Delaware
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0-16203
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84-1060803
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(State or other jurisdiction of
incorporation or organization)
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(Commission file number)
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(I.R.S. Employer
Identification No.)
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800 Gessner Road, Suite 875
Houston, Texas
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77024
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(Address of principal executive offices)
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(Zip Code)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(a)
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Financial Statements of Businesses Acquired.
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(b)
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Pro Forma Financial Information.
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(c)
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Shell Company Transactions.
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(d)
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Exhibits:
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99.1
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The unaudited combined pro forma financial information for the Company for the nine months ended September 30, 2013, after giving effect to the TSO Hawaii Acquisition and adjustments described in such pro forma financial information.
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PAR PETROLEUM CORPORATION
(Registrant)
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||||
By:
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/s/ William Monteleone
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William Monteleone
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Chief Executive Officer
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By:
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/s/ Chris Micklas
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Chris Micklas
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Chief Financial Officer
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Company Historical
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HIE Historical
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Pro Forma Adjustments
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Company
Pro Forma
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||||||||||
A | B | ||||||||||||
Revenue:
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|||||||||||||
Operating revenues
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$ | 128,960 | $ | 2,100,769 | $ | — | $ | 2,229,729 | |||||
Natural gas and oil sales
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5,988 | — | — | 5,988 | |||||||||
Total revenues
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134,948 | 2,100,769 | — | 2,235,717 | |||||||||
Operating expenses:
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|||||||||||||
Cost of sales
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— | 2,033,844 | — | 2,033,844 | |||||||||
Operating expenses
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113,561 | 92,696 | — | 206,257 | |||||||||
Lease operating expense
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4,175 | — | — | 4,175 | |||||||||
Production taxes
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39 | — | — | 39 | |||||||||
Gain on asset disposal
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— | (14,340 | ) | 14,340 | D | — | |||||||
Depreciation, depletion, amortization and accretion
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3,022 | 1,344 | 5,060 | E | 9,426 | ||||||||
Trust litigation and settlements
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5,713 | — | — | 5,713 | |||||||||
General and administrative expense
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19,422 | 14,074 | — | 33,496 | |||||||||
Total operating expenses
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145,932 | 2,127,618 | 19,400 | 2,292,950 | |||||||||
Loss from unconsolidated affiliates
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(1,772 | ) | — | — | (1,772 | ) | |||||||
Operating loss
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(12,756 | ) | (26,849 | ) | (19,400 | ) | (59,005 | ) | |||||
Other income and (expense):
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|||||||||||||
Interest expense and financing costs, net
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(9,806 | ) | (230 | ) | 2,937 | C | (7,099 | ) | |||||
Other income
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797 | — | — | 797 | |||||||||
Realized gain on derivative instruments, net
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410 | — | — | 410 | |||||||||
Unrealized loss on derivative instruments
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(6,645 | ) | — | — | (6,645 | ) | |||||||
Total other expense
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(15,244 | ) | (230 | ) | 2,937 | (12,537 | ) | ||||||
Loss before income taxes
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(28,000 | ) | (27,079 | ) | (16,463 | ) | (71,542 | ) | |||||
Income tax expense (benefit)
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(650 | ) | 541 | — | F | (109 | ) | ||||||
Net loss
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$ | (28,650 | ) | $ | (26,538 | ) | $ | (16,463 | ) | $ | (71,651 | ) | |
1.
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Adjustments to the Unaudited Pro Forma Condensed Consolidated Statements of Operations for the Nine Months Ended September 30, 2013
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A.
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Company Historical
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B.
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HIE Historical
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C.
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Financing Costs
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D.
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Impairments and Gain on Disposal of Assets
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E.
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Depreciation and Amortization Expense
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Remaining Useful Life (Years)
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Fair Value
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Annual Depreciation
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|||||||||
Refinery real estate
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47
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$
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1,360
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$
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29
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||||||
Refinery Machinery &Equipment
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10
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38,359
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3,836
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||||||||
Cogen unit
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8
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5,000
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625
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||||||||
Terminal Machinery & Equipment
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11
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1,464
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133
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||||||||
Pipelines - onshore
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9
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2,383
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265
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||||||||
Pipelines - offshore
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8
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2,524
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316
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||||||||
SPM - new
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28
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6,250
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223
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||||||||
SPM - old
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3
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2,500
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833
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||||||||
Vehicles
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4
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1,600
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400
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||||||||
Row
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30
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34
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1
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||||||||
Improvements – Real estate
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18
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3,113
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173
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||||||||
Improvements – Machinery & Equipment
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14
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1,557
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111
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||||||||
Total plant and equipment
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$
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66,144
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$
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6,945
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|||||||
Trade marks and trade names
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3
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$
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4,782
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$
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1,594
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||||||
Annual pro forma depreciation and amortization
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$
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8,539
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|||||||||
For the nine months ended September 30, 2013
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$
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6,404
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F.
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Income taxes
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