PAR PACIFIC HOLDINGS, INC. 10-K

Item 2. PROPERTIES Please read “Item 1. — Business” of this Form 10-K for the location and general character of the properties used in our refining, logistics, and retail segments. Our corporate headquarters are located at 825 Town & Country Lane, Suite 1500, Houston, Texas 77024. We believe that these properties and facilities are adequate for our operations and are maintained in a good state of repair. Natural Gas and Oil Properties Laramie Energy All of the assets held by Laramie Energy are located in Garfield, Mesa, and Rio Blanco counties, Colorado. All of the natural gas, natural gas liquids, and condensate are produced primarily from the Mesaverde formation and to a lesser extent the Mancos formation and some of the acreage is contiguous. The geology of the Piceance Basin is characterized as highly consistent and predictable over large areas, which generally equates to reliable timing and cost expectations during drilling and completion activities, as well as minimal well-to-well variance in production and reserves when completed with the same methodology. As of December 31, 2019, Laramie Energy ceased all drilling activities due to unfavorable market conditions. During the year ended December 31, 2020, we discontinued the application of the equity method of accounting for our investment in Laramie Energy. As of December 31, 2021, the balance of our investment in Laramie Energy on our consolidated balance sheets was zero. Other We also own certain immaterial minority interests in wells located in Colorado. 29