US Market News
3週前
180 Million Barrels Of Oil Sands, A 5,000 BPD Permitted Nevada Refinery, And A New Multi-Party SAF Collaboration Just Stacked Onto The U.S. Domestic Refining Capacity ConversationMay 29, 2026 8:56 AM
PR Newswire (US) Issued on behalf of Sky Quarry Inc.As Western U.S. refining capacity continues to consolidate, Brent crude trades in the ~$95.00 range, and the Trump administration prioritizes domestic refining under Presidential Determinations, one integrated energy and resource recovery company has positioned itself directly at the intersection of feedstock, infrastructure, and policy.USA News Group News CommentaryWOODS CROSS, Utah, May 29, 2026 /PRNewswire/ -- U.S. domestic refining capacity has entered a structurally tight phase. West Coast refining capacity has continued to shrink, the Q1 2026 earnings cycle for major U.S. refiners confirmed disciplined demand and tight margin discipline across the complex, and the Trump administration's Presidential Determinations on domestic refining capacity under the Defense Production Act have placed strategic priority on U.S.-based refining infrastructure. Inside that landscape, Sky Quarry, Inc. (NASDAQ: SKYQ), Valero Energy Corporation (NYSE: VLO), HF Sinclair Corporation (NYSE: DINO), Par Pacific Holdings, Inc. (NYSE: PARR), and Delek US Holdings, Inc. (NYSE: DK) collectively span the spectrum from emerging vertically integrated upstream-downstream operator to large-scale U.S. refining-and-marketing major. Sky Quarry, Inc. (NASDAQ: SKYQ), an integrated energy and resource recovery company, has used the first half of 2026 to sequence a series of strategic announcements positioning the Company directly at the intersection of feedstock availability, U.S. refining capacity, and emerging low-carbon fuel pathways. On May 7, 2026, Sky Quarry executed a non-binding multi-party Memorandum of Understanding with Southern Energy Renewables, Inc. (a U.S.-based developer of carbon-negative fuels and large-scale biomass-to-Sustainable Aviation Fuel platforms) and DevvStream Corp. (a technology-driven environmental markets and carbon management company). The MOU has an initial three-year term and establishes a strategic collaboration focused on fuel innovation, refinery integration, and low-carbon fuel development.The collaboration targets pilot-scale validation of SAF, specialty fuels, and recycled-hydrocarbon blends at Sky Quarry's PR Spring oil sands asset in Utah — a resource the Company has disclosed at approximately 180 million barrels of oil — alongside technology upgrades at the Foreland Refinery in Nevada. The integrated pathway provides Sky Quarry access to carbon management, environmental attributes, and commercialization pathways across both the conventional refining and SAF sides of the U.S. fuel supply environment. Section 45Z Production Tax Credit framework on the SAF side and Defense Production Act policy on the conventional side together describe the most supportive operating environment U.S. integrated refining operators have seen in recent memory.Earlier in the quarter, on April 29, 2026 (with an expanded version released on May 4, 2026), Sky Quarry announced a Request for Proposals (RFP) to engage partners seeking to accelerate development and commercialization of the approximately 180 million barrels of oil at the PR Spring asset. The RFP includes potential integration of PR Spring heavy oil production directly into the Foreland Refinery — creating a vertically integrated upstream-to-downstream pathway from Utah feedstock to Western U.S. finished products. The Company has also issued a separate RFP to monetize 7 megawatts of installed surplus turbine generation at the same site, providing additional commercial flexibility around the underlying infrastructure base.The Foreland Refinery operates at 5,000 barrels per day of permitted capacity — a scarce, fully permitted, and recently upgraded asset inside a constrained Western U.S. fuel market. On January 27, 2026, Sky Quarry announced the completion of high-impact system upgrades at Foreland, unlocking strategic value across the refinery's 5,000 BPD permitted capacity. The Company's broader strategic growth plan, announced in 2025, targets up to 800,000 barrels of annual sustained production at Foreland — providing the operational scale-up roadmap for the integrated upstream-and-downstream model the Company is now executing against.Sky Quarry's positioning within the U.S. domestic refining capacity — reinforced by the April 23, 2026 press release citing the Trump administration's Presidential Determinations on domestic