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Wyoming Acquisition – Par Pacific Holdings

Par Pacific Holdings · Jun 14, 2016 · 21 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. Wyoming Acquisition – Par Pacific Holdings – slide 1
    Wyoming Acquisition Overview June 2016
  2. Wyoming Acquisition – Par Pacific Holdings – slide 2
    Transaction Overview Key Transaction Terms Purchase price of 271MM, inclusive of working capital and existing indebtedness 123MM funded at WRC, remainder funded at PARR level with cash, debt and equity PARR financing to include 50…
  3. Wyoming Acquisition – Par Pacific Holdings – slide 3
    Growth Opportunity Framework WRC Acquisition Tier 1 Refining Marketing Midstream & downstream logistics Strategic Factors Tier 2 Existing E&P with Laramie tie-in Competencies Wyoming Upstream logistics Refining Gathering…
  4. Wyoming Acquisition – Par Pacific Holdings – slide 4
    Overview of Wyoming Refining and Logistics Refinery Operations Logistics Assets Refinery located in Newcastle, Wyoming Owns and operates 140-mile crude oil pipeline gathering system providing direct access to Power River Basin crude…
  5. Wyoming Acquisition – Par Pacific Holdings – slide 5
    WRC Investment Thesis Excluding hedging, WRC averaged 50 MM in Adjusted EBITDA over the last 10 years before recent expansion (1) Advantaged access to the Powder River Basin (gathering system is within 20 miles of the major…
  6. Wyoming Acquisition – Par Pacific Holdings – slide 6
    Balance with Hawaii Operations Par Hawaii Refinery Wyoming Refinery Niche market Hawaii Newcastle, WY and Rapid City, SD Comparable Advantages Mt. Rushmore, Sturgis and Black Growing tourism Oahu and neighbor islands Hills…
  7. Wyoming Acquisition – Par Pacific Holdings – slide 7
    Illustrative WRC First Full Year of Operating Performance Category Low High Commentary Approximately two thirds of Throughput (1) Adjusted EBITDA is earned in the (Bbl/d) 15,000 16,000 2nd and 3rd Quarters General &…
  8. Wyoming Acquisition – Par Pacific Holdings – slide 8
    Bridge to Forecasted Adjusted EBITDA Wyoming Refining: 2015 Adjusted EBITDA to Forecasted Adjusted EBITDA ( in millions) ____________________ Note: See Appendix for information regarding non-GAAP financial measures. (1) Excludes 6MM…
  9. Wyoming Acquisition – Par Pacific Holdings – slide 9
    Laramie Update
  10. Wyoming Acquisition – Par Pacific Holdings – slide 10
    Laramie Energy Overview Asset Highlights Commodity Pricing Sensitivities(1) Attractive well costs of 0.56 / Mcfe based on drilling and completion costs of 1MM and average EURs of 1.8 Bcfe Transformative Spring 2016 acquisition…
  11. Wyoming Acquisition – Par Pacific Holdings – slide 11
    Laramie Energy Acreage Colorado Rangely Rangely Rangely Rangely Rangely Rangely Wyoming Wyoming Wyoming Wyoming Wyoming Wyoming Cheyenne Nebraska Nebraska Nebraska Nebraska Nebraska Nebraska Colorado Colorado Colorado…
  12. Wyoming Acquisition – Par Pacific Holdings – slide 12
    Laramie Energy Operations Update 2016 Plan Production Profile(1) (MMcfe/d) Backlog of 58 uncompleted wells with net revenue 150 140 interests averaging 93% 130 130 March 2016 integration proceeding ahead of plan 110 No…
  13. Wyoming Acquisition – Par Pacific Holdings – slide 13
    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…
  14. Wyoming Acquisition – Par Pacific Holdings – slide 14
    Appendix
  15. Wyoming Acquisition – Par Pacific Holdings – slide 15
    Advantaged Crude Supply Nort Nort Nor Nort Nort Nor Wyoming Production Trends Advantaged Powder River Basin Access (Bbl/d) Montana Montana Montana Montana Montana Montana 300,000 Powder Sout Sout Sou Sout Sout Sou…
  16. Wyoming Acquisition – Par Pacific Holdings – slide 16
    Additional Opportunities Synergy Opportunities Growth Opportunities Area Annual Savings 1 Identified development of LPG projects Management & 4.0 5.0 million 2 Refined product seasonal storage Back Office Implement process to…
  17. Wyoming Acquisition – Par Pacific Holdings – slide 17
    Net Operating Loss Carryforward Selected Benefits Illustrative Value to PARR(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…
  18. Wyoming Acquisition – Par Pacific Holdings – slide 18
    Par Pacific Summary Key Statistics Enterprise Value ( in millions, except per share data) Adjusted EBITDA LTM March '16 WRC Est. Pro Forma Share Price (as of 6/10/2016) 14.87 Refining 83 40 123 Shares Outstanding (2) 41 Market…
  19. Wyoming Acquisition – Par Pacific Holdings – slide 19
    Non-GAAP Financials Adjusted EBITDA Reconciliation(1) (in thousands) 2015 2016 Q1 Q2 Q3 Q4 Q1 Net income (loss) 462 11,723 14,740 (66,836) (18,673) Adjustments to Net income (loss): Unrealized loss (gain) on derivatives 2,406…
  20. Wyoming Acquisition – Par Pacific Holdings – slide 20
    Non-GAAP Financials Adjusted EBITDA by Segment Reconciliation(1) (in thousands) Twelve months ended March 31, 2016 Corporate, Refining Retail Logistics Texadian Consolidated and Other(2) Adjusted EBITDA 83,422 34,071 26,865…
  21. Wyoming Acquisition – Par Pacific Holdings – slide 21
    Non-GAAP Financials WRC Average Historical Adjusted EBITDA Reconciliation (in millions) Adjusted EBITDA (excluding hedging) 51.1 Impact of crack spread hedging program (5.5) Adjusted EBITDA 45.6 Income tax expense 0.4 Interest…

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