Par Pacific is an independent petroleum refiner focused on the western United States. The company owns and operates four refineries with combined crude throughput capacity of 219 Mbpd: Hawaii (94 Mbpd), Montana (63 Mbpd), Washington (42 Mbpd), and Wyoming (20 Mbpd). Par Pacific's core business is buying crude oil, refining it into transportation fuels — gasoline, diesel, and jet fuel — and selling those fuels in geographically insulated markets with limited competition. Hawaii is the most defensible market, as the island system has no pipeline connection to the mainland, making Par Pacific the dominant local supplier. The Montana refinery processes discounted Western Canadian crude, which trades at a discount to WTI, providing a margin benefit that widens as that differential expands. Par Pacific makes money on the crack spread — the difference between crude costs and refined product prices — and measures performance using refinery-specific indices rather than generic benchmarks. Beyond refining, Par Pacific operates a logistics segment (pipelines, terminals, marine vessels, and storage infrastructure) and a retail segment (fuel stations and convenience stores under the Hele, nomnom, and 76 brands) in Hawaii, Washington, and Idaho. Together, these two segments provide a more stable earnings base that partially offsets refining margin volatility. Par Pacific is also commissioning a Sustainable Aviation Fuel unit inside its Hawaii refinery, funded via a joint venture with Mitsubishi and ENEOS. The company also holds a 46% stake in Laramie Energy, a Colorado natural gas producer it views as non-core.