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October 2015 Investor Presentation – Par Petroleum Corporation

Par Petroleum Corporation · Oct 20, 2015 · 28 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. October 2015 Investor Presentation – Par Petroleum Corporation – slide 1
    Investor Presentation October 2015
  2. October 2015 Investor Presentation – Par Petroleum Corporation – slide 2
    I. Company Overview
  3. October 2015 Investor Presentation – Par Petroleum Corporation – slide 3
    Who We Are Largest and Most Complex(1) Refiner in Niche Hawaii Market Crude capacity of 94,000 barrels per day Integrated Refiner and Marketer 50% distillate yield configuration Flexibility to utilize a wide range of crude…
  4. October 2015 Investor Presentation – Par Petroleum Corporation – slide 4
    Company Timeline 9/1/2012: 6/17/2013: 11/14/2013: 7/22/2014: 2/20/2015: 5/15/2015: Delta Petroleum Agreed to HIE Retail entered Moved from Texadian HIE Retail emerged from purchase Kapolei into a credit OTCQB amendment of amendment to…
  5. October 2015 Investor Presentation – Par Petroleum Corporation – slide 5
    Selected Achievements and Initiatives 2014 Achievements 2015 / 2016 Initiatives Substantially Enhanced Organizational Depth and Enhance Profitability of Operations Operating Capabilities Entered into new commodity finance agreement…
  6. October 2015 Investor Presentation – Par Petroleum Corporation – slide 6
    Investment Highlights Largest and most complex refinery in Hawaii, weighted to distillate production High Quality Significant retail distribution platform consisting of 128 serviced locations across Hawaii Asset Base in Niche Market…
  7. October 2015 Investor Presentation – Par Petroleum Corporation – slide 7
    II. Asset Overview
  8. October 2015 Investor Presentation – Par Petroleum Corporation – slide 8
    Hawaii Refinery Overview Asset Highlights Largest and most complex refinery in Hawaii Nelson complexity of 5.7 High-margin distillate yield configured for island demand Asset location and configuration well positioned to benefit…
  9. October 2015 Investor Presentation – Par Petroleum Corporation – slide 9
    Logistics System Overview Asset Highlights Hawaiian Assets Map (1) Integrated system enhances flexibility and profitability North America 30,000 Bbls Complementary, difficult to replicate asset base Multiple advantages from Single…
  10. October 2015 Investor Presentation – Par Petroleum Corporation – slide 10
    Distribution Network Overview Asset Highlights Extensive footprint across five islands Mid Pac acquisition significantly expands scale and operating capabilities Anticipated continued volume growth from increasing retail and…
  11. October 2015 Investor Presentation – Par Petroleum Corporation – slide 11
    Ongoing Refinery Optimization Opportunities On-Island Sales Volume Total Sales Volume Throughput Volume (MBbl/d) (MBbl/d) (MBbl/d) 70 85 82 85 81 75 75 62 72 71 60 70 69 70 68 70 66 57 56 55 52 55 55 40 40 40 Q2 '14 Q3…
  12. October 2015 Investor Presentation – Par Petroleum Corporation – slide 12
    Piceance Energy Investment Overview Asset Highlights Asset Map(2) Experienced management team that has drilled over 300 wells in the basin with a 99% success rate Significant recent operating and service cost reductions Company…
  13. October 2015 Investor Presentation – Par Petroleum Corporation – slide 13
    III. Key Market Trends
  14. October 2015 Investor Presentation – Par Petroleum Corporation – slide 14
    Well Positioned to Benefit from Commodity Flows Waterborne Access Mid-Pacific Trends Located at the crossroads of changing crude flows Increased supply of cost advantaged crude leads to from West to East sustainable competitive…
  15. October 2015 Investor Presentation – Par Petroleum Corporation – slide 15
