<SEC-DOCUMENT>0001193125-18-007377.txt : 20180109
<SEC-HEADER>0001193125-18-007377.hdr.sgml : 20180109
<ACCEPTANCE-DATETIME>20180109170203
ACCESSION NUMBER:		0001193125-18-007377
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180109
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180109
DATE AS OF CHANGE:		20180109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAR PACIFIC HOLDINGS, INC.
		CENTRAL INDEX KEY:			0000821483
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				841060803
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36550
		FILM NUMBER:		18519660

	BUSINESS ADDRESS:	
		STREET 1:		800 GESSNER ROAD, SUITE 875
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
		BUSINESS PHONE:		(281) 899-4800

	MAIL ADDRESS:	
		STREET 1:		800 GESSNER ROAD, SUITE 875
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAR PETROLEUM CORP/CO
		DATE OF NAME CHANGE:	20120907

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELTA PETROLEUM CORP/CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d506789d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 OR 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): January&nbsp;9, 2018 </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Par Pacific Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-36550</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">84-1060803</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>800 Gessner Road, Suite 875</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Houston, Texas</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>77024</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(281) <FONT STYLE="white-space:nowrap">899-4800</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 (17 CFR <FONT STYLE="white-space:nowrap">&#167;240.12b-2).</FONT>
Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use
the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;9, 2018 (the
&#147;<B><I>Execution Date</I></B>&#148;), Par Hawaii, Inc. (&#147;<B><I>Par Hawaii</I></B>&#148;), an indirect subsidiary of Par Pacific Holdings, Inc. (the &#147;<B><I>Company</I></B>&#148;) wholly-owned by Par Petroleum, LLC, entered into an
Asset Purchase Agreement (the &#147;<B><I>Purchase Agreement</I></B>&#148;) with CHS, Inc., a Minnesota cooperative corporation (the &#147;<B><I>Seller</I></B>&#148;) and, solely for certain purposes specified in the Agreement, the Company. Pursuant
to the Agreement, the Seller agreed to sell substantially all of its properties, assets, rights and claims related to its ownership of <FONT STYLE="white-space:nowrap">(a)&nbsp;twenty-one</FONT> (21)&nbsp;owned retail gasoline, convenience store
facilities and (b)&nbsp;twelve (12) leased retail gasoline, convenience store facilities, all at various locations in Washington and Idaho (collectively, the &#147;<B><I>Acquired Station Properties</I></B>&#148;) to Par Hawaii and Par Hawaii agreed
to assume certain liabilities related to the Acquired Station Properties (the &#147;<B><I>Transaction</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below are
certain material terms of the Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Deposit</I>. On the Execution Date, Par Hawaii made a deposit toward the purchase
price for the Acquired Station Properties of $3.5&nbsp;million (the &#147;<B><I>Deposit</I></B>&#148;). The Deposit will either be applied towards such purchase price or returned to Par Hawaii unless the Purchase Agreement is terminated (i)&nbsp;by
either Par Hawaii or the Seller in the event that the consummation of the Transaction shall not occur on or before March&nbsp;31, 2018 (the &#147;<B><I>Outside Date</I></B>&#148;), or (ii)&nbsp;by the Seller in the event of certain breaches by Par
Hawaii of the representations, warranties and covenants contained in the Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Purchase Price</I>. Par Hawaii has agreed
to purchase the Acquired Station Properties for a purchase price, payable in cash at the closing of the Transaction, equal to $70&nbsp;million, minus the Deposit, plus the value of certain inventory at the closing, plus or minus adjustments for the
prorated amounts of property tax adjustments, rents and prepaid expenses and utilities, and minus the agreed value of any properties that are excluded from the Acquired Station Properties, pursuant to the terms of the Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Closing Conditions</I>. The closing of the Transaction is subject to certain customary closing conditions, including the obtaining of
certain consents and approvals to the purchase of the Acquired Station Properties and no material adverse effect on the Acquired Station Properties since the Execution Date. The closing of the Transaction will take place no later than the third
business day following the satisfaction or waiver of the closing conditions contained in the Purchase Agreement, or on such other date to which the Seller and Par Hawaii may mutually agree, but in no event later than the Outside Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Representations, Warranties and Covenants.</I> The Purchase Agreement contains customary representations, warranties and covenants for a
transaction of this type. The Purchase Agreement also contains certain covenants with respect to the period of time between the Execution Date and the closing of the Transaction, including covenants related to the Seller&#146;s conduct of its
business with respect to the Acquired Station Properties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Indemnification. </I>The Seller and Par Hawaii have generally agreed to
indemnify each other for breaches of the representations, warranties and covenants contained in the Purchase Agreement, subject to certain survival period limitations, deductibles, caps and mini-baskets. In addition, the Seller has agreed to
indemnify Par Hawaii for liabilities related to the Seller&#146;s ownership or operation of the Acquired Station Properties prior to the closing date, other than those liabilities specifically assumed by Par Hawaii, and Par Hawaii has agreed to
indemnify the Seller for liabilities arising from Par Hawaii&#146;s ownership of the Acquired Station Properties on or after the closing date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Ancillary Agreements</I>. In connection with the closing of the Transaction, the Seller and Par Hawaii and their respective affiliates will
enter into a number of ancillary agreements, including a multi-year branded petroleum marketing agreement for the continued supply of Cenex-branded refined products to the Acquired Station Properties and a multi-year supply agreement pursuant to
which Hermes Consolidated, LLC d/b/a Wyoming Refining Company, an affiliate of Par Hawaii, will supply refined products to the Seller within the Rocky Mountain and Pacific Northwest markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Guaranty</I>. The Company will guarantee all of the obligations of Par Hawaii under the Purchase Agreement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Regulation FD Disclosure. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the Execution Date, the Company issued a news release
