Par Pacific

What Par Pacific does

Par Pacific Holdings, Inc. (NYSE: PARR) is a Houston-based, vertically integrated downstream energy company that owns and operates 219,000 barrels per day of refining capacity across four locations: Par Hawaii Refining in Kapolei (the only petroleum refinery in Hawaii), U.S. Oil & Refining in Tacoma, Washington, Wyoming Refining Company in Newcastle, and Par Montana in Billings (acquired from ExxonMobil in October 2024). The company also controls an extensive logistics network comprising 13 million barrels of storage, plus marine, rail, rack, and pipeline assets (including 140 miles of crude gathering systems and 40 miles of refined product pipelines in the Upper Rockies), and it holds a 46% interest in Laramie Energy, a natural gas producer in Western Colorado.

The company's revenue model is anchored in transaction-based sales of refined petroleum products — gasoline, diesel, jet fuel, marine fuels, and asphalt — sold B2B under contract pricing indexed to market crack-spread benchmarks and B2C through branded retail stations under the Hele (Hawaii) and nomnom (Pacific Northwest) brands, as well as the 76 brand in the western United States. Through the Hawaii Renewables joint venture with Mitsubishi Corporation and ENEOS Corporation (closed October 2025 with a $100 million partner investment), Par Pacific is expanding into renewable diesel, sustainable aviation fuel (SAF), and renewable LPG, with a 61 million gallon-per-year facility targeting startup by March 2026; SAF offtake agreements with Hawaiian Airlines and Alaska Airlines are the first commercial anchors. Retail and wholesale distribution combines direct enterprise sales with consumer-facing fuel and convenience retail across approximately 3,000 employees companywide.

Financial performance in FY2025 turned sharply positive, with adjusted EBITDA of $633.5 million (up from $238.7 million in FY2024, a 165% increase), net income of $369.4 million (reversing a $33.3 million loss in FY2024), record refining throughput of 188,000 barrels per day, and full-year adjusted EPS of $7.56. The company maintains $915 million in liquidity, completed a $500 million 7.375% senior notes private placement in May 2026 to refinance its term loan due 2030, and has reduced share count by roughly 18% over 2024-2025 through aggressive buybacks. Its geographic footprint — Hawaii, the Pacific Northwest, and the Rockies — is concentrated in logistically complex, supply-isolated markets where the company holds structural cost and distribution advantages.

Name

Par Pacific

Legal name

Par Pacific Holdings, Inc.

Website

https://parpacific.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Par Pacific Holdings is a Houston-based, vertically integrated downstream energy company that owns and operates four refineries (219,000 bpd) in Hawaii, the Pacific Northwest, and the Rockies, selling refined fuels B2B and through Hele and nomnom retail brands, and expanding into renewable diesel and SAF via the Hawaii Renewables joint venture.

Ownership category

akta.pro rank

Product category

Petroleum Refining

NAICS

Petroleum Refineries (324110), Petroleum Bulk Stations and Terminals (424710)

SIC

Petroleum Refining (2911), Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172), Pipe Lines (No Natural Gas) (4610)

akta.pro primary industry

Hydrotreating, Hydroprocessing & Desulfurization (HDS/HDT) (EUALAGAE)

Keywords

• Petroleum refining
• Retail fuel sales
• Renewable diesel
• Sustainable aviation fuel
• Energy logistics