refining capacity under the Defense Production Act — places the Company at the intersection of the energy security policy framework now being deployed at the federal level. The combination of permitted refinery infrastructure, 180 million barrels of in-place feedstock, multi-party SAF collaboration, and Defense Production Act policy alignment provides the structural framework within which Sky Quarry's integrated platform is being evaluated. For more company information, visit USA News Group.In other industry developments and happenings in the market include:Valero Energy Corporation (NYSE: VLO) — among the largest independent petroleum refiners and marketers in the world — has continued to leverage tight U.S. refining margin economics through Q1 2026. The Company's portfolio of refineries across the U.S. Gulf Coast, mid-continent, West Coast, and Atlantic Coast provides the scale reference for what large-cap U.S. refining-and-marketing operations look like inside the current Western fuel supply environment. Recent quarterly results continued to reflect disciplined refining margin capture across the cycle.Valero's continued scale advantage and refining margin discipline provides the institutional reference for U.S. refining sector performance — and reinforces the structural premium attaching to permitted refining capacity inside the current Defense Production Act prioritization framework. Across the U.S. refining complex, the procurement environment continues to favor operators with established, permitted, and operationally upgraded refining infrastructure.HF Sinclair Corporation (NYSE: DINO) — formed via the 2022 merger of HollyFrontier and Sinclair — has continued to operate one of the larger integrated U.S. refining and marketing platforms through Q1 2026. The Company's refineries across the mid-continent and Rocky Mountain regions, combined with the Sinclair-branded retail network, provide diversified margin capture across the U.S. fuel supply chain.HF Sinclair's integrated refining-and-marketing model and continued operational platform discipline through 2026 reinforces the structural relevance of regional refining infrastructure inside the broader U.S. fuel supply environment. The Company's continued investment in renewable diesel and lower-carbon fuel pathways provides additional architectural reference for the integrated conventional-and-low-carbon strategy that mid-sized U.S. refiners are increasingly deploying.Par Pacific Holdings, Inc. (NYSE: PARR) operates refining assets in Hawaii, Wyoming, Montana, and Washington — making it one of the more geographically diversified mid-tier U.S. independent refiners. Par Pacific's positioning at the intersection of constrained regional markets (particularly Hawaii and the Pacific Northwest) has reinforced the strategic relevance of its refining footprint inside the tightening Western U.S. fuel supply environment through 2026.Par Pacific's regional refining concentration — particularly in Western and Pacific markets — provides direct reference for the structural value of permitted Western refining infrastructure. The Company's operating discipline and continued reinvestment in refining capacity reinforces the broader procurement environment thesis: Western U.S. refining capacity is structurally constrained, and operators with permitted, operationally upgraded assets are commanding strategic value.Delek US Holdings, Inc. (NYSE: DK) operates refining assets in the U.S. Gulf Coast and mid-continent regions, alongside a retail and logistics platform. The Company's Q1 2026 earnings cycle reinforced the broader U.S. refining sector observation: tight global capacity, disciplined demand, and structurally supported refining margins are providing the operating environment within which mid-sized U.S. independent refiners are operating.Delek's continued operational platform and disciplined capital allocation through 2026 provides the additional reference for U.S. independent refining performance inside the current cycle. Across the broader U.S. independent refining complex, the structural premium attaching to permitted refining capacity — combined with the Defense Production Act prioritization framework — continues to reinforce the institutional engagement around U.S.-based integrated refining-and-feedstock operations of all scales.Across the comparable set, the message is consistent: U.S. domestic refining capacity is constrained, Western fuel supply is tightening, and federal policy is actively reinforcing the strategic value of permitted refining infrastructure. Sky Quarry's May 7 multi-party MOU with Southern Energy Renewables and DevvStream, the April–May RFP for the 180-million-barrel PR Spring oil sands asset, the January 2026 Foreland refinery upgrades completion, and the April 23 Defense Production Act positioning collectively place the Company at the integrated upstream-and-downstream intersection inside the broader U.S. refining capacity priority. For investors building exposure to the U.S. domestic refining and energy security cycle, SKYQ deserves a closer look.CONTINUED… Read this and more news for Sky Quarry Inc. at: https://usanewsgroup.com/skyq-landing.Logo: https://mma.prnewswire.com/media/2838876/USA_News_Group_Logo.jpgCONTACT:
