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December 2015 Investor Presentation – Par Petroleum Corporation

Par Petroleum Corporation · Dec 2, 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. December 2015 Investor Presentation – Par Petroleum Corporation – slide 1
    Investor Presentation December 2015
  2. December 2015 Investor Presentation – Par Petroleum Corporation – slide 2
    Company Overview
  3. December 2015 Investor Presentation – Par Petroleum Corporation – slide 3
    Par Pacific Summary Key Statistics Enterprise Value ( in millions, except per share data) Pro Forma LTM Adjusted EBITDA As of 11/27/2015 Share Price 24.95 Refining and Distribution (1) 125 Shares Outstanding (5) 41 Market…
  4. December 2015 Investor Presentation – Par Petroleum Corporation – slide 4
    Our Business Platforms 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…
  5. December 2015 Investor Presentation – Par Petroleum Corporation – slide 5
    Company Timeline 9/1/2012: 6/17/2013: 11/14/2013: 8/14/2014: 4/1/2015: 6/1/2015: Delta Petroleum Agreed to HIE Retail entered Successfully Closed acquisition Closed new supply emerged from purchase Kapolei into a credit completed of…
  6. December 2015 Investor Presentation – Par Petroleum Corporation – slide 6
    Growth Opportunity Framework Tier 1 Refining Marketing Midstream & downstream logistics Strategic Factors Tier 2 Existing E&P with Laramie tie-in Competencies Upstream logistics Gathering systems NOL Gas processing Refining…
  7. December 2015 Investor Presentation – Par Petroleum Corporation – slide 7
    Business Platform Overview
  8. December 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 favorably positioned to…
  9. December 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 Difficult to replicate asset base Multiple advantages from Single Point Mooring:…
  10. December 2015 Investor Presentation – Par Petroleum Corporation – slide 10
    Retail/Wholesale Network Overview Asset Highlights Extensive footprint across five islands Mid Pac acquisition significantly expanded scale and operating capabilities Anticipated continued volume growth from increasing retail and…
  11. December 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 74 75 73 62 72 60 70 71 68 69 60 57 70 66 70 67 66 57 56 52 50 50 55 55…
  12. December 2015 Investor Presentation – Par Petroleum Corporation – slide 12
    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…
  13. December 2015 Investor Presentation – Par Petroleum Corporation – slide 13
    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) 12 8.57 10 8 6 4 2 0 -2 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15…
  14. December 2015 Investor Presentation – Par Petroleum Corporation – slide 14
    Leader in Niche Hawaiian Market Refined Product Demand(1) Par Refinery Yield MBbl/d Total Production 2014 Sep YTD 2015 80 Total Demand 72 72 Other products Fuel oils 64 60 59 4% 23% 56 50 Fuel oils Distillates 48 33% 38%…
  15. December 2015 Investor Presentation – Par Petroleum Corporation – slide 15
    Substantial Organic Growth Opportunities in Hawaii Increase throughput to generate economies of scale Develop asphalt & propane business to enhance scale and operating efficiency Refining Enhance flexibility of crude slate to further…
  16. December 2015 Investor Presentation – Par Petroleum Corporation – slide 16
    Laramie Energy Overview Asset Highlights Keys To Long Term Value Realization Experienced management team that has drilled over 300 wells in the High net revenue interest averaging approximately 84% with over 80 basin with a 99%…
  17. December 2015 Investor Presentation – Par Petroleum Corporation – slide 17
    Laramie Energy 2016 Development Program 2016 Plan Summary (1) Continue to run 1 rig program under the Wexpro JDA for balance of ( in millions) 2016 2015 & 2016 Capital Plan Summary Complete significant portion of Drilled but…
  18. December 2015 Investor Presentation – Par Petroleum Corporation – slide 18
    Financial Overview
  19. December 2015 Investor Presentation – Par Petroleum Corporation – slide 19
    Summary Financial Results Production Cost per Barrel(1) Adjusted EBITDA ( / bbl) ( in millions) 6.00 60 5.47 47 4.53 4.63 4.18 40 31 34 4.50 4.08 4.12 22 3.15 20 3.00 0 1.50 (9) -20 (19) (28) 0.00 -40 Q1 '14 Q2 '14 Q3…
  20. December 2015 Investor Presentation – Par Petroleum Corporation – slide 20
    Capitalization and Maturity Profile Capitalization Maturity Profile ( in millions) As of 148 150 ( in millions) 11/27/2015 Cash & Cash Equivalents 176 Debt: Par Term Loan 94 100 HIE Retail Term Loan 28 100 Texadian Trade…
  21. December 2015 Investor Presentation – Par Petroleum Corporation – slide 21
    Net Operating Loss Carryforward Selected Benefits Illustrative Value to Par(1) ( in millions) Differentiated Asset Relative to Peers Discount Rate 8.0% 10.0% 12.0% Potential to Enhance Annual Pre-Tax Earnings Cash Flow…
  22. December 2015 Investor Presentation – Par Petroleum Corporation – slide 22
    Financial Strategy Flexible CapitalStructure Conservative Minimal near-term maturities enhances flexibility Capital Structure Low financial leverage positions Par Pacific for future growth Conservative Access to Liquidity…
  23. December 2015 Investor Presentation – Par Petroleum Corporation – slide 23
    Summary High Quality Asset Base in Niche Market Identified Constructive Growth Market Opportunities Environment Significant Experienced Financial Management Flexibility Team and Board 24
  24. December 2015 Investor Presentation – Par Petroleum Corporation – slide 24
    Contact Information Par Pacific Holdings, Inc. Christine Thorp (NYSE MKT: PARR) Director, Investor Relations 800 Gessner Road, Suite 875 cthorpparpacific.com Houston, TX 77024 (832) 916-3396 (281) 899-4800 www.parpacific.com…
  25. December 2015 Investor Presentation – Par Petroleum Corporation – slide 25
    Appendix
  26. December 2015 Investor Presentation – Par Petroleum Corporation – slide 26
    Laramie Energy Asset Overview (2) ____________________ Source: Drilling Info. 27
  27. December 2015 Investor Presentation – Par Petroleum Corporation – slide 27
    Capitalization Detail ( in millions) Amount Outstanding Facility Borrower (9/30/2015) Undrawn Amount Amortization Maturity Interest Rate (1) Term Loan Par 93.9 NA NA 7/11/2018 10.00% (12.00% PIK) HIE Retail Term Loan Retail…
  28. December 2015 Investor Presentation – Par Petroleum Corporation – slide 28
    Non-GAAP Financials Adjusted EBITDA and Free Cash Flow Reconciliation (1) (in thousands) Q1 2015 Q2 2015 Q3 2015 Net income 462 11,723 14,740 Adjustments to Net income: Unrealized loss (gain) on derivatives 2,406 (1,980) 4,360 Lower…

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