Par Pacific has signed a definitive agreement to acquire US Oil & Refining and its affiliates for $358m.

The transaction includes the acquisition of US Oil’s assets, including a refinery, a marine terminal, a unit train-capable rail loading terminal, 2.9 million barrels of refined product, and a crude oil storage in Tacoma, Washington.

Par Pacific will fund the transaction through a $225m loan and $150m in equity financing.

The transaction is expected to generate between $7.5m and $12.5m in annual operations and cost synergies.

Goldman Sachs is the providing debt financing for Par Pacific for the transaction.

Both based in the US, Par Pacific is an oil and gas exploration and production company while TrailStone subsidiary US Oil is an oil refining company.

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“The deal was finalised after 56% of Trinidad’s shareholders supported the unsolicited all-cash takeover bid made by Ensign.”

The shareholders of Diamondback and Energen have approved the previously announced merger agreement in August 2018.

The merger agreement is an all-stock transaction wherein each eligible share of Energen’s common stock will be converted into a right to receive 0.6442 of Diamondback’s common stock share.

The merger is expected to be closed by this month, subject to customary closing conditions.

Diamondback Energy is an independent oil and natural gas company, while Energen Corporation is an oil production and exploration company.

Both parties are based in the US.

Ensign Energy has won a bid against Precision Drilling for the acquisition of Trinidad Drilling.

The deal was finalised after 56% of Trinidad’s shareholders supported the unsolicited all-cash takeover bid made by Ensign.

Ensign currently owns 26.86 million shares in Trinidad, which will increase to 66.18% of the issued and outstanding shares of Trinidad as a result of the acquisition.

Both based in Canada, Ensign Energy is an oilfield services provider, while Trinidad Drilling operates in the well servicing and drilling sectors.