Par Pacific Holdings, Inc
Par Pacific Holdings is a U.S.-based energy company headquartered in Houston that refines crude oil into transportation fuels and other petroleum products, operates fuel retail sites, and runs a logistics network supporting product movement and storage. Its operations are concentrated in Hawaii, the Pacific Northwest, and the Rocky Mountain region, with refineries, terminals, pipelines, marine assets, and branded retail outlets tied together through an integrated downstream model.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueOwn and operate refineries that convert crude oil into gasoline, distillate, asphalt, and other products.
Company-operated and partner fuel stations, convenience stores, and cardlock sites under brands such as Hele and nomnom.
Terminals, pipelines, marine vessels, storage, rail, trucking, and related services that move petroleum products.
Equity earnings from refining and logistics investments and other non-core items.
Products
Reported · share of revenue- Fuel Revenue95.8 %
- Other Revenue4.2 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Par sells refined products to a broad mix of wholesale, bulk, and retail end users, with most refined-product sales occurring through short-term contracts or the spot market. Its retail customers are motorists and local consumers in Hawaii, Washington, and Idaho, while logistics services support internal product flows and third-party movement of petroleum products.
Buy gasoline, distillate, asphalt, and other refined products, typically under short-term or spot arrangements.
Purchase fuel and convenience-store goods at Hele, nomnom, and 76-branded sites in Hawaii, Washington, and Idaho.
Fleet and business customers use unattended cardlock and fuel sites for convenient diesel and fuel access.
Use terminals, storage, rail, marine, and trucking services to move petroleum products across Par's network.
Strategy
Par's strategy is built around an integrated downstream platform that links refining, retail, and logistics so it can move product from crude supply to end customers across its core regions. The company also emphasizes branded retail, network connectivity, and asset optimization across its Hawaii, Pacific Northwest, and inland West footprint.
Linking refineries, logistics, and retail improves product placement and market access.
Retail sites provide direct customer access and a more stable outlet for fuel volumes.
Product slate flexibility helps align supply with regional consumption patterns.
Geography
Par's operating footprint is centered in Hawaii, the U.S. West Coast, and the Rocky Mountain region, with refineries in Kapolei, Newcastle, Tacoma, and Billings. Retail sites are concentrated in Hawaii, Washington, and Idaho, while logistics assets connect the Pacific, Northwest, and inland markets to support product movement and storage.
Risks
Par is exposed to operational, commodity, regulatory, and transportation risks that are typical of a downstream energy business with geographically dispersed assets. Its results depend on crude oil and feedstock pricing, refinery reliability, environmental and safety compliance, and the ability to move product through a multi-modal network serving remote and regional markets.
- Regulatory and environmental complianceImpact: HighLikelihood: High
The business handles hazardous materials and is subject to OSHA, EPA, and state rules.
Exposure - Operational hazards at refineries and logistics assetsImpact: HighLikelihood: Medium
Refining, storage, marine, rail, and trucking operations involve fire, spill, and equipment risks.
Exposure: All operating segments
- Commodity price volatilityImpact: HighLikelihood: Medium
Margins depend on crude oil, feedstock, and product pricing spreads.
Exposure: Refining
- Trade policy and tariffsImpact: MediumLikelihood: High
Changes in U.S. trade policy can affect input costs, sourcing, and market conditions.
Exposure: Company-wide
- Transportation and supply-chain disruptionImpact: MediumLikelihood: Medium
The network depends on marine, rail, pipeline, and trucking links across remote geographies.
Exposure: Logistics and retail supply
Accounting
Judgemental itemsRefining results are sensitive to crude and product inventory valuation and LIFO effects.
Impact: Can materially change gross margin and period earnings
The company excludes unrealized interest rate derivative gains/losses in adjusted earnings.
Impact: Affects reported volatility and comparability
Washington CCA, Clean Fuel Standard, and RIN-related liabilities require estimates.
Impact: Can move operating costs and liabilities
Refineries, logistics assets, and other long-lived assets require judgment on recoverability.
Impact: Could trigger non-cash charges
Similar listed companies
Publicly listed companies with a comparable business focus.
PAR Technology Corporation
PAR · Calculating & Accounting Machines (No Electronic Computers)
Ultrapar Participacoes S.A. (New)
UGP · Natural Gas Distribution
Plains All American Pipeline, L.P
PAA · Pipe Lines (No Natural Gas)
Plains All American Pipeline LP is a U.S.-based midstream energy partnership that gathers, transports, stores, and terminates crude oil and, to a lesser extent, natural gas liquids.
Phillips 66
PSX · Petroleum Refining
Phillips 66 is a U.S.-based integrated downstream energy company with operations across refining, midstream, chemicals, marketing and specialties, and renewable fuels.
Delek US Holdings, Inc.
DK · Petroleum Refining
Plains GP Holdings, L.P. - Class A Shares representing limited partner interests
PAGP · Pipe Lines (No Natural Gas)
Plains GP Holdings LP is a Delaware limited partnership that holds interests in Plains All American Pipeline through its ownership of AAP units and its managing member interest in GP LLC.
Last updated: 24/09/2026