Par Pacific Holdings Inc. entered into a previously amended asset-based revolving credit facility that increases its borrowing ability by $500 million, or about 55%, the energy company announced March 25.
The previously announced amendment increases Par Pacific’s existing asset-based revolving credit facility from $900 million to $1.4 billion and is conditional with the termination of the company’s existing intermediation agreement to occur on or about May 31.
The increase is based in part on the addition of collateral assets in Hawaii, including refined product inventory and accounts receivable, according to the press release.
Headquartered in Houston, Par Pacific Holdings owns several refining and logistical assets in the Lower 48 as well as the energy infrastructure network in Hawaii, which has a 94,000 bbl/d of operating refining capacity.
Recommended Reading
Defeating the ‘Four Horsemen’ of Flow Assurance
2024-04-18 - Service companies combine processes and techniques to mitigate the impact of paraffin, asphaltenes, hydrates and scale on production—and keep the cash flowing.
Tech Trends: AI Increasing Data Center Demand for Energy
2024-04-16 - In this month’s Tech Trends, new technologies equipped with artificial intelligence take the forefront, as they assist with safety and seismic fault detection. Also, independent contractor Stena Drilling begins upgrades for their Evolution drillship.
AVEVA: Immersive Tech, Augmented Reality and What’s New in the Cloud
2024-04-15 - Rob McGreevy, AVEVA’s chief product officer, talks about technology advancements that give employees on the job training without any of the risks.
Lift-off: How AI is Boosting Field and Employee Productivity
2024-04-12 - From data extraction to well optimization, the oil and gas industry embraces AI.
AI Poised to Break Out of its Oilfield Niche
2024-04-11 - At the AI in Oil & Gas Conference in Houston, experts talked up the benefits artificial intelligence can provide to the downstream, midstream and upstream sectors, while assuring the audience humans will still run the show.