USA News Group
info @therooster-2873Article Sources:[1] https://www.stocktitan.net/news/SKYQ/sky-quarry-enters-strategic-multi-party-mou-to-advance-next-3x4zih3h99i6.html
[2] https://www.prnewswire.com/news-releases/180-million-barrels-of-utah-oil-sands-resource-under-development-by-sky-quarry-302769254.html
[3] https://www.globenewswire.com/news-release/2026/05/12/3293082/0/en/The-Unlikely-Intersection-of-America-s-Only-Nevada-Refinery-and-Sustainable-Aviation-Fuel.html
[4] https://www.valero.com/news
[5] https://hfsinclair.com/news
[6] https://www.parpacific.com/news
[7] https://www.delekus.com/newsDISCLAIMER:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed by USA News Group on behalf of Market IQ Media Group Inc. ("MIQ"). Regarding this publication, MIQ has been paid a fee for Sky Quarry, Inc. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of Sky Quarry, Inc., and may liquidate their shares which could have a negative effect on the price of the stock. The owner/operator of MIQ does not currently own shares of Sky Quarry, Inc. but reserves the right to buy and sell, and will buy and sell shares of Sky Quarry, Inc. at any time without any further notice commencing immediately and ongoing. This potential for trading constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this, individuals are strongly encouraged to not use this publication as the basis for any investment decision. Please let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been reviewed and approved on behalf of Sky Quarry, Inc. by CDMG. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Issued on behalf of Sky Quarry, Inc. by USA News Group / Market IQ Media Group, Inc. View original content:https://www.prnewswire.com/news-releases/180-million-barrels-of-oil-sands-a-5-000-bpd-permitted-nevada-refinery-and-a-new-multi-party-saf-collaboration-just-stacked-onto-the-us-domestic-refining-capacity-conversation-302785492.htmlSOURCE USA News Group Original: 180 Million Barrels Of Oil Sands, A 5,000 BPD Permitted Nevada Refinery, And A New Multi-Party SAF Collaboration Just Stacked Onto The U.S. Domestic Refining Capacity Conversation
Enterprising Investor
10年前
Par Pacific Holdings Announces Intent To Launch $50 Million Common Stock Rights Offering (8/15/16)
HOUSTON, Aug. 15, 2016 /PRNewswire/ -- Par Pacific Holdings, Inc. (NYSE MKT: PARR) ("Par Pacific" or the "Company") today announced it intends to launch a registered rights offering on or about August 26, 2016. In the rights offering, each holder of the Company's common stock as of the close of business on the record date of August 25, 2016 will be issued, at no charge, one transferable subscription right for each whole share of common stock owned by that stockholder on the record date.
Each subscription right will entitle the holder thereof to purchase 0.099 of a share of the Company's common stock at $12.25 per whole share (subject to rounding down to avoid the issuance of fractional shares) (the "basic subscription privilege"). The rights offering will also include an oversubscription privilege, which will entitle stockholders who exercise all of their subscription rights in the basic subscription privilege the right to purchase additional shares of the Company's common stock in the rights offering, subject to availability and pro rata allocation of shares among rights holders exercising such oversubscription privilege. No fractional shares of common stock will be issued in the rights offering. The subscription rights will expire if they are not exercised by 5:00 p.m. New York City time on September 14, 2016 (unless extended).
The Company will offer a number of shares of its common stock in the rights offering, inclusive of the over-subscription privilege, representing approximately $50 million of gross proceeds. The Company plans to use the net proceeds from the rights offering to prepay or repay its 2.5% convertible subordinated bridge notes.
