Par Pacific Holdings Takeaways from Virtual Meeting

Goldman Sachs maintains its Buy rating on Par Pacific Holdings (PARR) following a virtual investor meeting that highlighted constructive refining fundamentals and potential cash inflows from regulatory exemptions. Management is focusing on navigating crude volatility while executing a major turnaround at its Hawaii refinery in June.

Key Takeaways

• 1.Management maintains a constructive outlook on refining fundamentals due to low product inventories and resilient demand, particularly in the Pacific Basin.
• 2.A major maintenance turnaround at the Hawaii refinery is scheduled for June, expected to last 30-45 days, following a 6-year operational cycle.
• 3.PARR is confident in obtaining 2025 Small Refinery Exemptions (SREs), which could lead to significant cash inflows via RIN monetization.

Table of Contents

• Macro
• Hawaii refinery
• Small refinery exemptions
• Capital allocation
• Hawaii Renewables project
• Valuation & Key Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures

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