announcing the entry into the Purchase Agreement. The news release is filed as Exhibit&nbsp;99.1 to this Form <FONT STYLE="white-space:nowrap">8-K,</FONT> and is incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with General Instruction B.2 of Form <FONT STYLE="white-space:nowrap">8-K,</FONT> the foregoing information, including Exhibit
99.1, shall not be deemed &#147;filed&#148; for the purposes of Section&nbsp;18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall such information and Exhibit be deemed incorporated by
reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Forward-Looking Statements</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> including Exhibit 99.1, includes certain &#147;forward-looking
statements&#148; within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the &#147;safe harbor&#148; from liability
established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements with respect to the timing and completion of the Transaction, the anticipated
synergies and other benefits of the Transaction, the anticipated financial and operating results of the Transaction and the effect on the Company&#146;s cash flows and profitability (including Adjusted EBITDA, free cash flow and Adjusted earnings
per share), and the Company&#146;s plans for financing the Transaction, the conditions to the closing of the Transaction, the entry into certain ancillary agreements in connection with the Transaction, and the possibility that the Transaction will
not close, are forward-looking statements. Additionally, forward looking statements are subject to certain risks, trends, and uncertainties. The Company cannot provide assurances that the assumptions upon which these forward-looking statements are
based will prove to have been correct.&nbsp;Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors
are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this Current Report on Form <FONT STYLE="white-space:nowrap">8-K.&nbsp;The</FONT> Company does not intend to update or revise any
forward-looking statements made herein or any other forward looking statements as a result of new information, future events or otherwise.&nbsp;The Company further expressly disclaims any written or oral statements made by a third party regarding
the subject matter of this news release. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) &nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506789dex991.htm">News Release, dated January&nbsp;9, 2018. </A></TD></TR>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Date: January&nbsp;9, 2018 </P>
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<TD VALIGN="top" COLSPAN="3">PAR PACIFIC HOLDINGS, INC.</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ J. Matthew Vaughn</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">J. Matthew Vaughn</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President and General Counsel</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center"><B><I>NEWS RELEASE</I></B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Par Pacific Holdings, Inc. to Acquire Cenex<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>Zip Trip Retail Locations in Washington and Idaho </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Acquisition Highlights </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">33 branded stores located in eastern Washington and northwestern Idaho </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Includes multi-year strategic fuel supply agreements </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Anticipated to be immediately accretive to Adjusted earnings per share </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Further diversifies Par&#146;s earnings profile </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>HOUSTON, January</B><B></B><B>&nbsp;9, 2018 - Par Pacific
Holdings, Inc. (NYSE American: PARR) </B>(&#147;<B>Par Pacific</B>&#148;) announced today that a wholly-owned subsidiary of Par Petroleum, LLC entered into a definitive agreement to acquire 33
Cenex<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Zip Trip convenience stores from CHS Inc. for approximately $70&nbsp;million plus the agreed value of inventory at closing. Par
Pacific anticipates Adjusted EBITDA from the acquired stores to be approximately $7.0 to $7.5&nbsp;million in the first full year of operations. The transaction is expected to close in the first quarter of 2018, subject to customary closing
conditions and other approvals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We are pleased to begin 2018 with a strategic acquisition to complement our Wyoming refining and logistics
activities. We anticipate that this acquisition will be immediately accretive to our Adjusted earnings per share and free cash flow and further diversify our earnings profile,&#148; said William Pate, Par Pacific&#146;s President and Chief Executive
Officer.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of the transaction, the parties will enter into a multi-year branded petroleum marketing agreement for the continued supply of
Cenex-branded refined products to the Cenex<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>Zip Trip stores. In addition, the parties also will enter into a multi-year supply agreement
pursuant to which an affiliate of Par Pacific will supply refined products to CHS within the Rocky Mountain and Pacific Northwest markets. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Conference Call </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A conference call to discuss this
acquisition is scheduled for&nbsp;Wednesday, January&nbsp;10, 2018 at&nbsp;11:00 a.m. Central Time&nbsp;(12:00 p.m. Eastern Time). To access the call, please dial
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">877-404-9648</FONT></FONT> inside the U.S. or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">412-902-0030</FONT></FONT> outside the U.S. and ask for the Par Pacific
call. The webcast may be accessed online through the company&#146;s website at&nbsp;http://www.parpacific.com&nbsp;on the Investor Relations page. Please log on at least 10 minutes early to register. A telephone replay will be available
through&nbsp;February 2, 2018&nbsp;and may be accessible by calling <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">877-660-6853</FONT></FONT> inside the U.S. or
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">201-612-7415</FONT></FONT> outside the U.S. and using the conference ID 13675304#. Also, an archive of the webcast will be available shortly after the call on the company&#146;s
website at&nbsp;www.parpacific.com&nbsp;and will be accessible for approximately 90 days. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About Par Pacific Holdings, Inc. </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Par Pacific Holdings, Inc., based in Houston, Texas, owns, manages and maintains interests in energy and infrastructure businesses. Par Pacific&#146;s strategy
is to identify, acquire and operate energy and infrastructure companies with attractive competitive positions. Par Pacific owns and operates one of </P>

