Porter Hedges represented Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) in connection with the closing of its agreement with Island Energy Services (“IES”) to acquire certain refining units for $45 million following IES’ announcement to cease its refining operations. The transaction will also include additional amounts for the acquisition of certain hydrocarbon and non-hydrocarbon inventory. Par Pacific announced the deal on August 29.
The refining units, which are located near Par’s current Kapolei refinery, will be utilized by Par Pacific to supplement its existing operations in supplying IES so that IES may fulfill its existing contractual obligations with Hawaiian Electric Company, Maui Electric Company, Hawaii Electric Light Company and Kauai Island Utility Cooperative.
The Porter Hedges team included James Cowen, Joyce Soliman, Kevan Richards, Ben Rajabi, Adam Nalley, Emily Ashby and Joe Laurel. Craig Bergez, Brian Rose, David Martin, Thomas Boyd and Beverly Young also provided assistance on the transaction.
Par Pacific Holdings, Inc., based in Houston, Texas, owns, manages and maintains interests in energy and infrastructure businesses. Par Pacific's strategy is to identify, acquire and operate energy and infrastructure companies with attractive competitive positions.
For additional information, please see the Par Pacific press release here.