Wolfe Research 2016 Oil and Gas Refiners 1 x 1 Conference January 5, 2016
Investment Considerations Pipeline access to advantaged crude oil production Attractive Permian, Four Corners, Bakken and western Canada Geographies Historically strong refined product regions Integrated Fully integrated crude oil…
WNR/NTI Strong Strategic Combination On December 21, 2015, WNR and NTI announced a merger on the following terms: Consideration WNR Price 20-day 18-Dec Undisturbed VWAP Closing Price WNR Shares per NTI Unit 0.2986 0.2986 WNR Price…
Simplified Organizational Structure Pro Forma Public WNR Public WNR NTI El Paso Gallup Retail WNRL NTI St. Paul Retail Logistics NTI to become a wholly-owned subsidiary of WNR NTI will cease to be a…
Diversified Asset Base Clearbrook Bakken Formation St. Paul Park San Juan Basin Los Angeles Gallup WNR/ Combined Phoenix WNRL with NTI Permian Basin Refineries 2 3 Capacity (bpd) 156,000 253,800 Wink El Paso…
Attractive Refined Product Locations Magellan Pipeline System St. Paul Park Chicago Area Williams Las Vegas Colorado Springs Los Angeles Bloomfield Area Gallup (6) Flagstaff Colton Albuquerque (2) San Diego…
Top Quartile Refineries Western and NTI have three top quartile refineries Source: Company Filings 8
Growth Opportunities El Paso Gross Margin Improvement El Paso Refinery Gross Margin/Bbl vs Crude Differentials 40.00 El Paso refinery historically 35.00 processed common stream barrel 30.00 25.00 Over past 2-3 years, Delaware…
Growth Opportunities Refinery Investments St. Paul Park Organic Projects Historic Incremental Crude Margins Syncrude & North Dakota Light Capital Est EBITDA Project /bbl ( mm) ( mm) 35 30 Replace Crude Unit 25 30 22 Desalters…
Growth Opportunities Logistics Projects Proposed Wink to Crane Crude Oil Pipeline 60 mile crude oil pipeline connecting Permian Wink to Crane Basin Snyder 200,000 bpd capacity Delaware Total cost 110 million Basin (2016 2017)…
Capital Allocation Discipline WNR - Return of Cash to Shareholders FY 2013 FY 2014 FY 2015 17.2% 46.9% 17.6% 44.8% 55.2% 82.8% 35.5% 305 million 553 million 234 million Share Repurchases Quarterly Dividends Special…
Investment Considerations Pipeline access to advantaged crude oil production Attractive Permian, Four Corners, Bakken and western Canada Geographies Historically strong refined product regions Integrated Fully integrated crude oil…
Appendix
WNR Consolidated Adjusted EBITDA Reconciliation ( in thousands) Last Twelve Months - WNR Consolidated Three Months Ended Dec 2014 Mar 2015 Jun 2015 Sep 2015 LTM Net income attributable to Western Refining, Inc. 130,935 105,989…
WNR Standalone Adjusted EBITDA Reconciliation ( in thousands) Last Twelve Months - Western Standalone Three Months Ended Y Dec 2014 Mar 2015 Jun 2015 Sep 2015 LTM T Net income attributable to Western Refining, Inc. 111,475 55,211…
WNRL Standalone EBITDA Reconciliation ( in thousands) Last Twelve Months - WNRL Three Months Ended Dec 2014 Mar 2015 Jun 2015 Sep 2015 LTM Net income attributable to Western Refining, Inc. 12,458 10,140 10,525 10,907 44,030 Net…
NTI Standalone Adjusted EBITDA Reconciliation ( in thousands) Last Twelve Months - NTI Three Months Ended Dec 2014 Mar 2015 Jun 2015 Sep 2015 LTM Net income attributable to Western Refining, Inc. 7,002 40,638 48,490 40,117 136,247…
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