Barclays CEO Energy - Power Conference September 9, 2015
Investment Considerations S Pipeline access to cost-advantaged crude oil production Attractive Refining S Permian, San Juan, Bakken and western Canada Margin Geographies S Historically strong refined product margins Integrated…
WNR Consolidated Overview WNR/ Including WNRL NTI Refineries 2 3 Capacity 156,000 254,000 Bakken, Permian, Canada, Basin Exposure Permian, San Juan San Juan Retail Stores 1 262 526 2 Pipelines (miles) 300 600 Storage…
Gross Margin/bbl 0 5 10 15 20 HFC - Southwest Source: Company Filings WNR - El Paso NTI WNR - Gallup PSX - Western/Pacific TSO - Mid Con HFC - Rocky Mountain TSO - California VLO - West Coast ALJ - Big…
WNR Growth Strategy S Increase the supply of cost-advantaged crude oil at both El Paso and Gallup refineries S Further develop logistics opportunities in the Permian/ Organic Four Corners/ Bakken regions S Potential El Paso…
El Paso Gross Margin Improvement S El Paso refinery historically processed common stream barrel S Over past 2-3 years, Delaware Basin crude oil has partially replaced common stream barrel S Better economics S Improved gas/diesel…
TexNew Mex Pipeline/Extension S Capacity of 75,000 bpd S Currently delivers Four Corners crude oil to Mason Station/ El Paso refinery S Joint tariff with WNRL of 6.50 from Bisti to Mason Station S Two planned truck offloading…
Bobcat Crude Oil Pipeline S Capacity of 125,000 bpd S Service for light crude oil and condensate S Provides outlet from west Texas to Midland S Phase 1: Estimated pipeline completion in Q4 2015 S Phase 2: Crude oil stations at…
Capital Structure As of June 30, 2015 ( millions) Western1 WNRL NTI 2 Standalone Total Cash and Restricted Cash 3 406 79 128 Western Revolving Credit Facility - - - Term Loan, due 2020 542 6.25% Senior Unsecured Notes due 2021…
1 Financial Flexibility Return of Cash to Shareholders Financial Statistics January 2012 - August 2015 As of Regular June 30, Target Dividends 2015 Total Debt/Adjusted 19% Special 0.9x < 1.0x Dividends EBITDA (LTM) 30% Total…
Summary S Pipeline access to cost-advantaged crude oil production Attractive Refining S Permian, San Juan, Bakken and western Canada Margin Geographies S Historically strong refined product margins Integrated Distribution S…
WNR Adjusted EBITDA Reconciliation Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands) Net income attributable to Western Refining, Inc. 133,919 156,696 239,908 242,242 Net income attributable to…
WNR Last Twelve Months Adjusted EBITDA Last Twelve Months Adjusted EBITDA (In Thousands) Three Month Period Ending LTM Sep 2014 Dec 2014 Mar 2015 Jun 2015 Jun 2015 Net income attributable to Western Refining, Inc. 186,749 130,935…
WNR Consolidating Adjusted EBITDA Last Twelve Months June 30, 2015 WNR Western NTI WNRL Consolidated (In thousands) Net income attributable to Western Refining, Inc. 385,614 130,841 41,137 557,592 Net income attributable to…
WNR 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…
NTI Adjusted EBITDA & Cash Available for Distribution 19
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