Par Pacific Holdings Inc. (NYSE MKT: PARR) has completed its $55 million investment in Laramie Energy LLC on March 1. Simultaneously, Laramie completed its acquisition of certain properties in the Piceance Basin for $157.5 million. With the completion of the acquisition and related financing, Par Pacific's ownership interest in Laramie increased from 32.4% to 42.3%.
Pro forma for the completion of the acquisition, Laramie's production profile as of Dec. 31, 2015, was 139.4 million cubic feet equivalent per day (MMcfe/d) across more than 121,000 net acres. Laramie has hedged 90% of existing gas production through December 2018 in order to protect cash flows against commodity price declines.