What Par Pacific Holdings, Inc. told the SEC could break it.

Par Pacific's refining economics are driven by the crack spread and by crude-oil and natural-gas prices, which it cites among the key factors affecting liquidity and margins. Its 94 Mbpd Hawaii refinery on Oahu has no domestic pipeline access and depends on waterborne (often foreign) crude, so it specifically flags that further geopolitical escalation, renewed maritime disruptions, or additional sanctions could adversely affect its supply economics, operating costs and results. Across its Hawaii, Washington, Wyoming and Montana refineries, swings in crude prices, crude differentials, natural-gas costs and refined-product cracks flow directly to profitability. A core crude-commodity/crack-spread dependence with a distinctive Hawaii waterborne-crude supply exposure.

“These factors include general economic and financial market conditions, the crack spread, natural gas and crude oil prices”

Although Par Pacific sells refined products to a diverse customer base (mostly short-term contracts and spot), it has a single sizeable customer concentration: one customer in its refining segment accounted for approximately 12% of consolidated revenue in 2025 (12% in 2024, 13% in 2023), with no other customer over 10%. The customer is not named in the filing, so this is captured as a concentration risk; loss of or a volume reduction from that customer would meaningfully reduce refining revenue. A moderate single-customer concentration.

“For each of the years ended December 31, 2025, 2024, and 2023, we had one customer in our refining segment that accounted for 12%, 12%, and 13%, respectively, of our consolidated revenue.”

Par Pacific flags an unusually active trade- and sanctions-policy environment: effective August 1, 2025 the U.S. adopted new/increased tariffs; in October 2025 it announced expanded tariffs including a 100% tariff on certain goods; on November 1, 2025 a U.S.–China deal retained heightened reciprocal tariffs (10% baseline) while reducing certain China-specific tariffs; and in January 2026 the U.S. announced an additional 25% tariff on countries purchasing Iranian oil. As a refiner dependent on crude/feedstock procurement (including waterborne imports for Hawaii), tariffs and oil-related sanctions raise input costs, distort crude differentials/availability, and add margin volatility. A specific, fast-moving trade-policy/sanctions exposure tied to crude supply.

“In January 2026, the U.S. government announced that an additional 25% tariff would be imposed on countries purchasing Iranian oil.”