8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 21, 2019

Par Pacific Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware	1-36550	84-1060803
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

825 Town and Country Lane, Suite 1500 Houston, Texas	77024
(Address of principal executive offices)	(Zip Code)

(281) 899-4800

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01     Regulation FD Disclosure

On February 21, 2019, Par Pacific Holdings, Inc. (the “Company”) began posting a new Singapore market index on the “Investor Relations” section of its website at www.parpacific.com. Information on the Company’s website or any other website is not incorporated by reference in this Current Report on Form 8-K and does not constitute a part of this Current Report on Form 8-K. Materials related to the new index are attached hereto as Exhibit 99.1 and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the foregoing information, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall such information and Exhibit 99.1 be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01     Financial Statements and Exhibits    

(d)    Exhibits

99.1.     Par Pacific Market Indexes

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Par Pacific Holdings, Inc.
Dated: February 21, 2019	/s/ J. Matthew Vaughn
	J. Matthew Vaughn Senior Vice President and General Counsel

EX-99.1

Par Pacific Market Index US $ per Barrel Sing (Brent) WY (WTI) PNW (ANS) Crude Prices Bakken WCS Brent Time Period 4.1.2.1 Crack 3.2.1 Crack 5.2.2.1 Crack Brent WTI ANS Clearbrook Hardis ty M1 -M3 February 9 - February 15 6.69 12.49 7.73 63.67 53.88 63.93 53.79 42.01 0.07 February 2 - February 8 6.95 11.33 10.25 62.18 53.52 62.42 53.78 43.73 (0.08) January 26 - February 1 5.27 9.05 8.97 61.51 53.72 61.35 53.05 44.28 0.19 2019 - January 5.43 10.78 9.26 60.24 51.55 60.24 52.09 41.36 (0.17) 2018 - YE 7.22 22.69 14.79 71.69 64.90 71.82 62.36 38.33 0.37 2018 - Q4 8.23 23.97 15.88 68.60 59.34 69.12 51.31 25.31 (0.09) 2018 - Q3 7.81 26.25 13.98 75.84 69.43 75.83 68.58 41.67 0.11 2018 - Q2 6.42 24.99 16.34 74.97 67.91 74.78 67.58 49.59 0.76 2018 - Q1 6.38 15.65 12.93 67.23 62.89 67.29 62.06 36.73 0.71 2017 - YE 7.18 21.80 15.53 54.74 50.85 54.16 51.15 38.17 (0.15) 2017 - Q4 6.82 23.79 13.55 61.46 55.30 61.52 56.94 38.94 0.59 2017 - Q3 8.20 25.29 19.32 52.17 48.20 51.91 48.75 37.61 0.03 2017 - Q2 6.95 21.47 15.11 50.79 48.15 50.14 47.94 38.15 (0.59) 2017 - Q1 6.74 16.51 14.11 54.57 51.78 52.97 50.96 38.00 (0.64) 2016 - YE 3.74 16.27 13.39 45.13 43.47 42.62 45.57 29.50 (1.09) 2016 - Q4 6.03 13.69 12.90 51.06 49.29 48.87 47.36 34.27 (1.47) 2016 - Q3 3.08 19.12 15.09 46.99 44.94 43.59 43.69 30.58 (0.91) 2016 - Q2 2.46 18.16 14.18 47.03 45.64 44.65 32.82 (0.70) 2016 - Q1 3.39 13.44 11.15 35.21 33.63 32.54 19.95 (1.29) 2015 - YE 6.88 23.27 16.79 53.60 48.76 51.67 35.57 (1.48) 2015 - Q4 5.44 19.03 13.19 44.69 42.16 42.47 27.71 (1.33) 2015 - Q3 6.05 32.51 17.30 51.30 46.50 51.02 31.73 (1.31) 2015 - Q2 8.24 22.99 20.54 63.50 57.95 61.79 48.29 (1.38) 2015 - Q1 7.84 18.42 16.09 55.13 48.57 51.57 34.89 (1.92) 2014 - YE 5.88 22.13 12.71 99.45 92.91 97.78 74.50 (0.05) 2014 - Q4 7.11 19.25 11.25 77.07 73.20 74.37 57.63 (1.10) 2014 - Q3 5.97 25.91 14.66 103.46 97.25 102.13 78.90 (0.92) 2014 - Q2 4.41 21.58 15.04 109.76 102.99 109.11 83.97 1.06 2014 - Q1 6.01 21.78 9.74 107.87 98.61 105.85 77.83 0.83 1

