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Q2 2009 Earnings Call – Tesoro Corporation

Tesoro Corporation · Jul 30, 2009 · 12 slides

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Slides

  1. Q2 2009 Earnings Call – Tesoro Corporation – slide 1
    2Q 2009 Earnings July 30th, 2009
  2. Q2 2009 Earnings Call – Tesoro Corporation – slide 2
    3Q 2009 Guidance Pacific Mid- Mid- Northwest Pacific Continent California Throughput (mbpd) 150-160 60-70 105-115 235-245 Opex (/bbl) 3.20 3.50 3.50 7.20 in millions, unless noted Corporate/System Refining Depreciation 90…
  3. Q2 2009 Earnings Call – Tesoro Corporation – slide 3
    Net Income in millions Net Income /share EPS (Diluted) 259 1.86 97 0.70 51 0.37 4 0.03 (45) (0.33) 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 in millions, except per share amounts…
  4. Q2 2009 Earnings Call – Tesoro Corporation – slide 4
    Key Financials in millions, unless noted 2Q 2009 2Q 2008 Diluted EPS /shr (0.33) 0.03 Cash & Cash Equivalents 279 24 Revolver Borrowings Outstanding 0 245 Debt / Capitalization % 36% 38% 5
  5. Q2 2009 Earnings Call – Tesoro Corporation – slide 5
    2Q 2009 Segment Operating Income Bridge in millions 17 (169) 49 85 74 (45) 11 2Q 2008 Optimization Opex Retail Market Throughput 2Q 2009 Environment 6
  6. Q2 2009 Earnings Call – Tesoro Corporation – slide 6
    2009 Improvement Platform in millions Non-Capital Improvements Crude and Feedstocks 110 Product Realizations / Optimization 40 Transportation Savings 60 Production and Yields 55 Capital Full Year Benefit of 2008 Capital Program…
  7. Q2 2009 Earnings Call – Tesoro Corporation – slide 7
    Appendix
  8. Q2 2009 Earnings Call – Tesoro Corporation – slide 8
    Assumptions Slide 7 - Commodity Price Assumptions: 2009 Crude Price: 75/bbl 2009 Index: 8.98/bbl 2009 Henry Hub Natural Gas: 5.65/Mmbtu See 2008 Analyst Day Presentation for further details. www.tsocorp.com 9
  9. Q2 2009 Earnings Call – Tesoro Corporation – slide 9
    2Q 2009 Gross Margin Reconciliation Reported Gross Revised Gross /bbl, unless noted Margin LIFO Hedge* Margin** California WC 3-2-1*** 15.55 15.55 Capture Rate**** 52% 61% Gross Margin 8.09 - (1.41) 9.50 Pacific Northwest PNW…
  10. Q2 2009 Earnings Call – Tesoro Corporation – slide 10
    2009 Cash Flow in millions 282 (222) (66) (31) 279 Operating Cash Flow 296 Beginning Cash 20 Available Cash Debt Offering* Capex Revolver Dividend and Ending Cash Repayment Other * Net of discount of 12 million…
  11. Q2 2009 Earnings Call – Tesoro Corporation – slide 11
    Throughput By Refining Region Pacific Northwest Mid-Pacific MBPD MBPD 180 175 90 160 80 140 139 140 71 70 66 65 120 60 100 80 50 2Q 2008 2Q 2009 Guidance 2Q 2009 Actual 2Q 2008 2Q 2009 Guidance 2Q 2009 Actual…
  12. Q2 2009 Earnings Call – Tesoro Corporation – slide 12
    Operating Expense By Refining Region Pacific Northwest Mid-Pacific /bbl /bbl 3.70 4.00 3.70 3.79 3.72 3.50 3.75 3.50 3.30 3.21 3.50 3.15 3.10 3.25 2.90 3.00 2.70 2Q 2008 2Q 2009 Guidance 2Q 2009 Actual 2Q 2008 2Q 2009…

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