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Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp

Western Refining Logistics, Lp · May 10, 2016 · 17 slides

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Slides

  1. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 1
    Deutsche Bank 2016 MLP, Midstream and Natural Gas Conference May 10, 2016
  2. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 2
    Investment Highlights Assets in, or near, growing Delaware and San Juan basins Well-Positioned Assets in Shale-focused, crude oil production in these basins are experiencing Growing Regions continued growth Long-Term, Fee-Based…
  3. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 3
    Well-Positioned Assets in Growing Regions 685 miles of pipelines and gathering systems in the Southwestern U.S. 8.2 million barrels of active storage capacity for refined products, crude oil and other products Four refined…
  4. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 4
    Pipeline Logistics System Four Corners System Pipeline logistics system capable of delivering crude oil from Four Corners to Gallup, TexNew Mex System El Paso, or to Midland/ Gulf Coast via 3rd party pipelines Opportunities for…
  5. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 5
    Stable and Predictable Cash Flows Q1 16 EBITDA by Business Segment Q1 2016 Gross Margin Covered by MVCs1 Wholesale Non MVC 36% 36% Logistics MVC 64% 64% EBITDA: 28.5 million2 Q1 2016 Gross Margin: 72.4 million Cash…
  6. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 6
    WNRL Counterparties Top 25 WNRL Counterparties (by Revenue) Non Investment Grade…
  7. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 7
    Significant Organic Growth Potential Increase throughput on existing Delaware Basin system 49% Q1 2016 Volume (bpd) 38% Capacity (bpd) Q1 2016 Utilization 49,486 20,533 Mainline Pipeline Permian/ Delaware Basin Truck…
  8. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 8
    Pool of Potential Acquisition Opportunities Project Description TexNew Mex Economics associated with crude oil throughput on TexNew Mex pipeline above Crude Oil Pipeline 13,000 bpd (TexNew Mex Units) (WNR) Bobcat Crude Oil 40…
  9. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 9
    Strategic Relationship with Strong Sponsor Access to high quality, advantaged crude oil from Delaware and San Juan basins Refineries El Paso: product distribution areas include W.TX, AZ, NM and Mexico Gallup: product distribution…
  10. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 10
    Volumes Gathering Storage 2 Mainline Movements (millions bbl) (bpd) (bpd) 130,000 45,000 9.0 120,000 110,000 40,000 8.0 100,000 35,000 7.0 90,000 30,000 6.0 80,000 70,000 25,000 5.0 60,000 20,000 4.0 50,000 40,000 15,000…
  11. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 11
    Financial Results EBITDA Distribution Per Unit ( millions) 0.4025 28.5 27.7 27.7 27.0 24.7 24.2 0.2875 16.1 14.7 14.9 11.6 1 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q4 '13 Q1…
  12. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 12
    Capital Expenditures 2016 budget of 53 million 2016 CAPEX Budget 35 million in discretionary growth Wholesale projects 5% Storage tanks along pipeline systems and terminals Gathering lines in the Four Logistics Sustaining…
  13. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 13
    Financial Goals and Policies Position WNRL for long-term financial success Debt / EBITDA target of 3.0x 4.0x LP distribution coverage target of 1.1x Commitment to conservative capital structure 300 million revolver with 200…
  14. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 14
    Investment Highlights Well-Positioned Assets in Growing Regions Long-Term, Fee-Based Contracts Provide Stable and Predictable Cash Flows Significant Growth Opportunities Strategic Relationship with WNR Refineries…
  15. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 15
    Appendix
  16. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 16
    Reconciliation of EBITDA and Distributable Cash Flow Three Months Ending ( thousands) March 31, June 30, September December March 31, June 30, September December March 2014 2014 30, 2014 31, 2014 1 2015 2015 30, 2015 30, 2015 31,…
  17. Deutsche Bank 2016 MLP Midstream and Natural Gas Conference – Western Refining Logistics, Lp – slide 17
    Partnership Information Unit Information 1 Number of Units (000): Public 15,906 Unit Price (5-3-2016): 24.82 WNR Common 8,580 Yield: 6.5% 2 WNR Subordinated 22,811 WNR GP - Total 47,297 IDR Structure Marginal Percentage…

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