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Deutsche Bank Refining Conference – Tesoro Corporation

Tesoro Corporation · Jan 10, 2012 · 18 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Deutsche Bank Refining Conference – Tesoro Corporation – slide 1
    Deutsche Bank Refining Conference January 2012
  2. Deutsche Bank Refining Conference – Tesoro Corporation – slide 2
    About Tesoro Positioned in the western United States Seven refineries 665,000 barrels per day capacity Nearly 1,200 retail stations branded Kenai, AK Tesoro, Shell and USA Gasoline Additional 290 retail stations in 2012 and…
  3. Deutsche Bank Refining Conference – Tesoro Corporation – slide 3
    Strategic Priorities Operational efficiency and effectiveness Safety and reliability System improvements Cost leadership Commercial excellence Financial discipline Value Valuedriven driven growth growth Delivering Strategic…
  4. Deutsche Bank Refining Conference – Tesoro Corporation – slide 4
    Key Messages Delivered sustainable improvements in ; y y p 2011; first year of a multiyear plan Reinvesting 2012 free cash flow into high return capital projects Tesoro Logistics creating significant value; strategic vehicle for…
  5. Deutsche Bank Refining Conference – Tesoro Corporation – slide 5
    What We Delivered in 2011 Operational Value Commercial Financial y Efficiency & Driven Excellence E ll Discipline Di i li Effectiveness Growth Refinery utilization improved 13% 1,2 reliability improved 4% 1,2 Refinery…
  6. Deutsche Bank Refining Conference – Tesoro Corporation – slide 6
    Strong 2011 EBITDA Growth YTD Sept EBITDA up over 1.1 billion YTD Sept EBITDA ( in billions) ( in billions Market improvement of 0.4 billion 1 1.5 Anacortes impact of nearly 0.2 billion2 Market Remaining 0.5 billion: 0.5…
  7. Deutsche Bank Refining Conference – Tesoro Corporation – slide 7
    Key Elements of 2012 Plan Execute highreturn capital projects; provide significant EBITDA growth in 2012 and beyond EBITDA th i 2012 d b d Execute Tesoro Logistics LP growth plan Continue business improvement initiatives Maintain…
  8. Deutsche Bank Refining Conference – Tesoro Corporation – slide 8
    Capital and Turnaround Summary Capital Spending Turnaround Spending in millions in millions 670 300 545 260 430 320 135 110 2011E 2012E 2013E 2014E 2011E 2012E 2013E 2014E Regulatory Maintenance TSO Income TLLP Income…
  9. Deutsche Bank Refining Conference – Tesoro Corporation – slide 9
    HighReturn Capital Investments Income Capital Spend Cumulative EBITDA in millions in millions 375 485495 305 420430 245 195205 110 105 2011E 2012E 2013E 2014E 2011E 2012E 2013E 2014E Large Capital Projects Small Capital…
  10. Deutsche Bank Refining Conference – Tesoro Corporation – slide 10
    Tesoro Logistics LP Tesoro Benefits From TLLPs Growth 1 TLLP LP + GP Equity Value g y g Unlocks value of legacy logistics in billions in billions assets 0.7 1.4 Allows greater capture of total g p refining and marketing…
  11. Deutsche Bank Refining Conference – Tesoro Corporation – slide 11
    Tesoro Logistics LP Growth Opportunities pp Driving logistics organic growth Bakken gathering system expansion Bakken gathering system expansion TLLP EBITDA Expectations, million TLLP EBITDA Expectations, million California…
  12. Deutsche Bank Refining Conference – Tesoro Corporation – slide 12
    Exercising Financial Discipline 2012E 2013E 2014E 2012 Consensus EBITDA (1) 2012 Consensus EBITDA (1) 1,475 1 475 1,475 1 475 1,475 1 475 HighReturn Capital EBITDA (2) 225 290 Cash Interest (3) (140) (125) (125) C h T (4) Cash…
  13. Deutsche Bank Refining Conference – Tesoro Corporation – slide 13
    Summary Exceeding delivery of our 2011 80% 1Year Share Price Return improvement plan improvement plan 60% Redeploying free cash flow into 40% highreturn capital projects 20% TLLP creating significant value; a 0% strategic…
  14. Deutsche Bank Refining Conference – Tesoro Corporation – slide 14
    A Appendix di 15
  15. Deutsche Bank Refining Conference – Tesoro Corporation – slide 15
    HighReturn Capital Investments Income Capital Spend Cumulative EBITDA in millions in millions 375 485495 305 420 430 420430 245 195205 110 105 2011E 2012E 2013E 2014E 2011E 2012E 2013E 2014E Large Capital Projects…
  16. Deutsche Bank Refining Conference – Tesoro Corporation – slide 16
    NonGAAP Financial Measure EBITDA represents earnings before interest and financing costs, interest income, income taxes, and depreciation and amortization expense. We present EBITDA because we believe some investors and analysts use…
  17. Deutsche Bank Refining Conference – Tesoro Corporation – slide 17
    NonGAAP Financial Measure (In millions) Unaudited TLLP EBITDA (Standalone) Expectations 2012 Growth 2013 IPO Initiatives Runrate Net Earnings 41.5 36.5 79.0 Add interest and financing costs 9.5 5.0 13.5 Add depreciation and…
  18. Deutsche Bank Refining Conference – Tesoro Corporation – slide 18
    NonGAAP Financial Measure (In millions) Unaudited Free Cash Flow Reconciliation 2012E 2013E 2014E Net Cash Flow from Operating Activities 860 935 1,080 Less Sustaining Capital 295 240 185 Less High Return Capital 375 305 245 Free…

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