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Citi MLP Conference – Northern Tier Energy Lp

Northern Tier Energy Lp · Aug 20, 2015 · 17 slides

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Slides

  1. Citi MLP Conference – Northern Tier Energy Lp – slide 1
    2015 Citi One-on-One MLP/Midstream Infrastructure Conference August 20, 2015
  2. Citi MLP Conference – Northern Tier Energy Lp – slide 2
    Northern Tier Overview Integrated refining, marketing, retail, and St. Paul Park Refinery Product Yields1 logistics assets operating as a variable distribution publicly traded partnership. Other 6% Asphalt 12% Gasoline…
  3. Citi MLP Conference – Northern Tier Energy Lp – slide 3
    Flexible Refinery with Crude Oil Advantage Redundant refining assets, allowing for higher refinery utilization and increased Operational Redundancy maintenance flexibility Refinery configuration allows it to process a variety of light,…
  4. Citi MLP Conference – Northern Tier Energy Lp – slide 4
    5 HF C 1 /S ou th w 0 5 10 15 20 25 W es t NR (N NT /E l P M) 1 I/S as t o W Pa , TX TS NR ul O/ PSX /G Pa M /W al rk 1 id e lup -C on ste , N rn M HF tin - C/ en Pac Ro t (N ific ck ies D, U…
  5. Citi MLP Conference – Northern Tier Energy Lp – slide 5
    June 30, 2012 Integrated Marketing Channel Northern Tiers integrated marketing network included 165 Total Retail Fuel Sold (000 gal/store/month) (company-operated stores) company-operated and 99 franchised SuperAmerica 200…
  6. Citi MLP Conference – Northern Tier Energy Lp – slide 6
    Growth Strategy Slate of high return projects (IRR in excess of 30%) which would improve yields of higher value light products, efficiency of operations, and/or crude oil slate flexibility: Project underway to replace the desalters to…
  7. Citi MLP Conference – Northern Tier Energy Lp – slide 7
    No. 2 Crude Unit and Diesel Hydrotreater Revamp Projects Upgrade Key Charge Rate & Distillate Recovery Limiting Equipment in the No. 2 Crude Unit Increase crude oil throughput capability by up to 4 Historic Incremental Crude Margins SYN…
  8. Citi MLP Conference – Northern Tier Energy Lp – slide 8
    Crude Unit Desalter Project Replace Existing Single Stage Desalters with State of the Art Two Stage Desalters Gain optionality to replace up to 10 MBPSD of Canadian Syncrude with higher valued crude oils Expected 5/bbl margin benefit…
  9. Citi MLP Conference – Northern Tier Energy Lp – slide 9
    Bakken First Purchase Strategy Bakken Crude Oil Purchases Leases & Gathering System Pipelines barrels per day 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - Lease Purchases Enbridge…
  10. Citi MLP Conference – Northern Tier Energy Lp – slide 10
    Key Business Highlights Strategically-Located Refinery with Advantaged Access to Crude Oil Supplies and Attractive Refined Product Outlets Integrated Refining, Marketing, Retail, and Logistics Operations Flexible Refinery with…
  11. Citi MLP Conference – Northern Tier Energy Lp – slide 11
    APPENDIX
  12. Citi MLP Conference – Northern Tier Energy Lp – slide 12
    Q2 Financial Summary Refining Gross Margin1 Total Refinery Throughput ( per throughput barrel) (thousands of barrels per day) Adjusted EBITDA2 and Refining Direct Operating Expenses3 Cash Available for Distribution ( per…
  13. Citi MLP Conference – Northern Tier Energy Lp – slide 13
    Key Refining Performance Metrics Gross Margin1 Total Refinery Throughput ( per throughput barrel) (thousands of barrels per day) 35.00 100.0 93.5 29.56 30.00 83.9 80.0 75.5 25.00 19.15 20.00 18.04 60.0 15.00 40.0 10.00 5.00…
  14. Citi MLP Conference – Northern Tier Energy Lp – slide 14
    Refining Operating Information Per Barrel of Throughput Reconciliation ( in millions, unless otherwise indicated) 2012 2013 2014 Q1 2015 Q2 2015 Refinery Gross Margin per Barrel of Throughput Refinery Revenue 4,212.6 4,536.0 5,097.7…
  15. Citi MLP Conference – Northern Tier Energy Lp – slide 15
    Adjusted EBITDA & Cash Available for Distribution Reconciliation 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Net Income 71.5 57.9 96.2 16.0 111.2 128.9 Adjustments: Interest expense 6.2 6.2 6.7 7.5 7.5 7.5 Income tax provision 0.1 1.5 1.9 3.6 0.8…
  16. Citi MLP Conference – Northern Tier Energy Lp – slide 16
    Reconciliation of No. 2 Crude Unit Revamp Project Annual Forecasted Net Income to Annual Forecasted EBITDA ( in millions) Annual Forecasted Net Income1 9.3 Add: Estimated Depreciation and Amortization 0.7 Annual Forecasted…
  17. Citi MLP Conference – Northern Tier Energy Lp – slide 17
    Reconciliation of Desalter Project Annual Forecasted Net Income to Annual Forecasted EBITDA ( in millions) Annual Forecasted Net Income1 20.5 Add: Estimated Depreciation and Amortization 1.5 Annual Forecasted EBITDA 22.0…

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