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  • Par Pacific Holdings to Acquire Wyoming Refining and Related Logistics Assets
    édité le 15/06/2016 - Plus de news de "Par Pacific" - Voir la fiche entreprise de "Par Pacific"


Par Pacific Holdings to Acquire Wyoming Refining and Related Logistics Assets
Par Pacific Holdings, Inc. ("Par Pacific") announced that it has entered into a definitive agreement to acquire Hermes Consolidated, LLC (dba Wyoming Refining Company) for approximately $271.4 million, including the assumption of $58 million of indebtedness. No additional consideration will be paid for the working capital associated with the operations. Wyoming Refining owns and operates the 18,000 barrels per day (bpd) Newcastle, Wyoming refinery and related logistics assets. The transaction is expected to close in mid-July 2016, subject to customary closing conditions and regulatory approvals.

"This acquisition fits perfectly with our previously disclosed acquisition strategy by utilizing our tax attributes and capital sources to build on our refining and logistics capabilities," said William Pate, Par Pacific's President and Chief Executive Officer. "The refinery enjoys attractive crude oil sourcing given its proximity to robust Powder River Basin production, pipeline connectivity to a niche refined products market, and a gasoline-oriented yield in a market with significant summer gasoline needs. The logistics infrastructure provides strategic access to crude and refined products markets, which we expect will generate stable cash flows and contribute to our Logistics segment profitability."

The Wyoming Refining facility is highly-efficient, with a Nelson Complexity Index of 11.0,1 and is strategically configured to meet the transportation fuel needs of the primary marketing regions in Wyoming and South Dakota. Wyoming Refining increased its processing capacity to 18,000 barrels per day (bpd) in November 2015 with the addition of new prefrac and crude units. Over the past four years, Wyoming Refining has invested approximately $85 million in new assets and upgrades. The refinery business is expected to generate approximately $40 million of annual Adjusted EBITDA, based on current forward crack spreads and the logistics operations are expected to consistently generate approximately $10 million of annual Adjusted EBITDA.2

In addition to the refining assets, the transaction includes the 140-mile Thunder Creek crude oil gathering system in northeast Wyoming that sources crude oil from the Powder River Basin. The Thunder Creek gathering system is also connected to the Butte pipeline, which allows Wyoming Refining to directly access Bakken crude from North Dakota. The transaction also includes a 40-mile clean products pipeline system that serves the Rapid City markets through the Magellan Products pipeline, two truck racks, a proprietary jet fuel terminal in Rapid City and a jet fuel pipeline that connects Wyoming Refining's proprietary aviation fuel terminal to Ellsworth Air Force Base.

The Thunder Creek gathering system is located within 20 miles of major drilling and development areas in the Powder River Basin, where production has increased more than 200% since 2011. With proximity to this growing resource base, discounted crude oil relative to WTI is a key benefit to Wyoming Refining.

One of Wyoming Refining's primary downstream markets is the Rapid City, South Dakota metropolitan area with a population of approximately 135,000. With several national parks and monuments in the area, this region is a major summer tourist destination that attracts millions of visitors annually.

Evercore acted as financial advisor to Black Elk Refining, LLC, the owner of Wyoming Refining.

About Par Pacific Holdings, Inc.

Par Pacific Holdings, Inc. (NYSE MKT: PARR), based in Houston, Texas, is a growth-oriented company that manages and maintains interests in energy and infrastructure businesses. Our 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.


Origine : Communiqué Par Pacific

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