughput capacity. The Washington refinery’s major processing units produce ULSD, jet fuel, gasoline, asphalt, and other associated refined products that are primarily marketed in the Pacific Northwest (‘PNW’).
Prior to 2025, the RVO Adjusted Pacific Northwest 3-1-1-1 Index was the most representative market indicator for the company’s operations in Tacoma, Washington, which was computed by taking one part gasoline (PNW sub-octane), one part distillate (PNW ULSD), and one part VGO (USGC VGO) as created from three barrels of WTI crude, less 100% of the RVO cost for gasoline and distillate. Beginning in 2025, the company established the Washington Index as a new benchmark for its Washington refinery.
In January 2024, the company’s Washington refinery was awarded the U.S. Environmental Protection Agency’s (‘EPA’) ENERGY STAR certification, indicating the refinery performs in the top 25% of similar facilities nationwide for energy efficiency and meets strict energy efficiency performance levels set by the EPA.
Wyoming Refinery: The company’s Wyoming refinery is located in Newcastle, Wyoming, and is rated at 20 Mbpd throughput capacity. The Wyoming refinery’s major processing units produce gasoline, ULSD, jet fuel, and other associated refined products.
Prior to 2025, the RVO Adjusted USGC 3-2-1 Index was the most representative market indicator for its operations in Wyoming. Beginning in 2025, the company established the Wyoming Index as a new benchmark for its Wyoming refinery.
In January 2024, the company’s Wyoming refinery was also awarded the EPA’s ENERGY STAR certification.
Retail segment
This segment operates fuel retail outlets in Hawaii, Washington, and Idaho. The company operates convenience stores and fuel retail sites under its ‘Hele’ and ‘nomnom’ brands, ‘76’ branded fuel retail sites, and other sites operated by third parties that sell gasoline, diesel, and retail merchandise, such as soft drinks, prepared foods, and other sundries. The company also operates unattended cardlock stations.
The retail segment includes locations in Hawaii, Washington, and Idaho where the company sets the price to the retail consumer. Certain of the company’s Hawaii locations and all of the Washington and Idaho locations are operated by its personnel and include various sizes of convenience stores, snack shops, and kiosks. The remaining locations in Hawaii are cardlocks or sites operated by third parties where the company retains ownership of the fuel and sets retail pricing.
As of December 31, 2024, the company’s company-operated convenience stores with fuel in Hawaii are branded ‘Hele,’ its proprietary brand. Additionally, some of the company’s partner sites operate under its proprietary Hele fuel brand. The company also holds exclusive licenses within the state of Hawaii to utilize the ‘76’ brand for retail locations. The ‘76’ license agreement expires October 31, 2031, unless extended by mutual agreement. Since its launch in 2016, the Hele brand has won several awards for being the preferred fuel choice for Hawaii customers. The company’s cardlock locations on Kauai are branded Kauai Automated Fuels (‘KAF’).
The company operates convenience stores at all of its retail fuel outlets in Washington and Idaho. The company uses its proprietary ‘nomnom’ brand at both the fueling facilities and stores. The company’s current store count includes the acquisition and rebranding of three convenience store locations in Washington acquired on December 2, 2022. Additionally, the company opened a new-to-industry site in a growth area of Spokane, Washington, on September 25, 2023.
Competition
The company’s Hawaii competitors include the Shell, Texaco, Costco, Safeway, and Sam’s Club national brands, regional brand Aloha, and other local retailers. Competitors of the company’s Pacific Northwest retail assets include the Chevron, Exxon, Conoco, Safeway, and Costco national brands, regional brands, such as Maverik, Holiday, and Fred Meyer, and other local retail brands.
Logistics segment
This segment operates an extensive multi-modal logistics network spanning the Pacific, the Northwest, and the Rocky Mountain regions. This network includes an SPM in Hawaii, a unit train-capable rail loading terminal in Washington, and other terminals, pipelines, trucking operations, marine vessels, storage facilities, loading and truck racks, and rail facilities for the movement of petroleum, refined products, and ethanol in and among the Hawaiian islands, between the U.S. West Coast and Hawaii, and in areas ranging from the state of Washington to the Dakotas and Wyoming.
The company’s logistics segment generates revenues by charging fees for transporting crude oil to its refineries, delivering refined products to wholesale and bulk customers, and to its retail business, and storing crude oil and refined products. Substantially all of its revenues from its logistics segment represent intercompany transactions that are eliminated in consolidation.
Hawaii Logistics
The company’s logistics network extends throughout the state of Hawaii. On Oahu, the system begins with the company’s SPM located 1.7 miles offshore of its Hawaii refinery. This SPM allows for the safe, reliable, and efficient receipt of crude oil shipments to the Hawaii refinery, as well as both the receipt and export of finished products. Connecting the SPM to the Hawaii refinery are three undersea pipelines, two for the import or export of refined products and one for crude oil. The company also has an on-shore pipeline manifold which allows for crude oil to be transferred between the Hawaii refinery and the IES Downstream, LLC (‘IES’) storage facility located approximately 2 miles away. From the Hawaii refinery, the company distributes refined products through its logistics network of pipelines, trucks, leased barges, terminals, and storage facilities throughout the islands of Oahu, Maui, Hawaii, Molokai, and Kauai, and for export to the U.S. West Coast and Asia.
