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Investor Presentation March 2016 – Par Pacific Holdings

Par Pacific Holdings · Mar 21, 2016 · 26 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. Investor Presentation March 2016 – Par Pacific Holdings – slide 1
    Investor Presentation March 2016
  2. Investor Presentation March 2016 – Par Pacific Holdings – slide 2
    Company Overview
  3. Investor Presentation March 2016 – Par Pacific Holdings – slide 3
    Our Business Platforms Refining - Largest and Most Complex(1) in Niche Hawaii Market Crude capacity of 94,000 barrels per day 50% distillate yield configuration Flexibility to utilize a wide range of crude blends Logistics -…
  4. Investor Presentation March 2016 – Par Pacific Holdings – slide 4
    Company Timeline 9/1/2012: 6/17/2013: 11/14/2013: 9/22/2015: 12/17/2015: Predecessor Agreed to Retail entered Laramie Energy Completed company purchase into a credit entered into a refinancing of emerges from Kapolei Refinery…
  5. Investor Presentation March 2016 – Par Pacific Holdings – slide 5
    Growth Opportunity Framework Tier 1 Refining Marketing Midstream & downstream logistics Strategic Tier 2 Factors E&P with Laramie tie-in Existing Upstream logistics Competencies Gathering systems Gas processing NOL Chemical /…
  6. Investor Presentation March 2016 – Par Pacific Holdings – slide 6
    Business Platform Overview
  7. Investor Presentation March 2016 – Par Pacific Holdings – slide 7
    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…
  8. Investor Presentation March 2016 – Par Pacific Holdings – slide 8
    Logistics Overview Asset Highlights Hawaiian Assets Map (1) North America Integrated system enhances flexibility and profitability 30,000 Bbls Difficult to replicate asset base Multiple advantages from Single Point Mooring Latin…
  9. Investor Presentation March 2016 – Par Pacific Holdings – slide 9
    Retail 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 distribution…
  10. Investor Presentation March 2016 – Par Pacific Holdings – slide 10
    Ongoing Refinery Optimization Opportunities On-Island Sales Volume Total Sales Volume Throughput Volume (MBbl/d) (MBbl/d) (MBbl/d) 70 85 82 85 81 80 64 64 76 75 74 75 62 72 73 70 71 59 70 66 68 69 60 70 67 66 57 56 52 50 50 55…
  11. Investor Presentation March 2016 – Par Pacific Holdings – slide 11
    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…
  12. Investor Presentation March 2016 – Par Pacific Holdings – slide 12
    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 8.46 10 8 6 4 2 0 -2 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15…
  13. Investor Presentation March 2016 – Par Pacific Holdings – slide 13
    Leader in Niche Hawaiian Market Refined Product Demand(1) Par Refinery Yield MBbl/d Total Production 2014 2015 80 Total Demand 72 72 Other products Fuel oils 64 60 59 4% 23% 56 50 Fuel oils Distillates 48 33% 38% Other 40 44%…
  14. Investor Presentation March 2016 – Par Pacific Holdings – slide 14
    Laramie Energy Overview Asset Highlights Keys To Long Term Value Realization Experienced management team in the basin with a 99% success rate Vast majority of 126,000 net acre position is held by production Drilling and completion…
  15. Investor Presentation March 2016 – Par Pacific Holdings – slide 15
    Laramie Energy 2016 Development Program 2016 Plan Summary Acquisition Integration Strategy Backlog in excess of 64 drilled, uncompleted wells as of year end Lower LOEs to Laramie historical levels Acquired properties average 0.73/Mcfe…
  16. Investor Presentation March 2016 – Par Pacific Holdings – slide 16
    Financial Overview
  17. Investor Presentation March 2016 – Par Pacific Holdings – slide 17
    Summary Financial Results Production Cost per Barrel(1) Adjusted EBITDA ( / bbl) ( in millions) 6.00 5.41 60 5.34 47 4.19 40 31 34 4.50 3.91 3.88 3.90 23 22 3.51 2.94 20 3.00 0 1.50 (9) -20 (19) (28) 0.00 -40 Q1 '14…
  18. Investor Presentation March 2016 – Par Pacific Holdings – slide 18
    Capitalization and Maturity Profile Capitalization Maturity Profile ( in millions) As of 80 ( in millions) 12/31/2015 71 Cash & Cash Equivalents 168 70 11 Debt: Par Term Loan 60 60 Retail Term Loan 110 Retail Revolver 0 50…
  19. Investor Presentation March 2016 – Par Pacific Holdings – slide 19
    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…
  20. Investor Presentation March 2016 – Par Pacific Holdings – slide 20
    Par Pacific Summary Key Statistics Enterprise Value ( in millions, except per share data) Adjusted EBITDA FY'15 Share Price as of 3/18/2016 19.05 Shares Outstanding (4) 41 Refining 97 Market Capitalization 781 Logistics 29 Debt…
  21. Investor Presentation March 2016 – Par Pacific Holdings – slide 21
    Summary High Quality Asset Base in Niche Market Identified Constructive Growth Market Opportunities Environment Significant Experienced Financial Management Flexibility Team and Board 22
  22. Investor Presentation March 2016 – Par Pacific Holdings – slide 22
    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…
  23. Investor Presentation March 2016 – Par Pacific Holdings – slide 23
    Appendix
  24. Investor Presentation March 2016 – Par Pacific Holdings – slide 24
    Capitalization Detail ( in millions) Amount Outstanding Facility Borrower (12/31/2015) Undrawn Amount Amortization Maturity Interest Rate Term Loan Par 60.1 - NA 7/11/2018 10.00% (12.00% PIK) Retail Term Loan Retail 110.0 -…
  25. Investor Presentation March 2016 – Par Pacific Holdings – slide 25
    Non-GAAP Financials Adjusted EBITDA Reconciliation and Cash Flow Data (1) (in thousands) 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net income (loss) (14,568) (24,677) (39,456) 31,660 462 11,723 14,740 (66,836) Adjustments to Net income…
  26. Investor Presentation March 2016 – Par Pacific Holdings – slide 26
    Non-GAAP Financials Adjusted EBITDA by Segment Reconciliation(1) (in thousands) Year Ended December 31, 2015 Corporate, Refining Retail Logistics Texadian Consolidated and Other(2) Adjusted EBITDA 96,807 32,996 28,578 (48,010)…

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