The rights offering will be made pursuant to a registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (the "SEC"). The rights offering will be made solely by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, which was filed with the SEC as part of the registration statement. Additional information regarding the rights offering will be set forth in the prospectus.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Par Pacific Holdings
Par Pacific Holdings, Inc., based in Houston, Texas, is a growth-oriented company that manages and maintains interests in energy and infrastructure businesses. Par Pacific's business is organized into three primary segments of refining, retail and logistics. Par Pacific has refining and logistics assets in Hawaii and Wyoming and a retail distribution network in Hawaii. Par Pacific also owns an equity investment in Laramie Energy, LLC, a joint venture entity focused on producing natural gas in Garfield, Mesa and Rio Blanco Counties, Colorado. In addition, Par Pacific transports, markets and distributes crude oil from the Western United States and Canada to refining hubs in the Midwest, Gulf Coast and East Coast. More information is available at www.parpacific.com.
http://www.prnewswire.com/news-releases/par-pacific-holdings-announces-intent-to-launch-50-million-common-stock-rights-offering-300313336.html
Enterprising Investor
12年前
Par Petroleum Corporation Announces Successful Completion of Common Stock Rights Offering and Award of $164 Million Contract with Defense Logistics Agency Energy (8/14/14)
HOUSTON--(BUSINESS WIRE)--Par Petroleum Corporation (NYSE MKT: “PARR”) announced today that its previously announced common stock rights offering was fully subscribed through the exercise of basic subscription and oversubscription privileges, and that Par will issue all 6,364,512 shares of its common stock offered. The subscription period for the rights offering expired at 5:00 p.m., New York City time, on August 13, 2014. The rights offering resulted in gross proceeds, before expenses, to Par of approximately $101.8 million. As previously announced, Par intends to use the proceeds from the rights offering to finance potential acquisitions, including the acquisition of Mid Pac Petroleum, LLC, and for general corporate purposes, including working capital.
Stockholders who exercised their oversubscription privilege will be notified individually as to their allocation of oversubscription shares after final pro-rata results have been calculated, in accordance with the terms disclosed in the prospectus supplement.
Immediately following the completion of the rights offering, Par will have approximately 36,651,426 shares of common stock outstanding.
In addition, Par announced that following a competitive bidding process, its wholly-owned subsidiary, Hawaii Independent Energy, LLC, was awarded a one-year contract valued at $163,945,596 by the Defense Logistics Agency Energy for the supply of aviation turbine fuel in Hawaii. This value equates to approximately 3,500 barrels per day of Jet-A and JP-5 grade jet fuel over the life of the contract.
About Par
Par Petroleum Corporation is a Houston-based company that manages and maintains interests in a variety of energy-related assets. Par is a growth company that looks for acquisitions with strong fundamentals and employees who can move the business forward.
Par, through its subsidiaries, owns and operates a 94,000 bpd refinery located in Hawaii on the island of Oahu. This refinery, together with substantial storage capacity, a 27-mile pipeline system, terminals, and retail outlets, provides a substantial portion of the energy demands of Hawaii.
Par’s largest oil and gas asset is its investment in Piceance Energy, LLC, which owns and operates natural gas reserves located in the Piceance Basin of Colorado.
Par also markets, transports and distributes crude petroleum-based energy products through Texadian Energy. With significant logistics capability on key pipeline systems, a rail car fleet, and a fleet of chartered barge tows, Par believes it has a competitive advantage in moving crude oil efficiently from land locked locations in the Western U.S. and Canada to the refining hubs in the Midwest, the Gulf Coast, and the East Coast.
Par’s charter contains restrictions that prohibit parties from acquiring 5% or more of Par’s common stock without the company’s prior consent.
http://www.businesswire.com/news/home/20140814006209/en/Par-Petroleum-Corporation-Announces-Successful-Completion-Common#.U-980ol0yUk
Enterprising Investor
12年前
Par to Launch Common Stock Rights Offering on July 22, 2014 to Raise Approximately $100 Million (7/21/14)
HOUSTON--(BUSINESS WIRE)--Par Petroleum Corporation (OTCQB: “PARR”) announced today that it intends to launch its previously announced registered rights offering on July 22, 2014. The Company intends to raise approximately $100 million of gross proceeds from the rights offering and plans to use the net proceeds from the rights offering to finance potential acquisitions, including the previously announced pending acquisition of Koko’oha Investments, Inc., and for general corporate purposes, including working capital.
