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TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp

Western Refining Logistics, Lp · Jun 18, 2015 · 18 slides

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Slides

  1. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 1
    Tudor Pickering Holt Energy Conference June 18, 2015
  2. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 2
    Investment 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…
  3. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 3
    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…
  4. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 4
    Pipeline Access to Cost-Advantaged Crude Oil 5
  5. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 5
    Attractive Refined Product Locations 6
  6. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 6
    Q1 15 Gross Margin /bbl 10 15 20 25 5 - Source: Company filings NTI/St Paul Park WNR/El Paso, TX PSX/Western-Pacific HFC/Southwest (NM) HFC/Mid-Con (OK, KS) MPC/Total (MW, GC) TSO/Mid-Continent (ND,…
  7. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 7
    Integrated Product Distribution Network WNRL WNR Wholesale Retail Marketing Marketing Distribution channel for diesel, 261 stores in AZ, CO, NM and TX gasoline, jet fuel, kerosene, Fuel brands include Shell, Chevron, lubricants…
  8. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 8
    TexNew Mex Pipeline/Extension Capacity of 75,000 bpd Capable of delivering Four Corners crude oil to Mason Station Joint tariff with WNRL of 6.50 from Bisti/Lybrook to Mason Station Linefill was completed in Mid-April Two…
  9. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 9
    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: Crude oil stations…
  10. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 10
    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 B, due 2020 543 543 6.25% Senior Unsecured Notes…
  11. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 11
    Financial Flexibility Return of Cash to Shareholders Financial Statistics 1 2012 - May 2015 As of March 31, Regular Special 2015 Target Dividends Dividends Total Debt/Adjusted 0.9x < 1.0x EBITDA (LTM) 18% 33% Total Debt/Total…
  12. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 12
    Summary 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 Distribution…
  13. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 13
    Appendix
  14. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 14
    Adjusted EBITDA Reconciliation Three Months Ended March 31, 2015 2014 (In thousands) Net income attributable to Western Refining, Inc. 105,989 85,546 Net income attributable to non-controlling interest 68,979 42,151 Interest…
  15. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 15
    Last Twelve Months Adjusted EBITDA Consolidated WNR Last Twelve Months Adjusted EBITDA (In Thousands) Three Month Period Ending LTM Jun 2014 Sep 2014 Dec 2014 Mar 2015 Mar 2015 Net income attributable to Western Refining, Inc.…
  16. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 16
    Consolidating Adjusted EBITDA Last Twelve Months March 31, 2015 WNR Western NTI WNRL Consolidated (In thousands) Net income attributable to Western Refining, Inc. 437,306 105,280 37,783 580,369 Net income attributable to…
  17. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 17
    Adjusted EBITDA Reconciliations The tables on the previous pages reconcile net income to Adjusted EBITDA for the periods presented. Adjusted EBITDA represents earnings before interest expense and other financing costs, provision for…
  18. TUDOR PICKERING HOLT ENERGY CONFERENCE – Western Refining Logistics, Lp – slide 18

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