Par Pacific Expanding Rockies Refining Capacity in $310M Deal with ExxonMobil

Houston-based Par Pacific Holdings Inc. is snapping up ExxonMobil’s 63,000 b/d Billings, MT, oil refinery and associated assets to expand and diversify its portfolio.

The transaction also is to include hydrocarbons and inventory, which would be valued at closing. 

Par’s total throughput capacity would increase to 218,000 b/d. More than $30 million in commercial and cost synergies also are expected, the company said.

“This acquisition will significantly enhance our scale and geographic diversification, and underpins our focus on pursuing strategic growth initiatives,” said CEO William Pate. “This acquisition expands our fully integrated downstream network in the western United States.”

The Billings refinery is a high-conversion, complex refinery, which processes...