Headquartered in Houston, Par Pacific operates 219,000 barrels per day of refining capacity and holds 13 million barrels of storage across its energy infrastructure network. The company’s rail and pipeline assets support its logistics and distribution ahead of its Q4 2025 earnings release on February 24. Piper Sandler projects that sanction relief and increased U.S. involvement could redirect 200,000–400,000 barrels per day of crude from Asia to the U.S. Gulf. U.S. refiners, including Par Pacific, are expected to see the most immediate impact on feedstock supply and margins. On January 12, Piper Sandler reduced its price target on Par Pacific from $59 to $57 while retaining an Overweight rating. The adjustment reflects anticipated market disruptions following Venezuela’s leadership change.