Par Petroleum to change name, appoint new CEO

Par Petroleum Corp., Houston, will change its name to Par Pacific Holdings Inc., effective Oct. 20, “to more accurately reflect its growth strategy of building and acquiring market-leading businesses.”

Par also has appointed current board member William Pate as its president and chief executive officer.

Joseph Israel, who currently holds the position, will remain on the board and will be named president and chief executive officer of the refining, marketing, and logistics business, which will be renamed Par Petroleum LLC.

Pate said he plans to expand the company’s existing footprint by developing and acquiring energy and infrastructure businesses, leveraging its $1.4 billion NOL tax asset.

Prior to joining Par, Pate was co-president of Equity Group Investments. Through an affiliate, EGI is the largest shareholder of Par.

Through its subsidiaries, Par owns and operates a 94,000-b/d refinery with related logistics and retail network in Hawaii, acquired from Tesoro Corp. 2 years ago (OGJ Online, Sept. 27, 2013). Par transports, markets, and distributes crude oil from Western US and Canada to refining hubs in the Midwest, Gulf Coast, East Coast, and to Hawaii.

Par also owns an equity investment in Piceance Energy LLC, which has natural gas production and reserves in Colorado’s Piceance basin.

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