(NYSE: PARR), headquartered in Houston, Texas, owns and operates market-leading energy, infrastructure and retail businesses. “We look forward to working with our talented new team members on identifying and executing these projects.” About Par Pacific “We are focused on small-scale projects to improve throughput and reliability at the Billings refinery to increase rates closer to nameplate capacity,” said The Billings Acquisition enhances the company’s existing Pacific Northwest market position. Par Pacific is evaluating renewable fuels opportunities to supplement the Billings refinery’s conventional fuel production and utilize its existing market position in Washington to reduce the carbon intensity of its fuel sales in accordance with the recently enacted Washington low-carbon fuel standard. Further, Par Pacific will supply approximately 250 Exxon and Mobil branded retail locations as part of the arrangement with ExxonMobil. Total storage capacity across the refinery and logistics locations totals 4.1 million barrels. The logistics assets include the wholly owned 70-mile, 55,000 bpd Silvertip Pipeline, a 40% interest in the 750-mile, 65,000 bpd Yellowstone refined products pipeline, and four wholly owned and three joint venture refined product terminals located in Montana and Washington. The transaction also includes a 65% interest in an adjacent cogeneration facility and an expansive PADD IV & V marketing and logistics network. The Billings, MT refinery is a 63,000 barrel per day (bpd) high-conversion, complex facility that processes low-cost Western Canadian and regional Rocky Mountain crude oil. We expect the transaction to be immediately accretive to our earnings and cash flow.” “This acquisition significantly enhances our scale and geographic diversification. “We are extremely pleased to close the Billings Acquisition and welcome the Par Montana team to Par Pacific,” said Going forward, the refinery and logistics business will be known as Par Montana. The base purchase price of $310 million, including $30 millionPar Pacific funded at signing, was paid with cash on hand, and hydrocarbon inventory associated with the Billings Acquisition was primarily financed by the company’s ABL credit facility. (NYSE: PARR) (“Par Pacific”) announced that it has successfully closed its previously announced acquisition of the Billings refinery and associated marketing and logistics assets (the “Billings Acquisition”) from ExxonMobil Corporation and two of its subsidiaries. Our highly trained and experienced staff is service oriented and will handle the most complex transportation needs.June 2, 2023- Par Pacific Holdings, Inc. We also boast an in-house logistics broker to ensure your loads are covered and on time.Ĭorcoran Trucking, Inc., and Corcoran Logistics, LLC, provide solutions to balance our available equipment with current customer needs. We strive to deliver solutions based on business demands, with full service reefer and flatbed divisions. Since 1965, our priority has been to provide excellent customer service. Over the years, Corcoran Trucking, Inc., has grown with diversity to handle the needs of our customers. Our customers have recognized we are committed to top-notch service and they have rewarded us with steady business. While the economy continues to be a challenge for all businesses, Corcoran Trucking has increased its fleet size by staying true to its mission: to be the industry leader in honesty and premier service. Corcoran Trucking, Inc., is based in Billings, Montana, with operations reaching from the wide open frontier of Alaska to the Bakken Oilfields of North Dakota, and across the stretch of the lower 48 states.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |