Par Pacific to exit Colorado gas venture in $146M deal
What's the deal? Par Pacific HoldingsDealroom has a profile for this one. Try Dealroom → has agreed to sell its 46% noncontrolling stake in Laramie Energy, a natural gas exploration and production company in western Colorado. Par Pacific expects to receive about $146 million, plus up to $30 million more in earn-out payments. The exit follows Laramie's agreement to sell most of its assets to an undisclosed buyer for $485 million.
Why now? Par Pacific has held its noncontrolling interest in Laramie since 2012, building up the stake over the years. It now characterises the holding as a non-core asset as it focuses on refining and retail. The transaction is expected to close by the end of 2026.
What's the endgame? If the deal closes, Par Pacific could use the proceeds to support its refining business or expand its convenience store network. That network spans about 120 convenience and fueling sites across Idaho, Washington, and Hawai‘i under the Hele, Nomnom, and 76 banners. Earlier this year, the company said it was investing in remodeling several Hawai‘i stores over the coming years.
What's unclear? A spokesperson did not respond when asked to identify the buyer of Laramie's assets or whether Par Pacific plans to divest more non-core holdings.
The signal: The move sharpens Par Pacific's identity as a refining and retail operator, shedding an upstream energy investment it once framed as diversification and a source of potential value.
Read more: cstoredive.com
Image credit: Nicholas_T
