A telephone replay will be available until November 4, 2022 and may be accessed by calling 1-87 inside the U.S. or 1-41 outside the U.S. and using the conference ID 7995175. The webcast may be accessed online through the Company’s website at on the Investors page. Please dial in at least 10 minutes early to register. To access the call, please dial 1-83 inside the U.S. or 1-41 outside of the U.S. and ask for the Par Pacific call. The acquisition also includes a long-term ExxonMobil-branded fuels marketing arrangement to supply approximately 300 retail locations.Ī conference call to discuss the acquisition is scheduled for Friday, Octoat 9:00 a.m. Total storage capacity across the refinery and logistics locations totals 4.1 MMbbls. The logistics assets include the wholly-owned 70-mile, 55,000 bpd Silvertip Pipeline, a 40% interest in the 750-mile, 65,000 bpd Yellowstone refined products pipeline, and seven refined product terminals. In addition to the refining assets, the transaction includes a 65% interest in an adjacent cogeneration facility and an expansive PADD IV & V marketing and logistics network. Par Pacific is evaluating renewable fuels opportunities to supplement the refinery’s conventional fuel production and utilize its existing market position in Washington to reduce the carbon intensity of its fuel sales in accordance with the recently enacted Washington low-carbon fuel standard. The 63,000 bpd Billings refinery is a high-conversion, complex refinery, which processes low-cost Western Canadian and regional Rocky Mountain crude oil grades. This acquisition expands our fully integrated downstream network in the western United States.” “We look forward to welcoming the dedicated and highly skilled Billings employees to our team. William Pate, President and Chief Executive Officer of Par Pacific. “This acquisition will significantly enhance our scale and geographic diversification and underpins our focus on pursing strategic growth initiatives,” said The transaction is expected to be immediately accretive to Adjusted Net Income and Free Cash Flow per share and is expected to close in the second quarter of 2023, subject to customary closing conditions. Hydrocarbon inventory is expected to be financed by a new working capital facility. Par Pacific expects to fund the acquisition with cash on hand and availability under existing credit facilities, based on liquidity of approximately $495 million on September 30, 2022. (NYSE: PARR) (“Par Pacific”) today announced that it has signed a definitive agreement to acquire the 63,000 bpd Billings refinery and associated marketing and logistics assets (collectively, the “Billings Assets”) from ExxonMobil Corporation and two of its subsidiaries for a base purchase price of $310 million, plus hydrocarbon and other inventory to be valued at closing. 20, 2022 (GLOBE NEWSWIRE) - Par Pacific Holdings, Inc.
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