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October 2016 Investor Presentation – Par Pacific Holdings

Par Pacific Holdings · Oct 7, 2016 · 34 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. October 2016 Investor Presentation – Par Pacific Holdings – slide 1
    Investor Presentation October 2016
  2. October 2016 Investor Presentation – Par Pacific Holdings – slide 2
    Management Team William Pate Chris Micklas President and Chief Executive Officer Chief Financial Officer 30 years experience 25 years experience Previously Co-President of Equity Group Previously Finance Director at BG Group…
  3. October 2016 Investor Presentation – Par Pacific Holdings – slide 3
    Our Business Platforms Hawaii Refinery Wyoming Refinery 94,000 bpd 5.7 complexity refinery (1) 18,000 bpd 11.0 (1) complexity refinery 50% distillate yield configuration 95% light products yield Crudes sourced world-wide Tailored for…
  4. October 2016 Investor Presentation – Par Pacific Holdings – slide 4
    Growth Opportunity Framework Tier 1 Refining Marketing Midstream & downstream logistics Strategic Factors Tier 2 Existing E&P with Laramie tie-in Competencies Upstream logistics Gathering systems NOL Gas processing Chemical…
  5. October 2016 Investor Presentation – Par Pacific Holdings – slide 5
    Business Platform Overview
  6. October 2016 Investor Presentation – Par Pacific Holdings – slide 6
    Hawaii Refinery Asset Highlights Largest and most complex refinery in Hawaii Distillate yield configured for Hawaii demand Asset location and configuration favorably positioned to benefit from cost-advantaged crude Anticipated…
  7. October 2016 Investor Presentation – Par Pacific Holdings – slide 7
    Hawaii Refinery Operating Trends Production Cost(1) Total Sales Volume Throughput Volume ( / bbl) (MBbl/d) (MBbl/d) 85 82 81 85 81 80 6.00 76 78 5.34 5.41 75 75 74 73 74 72 70 70 71 4.50 68 69 3.91 3.88 3.90 70 70 66 3.74…
  8. October 2016 Investor Presentation – Par Pacific Holdings – slide 8
    Mid Pacific 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 8.37 10 8 6 4 2 0 -2 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14…
  9. October 2016 Investor Presentation – Par Pacific Holdings – slide 9
    Leader in Niche Hawaiian Market Hawaii Refined Product Demand(1) Hawaii Refinery Yield MBbl/d Total Production 2015 2016 YTD(3) 80 Total Demand 72 72 Fuel oils Fuel oils 64 60 59 20% 23% 56 50 48 Other Distillate Other 44% 44%…
  10. October 2016 Investor Presentation – Par Pacific Holdings – slide 10
    Hawaii Logistics 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…
  11. October 2016 Investor Presentation – Par Pacific Holdings – slide 11
    Hawaii Retail Asset Highlights Extensive footprint across five islands Mid Pac acquisition significantly expanded scale and operating capabilities Anticipated continued volume growth from increased retail and distribution network…
  12. October 2016 Investor Presentation – Par Pacific Holdings – slide 12
    Wyoming Refining Refinery Operations Refinery located in Newcastle, Wyoming Complex refinery with an estimated Nelson Complexity Index of 11.0 Increased processing capacity from 14,000 bpd to 18,000 bpd Completed isomerization…
  13. October 2016 Investor Presentation – Par Pacific Holdings – slide 13
    Wyoming Crack Spread 35 Mid Cycle(1) 30 21.31 25 20 15 10 5 0 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 ____________________ (1) Company calculation based on a rolling two and a half year average.…
  14. October 2016 Investor Presentation – Par Pacific Holdings – slide 14
