Par Pacific set to exit Laramie Energy investment
Laramie Energy has agreed to sell most of its oil and gas assets for up to $550 million, with Par Pacific expected to receive approximately $146 million from the transaction.
Par Pacific Holdings announced that Laramie Energy, a company in which it holds a 46% non-controlling ownership stake, has entered into a definitive agreement to sell substantially all of its oil and gas assets to an undisclosed third-party buyer.
The transaction is valued at $485 million in cash, including a deferred payment of $60 million due five years after closing. Laramie Energy may also receive up to $65 million in additional earn-out payments tied to future price conditions during the five years following the deal's completion.
Following debt repayments, closing adjustments and transaction-related fees, Par Pacific expects to receive approximately $146 million from the sale, including about $27.5 million in deferred proceeds payable on the fifth anniversary of the closing date. The company could also receive up to an additional $30 million through the earn-out mechanism.
The sale will mark Par Pacific’s exit from its investment in Laramie Energy, which operates in the upstream oil and gas sector. The transaction is expected to close by the end of 2026, subject to regulatory approvals and customary closing conditions.