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the largest energy infrastructure networks in Hawaii with a <FONT STYLE="white-space:nowrap">94,000-bpd</FONT> refinery, a logistics network supplying the major islands of the state and 91 retail
locations. In Wyoming, Par Pacific owns a refinery and associated logistics network in a niche market. Par Pacific also owns 42.3% of Laramie Energy, LLC which has natural gas operations and assets concentrated in the Piceance Basin in Western
Colorado. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management uses certain financial measures to evaluate our operating performance that are considered <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial
measures. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and our calculations thereof may not be comparable to similarly titled measures reported by other
companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our estimate of Adjusted EBITDA cannot be reconciled to our Projected Net Income, the closest GAAP measure, without unreasonable efforts. This
reconciliation would require estimating amounts that will ultimately be determined in the purchase price allocation, which has not yet been completed, such as depreciation and amortization expense and interest expense and other financing costs, net.
A purchase price allocation requires allocating the purchase price to the acquired assets, including property, fixed assets and intangibles based on their estimated fair value as of the acquisition date. Our estimate of Adjusted EBITDA is based upon
the prior twelve months financial statements of CHS Inc. related to the assets and the following key assumptions: (i)&nbsp;closing of the acquisition in the first quarter of 2018; and (ii)&nbsp;the operation of the 33 stores with forecasted Adjusted
Gross Margin of approximately $25 to $27&nbsp;million during a twelve month period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted Gross Margin is defined as (i)&nbsp;operating income (loss)
plus operating expense (excluding depreciation), DD&amp;A, impairment expense, inventory valuation adjustments (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net
realizable value adjustments, the impact of the embedded derivative repurchase obligation, and purchase price allocation adjustments), and unrealized gains (losses) on derivatives or (ii)&nbsp;revenues less cost of revenues (excluding depreciation)
less inventory valuation adjustments and unrealized gains (losses) on derivatives. We define cost of revenues (excluding depreciation) as the hydrocarbon-related costs of inventory sold, transportation costs of delivering product to customers, crude
oil consumed in the refining process, costs to satisfy our RINS obligations and certain hydrocarbon fees, and taxes. Cost of revenues (excluding depreciation) also includes the unrealized gains (losses) on derivatives and inventory valuation
adjustments that we exclude from Adjusted Gross Margin. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Free Cash Flow is defined as cash provided by (used in) operations less capital expenditures. We
believe Free Cash Flow is a useful supplemental financial measure to evaluate our ability to generate cash to repay our indebtedness or make discretionary investments. Free Cash Flow should be considered in addition to, rather than as a substitute
for, net income as a measure of our financial performance and net cash provided by (used in) operations as a measure of our liquidity.&nbsp;Free Cash Flow presented by other companies may not be comparable to our presentation as other companies may
define these terms differently. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Forward-Looking Statements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release includes certain &#147;forward-looking statements&#148; within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended,
and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the &#147;safe harbor&#148; from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact, including, without limitation, statements with respect to the timing and completion of the CHS Inc. </P>

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retail asset acquisition (the &#147;<B>Acquisition</B>&#148;), the anticipated synergies and other benefits of the Acquisition, the anticipated financial and operating results of the Acquisition
and the effect on Par Pacific&#146;s cash flows and profitability (including Adjusted EBITDA, free cash flow and Adjusted earnings per share), and Par Pacific&#146;s plans for financing the proposed acquisition, the conditions to the closing of the
Acquisition and the possibility that the Acquisition will not close, are forward-looking statements. Additionally, forward looking statements are subject to certain risks, trends, and uncertainties. Par Pacific cannot provide assurances that the
assumptions upon which these forward-looking statements are based will prove to have been correct.&nbsp;Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed
or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date.&nbsp;Par Pacific does not intend to update or revise any
forward-looking statements made herein or any other forward looking statements as a result of new information, future events or otherwise.&nbsp;Par Pacific further expressly disclaims any written or oral statements made by a third party regarding
the subject matter of this news release. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Contact: </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Christine Laborde </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Director, Investor Relations&nbsp;&amp; Public
Affairs </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(832) <FONT STYLE="white-space:nowrap">916-3396</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">claborde@parpacific.com </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
