Barclays High Yield Bond & Syndicated Loan Conference June 11, 2015
Credit Considerations Pipeline access to cost-advantaged crude oil production Attractive Refining Permian, San Juan, Bakken and western Canada Margin Geographies Historically strong refined product margins Integrated…
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 Pipelines (miles) 2 300 600 Storage (mm…
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…
WNRL Overview Approximately 300 miles of crude oil and refined product pipelines and gathering systems in the Southwestern U.S. Approximately 8.1 million barrels of active storage capacity for refined products, crude oil and…
NTI Overview Integrated refining, marketing, retail, and logistics assets operating as a variable distribution publicly traded partnership. Summary Gasoline 46% Capacity 97,800 Basin Exposure Bakken, Canada 165 company…
Growth Projects TexNew Mex Pipeline/Extension Capacity of 75,000 bpd Capable of delivering Four Corners crude oil to El Paso Joint tariff with WNRL of 6.50 from Bisti/Lybrook to Mason Station Linefill was completed in…
Growth Projects Bobcat Crude Oil Pipeline Capacity of 125,000 bpd Service for light crude oil and condensate Provides transportation east out of Delaware Basin Phase 1: Estimated pipeline completion in Q4 2015 Phase 2:…
Western Standalone1 Capitalization / Financial Metrics Capitalization Table As of Financial Metrics ( millions) March 31, 2015 Total Cash and Restricted Cash 2 380 Target Total Debt / Adjusted…
WNRL Capitalization / Financial Metrics Capitalization Table As of Financial Metrics ( millions) March 31, 2015 Total Cash 88 Target Total Debt / Adjusted…
NTI Capitalization / Financial Metrics Capitalization Table As of Financial Metrics ( millions) March 31, 2015 Total Cash 118 Target Total Debt / Adjusted…
Credit Considerations Pipeline access to cost-advantaged crude oil production Attractive Refining Permian, San Juan, Bakken and western Canada Margin Geographies Historically strong refined product margins Integrated…
Appendix 17
Western Standalone Adjusted EBITDA Reconciliation Twelve Months Three Month Period Ending Ended (In Thousands) Western Standalone Jun 2014 Sep 2014 Dec 2014 Mar 2015 Mar 2015 Net income attributable to Western Refining, Inc. 126,596…
WNRL EBITDA Reconciliation Twelve Months Three Month Period Ending Ended (In Thousands) WNRL Jun 2014 Sep 2014 Dec 2014 Mar 2015 Mar 2015 Net income 10,975 12,265 18,819 15,323 57,382 Interest expense and other financing costs 357…
NTI Adjusted EBITDA Reconciliation Twelve Months Three Month Period Ending Ended (In Millions) Jun 2014 Sep 2014 Dec 2014 Mar 2015 Mar 2015 Net Income 57.9 96.2 16.0 111.2 281.3 Adjustments: Interest Expense 6.2 6.7 7.5 7.5 27.9…
NTI Adjusted EBITDA Definition NTIs Adjusted EBITDA is defined as net income (loss) before interest expense, income taxes and depreciation and amortization, adjusted for depreciation from the Minnesota Pipe Line operations, lower of…
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