Driving Distinctive Growth UBS MLP One-on-One Conference January 2016 2015 Tesoro Corporation. All Rights Reserved.
Tesoro Logistics Competitive Advantage Leading provider of logistics services to oil and gas producers and refining and marketing companies in strategic footprint Tesoros strategy supports integration and drives high growth Clear…
Asset Platform Provides Unique Platform for Growth Anacortes, WA Kenai, AK Mandan, ND Salt Lake City, UT Key Metrics Martinez, CA Crude oil, refined product and 3,500+ miles natural gas pipelines Natural gas throughput…
Track Record of Robust Value Creation 2011 EBITDA 42 Million Distributions Per LP Unit ( annualized) 3.00 Crude Oil Terminalling & Gathering Transportation 2015E EBITDA 655 Million1 1.35 Crude Oil Gathering Natural Gas…
Strategic Framework to Drive Growth Focus on Stable, Provide full-service logistics offering Fee-Based Business Minimal commodity price exposure Enhance operational efficiency and maximize asset utilization Optimize Existing Capture…
Gathering and Processing Growth Outlook Capture integrated crude EBITDA Outlook oil and natural gas ( in millions) opportunities across mid- 530 - 590 continent basins Targeting to grow EBITDA 395 - 410 by 150 million by 2018…
Gathering and Processing Growth Projects Investing 250 - 290 million of growth capital in 2016 Bakken Expand High Plains Pipeline in Bakken core to meet producer demand New gathering projects supported by minimum volume commitments…
Terminalling and Transportation Growth Outlook Capture growing market EBITDA Outlook ( in millions) demand and Tesoro-driven infrastructure projects 400 - 425 Targeting organic EBITDA 300 - 305 growth of 100 - 120 million by…
Terminalling and Transportation Growth Projects Investing 150 - 160 million of growth capital in 2016 Terminalling: Capture growth from expansion of Mandan, Stockton, Pasco and Anacortes product terminals Salt Lake City rail access…
Future Drop Downs to Capture Additional Value 350 - 550 million of 150 - 250 million of Earnings Earnings from Existing Assets from New Business Investments Marine terminals Bakken pipeline & rail Crude oil pipelines Mixed xylenes…
Growth Driven by New Opportunities Through 2015, approximately 15% of TLLPs EBITDA sourced from assets owned by Tesoro at time of IPO Expected growth through 2018, primarily sourced from new assets and organic growth 1,100 - 1,200…
Strategic Approach to Acquisitions Pursuing opportunities that provide Tesoro access to advantaged feedstocks and new markets Principally focused on Tesoros strategic footprint Expanding acquisition horizon to include adjacent…
New Alaska Marketing and Logistics Business Tesoros acquisition of wholesale marketing and logistics business in Anchorage and Fairbanks Integrates with existing TLLP facilities Includes over 600 MBD of storage, truck racks, rail…
Acquisition of Great Northern Midstream Tesoro acquiring Bakken crude Canada oil gathering and Montana North Dakota transportation pipelines, Tesoro storage and rail loading terminal High Plains Pipeline Provides Tesoro West Coast…
Continuing to Drive Unitholder Value Attractive, Visible Growth Opportunities Strong Well-Positioned Assets Sponsorship Stable, Fee-Based Cash Experienced Flow Management Team 18 Tesoro Logistics 18
Appendix 2015 Tesoro Corporation. All Rights Reserved.
Market Fundamentals Rocky Mountain Rig Count & Production (Gas) North Dakota Production Activity 7.0 20 1,500 250 Gas Production BCF/Day Rig Count / Completion Oil Production (MBD) 6.5 15 200 Rig Count 1,000 150 6.0 10…
Third Quarter 2015 Revenue Coverage Total Revenue Crude Oil Gathering Revenue Above MVCs or Acreage Above Dedications MVCs 28% 36% Covered Under MVCs or Covered Acreage Dedications Under MVCs1 72% 64% Natural Gas Revenue…
Non-GAAP Financial Measures TLLP EBITDA(2) (In millions) Unaudited Reconciliation 2011 Net earnings 26 Add loss attributable to Predecessor 8 Add interest and financing costs, net 2 Add depreciation and amortization expense 6 EBITDA…
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