Citi 2015 Global Energy and Utilities Conference May 13, 2015
WNR Consolidated Today WNR/ Including WNRL NTI Refineries 2 3 Capacity 156,000 253,800 Bakken, Permian, Canada, Basin Exposure Permian, San Juan San Juan Retail Stores 1 261 521 2 Pipelines (miles) 300 600 Storage (mm…
Investment Considerations S Attractive Refining Margin Environment S Pipeline access to cost-advantaged crude oil production S Permian, San Juan, Bakken and western Canada S Historically strong refined product margins S Integrated…
Pipeline Access to Cost-Advantaged Crude Oil 5
Delaware and San Juan Basin Growth BENTEK projects continued growth in the Permian/Delaware and San Juan Basins 6
Attractive Refined Product Locations 7
YTD 3-31-15 Gross Margin/bbl 0 5 10 15 20 25 Source: Company Filings Full Year 2014 TSO - Mid Con WNR - El Paso WNR - Gallup DK - Tyler HFC - Rocky Mountain NTI HFC - Navajo (SW) Gross Margin per…
Integrated Product Distribution Network WNRL WNR Wholesale Retail Marketing Marketing S Distribution channel for diesel, S 261 stores in AZ, CO, NM and TX gasoline, jet fuel, kerosene, S Fuel brands include Shell, Chevron,…
TexNew Mex Pipeline/Extension S Capacity of 75,000 bpd S Capable of delivering Four Corners crude oil to Mason Station S Joint tariff with WNRL of 6.50 from Bisti/Lybrook to Mason Station S Linefill was completed in Mid-April S…
Bobcat Crude Oil Pipeline S Capacity of 125,000 bpd S Service for light crude oil and condensate S Provides transportation east out of Delaware Basin S Estimated pipeline completion in Q4 2015 S Crude oil terminals anticipated…
Capital Structure As of March 31, 2015 ( millions) WNR Western1 Consolidated Standalone Total Cash and Restricted Cash 2 587 380 Western Revolving Credit Facility Term Loan, due 2020 543 543 6.25% Senior Unsecured Notes due…
Financial Flexibility Financial Statistics 1 As of March 31, 2015 Target Total Debt/Adjusted EBITDA (LTM) 0.9x < 1.0x Total Debt/Total Capitalization 43% 30% - 40% Cash and Restricted Cash ( millions) 2 380 250 - 300 Return of…
Summary S Attractive Refining Margin Environments with Diversified Asset Base S Integrated Distribution Network S Growth Opportunities/Optionality S Balance Sheet Flexibility 14
Appendix
Organizational Structure Traditional MLP C-Corp Variable Distribution MLP Public Stockholders Public Western Refining, Inc. Public Unit Holders NYSE: WNR Unit Holders 34% LP 100% 62% LP Interest Interest Interest…
Adjusted EBITDA Reconciliation Three Months Ended March 31, 2015 2014 (In thousands) Net income attributable to Western Refining, Inc. 105,989 85,546 Net income attributable to non-controlling interest 68,979 42,151 Interest…
Last Twelve Months Adjusted EBITDA Consolidated WNR Last Twelve Months Adjusted EBITDA (In Thousands) Three Month Period Ending LTM Jun 2014 Sep 2014 Dec 2014 Mar 2015 Mar 2015 Net income attributable to Western Refining, Inc.…
Consolidating Adjusted EBITDA Last Twelve Months March 31, 2015 WNR Western NTI WNRL Consolidated (In thousands) Net income attributable to Western Refining, Inc. 437,306 105,280 37,783 580,369 Net income attributable to…
Adjusted EBITDA Reconciliations The tables on the previous pages reconcile net income to Adjusted EBITDA for the periods presented. Adjusted EBITDA represents earnings before interest expense and other financing costs, provision for…
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