Porter Hedges Represents Par Pacific Holdings in $310M Acquisition of ExxonMobil Billings Refinery and Associated Assets

Media Mention
10.24.2022

Porter Hedges represented Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific") in connection with the acquisition of the 63,000 bpd Billings refinery and associated marketing and logistics assets from Exxon Mobil Corporation and two of its subsidiaries for a base purchase price of $310 million, plus hydrocarbon and other inventory to be valued at closing. The transaction is expected to close in the second quarter of 2023, subject to customary closing conditions.

The Billings refinery is a high-conversion, complex refinery that processes low-cost Western Canadian and regional Rocky Mountain crude oil grades. 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. 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. Total storage capacity across the refinery and logistics locations totals 4.1 MMbbls. The acquisition also includes a long-term ExxonMobil-branded fuels marketing arrangement to supply approximately 300 retail locations.

Par Pacific, headquartered in Houston, Texas, owns and operates market-leading energy, infrastructure, and retail businesses. Its strategy is to acquire and develop businesses in logistically complex, niche markets.

For additional information, please see the Par Pacific press release here.

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