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Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp

Western Refining Logistics, Lp · May 5, 2015 · 16 slides

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Slides

  1. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 1
    Q1 2015 Earnings Review May 5, 2015
  2. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 2
    Q1 2015 Highlights S Safe and reliable operations S Adjusted EBITDA of 314.0 million S Western Standalone EBITDA of 171.6 million S WNRL EBITDA of 23.8 million S NTI EBITDA of 118.6 million S Record total throughput at El Paso…
  3. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 3
    Refining Operating Metrics 1 Gross Margin Direct Operating Expenses Operating Margin ( per throughput barrel) ( per throughput barrel) ( per throughput barrel) El Paso 17.47 15.78 13.39 10.89 4.89 4.08 Gallup 13.56…
  4. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 4
    Cash Flow Q4 2014 to Q1 2015 1,400 1,200 300 269 1,000 49 25 29 53 millions 800 314 209 600 34 43 400 598 587 200 0 1 2 Cash and Adjusted Additions Payments Cash Taxes Share Dividends Paid CAPEX Change in NTI…
  5. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 5
    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…
  6. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 6
    Second Quarter 2015 Guidance Operations St. Paul Park El Paso Gallup (NTI) Total Throughput (mbpd) 131 - 135 27 - 29 94 - 97 Direct Operating Expenses (/Bbl) 4.10 - 4.35 7.75 - 8.25 4.80 - 5.30 Other ( millions) Western NTI…
  7. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 7
    Appendix
  8. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 8
    Reconciliation of Special Items Three Months Ended March 31, 2015 2014 (In thousands, except per share data) Reported diluted earnings per share 1.11 0.88 Income before income taxes 234,420 176,896 Unrealized loss (gain) on…
  9. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 9
    Adjusted EBITDA Reconciliations Three Months Ended March 31, 2015 2014 (In thousands) Net income attributable to Western Refining, Inc. 106,105 85,546 Net income attributable to non-controlling interest 68,878 42,151 Interest…
  10. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 10
    Adjusted EBITDA Reconciliations Last Twelve Months Adjusted EBITDA (In Thousands) Three Month Period Ending LTM Consolidated Western Refining, Inc. Jun 2014 Sep 2014 Dec 2014 Mar 2015 Mar 2015 Net income attributable to Western…
  11. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 11
    Adjusted EBITDA Consolidation Last Twelve Months March 31, 2015 Western WNR Standalone NTI WNRL Consolidated (In thousands) Net income attributable to Western Refining, Inc. 437,621 105,280 37,584 580,485 Net income attributable…
  12. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 12
    Adjusted EBITDA Reconciliations The tables on the previous page reconcile net income to Adjusted EBITDA for the periods presented. Adjusted EBITDA represents earnings before interest expense and other financing costs, provision for…
  13. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 13
    Western Standalone Crack Spread Hedge Positions and Market Pricing As of March 31, 2015 Offsetting Volume Hedged % of Planned Mark-to-Market Price1 Unrealized (000 barrels) Production Hedged Strike Price March 31, 2015 Gain…
  14. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 14
    Western Standalone Hedging Gain/(Loss) As of March 31, 2015 ( millions) Total Hedging Period Realized Gain/(Loss) Realized Gain / (Loss) Crack Spread Inventory/Other Q1 2015 17.1 0.4 17.5 Total Hedging Period Unrealized…
  15. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 15
    Unrealized Hedging Gains and Losses 1 (millions) Balance Sheet Fair Value Income Statement Period Beg. Of Period End of Period Unrealized Gain (Loss) 2014 Q1 (64.5) 9.7 74.1 Q2 9.7 54.6 44.9 Q3 54.6 70.8 16.2 Q4 70.8 132.8…
  16. Q1 2015 EARNINGS REVIEW – Western Refining Logistics, Lp – slide 16

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