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Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp

Western Refining Logistics, Lp · May 12, 2016 · 19 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. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 1
    Morgan Stanley Refining Corporate Access Day May 12, 2016
  2. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 2
    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…
  3. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 3
    WNR/NTI Strategic Combination On December 21, 2015, WNR and Northern Tier Energy announced a merger on the following terms: WNR Shares per NTI Unit 0.2986 WNR Price (Oct 23,2015) 44.68 Equity Value per NTI Unit 13.34 Cash per NTI…
  4. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 4
    Organizational Structure Public Stockholders Public Unitholders Western Refining, Inc. 33.6% LP Interest 66.4% Limited Partner Interest 38.3% Limited Partner Interest 100% of General Partner Western 100% of General Partner…
  5. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 5
    Diversified Asset Base Clearbrook Bakken Formation St. Paul Park San Juan Basin Gallup WNR/ Combined Phoenix WNRL with NTI Permian Basin Refineries 2 3 Capacity (bpd) 156,000 253,800 Wink El Paso Mason…
  6. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 6
    Attractive Refined Product Locations Magellan Pipeline System St. Paul Chicago Area Park Williams Las Vegas Colorado Springs Los Angeles Bloomfield Area Gallup (6) Flagstaff Colton Albuquerque (2) San Diego…
  7. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 7
    Source: Company Filings Gross Margin Comparison Q1 2016 Gross Margin Per Throughput Barrel Independent Refineries 8 /bbl 10 12 14 16 18 20 - 2 4 6 8 NTI WNR - Gallup TSO - California VLO - West Coast…
  8. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 8
    WNRL Asset Base 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 products terminals Four…
  9. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 9
    Growth Opportunities Refinery Investments St. Paul Park organic projects Capital Est EBITDA Project ( mm) ( mm) Replace Crude Unit 30 22 Desalters Crude Unit/Hydrotreater 19 10 Modification Solvent Deasphalter 63 27 112 59…
  10. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 10
    Growth Opportunities WNR/NTI Potential Logistics Sales to WNRL Project Description TexNew Mex Economics associated with crude oil throughput on TexNew Mex Crude Oil Pipeline pipeline above 13,000 bpd (TexNew Mex Units) (WNR)…
  11. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 11
    WNR Capital Allocation Discipline Strong Dividend Growth 0.40 40,000 0.38 0.35 0.34 35,000 0.30 0.30 30,000 Dividend per Share Dividend Amount 0.26 (thousands) 0.25 25,000 0.22 0.20 20,000 0.18 0.15 15,000…
  12. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 12
    WNR - Shareholder Friendly Return of Cash to Shareholders 600 [CELLREF] 500 400 ( millions) [CELLREF] 300 [CELLREF] 200 145 100 0 2013 2014 2015 20161 Share Repurchases Regular Dividends Special Dividends…
  13. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 13
    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…
  14. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 14
    Appendix
  15. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 15
    WNR Consolidated Adjusted EBITDA Reconciliation Twelve Months Three Month Period Ending Ended (In thousands) Consolidated Western Refining, Inc. June 2015 Sep 2015 Dec 2015 Mar 2016 Mar 2016 Net income attributable to Western…
  16. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 16
    WNR Standalone Adjusted EBITDA Reconciliation Twelve Months Three Month Period Ending Ended (In thousands) Jun-15 Sep-15 Dec-15 Mar-16 Mar-16 Net income attributable to Western Refining, Inc. 74,904 102,279 9,840 18,010 205,033 Net…
  17. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 17
    NTI Adjusted EBITDA Reconciliation Twelve Months Three Month Period Ending Ended (In thousands) Jun-15 Sep-15 Dec-15 Mar-16 Mar-16 Net income attributable to Western Refining, Inc. 48,490 40,117 (6,141) 3,224 85,690 Net income…
  18. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 18
    Adjusted EBITDA The tables on the previous pages reconcile net income to Adjusted EBITDA for the periods presented. Adjusted EBITDA represents earnings before interest and debt expense, provision for income taxes, depreciation,…
  19. Morgan Stanley Refining Corporate Access Day – Western Refining Logistics, Lp – slide 19
    WNRL EBITDA Reconciliation Twelve Months Three Month Period Ending Ended (In thousands) Jun-15 Sep-15 Dec-15 Mar-16 Mar-16 Net income attributable to Western Refining, Inc. 10,525 10,907 9,846 9,304 40,582 Net income attributable…

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