Par pacific announces acquisition of exxonmobil billings refinery and associated marketing and logistics assets

Houston, oct. 20, 2022 (globe newswire) -- par pacific holdings, inc. (nyse: parr) (“par pacific”) today announced that it has signed a definitive agreement to acquire the 63,000 bpd billings refinery and associated marketing and logistics assets (collectively, the “billings assets”) from exxonmobil corporation and two of its subsidiaries for a base purchase price of $310 million, plus hydrocarbon and other inventory to be valued at closing. par pacific expects to fund the acquisition with cash on hand and availability under existing credit facilities, based on liquidity of approximately $495 million on september 30, 2022. hydrocarbon inventory is expected to be financed by a new working capital facility. the transaction is expected to be immediately accretive to adjusted net income and free cash flow per share and is expected to close in the second quarter of 2023, subject to customary closing conditions.
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