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Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp

Northern Tier Energy Lp · Sep 30, 2015 · 23 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. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 1
    Deutsche Banks 23rd Annual Leveraged Finance Conference September 30, 2015
  2. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 2
    Credit Considerations Pipeline access to cost-advantaged crude oil production Attractive Refining Permian, San Juan, Bakken and western Canada Margin Environment Historically strong refined product margins Integrated…
  3. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 3
    WNR Consolidated Overview WNR/ Including WNRL NTI Refineries 2 3 Capacity (bpd) 156,000 253,800 Bakken, Permian, Canada, Basin Exposure Permian, San Juan San Juan Retail Stores 1 262 526 Pipelines (miles) 2 300 600…
  4. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 4
    Organizational Structure Traditional MLP C-Corp Variable Distribution MLP Public Stockholders Public Western Refining, Inc. Public Unit Holders NYSE: WNR Unit Holders 34% LP 100% 62% LP Interest Interest Interest…
  5. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 5
    NTI Overview Integrated refining, marketing, retail, and logistics assets operating as a variable distribution publicly traded partnership. Summary Gasoline 46% Capacity (bpd) 97,800 Basin Exposure Bakken, Canada 165 company…
  6. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 6
    WNRL Overview 300 miles of crude oil and refined product pipelines and gathering systems in the Southwestern U.S. 8.1 mm barrels of active storage capacity for refined products, crude oil and other products Four refined…
  7. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 7
    Exposure to Attractive Crude Oil Basins WNR/WNRL/NTI Exposure Note: Assumes 3.50/MMbtu HHUB for gas realizations, 30% of WTI for NGL realizations. Source: Simmons & Company, August 2015 8
  8. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 8
    Refinery Benchmarking Gross Margin per Throughput Barrel - YTD June 2015 Western and NTI have three top quartile refineries Source: Company Filings 9
  9. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 9
    WNR: El Paso Gross Margin Improvement El Paso refinery historically processed common stream barrel Over past 2-3 years, Delaware Basin crude oil has partially replaced common stream barrel Better economics Improved gas/diesel…
  10. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 10
    WNR: TexNew Mex Pipeline/Extension Capacity of 75,000 bpd Currently delivers Four Corners crude oil to Mason Station/ El Paso refinery Joint tariff with WNRL of 6.50 from Bisti to Mason Station Two planned truck offloading…
  11. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 11
    WNR: 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 (pipeline completion) in Q4 2015 Phase 2 (crude oil terminals at…
  12. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 12
    NTI: 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…
  13. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 13
    NTI: 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…
  14. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 14
    WNRL: Significant Organic Growth Profile Increase throughput on existing Delaware Basin system 44% Q2 2015 Volume (bpd) Capacity (bpd) 63% Utilization 43,873 24,019 Mainline Permian/ Delaware Basin Gathering Connect…
  15. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 15
    WNRL: Potential Acquisition Opportunities Project Description TexNew Mex Pipeline & Extension 370 mile crude oil pipeline flowing from Four Corners to Delaware Basin (WNR) Bobcat Crude Oil 40 mile pipeline dedicated to light…
  16. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 16
    Capital Structure As of June 30, 2015 ( millions) Western1 Standalone WNRL NTI Total Cash and Restricted Cash 2 406 79 128 Western Revolving Credit Facility - - - Term Loan, due 2020 542 6.25% Senior Unsecured Notes due 2021…
  17. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 17
    Appendix 18
  18. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 18
    Western Standalone Adjusted EBITDA Reconciliation Twelve Months Three Month Period Ending Ended (In Millions) Sep-14 Dec-14 Mar-15 Jun-15 Jun-15 Net income attributable to Western Refining, Inc. 144,024 111,475 55,211 74,904…
  19. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 19
    Western Standalone Adjusted EBITDA Definition 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,…
  20. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 20
    WNRL EBITDA Reconciliation Twelve Months Three Month Period Ending Ended (In Millions) Sep-14 Dec-14 Mar-15 Jun-15 Jun-15 Net income 12,265 18,819 15,323 15,915 62,322 Interest expense and other financing costs 362 1,286 3,964…
  21. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 21
    WNRL EBITDA Definition WNRL defines EBITDA as net income (loss) before net interest expense, income taxes, and depreciation and amortization. WNRL defines Distributable Cash Flow as EBITDA less net cash interest paid, income taxes paid…
  22. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 22
    NTI Adjusted EBITDA Reconciliation Twelve Months Three Month Period Ending Ended (In Millions) Sep-14 Dec-14 Mar-15 Jun-15 Jun-15 Net Income 96.2 16.0 111.2 128.9 352.3 Adjustments: Interest Expense 6.7 7.5 7.5 7.5 29.2 Income Tax…
  23. Deutsche Banks 23rd Annual Leveraged Finance Conference – Northern Tier Energy Lp – slide 23
    NTI Adjusted EBITDA Definition EBITDA and Adjusted EBITDA Adjusted EBITDA is defined as net income (loss) before interest expense, income taxes and depreciation and amortization, adjusted for depreciation from the Minnesota Pipe Line…

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