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Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp

Western Refining Logistics, Lp · May 6, 2014 · 14 slides

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Slides

  1. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 1
    Q1 2014 Earnings Review May 6, 2014
  2. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 2
    Highlights S Safe and reliable operations S Adjusted EBITDA of 225.6 million S Successfully completed El Paso turnaround S Delaware Basin crude oil usage at El Paso approximately 33,000 bpd in March S 0.26 per share dividend Q1…
  3. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 3
    Refining Operating Metrics Gross Margin 1 Direct Operating Expenses Operating Margin 2 ( per throughput barrel) ( per throughput barrel) ( per throughput barrel) 34.57 28.47 El Paso 17.96 15.78 10.89 12.46 6.10 4.89…
  4. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 4
    Cash Flow Q4 2013 to Q1 2014 800 700 9.0 21.6 46.4 20.7 600 225.6 50.6 86.7 500 27.1 millions 400 300 468.1 431.6 200 100 0 Cash Adjusted 1 Cash Interest Cash Maintenance Dividends Paid CAPEX Change in WNRL and…
  5. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 5
    Capital Structure As of March 31, 2014 ( millions) WNR Western1 Consolidated Standalone Cash and Cash Equivalents 431.6 219.3 Western Term Loan, due 2020 548.6 548.6 6.25% Senior Unsecured Notes due 2021 350.0 350.0 5.75%…
  6. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 6
    Second Quarter 2014 Guidance Operations St. Paul Park El Paso Gallup (NTI) Total Throughput (mbpd) 136 - 140 24.5 - 26.5 87 - 93 Direct Operating Expenses (/Bbl) 4.05 - 4.15 9.25 - 9.75 5.00 - 5.50 Maintenance Turnaround Expenses…
  7. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 7
    Appendix
  8. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 8
    Reconciliation of Special Items Three Months Ended March 31, 2014 2013 (In thousands, except per share data) Reported diluted earnings per share 0.88 0.81 Income before income taxes 176,896 131,830 Unrealized loss (gain) on…
  9. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 9
    Adjusted EBITDA Reconciliations Three Months Ended March 31, 2014 2013 (In thousands) Net income 85,546 83,719 Interest expense and other financing costs 26,860 17,988 Provision for income taxes 49,199 48,111 Amortization of loan…
  10. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 10
    Adjusted EBITDA Consolidation Last Twelve Months March 31, 2014 WNR Western WNRL 1 NTI 1 Consolidated (In thousands) Net income attributable to Western Refining, Inc. 227,316 12,716 37,789 277,821 Net earnings attributable to…
  11. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 11
    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, amortization of…
  12. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 12
    Crack Spread Hedge Positions and Market Pricing As of March 31, 2014 Volume Hedged % of Planned Mark-to-Market Price1 (000 barrels) Production Hedged WNR Strike Price March 31, 2014 Period Gasoline Distillate Gasoline Distillate…
  13. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 13
    Unrealized Hedging Gains and Losses 1 (millions) Balance Sheet Fair Value Income Statement Period Beg. Of Period End of Period Unrealized Gain (Loss) 2013 Q1 (47.6) (49.3) (1.7) Q2 (49.3) 10.4 59.7 Q3 10.4 36.2 25.7 Q4…
  14. Q1 2014 EARNINGS CALL – Western Refining Logistics, Lp – slide 14

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