Porter Hedges represented Par Pacific Holdings, Inc. ("Par Pacific") in the entry into an agreement to acquire the stock of Hermes Consolidated, LLC (dba Wyoming Refining Company) for approximately $271 million.
Wyoming Refining Company owns and operates the 18,000 barrels per day (bpd) Newcastle, Wyoming refinery and related logistics assets. The acquisition, which is expected to close in mid-July 2016, will establish a downstream presence for Par Pacific in the Rocky Mountains. (Update: The transaction closed on July 14, 2016. See details here.)
Par Pacific Holdings, Inc., based in Houston, Texas, is a growth-oriented company that manages and maintains interests in energy and infrastructure businesses. The business is organized into three primary segments of refining, retail and logistics located in Hawaii. Par Pacific also owns an equity investment in Laramie Energy, LLC, a joint venture entity focused on producing natural gas in Garfield, Mesa and Rio Blanco Counties, Colorado. In addition, Par Pacific transports, markets and distributes crude oil from the Western United States and Canada to refining hubs in the Midwest, Gulf Coast, East Coast and to Hawaii.
The Porter Hedges team included James Cowen, Nick Nicholas, Joyce Soliman, Brian Rose, Craig Bergez, Kevin Poli, Beverly Young, Adam Nalley, Lauren Hunt, Shayla Friesen, Nickie Tran, Allison Wilbanks, and Emily Ashby.
For additional information, please see the Par Pacific press release here.