3 unchanged sentences
Our Revenues fluctuate with refined product prices and our Cost of revenues (excluding depreciation) fluctuates with movements in crude oil and feedstock prices.
−Removed: Assuming all other factors remain constant, a $1 per barrel change in average gross refining margins, based on our throughput for the three months ended June 30, 2025, of 187 Mbpd would change annualized operating income by approximately $67.2 million.
+Added: Assuming all other factors remain constant, a $1 per barrel change in average gross refining margins, based on our throughput for the three months ended September 30, 2025, of 198 Mbpd would change annualized operating income by approximately $71.2 million.
This analysis may differ from actual results.
5 unchanged sentences
Substantially all of our futures and OTC swaps are executed to economically hedge our physical commodity purchases, sales, and inventory.
−Removed: All our open futures and OTC swaps at June 30, 2025, will settle by October 2026.
−Removed: Based on our net open positions at June 30, 2025, a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $28.7 million to the fair value of these derivative instruments and Cost of revenues (excluding depreciation).
+Added: All our open futures and OTC swaps at September 30, 2025, will settle by December 2026.
+Added: Based on our net open positions at September 30, 2025, a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $7.7 million to the fair value of these derivative instruments and Cost of revenues (excluding depreciation).
Our predominant variable operating cost is the cost of fuel consumed in the refining process, which is included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations.
−Removed: For the three and six months ended June 30, 2025, we consumed approximatel y 187 Mbpd and 181 Mbpd, respectively, of crude oil during the refining process across all our refineries.
−Removed: We internally consumed approximately 4% of this throughput in the refining process during the three and six months ended June 30, 2025, which is accounted for as a fuel cost.
+Added: For the three and nine months ended September 30, 2025, we consumed approximately 198 Mbpd and 187 Mbpd, respectively, of crude oil during the refining process across all our refineries.
+Added: We internally consumed approximately 3% and 4% of this throughput in the refining process during the three and nine months ended September 30, 2025, respectively, which is accounted for as a fuel cost.
We have executed option collars to economically hedge our internally consumed fuel cost at all our refineries.
4 unchanged sentences
The EPA sets the RVO percentages annually.
−Removed: On June 21, 2023, the EPA finalized the 2023, 2024, and 2025 RVOs.
To the degree we are unable to blend the required amount of biofuels to satisfy our RVO, we must purchase RINs on the open market.
1 unchanged sentence
Some of these contracts are derivative instruments, however, we elect the normal purchases normal sales exception and do not record these contracts at their fair values.
+Added: On August 22, 2025, the EPA announced decisions on various exemption petitions for the 2016 – 2024 compliance years and granted full and partial relief to certain refineries owned by Par Pacific.
+Added: As a result of our historical compliance with the RFS program, we received previously retired RINs related to the 2019 through 2023 compliance years from the EPA and relieved a portion of our 2024 RVO, recording a corresponding gain of $199.5 million in Net Income on our condensed consolidated statement of operations for the three and nine months ended September 30, 2025.
+Added: As of September 30, 2025, the EPA has not made a determination with respect to small refinery exemptions for the 2025 compliance year.
+Added: Accordingly, our recorded RFS obligation for the nine months ended September 30, 2025, reflects 100% of the RFS obligation for the respective period with no assumption of SRE relief.
Additionally, we are exposed to market risks related to the volatility in the price of compliance credits required to comply with Washington CCA and Clean Fuel Standard.
5 unchanged sentences
Interest Rate Risk
−Removed: As of June 30, 2025, we had $1.1 billion in debt principal that was subject to floating interest rates.
+Added: As of September 30, 2025, we had $1.0 billion in debt principal that was subject to floating interest rates.
We also had interest rate exposure in connection with our liabilities under the Inventory Intermediation Agreement for which we pay charges based on the three-month Secure Overnight Financing Rate (“SOFR”).
1 unchanged sentence
We may utilize interest rate swaps to manage our interest rate risk.
−Removed: As of June 30, 2025, we had entered into multiple interest rate collars at a maximum cap of 5.50% and minimum floor of 1.95%, based on the three-month SOFR as of the fixing date.
+Added: As of September 30, 2025, we had entered into multiple interest rate collars at a maximum cap of 5.50% and minimum floor of 1.95%, based on the three-month SOFR as of the fixing date.
These swaps expire by May 31, 2029.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.