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Petroleum Refining: Par Pacific generates the majority of its revenue from petroleum refining operations across four refinery locations in Hawaii, the Pacific Northwest, and the Rocky Mountains, producing gasoline, diesel, jet fuel, and other refined petroleum products for sale to commercial and retail customers.
2. Renewable Fuels: Through the Hawaii Renewables joint venture with Mitsubishi and ENEOS, Par Pacific produces and sells renewable diesel, sustainable aviation fuel (SAF), and renewable LPG, with expected annual production of 61 million gallons by March 2026.
3. Retail Fuel Sales: Par Pacific operates retail fuel stations under the Hele brand in Hawaii and convenience stores under the nomnom brand in the Pacific Northwest, selling fuel and convenience products directly to consumers.
4. Laramie Energy Investment: Par Pacific owns 46% of Laramie Energy, LLC, a natural gas production company with operations concentrated in Western Colorado, providing equity income from natural gas production.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Par Pacific operates four petroleum refineries with combined capacity of 219,000 barrels per day in Hawaii, the Pacific Northwest, and the Rocky Mountains, producing gasoline, diesel, jet fuel, and asphalt. The company sells refined fuels to commercial customers (airlines, industrial buyers) and operates retail fuel stations under the Hele and 76 brands in Hawaii, along with nomnom convenience stores in the Pacific Northwest. Through the Hawaii Renewables joint venture with Mitsubishi and ENEOS, Par Pacific is producing renewable diesel, sustainable aviation fuel (SAF), and renewable LPG.

Product overview

Par Pacific Holdings, Inc. is a vertically integrated energy company operating a diversified portfolio of refining, logistics, and retail businesses across the western United States. The company operates four refineries with combined capacity of 219,000 barrels per day in Hawaii (Par Hawaii), Washington (U.S. Oil & Refining), Wyoming (Wyoming Refining Company), and Montana (Par Montana). It owns an extensive logistics network including 13 million barrels of storage and marine, rail, rack, and pipeline assets. Retail operations include the Hele brand in Hawaii and the nomnom convenience store chain in the Pacific Northwest. Through its Hawaii Renewables joint venture with Mitsubishi and ENEOS, the company is expanding into renewable fuels production including sustainable aviation fuel and renewable diesel. The company also holds a 46% stake in Laramie Energy, a natural gas producer in Western Colorado.

Differentiator

Problem solved

Functional benefit

Brands

• Hele: Hawaii fuel retail brand operating stations on Oahu, Hawaii Island and Maui
• nomnom
• Hawaii Renewables

Products and services

• Par Hawaii Refining Operates Hawaii's only petroleum refinery in Kapolei, along with logistics and distribution systems supplying the major Hawaiian islands with gasoline, diesel, jet fuel, and other refined products.
• U.S. Oil & Refining Operates the Tacoma, Washington refinery producing high-quality motor, aviation and marine fuels and asphalt, with strategic Pacific Rim location connecting Par Pacific assets in Hawaii, the Pacific Northwest and the Rockies.
• Wyoming Refining Company Refining and logistics operations in Northeastern Wyoming, with the Newcastle refinery providing access to crude and refined products markets and 140 miles of crude gathering systems and 40 miles of refined product pipelines.
• Par Montana Refining and logistics operations in Billings, Montana, acquired from ExxonMobil, forming part of the Upper Rockies logistics system.
• Hele Hawaii's fuel retail brand with stations on Oahu, Hawaii Island and Maui offering value, convenience and quality fuel products directly to consumers.
• nomnom Convenience store chain in the Pacific Northwest offering refueling and shopping experience with foods, snacks, and local products.
• 76 Retail Fuel Brand Retail fuel brand operated by Par Pacific in the western United States under the 76 brand.
• Hawaii Renewable Fuels Facility Largest renewable fuel production facility in Hawaii, operated through the Hawaii Renewables joint venture with Mitsubishi Corporation and ENEOS Corporation. Produces renewable diesel, sustainable aviation fuel (SAF), and renewable LPG from plant-based feedstocks.
• Laramie Energy Investment Par Pacific holds a 46% ownership stake in Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado.

