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Last $18.75 USD
Change Today +0.03 / 0.16%
Volume 120.7K
PARR On Other Exchanges
Symbol
Exchange
NYSE Amex
As of 4:15 PM 07/1/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

800 Gessner Road

Suite 875

Houston, TX 77024

United States

Phone: 281-899-4800

Fax:

Par Petroleum Corporation operates as a diversified energy company in the United States. Segments The company operates through three segments: Refining, Distribution and Marketing; Natural Gas and Oil Operations; and Commodity Marketing and Logistics. Refining, Distribution and Marketing segment The Refining, Distribution and Marketing segment consists of a refinery in Kapolei, Hawaii. The refinery produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel and other associated refined products primarily for consumption in Hawaii. The refinery's major processing units include crude distillation, vacuum distillation, visbreaking, hydrocracking, hydrotreating, and naphtha reforming units, which produce ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, and other associated refined products. Crude oil is transported to Hawaii in tankers, which discharge through its single-point mooring, approximately 2 miles offshore from the refinery. The company’s three underwater pipelines from the single-point mooring allow crude oil and refined products to be transferred to and from the refinery. Crude oil is received into the refinery tank farm, which consists of 2.4 million barrels of total crude storage. Following crude receipt, the company processes the crude through the conversion units into refined products and stores the material within the refinery’s 2.5 million barrels of refined product tankage. From the refinery gate, the company distributes refined products through its logistics network throughout the Island of Oahu and the neighboring islands of Maui, Hawaii and Kauai. The company’s logistics network on Oahu consists of a wholly-owned and operated pipeline network that transports refined products from its refinery to delivery locations. The majority of its Oahu refined product volumes are distributed through the Honolulu Products Pipeline to its leased and operated Sand Island terminal, Honolulu International Airport, interconnections to Navy and Air Force fuel facilities, and a third-party terminal in Honolulu Harbor. In addition to the Honolulu Products Pipeline, the company owns four proprietary pipelines connecting its refinery to Kalaeloa Barbers Point Harbor, approximately 3 miles from the refinery. The four pipelines deliver refined products to barges for distribution to the neighboring islands or export, interconnect with the other local refinery, the local utility pipeline and storage network and another third-party terminal on the west side of Oahu. The Oahu pipeline network is configured to be bidirectional, allowing for both delivery and receipt of products. The company also operates a proprietary trucking business on Oahu to distribute gasoline and road diesel to the final point of sale. The company distributes its products through three main channels: retail, wholesale, and bulk. The company’s retail distribution network includes 31 Tesoro branded retail sites, 1 cardlock facility, 5 sites operated by third parties, and 25 company operated convenience stores. The company has in place a Supply and Exchange Agreement with Barclays Bank, PLC (Barclays) that allows the company to finance its hydrocarbon inventories. The company has a Trademark License Agreement with Tesoro Corporation granting the company the right to use certain trademarks, color marks, and miscellaneous designs at its retail sites. Natural Gas and Oil segment The company’s natural gas and oil assets are non-operated and are concentrated in its 33.34% ownership of Piceance Energy, LLC (Piceance Energy), a joint venture entity operated by Laramie Energy II, LLC (Laramie) and focused on producing natural gas in Garfield and Mesa counties, Colorado. In addition, the company owns non-operated interests in Colorado and offshore California and overriding royalty interests in New Mexico. The company’s interests are heavily weighted towards natural gas and natural gas liquids. The company also owns other non-operated positions in producing and non-producing natural gas and oil interests, undeveloped leasehold interests and related assets in Colorado and New Mexico, and interests in a producing federal unit offshore California. The company’s natural gas and oil operations primarily consist of activities related to its minority interest in Piceance Energy. Commodity Marketing and Logistics segment The Commodity Marketing and Logistics segment focuses on sourcing, marketing, transporting, and distributing crude oil and refined products. The company’s logistics capability consists of historical pipeline shipping status, a railcar fleet, and expertise in contracted chartering of tows and barges, with the capability of moving crude oil from land-locked locations in the Western U.S. and Canada to the refining hubs in the Midwest, Gulf Coast, and East Coast regions of the U.S. The company operates an integrated sourcing, marketing, transportation, and distribution business focused on energy commodities, principally crude oil. The company uses various transportation modes, which are generally leased, to transport products, including river barges and pipelines. The company also leases a fleet of approximately 150 railcars. The company sells crude oil primarily to end users (refiners and their suppliers) and other market participants and also purchases, sells, or exchanges crude oil with other market participants to optimize logistics. Regulations The company’s activities with respect to exploration and production of oil and natural gas, including drilling wells, and the operation and construction of pipelines, plants, and other facilities for extracting, transporting, processing, treating, or storing natural gas, crude oil, and other petroleum products, are subject to stringent environmental regulation by state and federal authorities, including the United States Environmental Protection Agency. The company generates wastes, including hazardous wastes, which are subject to regulation under the federal Resource Conservation and Recovery Act and state statutes. History Par Petroleum Corporation was founded in 1984.

 

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