Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) announced a new, crude-only intermediation financing agreement (the “Intermediation Agreement”) between its subsidiary Par Hawaii Refining, LLC (“Par Hawaii”) and Citigroup Energy Inc. (“Citi”). Pursuant to the Intermediation Agreement, Citi will purchase and deliver crude oil to Par Hawaii for use at its refinery located in Kapolei, Hawaii. Par Pacific also announced the termination of the Second Amended and Restated Supply and Offtake Agreement between J. Aron & Company LLC (“J. Aron”) and Par Hawaii.

The new Intermediation Agreement and the termination of Par Pacific’s previous intermediation financing facility with J. Aron each became effective on May 31, 2024.

Baker Botts represents Par Hawaii in connection with these transactions.

Par Pacific is a Houston-based American oil and gas exploration and production company that owns and operates market-leading energy and infrastructure business in logistically complex markets.

Par Pacific’s press release regarding the Intermediation Agreement can be found here.

Baker Botts Lawyers/Offices Involved:

Project Finance: John Papaspanos (Partner, New York), Nikolai Gryzunov (Associate, New York), Eleana Kartali (Foreign Associate, Washington, DC) and Shelby Ward (Associate, New York)

Project Development: Kyle Doherty (Senior Associate, Houston)

Tax: Jon Lobb (Partner, Houston), Renn Neilson (Partner, Houston), Derek Young (Special Counsel, New York) and Jordan Hahn (Senior Associate, Dallas)

Derivatives: Elaine Walsh (Partner, Washington, D.C.)

Litigation: Louis Layrisson (Partner, Houston)

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