The Company was incorporated in the State of Nevada on October 26, 2009. The
Company is engaged in the search mineral deposits or reserves which are not
in the development or production stage. The Company intends to explore for oil
and gas on its mining property.
1) Refining - Our refinery in Kapolei, Hawaii, produces ultra-low sulfur diesel,
gasoline, jet fuel, marine fuel and other associated refined products primarily
for consumption in Hawaii. Our refinery in Newcastle, Wyoming, produces gasoline,
ultra-low sulfur diesel, jet fuel and other associated refined products that
are primarily marketed in Wyoming and South Dakota.
2) Retail - Our retail outlets sell gasoline, diesel and retail merchandise
throughout the islands of Oahu, Maui, Hawaii and Kauai. Our retail network includes
Hele, Tesoro and "76" branded retail sites, cardlock stations, company-operated
convenience stores, sites operated in cooperation with 7-Eleven and other sites
operated by third parties. We recently completed the rebranding of 32 out of
90 fueling stations in Hawaii to Hele, a new proprietary brand.
3) Logistics - We own and operate terminals, pipelines, a single-point mooring
("SPM") and trucking operations to distribute refined products throughout
the island of Oahu as well as the neighboring islands of Maui, Hawaii, Molokai
and Kauai. We own and operate a crude oil pipeline gathering system and related
storage facilities in Wyoming and a refined products pipeline that transports
product from our Wyoming refinery to a common carrier with access to Rapid City,
South Dakota. Our Wyoming operations include storage, loading racks and a rail
siding at the refinery site. We also own and operate a jet fuel storage facility
and pipeline that serve Ellsworth Air Force Base in South Dakota.
We own an equity investment in Laramie Energy, LLC ("Laramie Energy,"
formerly known as Piceance Energy, LLC), a joint venture entity focused on producing
natural gas in Garfield, Mesa and Rio Blanco Counties, Colorado. On December
17, 2015, we entered into an equity commitment letter with Laramie Energy, pursuant
to which we agreed to purchase certain membership interests of Laramie Energy
for an aggregate cash purchase price of $55.0 million, subject to certain financing
commitments by various lenders and additional equity investors, in connection
with the closing of a purchase and sale agreement whereby Laramie Energy agreed
to acquire certain properties in the Piceance Basin for $157.5 million, subject
to customary purchase price adjustments. The transaction closed on March 1,
2016, and, upon the closing of the transaction, Laramie Energy assumed ownership
and operatorship of the purchased properties and our ownership interest in Laramie
Energy increased from 32.4% to 42.3%.
The refining, retail and logistics segments were established through the acquisition
of Par Hawaii Refining, LLC ("PHR," formerly Hawaii Independent Energy,
LLC) from Tesoro Corporation ("Tesoro") on September 25, 2013 for
approximately $75 million in cash, plus net working capital and inventories,
certain contingent earn-out payments of up to $40 million and the funding of
certain start-up expenses and overhaul costs prior to closing. During 2014,
we successfully completed the integration of PHR, terminated a transition services
agreement with Tesoro and greatly reduced our reliance on third-party service
providers in operating our business. The contingent earn-out payments are calculated
annually for each of the years ended 2014, 2015 and 2016 with an annual cap
of $20 million. During 2016, we paid Tesoro a total of $16.8 million to settle
the 2014 and 2015 earn-out payments.
4.25% 
97.19 %