In the rights offering, each holder of the Company’s common stock as of the close of business on the record date of July 21, 2014 will be issued, at no charge, one transferable subscription right for each whole share of common stock owned by that stockholder on the record date. Each subscription right will entitle the holder thereof to purchase 0.21 of a share of the Company’s common stock at $16.00 per whole share (subject to rounding down to avoid the issuance of fractional shares) (the “basic subscription privilege”). The rights offering will also include an oversubscription privilege, which will entitle stockholders who exercise all of their subscription rights in the basic subscription privilege the right to purchase additional shares of the Company’s common stock in the rights offering, subject to availability and pro rata allocation of shares among rights holders exercising such oversubscription privilege. No fractional shares of common stock will be issued in the rights offering. The subscription rights will expire if they are not exercised by 5:00 p.m. New York City time on August 13, 2014 (unless extended).
The rights offering will be made solely by means of a prospectus supplement meeting the requirements of the Securities Act of 1933, as amended, to be filed with the Securities and Exchange Commission (“SEC”) in connection with the Company’s registration statement on Form S-3 which became effective on July 7, 2014. Additional information regarding the rights offering will be set forth in the prospectus supplement to be filed with the SEC.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF PAR PETROLEUM CORPORATION, NOR SHALL THERE BE ANY OFFER, SOLICITATION OR SALE OF SECURITIES IN ANY STATE OR JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE OR JURISDICTION. ANY SUCH OFFER, SOLICITATION OR SALE WILL BE MADE IN COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS.
About Par
Par Petroleum Corporation is a Houston-based company that manages and maintains interests in a variety of energy-related assets. Par is a growth company that looks for acquisitions with strong fundamentals and employees who can move the business forward.
Par, through its subsidiaries, owns and operates a 94,000 bpd refinery located in Hawaii on the island of Oahu. This refinery, together with substantial storage capacity, a 27-mile pipeline system, terminals, and retail outlets, provides a substantial portion of the energy demands of Hawaii.
Par’s largest oil and gas asset is its investment in Piceance Energy, LLC, which owns and operates natural gas reserves located in the Piceance Basin of Colorado.
Par also markets, transports and distributes crude petroleum-based energy products through Texadian Energy. With significant logistics capability on key pipeline systems, a rail car fleet, and a fleet of chartered barge tows, Par believes it has a competitive advantage in moving crude oil efficiently from land locked locations in the Western U.S. and Canada to the refining hubs in the Midwest, the Gulf Coast, and the East Coast.
Forward-Looking Statements
This press release includes information that constitutes forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often address our expected future business and financial performance, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” or “will.” By their nature, forward-looking statements address matters that are subject to risks and uncertainties. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include: our ability to successfully complete the rights offering; our ability to successfully complete the pending acquisition of Koko’oha Investments, integrate it into our operations and realize the anticipated benefits from the acquisition; our ability to identify all potential risks and liabilities in our due diligence of Koko’oha Investments and its business; any unexpected costs or delays in connection with the pending acquisition of Koko’oha Investments; the volatility of crude oil and refined product prices; uncertainties inherent in estimating oil, natural gas and NGL reserves; environmental risks; and risks of political or regulatory changes. In addition, please refer to the risk factors contained in the Company’s SEC filings available at www.sec.gov, including the Company’s most recent Annual Report on Form 10-K, as amended. Because the risks, estimates, assumptions and uncertainties referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof.
Contacts
Investor Relations Contact:
Stonegate Securities, Inc.
Preston Graham, 214-987-4121
preston@stonegateinc.com
http://www.businesswire.com/news/home/20140721005339/en/Par-Launch-Common-Stock-Rights-Offering-July#.U80ZkYlOWUk
Enterprising Investor
12年前
Par Secures Financing for Acquisition (7/11/14)
HOUSTON--(BUSINESS WIRE)--Par Petroleum Corporation (OTCQB: “PARR”) announced today that it had finalized the terms of a $125 million debt facility consisting of a $50 million Term Loan and a $75 million Bridge Loan. The Bridge Loan will provide back-up financing for the Company’s pending acquisition of Koko’oha Investments, Inc. Koko’oha owns Mid Pac Petroleum LLC which distributes gasoline and diesel products throughout Hawaii through more than 80 sites and four terminals.
