Par Pacific Holdings Inc (PARR) News & EventsPARRPar Pacific Holdings Inc

Par Pacific Enters Agreement to Sell Laramie Energy Assets for $485M

Par Pacific announced that Laramie Energy, in which the company owns a 46% non-controlling ownership interest, entered into a definitive agreement with a third-party purchaser to sell substantially all of its oil and gas assets to the Purchaser for $485M in cash (of which $60M is payable on the fifth anniversary of the closing date), subject to working capital and other customary closing date adjustments. The Seller is also eligible to receive potential price-contingent earn-out payments from the Purchaser of up to an additional $65M in the aggregate following the first through fifth anniversaries of the closing date. In connection with the closing of the Transaction, net of Seller debt repayment and closing adjustments and fees, the company (a) expects to receive approximately $146M of the Transaction consideration (of which approximately $27.5M is payable on the fifth anniversary of the closing date) and is eligible to receive up to approximately $30M of the earn-out payments, and (b) will exit its investment in Laramie Energy. The transaction is expected to close by the end of 2026, subject to regulatory approvals and the satisfaction of customary closing conditions

Company Reports Q2 Revenue of $2.97B

Reports Q2 revenue $2.97B, consensus $2.4B. "Our second quarter financial results reflect strong operational and commercial execution in a constructive market," said Will Monteleone, President and Chief Executive Officer. "With our annual turnaround maintenance substantially complete, we are well positioned to capitalize on the current favorable margin environment."

Q1 Revenue Reaches $1.82B, Exceeding Consensus

Reports Q1 revenue $1.82B, consensus $1.77B. "Our continued focus on reliability and commercial performance through market cycles enabled strong first quarter results," said Will Monteleone, President and CEO. "During April, the Hawaii renewable fuels facility successfully achieved commercial operations, a major milestone for the project. Our outlook is strong and we are well positioned to capitalize on the elevated margin environment across our system."