    Leader in Niche Hawaiian Market Refined Product Demand(1) Par Refinery Yield MBbl/d 2014 Q2 2015 80 Production Capacity 70 72 64 60 59 Heavy 56 Fuel Oils 47 & Other Distillates 48 38% 38% 40 Distillate Other 50% Products 32…
  16. October 2015 Investor Presentation – Par Petroleum Corporation – slide 16
    Substantial Growth Opportunities Utilize large NOL to enhance cash flow and competitive position for acquisitions Corporate Pursue growth opportunities outside of Hawaii that leverage Pars organizational capabilities and management…
  17. October 2015 Investor Presentation – Par Petroleum Corporation – slide 17
    IV. Financial Overview
  18. October 2015 Investor Presentation – Par Petroleum Corporation – slide 18
    Financial Strategy Conservative capital structure driven by market outlook and cash flow profile Minimal Flexible CapitalStructure Minimal near-term maturities enhances flexibility Leverage Low financial leverage positions Par…
  19. October 2015 Investor Presentation – Par Petroleum Corporation – slide 19
    Historical Crack Spread and Differential Mid Pacific Crude Blend 4-1-2-1 Mid Pacific Crack Spread 80% Singapore, 20% San Francisco Combined Mid Cycle(1) 7.72 Crude Differential(1) (0.84) Purchased Refinery…
  20. October 2015 Investor Presentation – Par Petroleum Corporation – slide 20
    Summary Financial Results Production Cost per Barrel(1) Adjusted EBITDA ( / bbl) ( in millions) 6.00 5.47 60 47 4.63 40 4.50 4.08 4.12 31 22 3.15 20 3.00 0 1.50 -20 -19 -28 0.00 -40 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q2…
  21. October 2015 Investor Presentation – Par Petroleum Corporation – slide 21
    Capitalization and Maturity Profile Capitalization Maturity Profile ( in millions) As of ( in millions) 6/30/2015 Cash & Cash Equivalents 79 Debt: Par Pacific Term Loan 93 HIE ABL 0 HIE Retail Term Loan 29 Texadian Trade…
  22. October 2015 Investor Presentation – Par Petroleum Corporation – slide 22
    Capitalization Detail ( in '000s) Amount Outstanding Facility Borrower (6/30/2015) Undrawn Amount Amortization Maturity Interest Rate (1) Term Loan Par Pacific 93.5 NA NA 7/11/2018 10.00% (12.00% PIK) HIE Retail Term Loan…
  23. October 2015 Investor Presentation – Par Petroleum Corporation – slide 23
    Capital Expenditure Summary ( in millions) Sustaining Capital Expenditures Growth Capital Expenditures 30-35 20-25 30-31 10-15 9 6-7 6 2-3 2014 2015E 2016E 2017E 2014 2015E 2016E 2017E (1) (2)…
  24. October 2015 Investor Presentation – Par Petroleum Corporation – slide 24
    Net Operating Loss Benefits Considerations Differentiated Asset Relative Uncertain Timeframe to Refining Peers to Full Utilization Potential to Generate Certain Transactions Could Substantial Cash Flow Impair Ability to…
  25. October 2015 Investor Presentation – Par Petroleum Corporation – slide 25
    Summary High Quality Asset Base in Niche Market Identified Constructive Growth Market Opportunities Environment Significant Experienced Financial Management Flexibility Team and Board 26
  26. October 2015 Investor Presentation – Par Petroleum Corporation – slide 26
    Contact Information Par Pacific Holdings, Inc. Christine Thorp (NYSE MKT: PARR) Director, Investor Relations One Memorial Plaza cthorpparpacific.com 800 Gessner Road, Suite 875 (832) 916-3396 Houston, TX 77024 (281) 899-4800…
  27. October 2015 Investor Presentation – Par Petroleum Corporation – slide 27
    Appendix
  28. October 2015 Investor Presentation – Par Petroleum Corporation – slide 28
    Non-GAAP Financials Adjusted EBITDA and Cash Flow Reconciliation (in thousands) Q1 2015 Q2 2015 Net income 462 11,723 Adjustments to Net income: Unrealized loss (gain) on derivatives 2,406 (1,980) Lower of cost or market adjustment…

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