Barclays CEO Energy-Power Conference September 2014
WNR Consolidated Today WNR/ Combined WNRL with NTI Refineries 2 3 Capacity 153,000 242,500 Bakken, Permian, Canada, Basin Exposure Permian, San Juan San Juan Wholesale Volume Approx. Approx. (bpd) 1 100,000 160,000 Retail…
Organizational Structure Traditional MLP C- Corp Variable Distribution MLP Public Stockholders Western Refining, Inc. NYSE: WNR Public Public Unit Holders Unit Holders Western Refining Logistics, LP Wholly-owned…
NTI Overview St. Paul Park Refinery Product Yields 1 Asphalt 6% Other 7% Gasoline 50% Distillate 37% Total Yield: 93,342 bpd St. Paul Park Refinery Crude Feedstock 1 Canadian Light Crude Sweet 33% Crude…
WNRL Overview S Approximately 300 miles of crude oil and refined product pipelines and gathering systems in the Southwestern U.S. S Approximately 7.9 million barrels of active storage capacity for refined products, crude oil and…
Investment Considerations S Attractive Refining Margin Environments S Pipeline access to cost-advantaged crude oil production S Permian, San Juan, Bakken and western Canada S Historically strong refined product margins S Integrated…
Cost-Advantaged Crude Oil Access 8
Attractive Refined Product Locations 9
Western Integrated Product Distribution Network Wholesale Retail S Distribution channel for diesel, S 229 stores in AZ, CO, NM and TX gasoline, jet fuel, kerosene, S Fuel brands include Shell, Chevron, lubricants and other…
Capital Structure As of June 30, 2014 ( millions) WNR Western1 Consolidated Standalone Cash and Cash Equivalents 532 345 Western Term Loan, due 2020 547 547 6.25% Senior Unsecured Notes due 2021 350 350 Revolving Credit…
Financial Flexibility 1 Financial Financial Statistics Statistics As of June 30, 2014 Target Total Debt/Adjusted EBITDA (LTM) 1.3x < 1.0x Total Debt/Total Capitalization 41% 30% - 40% Cash and Cash Equivalents ( millions) 345…
Summary S Attractive Refining Margin Environments with Diversified Asset Base S Integrated Distribution Network Provides Optimal Operations S Growth Opportunities/Optionality S Balance Sheet Flexibility 14
Appendix
Adjusted EBITDA Reconciliations Three Months Ended June 30, 2014 2013 (In thousands) Net income attributable to Western Refining, Inc. 156,696 149,259 Net earnings attributable to non-controlling interest 33,871 Interest expense…
Adjusted EBITDA Last Twelve Months Three Month Period Ending LTM Sep 2013 Dec 2013 Mar 2014 Jun 2014 Jun 2014 Consolidated Western Refining (In Thousands) Net income (loss) attributable to Western Refining, Inc. 50,344 (7,328) 85,546…
Consolidating Adjusted EBITDA Last Twelve Months June 30, 2014 WNR Western WNRL 1 NTI 1 Consolidated (In thousands) Net income attributable to Western Refining, Inc. 204,653 19,887 60,718 285,258 Net earnings attributable to…
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…
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