Par Pacific to exit Colorado natural gas investment for $146M
Thu, August 27, 2026 at 12:05 PM GMT+3 2 min read
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Dive Brief:
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Par Pacific Holdings has agreed to sell its stake in Laramie Energy, a natural gas exploration and production company in western Colorado, according to a Tuesday announcement.
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Par Pacific, which owns a 46% noncontrolling stake in Laramie, expects to receive about $146 million of the transaction consideration and could get up to $30 million more in earn-out payments, according to the announcement. The exit stems from Laramie's agreement to sell most of its assets to an undisclosed buyer for $485 million.
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Par Pacific has characterized Laramie as a non-core asset. A spokesperson did not respond by press time when asked whether the company plans to divest additional non-core assets as it focuses on its refining and retail operations.
Dive Insight:
Par Pacific has boosted its stake in Laramie over the years, and in its latest annual report, the company said the exploration and production firm diversified its business and offered potential for value realization. The transaction is expected to close by the end of 2026, according to Wednesday's announcement.
A spokesperson did not respond by press time when asked to identify the buyer of Laramie's assets or provide additional details about the transaction.
If the transaction closes, Par Pacific could use the proceeds to support its refining business or enhance its convenience store network, which includes about 120 convenience and fueling sites across Idaho, Washington and Hawai'i operating under the Hele, Nomnom and 76 banners. Earlier this year, Par Pacific said it was investing in remodeling several convenience stores in Hawai'i over the coming years.
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