Par Pacific Holdings, Inc. (NYSE: PARR) has announced a new intermediation financing agreement between its subsidiary, Par Hawaii Refining, LLC, and Citigroup Energy Inc. This agreement involves the purchase and delivery of crude oil to Par Hawaii for use at its refinery in Kapolei, Hawaii. The company also terminated its previous supply and offtake agreement with J. Aron & Company LLC.
Moreover, Par Pacific confirmed an increase in lender commitments under its existing asset-based revolving credit facility (ABL) to up to $1.4 billion. This increase is primarily due to the addition of certain collateral assets in Hawaii, including refined product inventory and accounts receivable.
These changes became effective on May 31, 2024, marking a significant shift in the company's financing and supply arrangements.
Par Pacific Holdings, Inc. is a growing energy company providing both renewable and conventional fuels to the western United States. It owns and operates 219,000 barrels per day of combined refining capacity across four locations in Hawaii, the Pacific Northwest, and the Rockies. Additionally, the company operates the Hele retail brand in Hawaii and the "Nomnom" convenience store chain in the Pacific Northwest. Furthermore, Par Pacific owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in western Colorado. Today the company's shares have moved -1.7% to a price of $25.0. Check out the company's full 8-K submission here.
