Par Pacific to acquire ExxonMobil's Billings refinery and logistics assets for $310M base purchase price

PAR PACIFIC HOLDINGS, INC.

Base purchase price $310M plus hydrocarbon inventory valued at closing; funded by cash on hand and existing credit lines ($495M liquidity at 9/30/22).
Billings refinery capacity 63,000 bpd; total throughput capacity increases to ~218,000 bpd, expanding geographic diversification.
Expects over $30M in commercial and cost synergies; transaction immediately accretive to Adjusted Net Income and Free Cash Flow per share.
Assets include 65% cogeneration interest, 70-mile Silvertip Pipeline (55k bpd), 40% of Yellowstone pipeline (750-mile, 65k bpd), seven terminals, 4.1 MMbbls storage.
Expected close Q2 2023 subject to customary conditions including HSR waiting period; long-term ExxonMobil-branded fuels marketing arrangement for ~300 retail locations.

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