Par Pacific Holdings Completes $55 Million Investment in Laramie Energy
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Par Pacific Holdings, Inc. completed its $55 million investment in Laramie Energy, LLC on March 1, 2016. Simultaneously, Laramie completed its acquisition of certain properties in the Piceance Basin for $157.5 million. With the completion of the acquisition and related financing, Par Pacific’s ownership interest in Laramie increased from 32.4 percent to 42.3 percent.
Pro forma for the completion of the acquisition, Laramie’s production profile as of December 31, 2015 was 139.4 million cubic feet equivalent per day (MMcfed) across more than 121,000 net acres. Laramie has hedged 90 percent of existing gas production through December 2018 in order to protect cash flows against commodity price declines.
About Par Pacific Holdings, Inc.
Par Pacific Holdings, Inc., headquartered in Houston, Texas, is a growth-oriented company that manages and maintains interests in energy related assets. Par Pacific, through its subsidiaries, owns and operates a 94 Mbpd refinery with related logistics and retail network in Hawaii. Par Pacific owns an equity investment in Laramie Energy, LLC (formerly Piceance Energy, LLC), which has natural gas production and reserves located in the Piceance Basin of Colorado. In addition, Par Pacific also 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.
To stop by Par Pacific’s website, CLICK HERE
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