Par Pacific Completes Acquisition of ExxonMobil Billings Refinery and Related Upper Rockies Logistics Assets

HOUSTON, June 01, 2023 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (NYSE: PARR)

Par Pacific Holdings, Inc. has announced the successful completion of its acquisition of the Billings refinery and associated marketing and logistics assets from ExxonMobil Corporation and two of its subsidiaries. The purchase price for this acquisition was $310 million.

The Billings refinery, located in Montana, is a key asset for Par Pacific as it expands its footprint in the Upper Rockies region. The acquisition also includes logistics assets that will enhance Par Pacific’s capabilities in the area.

Impact on Me

As a consumer in the Upper Rockies region, this acquisition could potentially have a positive impact on me. With Par Pacific taking over the Billings refinery, there may be improvements in the supply and pricing of petroleum products in the area. This could result in increased competition and potentially lower prices for consumers like me.

Impact on the World

On a larger scale, this acquisition could have implications for the global energy market. As Par Pacific expands its presence in the Upper Rockies region, it may have an influence on regional supply and demand dynamics. This could, in turn, impact global energy prices and market trends.

Conclusion

The completion of the acquisition of the Billings refinery by Par Pacific Holdings, Inc. marks an important milestone for the company as it strengthens its position in the Upper Rockies region. The impact of this acquisition on both local consumers and the global energy market remains to be seen, but it is clear that Par Pacific is positioning itself for growth and success in the industry.