Porter Hedges Represents Par Pacific Holdings in Closing its Acquisition of ExxonMobil’s Billings Refinery and Associated Assets
Porter Hedges represented Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific") in connection with the closing of its previously announced acquisition of the Billings refinery and associated marketing and logistics assets (the “Billings Acquisition”) from ExxonMobil Corporation and two of its subsidiaries. The base purchase price of $310 million, including $30 million Par Pacific funded at signing, was paid with cash on hand, and hydrocarbon inventory associated with the Billings Acquisition was primarily financed by the company’s ABL credit facility.
Going forward, the refinery and logistics business will be known as Par Montana.
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.