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CITI MLP Conference – Alon Usa Partners Lp

Alon Usa Partners Lp · Aug 20, 2015 · 27 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. CITI MLP Conference – Alon Usa Partners Lp – slide 1
    Shai Even Senior Vice President & Chief Financial Officer Citi 2015 MLP/Midstream Infrastructure Conference August 2015
  2. CITI MLP Conference – Alon Usa Partners Lp – slide 2
    Alon USA Energy Overview Alon USA Energy, Inc. (NYSE: ALJ) owns 81.6% of the limited partner interests in Alon USA Partners, LP (NYSE: ALDW), a variable distribution MLP, which owns an oil refinery in Big Spring, TX. Alon USA Energy is…
  3. CITI MLP Conference – Alon Usa Partners Lp – slide 3
    Alon USA Partners Overview The 73,000 bpd Big Spring refinery processes oil from the Permian Basin into finished products such as gasoline, diesel, jet fuel and petrochemicals, which are marketed primarily in West Texas, Central Texas,…
  4. CITI MLP Conference – Alon Usa Partners Lp – slide 4
    Our Strategic Advantages Strategically located refinery in the heart of the prolific Permian Basin High quality asset with low operating costs Physically integrated refining and marketing system Strong liquidity position and…
  5. CITI MLP Conference – Alon Usa Partners Lp – slide 5
    Sustainable Feedstock Advantage Crude spreads influence crack spreads, and ultimately, refiners profitability WTI-based crudes are expected to trade at a discount to Brent over the next few years, providing a sustainable feedstock…
  6. CITI MLP Conference – Alon Usa Partners Lp – slide 6
    Big Spring: In the Heart of the Permian Basin Several rigs concentrated in the proximity of the refinery Permian rig count has increased by 23 rigs since bottoming in late June 2015; rig count has risen to 254 rigs as of August 7,…
  7. CITI MLP Conference – Alon Usa Partners Lp – slide 7
    Big Spring Refinery Overview Big Spring refinery: Refinery Operating Margin1 73,000 bpd (26 MMbbl/year) sour crude cracking refinery 10.5 Nelson Complexity Processes 100% Midland-priced crude Integrated wholesale fuels marketing…
  8. CITI MLP Conference – Alon Usa Partners Lp – slide 8
    How Big Spring Made Money 1H 2015 Product Yields Crude / Blendstocks Refining Operating Margin1 Per bbl Per bbl Per bbl Gasoline 10.08 20.16 Gasoline Sour 50.0% Crude 71.86 50.3% Jet 1.01 19.72 Jet 71.43 5.1% Diesel…
  9. CITI MLP Conference – Alon Usa Partners Lp – slide 9
    Highly Efficient Operations Solomon Results Mechanical Availability Big Spring led U.S. Solomon Survey Q-1 participants in mechanical availability in Q-2 2014 and led its regional peer group in net Q-3 Q-4 cash margin BSR 2014…
  10. CITI MLP Conference – Alon Usa Partners Lp – slide 10
    Integrated Wholesale Marketing Integrated wholesale fuels marketing business supplies 640 branded sites, including substantially all of Alons retail sites In 2014, approximately 85% of gasoline and over 90% of diesel produced at Big…
  11. CITI MLP Conference – Alon Usa Partners Lp – slide 11
    Business Opportunities Capitalizing on crude slate flexibility by running lowest cost inputs / highest margin outputs Continuing to evaluate low-risk projects to enhance gross margin with payback periods of less than two years;…
  12. CITI MLP Conference – Alon Usa Partners Lp – slide 12
    Guidance and RINs Information Total throughput at Big Spring is expected to average 74,000 bpd in 3Q 2015 and 74,000 bpd for full-year 2015 The total capital expenditure projection for ALDW for 2015 is 32.0 million Approximately…
  13. CITI MLP Conference – Alon Usa Partners Lp – slide 13
    Crude Differentials & Crack Spread Trends WTI 5 Year Average--91.94 2014 ---93.10 YTD 2015 ---53.20 Q2 2015---57.86 West Texas West Texas Sour (WTS) Intermediate - Cushing WTI Midland Brent (WTI) WTI Cushing - WTS WTI…