Bridge and Term Loan Facilities
The Term Loan replaced the Tranche B Loan (approximately $34.5 million outstanding at closing) and increased loan availability to $50 million. The incremental available proceeds of the Term Loan will be used to pay transaction costs related to the financing, to fund deposits due under the merger agreement with Koko’oha, to fund permitted acquisitions (including the acquisition of Koko’oha) and for working capital and other general corporate purposes. The Term Loan will bear interest at the rate of 10% per annum payable in cash or at a rate equal to 12% per annum payable in kind, at the option of the Company, and matures in July 2018.
The proceeds of the Bridge Loan, up to $75 million, will be available in a single draw and may be used by the Company solely to pay the cash consideration required under the merger agreement with Koko’oha and to pay transaction costs related to the credit facilities and the merger agreement. Amounts outstanding under the Bridge Loan will bear interest at 9% per annum until June 30, 2015, payable in kind by adding interest due to the outstanding principal. From and after July 1, 2015, until June 30, 2016, interest will be payable in cash at 11% per annum and will increase every three months thereafter at a rate of .5% per annum; provided that the Company may elect to pay up to 50% of the interest in kind at a rate per annum of .75% in excess of the then applicable cash interest rate. From and after July 1, 2016, interest will be payable in cash at 13% per annum and will increase every three months thereafter at a rate of .5% per annum until maturity. The Bridge Loan will mature (i) if the acquisition does not occur, on July 11, 2015 or (ii) if the acquisition is consummated, on July 11, 2017.
Either credit facility may be prepaid at any time, subject to an exit fee. Both facilities are guaranteed by certain subsidiaries of the Company. The Company has agreed to pay certain fees, including commitment fees and exit fees. The credit agreement requires the Company to comply with various and customary affirmative and negative covenants. However, the Company is not required to comply with any financial maintenance covenants.
Later today, the Company expects to file a Current Report on Form 8-K with the SEC reporting the finalization of the credit facility under Item 2.03. Please see the Form 8-K for additional details.
About Mid Pac
On June 2, 2014 Par Petroleum and a wholly owned subsidiary created for purposes of the acquisition entered into a Merger Agreement with Koko’oha, which owns 100% of Mid Pac Petroleum. Upon consummation of the merger, Mid Pac will become a wholly owned, indirect subsidiary of Par Petroleum. The transaction is expected to close before year end and is currently under regulatory review pursuant to various state and federal antitrust regulations.
Mid Pac distributes gasoline and diesel through over 80 locations across the State of Hawaii primarily under the ’76 brand. Mid Pac will offer HIE access to the Kauai marketplace through Mid Pac’s Kauai terminal and network of 3 retail and 8 card lock sites. In addition, Mid Pac is the fee owner of 22 of the retail sites, 2 terminals and office space in downtown Honolulu.
“The Mid Pac acquisition is a key component of growing our on-island market share and minimizing exports,” said Will Monteleone, Par’s Chief Executive Officer. “In addition, we also believe there are synergies to be achieved by combining HIE’s and Mic Pac’s logistical system and assets.”
Operations Update and Outlook
Par also announced today that its outlook for the second quarter and second half of 2014 has been negatively impacted, predominately by lower than expected crack spreads in the Singapore markets. The Singapore – Brent 4:1:2:1 index averaged $5.23 / bbl during the second quarter of 2014, the lowest level since the fourth quarter of 2010, and was primarily impacted by softer jet fuel pricing and increased crude costs partially driven by geo-political unrest. To the extent these negative trends continue into the second half of the year, we believe our results will be negatively impacted compared to our prior expectations. Although the acquisition of Mid Pac is scheduled to close prior to year end, the expected accretive impact will not be felt until calendar year 2015.
