Par Pacific announced post-market Tuesday that it will exit its investment in Laramie Energy, which has agreed to sell its oil and gas assets to an unnamed buyer for $485 million in cash. Par Pacific, which owns a 46% interest in Laramie, expects to receive $146 million from the transaction, including $27.5 million payable on the fifth anniversary of the closing date, and is also eligible for up to $30 million in earn-out payments from a potential $65 million in price-contingent earn-outs over the first through fifth anniversaries. The company continues to own and operate 219,000 barrels per day of combined refining capacity across four locations in Hawaii, the Pacific Northwest, and the Rockies, along with an energy infrastructure network including 13 million barrels of storage and marine, rail, rack, and pipeline assets.
Par Pacific Holdings IncPar Pacific to receive $146M from sale of Laramie stake, plus potential earn-outs.
Laramie's assets sold for $485M cash, benefiting its owner Par Pacific.
