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

HOUSTON, June 01, 2023 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) today 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. The base purchase price of $310 million, including $30 million Par 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.