Option Greeks measure how an option's price responds to changes in the stock price (delta and gamma), time (theta), implied volatility (vega), and interest rates (rho).

Gamma, theta, and vega are largest for strikes near the Par Pacific stock price and shrink for strikes far above or below it. Theta grows as expiration gets closer, while vega is larger for expirations further out. Call delta runs from 0 to 1 and put delta from -1 to 0, near 0.50 and -0.50 at the money, and roughly estimates the chance that an option finishes in the money.

Par Pacific IV rank is 12, so implied volatility is near the bottom of its one-year range. Higher implied volatility raises option premiums and daily time decay (theta), and spreads delta and gamma across a wider range of strikes. Over the past year, 30-day implied volatility ranged from 46.7% to 197.1%. See the PARR implied volatility history for a longer view.

Across all open Par Pacific options on Nov 4, 2026, net gamma exposure was $221.67K and net delta exposure was $4.0M per 1% move in the stock. The PARR gamma exposure chart shows where that gamma sits by strike.

Par Pacific Holdings Inc is an oil and gas company that manages and maintains interests in energy and infrastructure businesses.