About Par
Par Petroleum Corporation is a Houston-based company that manages and maintains interests in a variety of energy-related assets. Par is a growth company that looks for acquisitions with strong fundamentals and employees who can move the business forward.
Par, through its subsidiaries, owns and operates a 94,000 bpd refinery located in Hawaii on the island of Oahu. This refinery, together with substantial storage capacity, a 27-mile pipeline system, terminals, and retail outlets, provides a substantial portion of the energy demands of Hawaii.
Par’s largest oil and gas asset is its investment in Piceance Energy, LLC, which owns and operates natural gas reserves located in the Piceance Basin of Colorado.
Par also markets, transports and distributes crude petroleum-based energy products through Texadian Energy. With significant logistics capability on key pipeline systems, a rail car fleet, and a fleet of chartered barge tows, Par believes it has a competitive advantage in moving crude oil efficiently from land locked locations in the Western U.S. and Canada to the refining hubs in the Midwest, the Gulf Coast, and the East Coast.
http://www.businesswire.com/news/home/20140711005744/en/Par-Secures-Financing-Acquisition#.U8WY9IlOWUk
Enterprising Investor
12年前
Par Announces Plans to Launch $100 Million Common Stock Rights Offering (7/11/14)
HOUSTON--(BUSINESS WIRE)--Par Petroleum Corporation (OTCQB: “PARR”) announced today that it intends to launch a registered rights offering on or about July 21, 2014. In the rights offering, each holder of the Company’s common stock as of the close of business on the record date of July 21, 2014 will be issued, at no charge, one transferable subscription right for each whole share of common stock owned by that stockholder on the record date. The Company expects that its largest stockholder will subscribe for a number of shares of the Company’s common stock representing its proportionate share of the rights offering.
Each subscription right will entitle a stockholder to purchase a fraction of a share of the Company’s common stock at a subscription price per whole share to be determined prior to the commencement of the rights offering (the “basic subscription privilege”). The rights offering will also include an over-subscription privilege, which will entitle stockholders who exercise all of their subscription rights in the basic subscription privilege the right to purchase additional shares of the Company’s common stock in the rights offering, subject to availability and pro rata allocation of shares among rights holders exercising such over-subscription privilege. No fractional shares of common stock will be issued in the rights offering.
The Company will offer a number of shares of its common stock in the rights offering, inclusive of the over-subscription privilege, representing approximately $100 million of gross proceeds. The Company plans to use the net proceeds from the rights offering to finance potential acquisitions, including the previously announced pending acquisition of Koko’oha Investments, Inc., and for general corporate purposes, including working capital.
The rights offering will be made pursuant to a shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (the “SEC”) and became effective on July 7, 2014. The rights offering will be made solely by means of a prospectus and prospectus supplement meeting the requirements of the Securities Act of 1933, as amended, to be filed with the SEC. Additional information regarding the rights offering will be set forth in the prospectus supplement to be filed with the SEC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Par
Par Petroleum Corporation is a Houston-based company that manages and maintains interests in a variety of energy-related assets. Par is a growth company that looks for acquisitions with strong fundamentals and employees who can move the business forward.
Par, through its subsidiaries, owns and operates a 94,000 bpd refinery located in Hawaii on the island of Oahu. This refinery, together with substantial storage capacity, a 27-mile pipeline system, terminals, and retail outlets, provides a substantial portion of the energy demands of Hawaii.
Par’s largest oil and gas asset is its investment in Piceance Energy, LLC, which owns and operates natural gas reserves located in the Piceance Basin of Colorado.
Par also markets, transports and distributes crude petroleum-based energy products through Texadian Energy. With significant logistics capability on key pipeline systems, a rail car fleet, and a fleet of chartered barge tows, Par believes it has a competitive advantage in moving crude oil efficiently from land locked locations in the Western U.S. and Canada to the refining hubs in the Midwest, the Gulf Coast, and the East Coast.
http://www.businesswire.com/news/home/20140711005708/en/Par-Announces-Plans-Launch-100-Million-Common#.U8WUqYlOWUk
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