Wolfe Research 2016 Refining Conference January 5, 2016
Key Business Highlights Strategically-Located Refinery with Advantaged Access to Crude Oil Supplies and Attractive Refined Product Outlets Integrated Refining, Marketing, Retail, and Logistics Operations Flexible Refinery with…
Northern Tier Overview Integrated refining, marketing, retail, and St. Paul Park Refinery Product Yields1 logistics assets operating as a variable Other 6% distribution publicly traded partnership. Asphalt 11% Gasoline…
Flexible Refinery with Crude Oil Advantage Redundant refining assets, allowing for higher refinery utilization and increased Operational Redundancy maintenance flexibility Refinery configuration allows it to process a variety of light,…
6 1 NT TS I/S O/ t M 0 5 10 15 20 25 W Pa id NR ul -C on /G Par 1 HF tin allu k C/ e n p, So t (N NM Source: Company filings. ut hw D, U W e T) 1 HF N st C/ R / (NM Ro E l P ) 1 PS ck ie aso X/ s ( , W…
June 30, 2012 Integrated Marketing Channel Northern Tiers integrated marketing network included 165 Total Retail Fuel Sold (000 gal/store/month) (company-operated stores) company-operated and 102 franchised SuperAmerica 200 153…
Growth Strategy Slate of high return projects (IRR in excess of 30%) which should improve yields of higher value light products, efficiency of operations, and/or crude oil slate flexibility: Projects underway intended to: replace…
Crude Unit Desalter Project Replace Existing Single Stage Desalters with State of the Art Two Stage Desalters, intended to: Gain optionality to replace up to 10 MBPSD of Canadian Syncrude with higher valued crude oils Expected 5/bbl…
No. 2 Crude Unit and Diesel Hydrotreater Revamp Projects Upgrade Key Charge Rate & Distillate Recovery Limiting Equipment in the No. 2 Crude Unit, intended to: Historic Incremental Crude Margins Increase crude oil throughput capability…
Solvent Deasphalting Project Install a 5,000 BPSD Solvent Deasphalting Unit, intended to: Upgrade residual oil for conversion to gasoline and diesel by utilizing excess FCC capacity Expected 33/bbl project light to heavy product spread…
Bakken First Purchase Strategy Bakken Crude Oil Purchases Leases & Gathering System Pipelines barrels per day 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - Lease Purchases Enbridge…
Merger of Western Refining and Northern Tier Summary of Transaction As announced on December 21, 2015, Western Refining , Inc. (WNR) will acquire all of the outstanding common units of Northern Tier Energy LP (NTI) not already owned by…
Key Business Highlights Strategically-Located Refinery with Advantaged Access to Crude Oil Supplies and Attractive Refined Product Outlets Integrated Refining, Marketing, Retail, and Logistics Operations Flexible Refinery with…
APPENDIX
Q3 Financial Summary Refining Gross Margin1 Total Refinery Throughput ( per throughput barrel) (thousands of barrels per day) 24.97 Adjusted EBITDA2 and Refining Direct Operating Expenses3 Cash Available for Distribution ( per…
Key Refining Performance Metrics Gross Margin1 Total Refinery Throughput ( per throughput barrel) (thousands of barrels per day) 35.00 100.0 93.5 29.56 30.00 83.9 80.0 75.5 25.00 19.15 20.00 18.04 60.0 15.00 40.0 10.00 5.00…
Refining Operating Information Per Barrel of Throughput Reconciliation ( in millions, unless otherwise indicated) ( in millions unless otherwise indicated) 2012 2013 2014 Q1 2015 Q2 2015 Q3 2015 Refinery gross margin per barrel:…
Adjusted EBITDA & Cash Available for Distribution Reconciliation 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net Income 71.5 57.9 96.2 16.0 111.2 128.9 103.5 Adjustments: Interest expense 6.2 6.2 6.7 7.5 7.5 7.5 7.5 Income tax provision 0.1 1.5…
Organic Growth Projects: Reconciliation of Annual Forecasted Net Income to Annual Forecasted EBITDA ( in millions) Desalter Project Annual Forecasted Net Income1 20.5 Add: Estimated Depreciation and Amortization 1.5 Annual…
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