Par Pacific Holdings Inc (NYSE: PARR) is a downstream energy company that refines crude oil and distributes refined petroleum products. It generates revenue from the spread between crude oil input costs and the market price of refined products such as gasoline, diesel, jet fuel, and distillates, commonly measured as a crack spread. The company is incorporated in Texas and trades on the New York Stock Exchange. Its operations include refining, with crack spread economics tied to benchmarks such as the 3-1-2 Singapore crack spread referencing Brent crude, as well as fuel distribution through channels that include cardlock automated commercial fueling sites. The filing excerpts reference blendstocks, ethanol, condensate, and catalytic refining processes as components of its production activity. Par Pacific filed its most recent annual report on Form 10-K on February 25, 2026, covering the fiscal year ended in that period.

Revenue model

Transactional margin model. Revenue is driven by the crack spread, the difference between refined product prices (gasoline, diesel, jet fuel, distillates) and crude oil input costs. The company also operates fuel distribution, including cardlock commercial fleet fueling sites.

Products and services

Refined petroleum products including gasoline, diesel, jet fuel, heating oil, and kerosene. Blendstocks including ethanol, reformate, butane, and natural gasoline. Cardlock automated unattended fueling for commercial fleet vehicles.

Customers and end markets

Commercial fleet operators served via cardlock fueling sites. End markets include transportation fuels and distillates. Specific customer concentration data not supported by the provided filing excerpts.

Value-chain role

Midstream-to-downstream refiner and fuel distributor. Purchases crude oil, refines it into finished petroleum products, and distributes through owned and operated fueling infrastructure.

Geographic exposure

Incorporated in Texas. Specific refinery locations and geographic revenue breakdown not supported by the provided filing excerpts.

Source: SEC 10-K, filed 2026-02-25

Industry: Crude Petroleum & Natural Gas Peers: Opal Fuels Inc Calumet Specialty Products Partners, L.P. Clean Energy Fuels Corp Gevo Inc Green Plains Inc World Kinect Corp Marathon Petroleum Corp REX AMERICAN RESOURCES Corp Vertex Energy Inc.