Par Pacific plans to exit its 46% stake in Laramie Energy after Laramie agreed to sell substantially all oil and gas assets for $485 million in cash. The deal is expected to close by year-end 2026, with net proceeds to Par estimated at $146 million.
Laramie’s buyer was not named. The estimated $146 million is after Laramie settles outstanding debt and transaction costs and includes $27.5 million deferred until the fifth anniversary of closing. Up to $30 million in additional earn-outs is possible, with payment contingent on prevailing commodity prices through closing.
In Q2 2026, Laramie posted a $6.7 million net loss, and Par Pacific recorded $1.7 million in equity losses from the stake; Par’s refining operations generated $552 million in Adjusted EBITDA. Refining profits included a $76.5 million net price-lag effect from falling product prices between March and June. Par Pacific’s operating cash flow was $282.6 million, affected by a $312.2 million working-capital outflow that management expected to unwind in subsequent quarters.
