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HOUSTON — Par Petroleum Corp.’s recent name change to Par Pacific Holdings Inc. is about much more than a new name. The company, under new leadership from CEO William Pate, plans to pursue an aggressive acquisition strategy, reported the Houston Business Journal.
Pate has already set forth specifics regarding Par Pacific’s growth strategy, the news outlet noted.
“From a financial perspective, we want to make sure we get a return on investment for our cost of capital,” he said. “And then from an industrial perspective, we want to identify and acquire energy and infrastructure businesses. Refining, marketing and logistics are our core. We’d also like to bolster our Hawaiian assets.”
Houston-based Par Pacific’s Hawaiian assets include a retail and logistics network. Pate did not rule out purchasing convenience stores, but he did tell the news outlet that low gasoline prices have led owners of downstream assets to keep their holdings.
Hence, Pate is currently examining midstream assets closely, where more sales activity is expected to take place.
He also expects to only focus on acquiring assets in the United States.