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Howard Weil Energy Conference – Tesoro Corporation

Tesoro Corporation · Mar 28, 2011 · 14 slides

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Slides

  1. Howard Weil Energy Conference – Tesoro Corporation – slide 1
    Howard Weil Energy Conference Monday, March 28, 2011 Greg Goff President and CEO, Tesoro Corporation
  2. Howard Weil Energy Conference – Tesoro Corporation – slide 2
    About Tesoro Focused in the western United States 7 Refineries 665,000 barrels per day capacity 665 000 b l d i Nearly 1,200 retail stations branded Tesoro, Shell and USA Gasoline Kenai, AK Operate in higher margin markets…
  3. Howard Weil Energy Conference – Tesoro Corporation – slide 3
    Execution Delivers Improvement 2010 EBITDA up 50%, despite EBITDA ( in millions) Flat margin environment 1,050 Throughput down 12% 2011 consensus EBITDA up 90% 551 Anacortes at planned rates 364 Delivery of 2011…
  4. Howard Weil Energy Conference – Tesoro Corporation – slide 4
    Key Messages Cautiously optimistic about improving market conditions Opportunity to drive significant value from existing assets despite margins existing assets, despite margins Our strategic priorities are clear, our plan…
  5. Howard Weil Energy Conference – Tesoro Corporation – slide 5
    Market Outlook Key Drivers Tesoros View Economy Slow U.S. recovery World Oil Demand Growth p y Gasoline 1% and Diesel 2% per year U.S. Demand Growth Gasoline 0.3% and Diesel 2% per year Crude Oil Supply Trending slightly lighter…
  6. Howard Weil Energy Conference – Tesoro Corporation – slide 6
    Strategic Priorities Operational efficiency and effectiveness Safety and reliability y y System improvements Cost leadership Commercial excellence Financial discipline Valuedriven growth Value driven growth Significant…
  7. Howard Weil Energy Conference – Tesoro Corporation – slide 7
    Operational Efficiency & Effectiveness HighReturn Capital Investments Income Capital EBITDA in millions in millions 180190 110 115 140150 95 6070 40 55 30 17 2009A 2010A 2011E 2012E 2013E 2009A 2010A 2011E 2012E 2013E…
  8. Howard Weil Energy Conference – Tesoro Corporation – slide 8
    Commercial Excellence Expand system supply and trading activities around existing assets activities around existing assets Drive regional and system optimization Capture lower feedstock costs Capture higher product values…
  9. Howard Weil Energy Conference – Tesoro Corporation – slide 9
    Financial Discipline Exercise capital discipline Reduce total debt to total capitalization Strengthen the balance sheet Drive towards investmentgrade credit rating 10
  10. Howard Weil Energy Conference – Tesoro Corporation – slide 10
    ValueDriven Growth Base business improvements are key to drive additional free cash flow t di dditi lf h fl Nearterm growth focused on: Logistics Refining and marketing integration Strategic opportunities that are accretive…
  11. Howard Weil Energy Conference – Tesoro Corporation – slide 11
    Summary of 2011 Improvements in millions Low High Operating Cost Reductions Operating Cost Reductions 70 80 Income Capital EBITDA 60 70 Improvement Initiatives 60 90 Overhead Cost Reductions 40 50 Commercial Excellence 30 45…
  12. Howard Weil Energy Conference – Tesoro Corporation – slide 12
    Capital and Turnaround Summary Total Capital p Turnaround in millions in millions 380 390 350 287 275 215 160 140 2010A 2011E 2012E 2013E 2010A 2011E 2012E 2013E Regulatory Maintenance Income Income capital is 25% of…
  13. Howard Weil Energy Conference – Tesoro Corporation – slide 13
    Tesoros Advantage versus Peers 2013E 2009A Gross Costs Capital Net Margin Advantage Gross Costs Capital Net Margin Advantage Execution positions Tesoro as an industry leader 14 Note: Peer companies represented are…
  14. Howard Weil Energy Conference – Tesoro Corporation – slide 14
    Becoming an Industry Leader Targeting over 225 million of improvements in 2011 Capital spending reduced 700 million over 4 years versus 2009 plan Focused on driving operating efficiency and effectiveness Improvements deliver…

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