PAR PACIFIC HOLDINGS INC
PARR
Energy
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Par Pacific Holdings operates primarily as a downstream fossil fuel company, deriving its revenue from refining, marketing, and retail distribution. Its core assets include three refineries with a combined throughput capacity of over 160,000 barrels per day, located in Hawaii, Washington, and Montana. The company's retail segment, operating under the Hele and nomnom brands, includes approximately 150 retail locations. These operations are central to its business model, with refining and marketing constituting the vast majority of its revenue.
The company has actively expanded its fossil fuel infrastructure. In 2022, Par Pacific acquired the 63,000 barrel-per-day Billings, Montana, refinery and related pipeline assets from ExxonMobil for $310 million. Its investor materials highlight a strategic focus on "maximizing refinery cash generation" and capitalizing on its niche geographic markets. The company identifies regulatory and investor sentiment related to climate change and fossil fuels as a material risk to its business, but has not announced a transition plan away from its core refining and retail operations.
Par Pacific Holdings operates a petroleum refinery in Kapolei, Hawaii, through its subsidiary Par Hawaii Refining. This facility has been subject to multiple enforcement actions by the U.S. Environmental Protection Agency for violations of federal environmental laws. In February 2021, Par Hawaii Refining agreed to pay a civil penalty of $219,638 for violations of the Clean Air Act’s chemical accident prevention requirements and hazardous waste regulations at its Par West refining facility. Subsequently, in January 2022, Par Pacific Holdings entered into a consent decree with the EPA, incurring a penalty of $176,899 for additional Clean Air Act violations at its Hawaii refinery. The company agreed to install air pollution control equipment as part of the settlement.
These penalties stem from specific failures in chemical safety management and hazardous waste handling, which pose risks of toxic contamination. The EPA’s 2020 inspection also identified that the company could not provide documentation to demonstrate that its welding inspectors were qualified and trained, indicating systemic operational and compliance failures. As a refiner and distributor of petroleum products, the company’s core operations carry an inherent risk of environmental damage, which is realized through these repeated regulatory violations.
Research Sources
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