  14. CITI MLP Conference – Alon Usa Partners Lp – slide 14
    Financial Summary 15
  15. CITI MLP Conference – Alon Usa Partners Lp – slide 15
    Pricing, Operating and Financial Highlights 2012 2013 2014 YTD 2Q 2015 Pricing Statistics: Gulf Coast 3-2-1 27.43 19.16 14.52 18.73 WTI Cushing less WTI Midland 2.92 2.59 6.93 1.27 WTI Cushing less WTS 4.09 3.72 6.04 0.76 Brent less…
  16. CITI MLP Conference – Alon Usa Partners Lp – slide 16
    Distributions 2014 - Current (dollars in thousands, except per unit data) 1Q 2014 2Q 20141 3Q 2014 4Q 2014 1Q 2015 2Q 2015 Net income 42,241 7,802 76,993 42,099 36,451 59,426 Interest expense 11,324 11,569 11,584 12,229 11,693 10,847…
  17. CITI MLP Conference – Alon Usa Partners Lp – slide 17
    Balance Sheet (In 000's) June 30, December 31, (2015 INFORMATION IS UNAUDITED) 2015 2014 ASSETS Current assets: Cash and cash equivalents 149,884 106,325 Accounts and other receivables, net 81,842 68,545 Accounts and other…
  18. CITI MLP Conference – Alon Usa Partners Lp – slide 18
    Statement of Operations (In 000's, except per unit data) For the Six Months Ended (ALL INFORMATION IS UNAUDITED) June 30, 2015 June 30, 2014 STATEMENT OF OPERATIONS DATA: Net sales 1,167,506 1,582,312 Operating costs and expenses:…
  19. CITI MLP Conference – Alon Usa Partners Lp – slide 19
    Statement of Cash Flows (In 000's) For the Six Months Ended (ALL INFORMATION IS UNAUDITED) June 30, 2015 June 30, 2014 Cash flows from operating activities: Net income 95,877 50,043 Adjustments to reconcile net income to cash…
  20. CITI MLP Conference – Alon Usa Partners Lp – slide 20
    Adjusted EBITDA Reconciliation (in 000's) 2012 2013 20141 YTD 2Q 2014 1 YTD 2Q 2015 Net income 381,898 136,222 169,135 50,043 95,877 State income tax expense (benefit) 3,536 2,004 2,784 725 (45) Interest expense 22,235 40,474 46,706…
  21. CITI MLP Conference – Alon Usa Partners Lp – slide 21
    Appendix Alon USA Energy 22
  22. CITI MLP Conference – Alon Usa Partners Lp – slide 22
    Krotz Springs Refinery Overview Refinery Operating Margin 74,000 bpd sweet crude residual cracking refinery 8.3 Nelson Complexity Historically processed a mix of LLS and HLS type crudes n Krotz Springs Operating Margin Gulf Coast 211…
  23. CITI MLP Conference – Alon Usa Partners Lp – slide 23
    How Krotz Springs Made Money 1H 2015 Product Yields Crude / Blendstocks Refining Operating Margin1 Per bbl Per bbl Per bbl Gasoline 11.74 5.50 WTI Gasoline 40.0% 69.80 46.9% Jet 2.79 13.43 Jet Diesel 71.49 2.10 20.7%…
  24. CITI MLP Conference – Alon Usa Partners Lp – slide 24
    Physically Integrated Retail Network Largest 7-Eleven licensee in the U.S. with 294 stores (50% fee owned) in Central/West Texas and New Mexico1 Locations in High Growth Markets1 Remodel program continues to progress Location Total…
  25. CITI MLP Conference – Alon Usa Partners Lp – slide 25
    Improving the Asphalt Business In 2014, U.S. asphalt demand was down 40% from the peak in 2005; PADD V demand was down 52% from 20051 Asphalt demand is largely driven by federal, state and local spending The countrys highways and…
  26. CITI MLP Conference – Alon Usa Partners Lp – slide 26
    Key Financial Metrics Alon USA Energy Adjusted EBITDA1 Net Leverage (Net Debt/Adjusted EBITDA)2 millions millions Capital Expenditures & Turnarounds Increase in capital expenditures in 2014 and 2015 relates to the…
  27. CITI MLP Conference – Alon Usa Partners Lp – slide 27
    Adjusted EBITDA Reconciliation (in 000's) 2012 2013 2014 1 YTD 2Q 20141 YTD 2Q 2015 Net income available to stockholders 79,134 22,986 38,457 (6,732) 63,349 Net income attributable to non-controlling interest 11,463 25,129 31,411…

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