Quantifiable outcome

• Record annual refining throughput of 188,000 barrels per day in FY2025
• +5 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• Pono PacificcoreStrategic or Co-development Partner · 25 December 2025Pono Pacific is working with Par Hawaii to establish Camelina as a local feedstock crop for the renewable fuels facility in Hawaii. This partnership aims to develop a domestic, sustainable feedstock supply chain for the SAF and renewable diesel production facility, reducing reliance on imported feedstocks.
• Alaska AirlinescoreStrategic or Co-development Partner · 25 December 2025Alaska Airlines, a sister carrier of Hawaiian Airlines under Alaska Air Group, has entered into an arrangement to source sustainable aviation fuel from Par Hawaii's Kapolei facility, with expectations to begin running flights partly on locally produced SAF starting early 2026.
• Mitsubishi CorporationflagshipStrategic or Co-development Partner · 21 October 2025Mitsubishi Corporation acquired a 36.5% stake in the Hawaii Renewables joint venture, investing $100 million alongside Par Pacific to construct a renewable fuels facility in Kapolei, Hawaii. The facility, the state's largest renewable fuels producer, processes plant-based feedstocks into renewable diesel, sustainable aviation fuel, and renewable LPG with expected annual production of 61 million gallons.
• ENEOS CorporationflagshipStrategic or Co-development Partner · 21 October 2025ENEOS Corporation acquired a 36.5% stake in the Hawaii Renewables joint venture alongside Mitsubishi Corporation, investing $100 million total to partner with Par Pacific in building Hawaii's largest renewable fuels facility. The facility will produce renewable diesel, SAF, and renewable LPG from plant-based feedstocks.
• Hawaiian AirlinescoreStrategic or Co-development Partner · 1 October 2024Par Pacific and Hawaiian Airlines announced a joint exploration of sustainable aviation fuel (SAF) production in Hawaii. Hawaiian Airlines plans to become the first customer of locally produced SAF from Par Hawaii's Kapolei facility, with flights expected to run partly on SAF starting early 2026.

Scale indicators16 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• HF Sinclair Corporation: HF Sinclair (DINO) is a similar-sized independent US refiner and marketer with refining, logistics, and retail operations across the Rockies, Mid-Continent, and Southwest. Comparable in scale and asset mix to Par Pacific's regional independent refining model.
• PBF Energy: PBF Energy (PBF) is an independent petroleum refiner and supplier operating East Coast, Mid-Continent, and Gulf Coast refineries with similar B2B/B2C fuel sales and logistics infrastructure. Directly comparable independent refiner peer.
• Delek US Holdings: Delek US (DK) operates mid-sized refineries in Texas, California, and the Southeast along with retail and logistics businesses. Comparable independent refiner with similar downstream retail exposure via acquired brands.
• CVR Energy: CVR Energy (CVI) is a smaller independent refiner with petroleum and nitrogen fertilizer operations across the Mid-Continent. Comparable independent refiner business model focused on commodity margins and capital returns.

Broad incumbents

• Phillips 66: Phillips 66 (PSX) is a large integrated downstream and midstream operator with US and European refineries plus chemical and renewable fuels businesses. Broad incumbent peer with overlapping refining and SAF/renewable diesel ambitions.
• Sunoco LP: Sunoco LP is a major US fuel distribution and midstream operator with significant motor fuel distribution and terminals across the country. Overlapping downstream fuel logistics and terminal infrastructure compared to Par Pacific's network.
• Valero Energy: Valero (VLO) is the largest US independent refiner with 3.2M bpd of capacity across 15 plants plus renewable diesel. Larger broad incumbent competitor operating a similar refining-plus-renewables model at national scale.
• Marathon Petroleum: Marathon Petroleum (MPC) is a major integrated downstream energy company with refining, midstream, and retail (Speedway) operations across the US. Broad incumbent competitor with overlapping refining and retail fuel exposure.

Emerging players

• Casey's General Stores: Casey's (CASY) operates a large Midwestern convenience store and fuel retail chain. Comparable as a downstream retail fuel operator, though focused on a different geography and lacking refining assets.

Regional players

• Hawaiian Electric Industries: Hawaiian Electric Industries is Hawaii's primary electric utility and serves the same island market where Par Hawaii holds a monopoly refining position. Regional player sharing the Hawaiian operating environment and exposure to state clean energy mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks1 record

Key highlights1 record

Customer concentration

• Xx.com/parpacific
• LinkedInlinkedin.com/company/par-pacific-holdings

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries7 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Par Pacific