Montana Logistics
On June 1, 2023, the company purchased distribution and logistics assets in the upper Rockies region, including the wholly owned Silvertip Pipeline, a 40% interest in the Yellowstone refined products pipeline, and four wholly owned and three joint venture refined product terminals located in Montana and Washington. The company’s Montana logistics network services the PADD IV and V regions.
Washington Logistics
The company’s Washington logistics network includes storage capacity, a proprietary jet fuel pipeline that serves Joint Base Lewis McChord, a marine terminal with waterfront property, a unit train-capable rail loading terminal, a manifest rail siding, including asphalt, butane, biodiesel loading and unloading facilities, and a truck rack. These assets provide connectivity to Bakken, Canadian, and Alaskan crude oil, renewable fuels, and the Pacific, West Coast, Pacific Northwest, and Rockies product markets.
Wyoming Logistics
The company’s Wyoming logistics network includes crude storage tanks and a crude oil pipeline that provides it access to crude oil from the Powder River Basin. This network also includes a refined products pipeline that transports product from its Wyoming refinery to a common carrier with access to Rapid City, South Dakota.
The logistics network in Wyoming includes crude oil and refined product storage capacity, loading racks, and a rail siding at the refinery site. The company also owns and operates a jet fuel storage facility and pipeline that serve Ellsworth Air Force Base in South Dakota.
Markets
Hawaii Market
Hawaii is largely dependent on the visitor industry, which impacts the state’s fuel consumption, particularly jet fuel. In 2024, the construction industry was the largest contributor to the economy and job growth.
Mainland Markets
Spokane, Washington, and Northwest Idaho are the primary regions of the company’s Pacific Northwest retail operations and are enjoying significantly higher population growth rates than the country as a whole. A significant portion of the products produced by the company’s Washington refinery stays within the Puget Sound region. The primary market for the company’s Wyoming refined products is the Black Hills Region in South Dakota, driven largely by Pennington, Lawrence, and Meade counties, which represents nearly half of the state’s taxable tourism sales. A significant portion of the products produced by its Montana refinery serves a robust economy that includes the states of Montana, Wyoming, Colorado, Idaho, Utah, eastern Washington, and the Dakotas. The company’s crude processing flexibility allows it to maintain a diverse product offering, including jet fuel, gasoline, diesel, and asphalt, through a robust network of both proprietary and third-party terminals.
Environmental Regulations
The company, and other refiners subject to the Renewable Fuel Standard (the ‘RFS’), may meet the RFS requirements by blending the necessary volumes of renewable fuels produced by it or purchased from third parties.
Several of the company’s businesses generate wastes, including hazardous wastes, that are subject to regulation under the federal Resource Conservation and Recovery Act (‘RCRA’) and state statutes. The company’s operations are in material compliance with all applicable RCRA regulations.
The Clean Water Act (‘CWA’) regulates the discharge of pollutants to waters of the U.S., including wetlands, and requires a permit for the discharge of pollutants, including petroleum, to such waters. Certain facilities that store or otherwise handle crude oil are required to prepare and implement Spill Prevention, Control, and Countermeasure and Facility Response Plans relating to the possible discharge of oil to surface waters. The company is required to prepare and comply with such plans and to obtain and comply with discharge permits. The CWA also prohibits spills of oil and hazardous substances to waters of the U.S. in excess of levels set by regulations and imposes liability in the event of a spill.
The company’s refining business is subject to very significant state and federal air permitting and pollution control requirements, including some that are the subject of ongoing enforcement activities by the EPA.
The company is subject to the requirements of the federal Occupational Safety and Health Act (‘OSHA’) and comparable state statutes. The OSHA hazard communication standard, the EPA community right-to-know regulations under Title III of the federal Superfund Amendments and Reauthorization Act, and similar state statutes require the company to organize and/or disclose information about hazardous materials used or produced in its operations.
Significant Customers
The company sells a variety of refined products to a diverse customer base. The majority of the company’s refined products are primarily sold through short-term contracts or on the spot market. For the year ended December 31, 2024, the company had one customer in its refining segment that accounted for 12% of its consolidated revenue.
Properties
Natural Gas and Oil Properties
Laramie Energy
All of the assets held by Laramie Energy are located in Garfield, Mesa, and Rio Blanco counties, Colorado. All of the natural gas, natural gas liquids, and condensate are produced primarily from the Mesaverde formation and, to a lesser extent, the Mancos formation, and some of the acreage is contiguous. The geology of the Piceance Basin is characterized as highly consistent and predictable over large areas, which generally equates to reliable timing and cost expectations during drilling and completion activities, as well as minimal well-to-well variance in production and reserves when completed with the same methodology. During the year ended December 31, 2023, the company resumed the application of the equity method of accounting for the company’s investment in Laramie Energy.
Other
The company also owns certain immaterial minority interests in wells located in Colorado.
History
The company was founded in 1984. It was incorporated in 1984. It was formerly known as Par Petroleum Corporation and changed its name to Par Pacific Holdings, Inc. in 2015.
