2016 Wells Fargo West Coast Energy Conference June 21, 2016
Investment Considerations Attractive Pipeline access to advantaged crude oil production Refinery Permian, Four Corners, Bakken and western Canada Locations Historically strong refined product regions Integrated Fully integrated…
WNR/NTI 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 Unit…
Sources and Uses / Pro Forma Capitalization Table ( in millions) Sources (mm) WNR Standalone Capitalization Table Equity Issued to NTI Public Unitholders 328 As of Pro Forma (mm) 3-31-16 Adjustments 3-31-16 New Term Loan 500 WNR…
Diversified Asset Base Clearbrook Bakken Formation St. Paul Park San Juan Basin Gallup WNR/ Combined Phoenix WNRL with NTI Permian Basin Refineries 2 3 Wink Capacity (bpd) 156,000 253,800 El Paso Mason…
Attractive Refined Product Locations Magellan Pipeline System Williams St. Paul Chicago Area Park Las Vegas Colorado Springs Los Angeles Bloomfield Area Gallup (6) Flagstaff Colton Albuquerque (2) San Diego Phoenix…
Independent Refineries Gross Profit Comparison Q1 2016 Gross Profit Per Throughput Barrel FY 2015 Gross Profit Per Throughput Barrel Western and NTI have top quartile refineries Source: Company Filings 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…
Growth Opportunities Refinery Investments St. Paul Park organic projects Est Project Capital Operating Replace 10mbpd Syncrude with ( mm) Income WCS or Bakken ( mm) Replace Crude Unit Increase crude oil throughput by 30 22…
Capital Allocation Priority Debt reduction Operational cash flow Asset sales to WNRL WNRL/ NTI distributions Returning cash to shareholders Dividends Share repurchase Capital projects 12
Investment Considerations Attractive Pipeline access to advantaged crude oil production Refinery Permian, Four Corners, Bakken and western Canada Locations Historically strong refined product regions Integrated Fully integrated…
Appendix
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…
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…
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…
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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