Par Pacific Market Index, cont. Singapore 4.1.2.1 Crack Spread is calculated as follows:  Singapore Daily: computed by taking 1 part gasoline (RON 92), 2 parts middle distillates (Sing Jet & Sing Gasoil), and 1 part fuel oil (Sing 180) as created from a  barrel of Brent Crude. Month (CMA): computed using all available pricing days for each marker. Quarter/Year: computed using calendar day weighted CMAs for each marker. Wyoming 3.2.1 Crack Spread is calculated as follows: Rapid City Daily: Computed by taking 2 parts gasoline and 1 part distillate (ULSD) as created from a barrel of West Texas Intermediate Crude (WTI). Denver Daily: Computed by taking 2 parts gasoline and 1 part distillate (ULSD) as created from a barrel of WTI. Daily: computed using a weighted average of 50% Rapid City and 50% Denver. Month (CMA): computed using all available pricing days for each marker. Quarter/Year: computed using calendar day weighted CMAs for each marker. Pacific Northwest 5.2.2.1 Crack Spread is calculated as follows:  Pacific Northwest Daily: computed by taking 2 parts gasoline (PNW Sub‐octane), 2 parts middle distillates (PNW ULSD & PNW Jet), and 1 part fuel oil (SF 180  Waterborne) as created from a barrel of Alaskan North Slope (ANS) Crude. ANS price: calculated using the Argus ANS‐Brent differential beginning in July 2017.  Prior to July 2017, a blended Platts and Argus ANS‐WTI differential was used. Month (CMA): computed using all available pricing days for each marker. Quarter/Year: computed using calendar day weighted CMAs for each marker. Crude Prices: ANS crude price is the most relevant benchmark for PNW product pricing and influences the Hawaii Refinery's financial performance. Source: Argus, Platts. Bakken Clearbrook crude price influences the Washington and Wyoming Refineries' financial performance. Source: CME. Western Canadian crude price influences the Washington Refinery's financial performance. Source: CME. Brent M1 ‐ M3 is an instructive directional indicator for market structure which influences the Hawaii Refinery's financial performance. 2

Singapore Crack Spread  $10 Singapore 4.1.2.1 Crack 5‐Yr Average 1 = $6.18  $8 5‐Yr Average  $6  $4  $2  $‐ 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 ($/bbl) Singapore 4.1.2.1 Crack $3.39 $2.46 $3.08 $6.03 $6.74 $6.95 $8.20 $6.82 $6.38 $6.42 $7.81 $8.23 Average Brent Price $35.21 $47.03 $46.99 $51.06 $54.57 $50.79 $52.17 $61.46 $67.23 $74.97 $75.84 $68.60 • After reviewing the expected combined expected Par East and West product yield, the Sing 4.1.2.1 crack spread is expected to  be the most relevant market determinant for Hawaii Adj. Gross Margin per bbl • Previously Par reported a Mid Pacific combined index 2 which incorporated a crude differential and San Francisco product cracks  in the calculation 1 Company calculation based on a rolling five‐year quarterly average 2 In 2018 and prior years, Par Pacific reported a Mid Pacific combined index, including a MP 4.1.2.1 crack and MP crude index.  The MP 4.1.2.1 crack represented the Sing 4.1.2.1 crack weighted at 80% and a SF 4.1.2.1 crack weighted at 20%.  The crude index represented a weighted average  differential, excluding shipping costs, of a blend of crudes with an API of 31.98 and sulphur wt% of 0.65% that was indicative of its typical crude mix quality.  Commencing in 2019, Par Pacific is no longer referencing the MP combined index following the acquisition of the IES crude unit. 3

Wyoming Crack Spread  $30 Wyoming 3.2.1 5‐Yr Average 1 = $21.21 Crack  $25 5‐Yr Average  $20  $15  $10  $5  $‐ 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 ($/bbl) Wyoming 3.2.1 Crack $13.44 $18.16 $19.12 $13.69 $16.51 $21.47 $25.29 $23.79 $15.65 $24.99 $26.25 $23.97 Average WTI Price $33.63 $45.64 $44.94 $49.29 $51.78 $48.15 $48.20 $55.30 $62.89 $67.91 $69.43 $59.34 • The WY 3.2.1 crack spread continues to be the most relevant market determinant for Wyoming Adj. Gross  Margin per bbl 1 Company calculation based on a rolling five‐year quarterly average 4

Pacific Northwest Crack Spread  $20 Pacific Northwest 5‐Yr Average 1 = $14.62 5.2.2.1 5‐Yr Average  $15  $10  $5  $‐ 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 ($/bbl) Pacific Northwest 5.2.2.1 $11.15 $14.18 $15.09 $12.90 $14.11 $15.11 $19.32 $13.55 $12.93 $16.34 $13.98 $15.88 Average ANS Price $32.54 $44.65 $43.59 $48.87 $52.97 $50.14 $51.91 $61.52 $67.29 $74.78 $75.83 $69.12 • Par believes the PNW 5.2.2.1 crack spread to an ANS benchmark is the most relevant market determinant for Washington Adj.  Gross Margin per bbl 1 Company calculation based on a rolling five‐year quarterly average 5

Crude Prices • Alaskan North Slope price is the most relevant crude benchmark for PNW product pricing and impacts the Hawaii  Refinery’s financial performance as well • Bakken Clearbrook price is a determinant behind the Washington and Wyoming Refineries' financial performance • Assuming no other changes, every $1/bbl change in this crude differential relative to WTI is expected to impact  annual Washington and Wyoming Adj. EBITDA by approximately $9 MM and $6 MM, respectively • Western Canadian Select price is a determinant behind the Washington Refinery's financial performance • Assuming no other changes, every $1/bbl change in this differential is expected to impact annual Washington  Adj. EBITDA by approximately $5 MM