    Wyoming Logistics Logistics Assets 140-mile crude oil pipeline gathering system providing direct access to Powder River Basin crude Directly connected to the Butte pipeline, allowing for Bakken crude access 40-mile products…
  15. October 2016 Investor Presentation – Par Pacific Holdings – slide 15
    Laramie Energy Asset Highlights Key Statistics Mid Year (1) Reserve Update Attractive per unit development costs of 0.56 / Mcfe Capital Structure as of 6/30/16 Laramie Debt Balance (2) (MM) 121 based on drilling and completion…
  16. October 2016 Investor Presentation – Par Pacific Holdings – slide 16
    Laramie Energy 2H 2016 Plan Production Profile(1) (MMcfe/d) Anticipate completing majority of 58 uncompleted well inventory with an average net revenue interest of 93% per well Continue to drive cost improvements Evaluate…
  17. October 2016 Investor Presentation – Par Pacific Holdings – slide 17
    Financial Overview
  18. October 2016 Investor Presentation – Par Pacific Holdings – slide 18
    Par Pacific Adjusted EBITDA 50.0 47.2 12 40.0 10 34.3 30.8 30.0 8 22.4 22.8 MM /bbl 20.0 6 10.0 4 5.4 0.0 2 (10.0) (6.8) 0 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 PARR Adj. EBITDA Mid Pacific…
  19. October 2016 Investor Presentation – Par Pacific Holdings – slide 19
    Capitalization Profile As of Post ( in millions) 8/3/2016 Rights Offering Cash & Cash Equivalents (a s of 8/3/2016) 44 44 Debt: Par Term Loan 57 57 Retail Term Loan 102 102 Convertible Senior Notes 115 115 Convertible Bridge…
  20. October 2016 Investor Presentation – Par Pacific Holdings – slide 20
    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…
  21. October 2016 Investor Presentation – Par Pacific Holdings – slide 21
    Par Pacific Summary Key Statistics Enterprise Value (2) ( in millions, except per share data) Closing Share Price 14.32 Adjusted EBITDA Shares Outstanding 46 Market Capitalization 652 Refining 51 Logistics 26 Debt 388 Retail 32…
  22. October 2016 Investor Presentation – Par Pacific Holdings – slide 22
    Contact Information Par Pacific Holdings, Inc. Christine Laborde (NYSE MKT: PARR) Director, Investor Relations 800 Gessner Road, Suite 875 clabordeparpacific.com Houston, TX 77024 (832) 916-3396 (281) 899-4800…
  23. October 2016 Investor Presentation – Par Pacific Holdings – slide 23
    Appendix
  24. October 2016 Investor Presentation – Par Pacific Holdings – slide 24
    Laramie Energy Hedging Program 2H 2016 2017 2018 NYMEX Fixed Price Swap Hedged Volume (Mcf/day) 92,169 83,240 75,072 Average Floor Price (/Mcf) 2.605 2.605 2.605 CIG Basis Swap Volume Hedged (Mcf/day) 92,169 83,240 75,072…
  25. October 2016 Investor Presentation – Par Pacific Holdings – slide 25
    Laramie Energy Reserves Update Estimated Reserves and PV10 Summary 100% of Laramie Energy SEC Price Deck and Parameters GAS OIL NGL Total PV10 PV20 (BCF) (MMBO) (MMBO) (Bcfe) (1) ( MM) ( MM) PDP 295 1 8 351 144 107 PDBP / PDNP 77…
  26. October 2016 Investor Presentation – Par Pacific Holdings – slide 26
    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…
  27. October 2016 Investor Presentation – Par Pacific Holdings – slide 27
    Capitalization Detail ( in millions) Amount Outstanding Undrawn Facility Borrower (8/3/2016) Amount Amortization Maturity Interest Rate Par Term Loan Par 56.9 - NA 7/11/2018 10.00% (12.00% PIK) Retail Term Loan Retail 102.5 -…
  28. October 2016 Investor Presentation – Par Pacific Holdings – slide 28
    Maturity Profile (Pro Forma Close of Rights Offering) ( in millions) 29
  29. October 2016 Investor Presentation – Par Pacific Holdings – slide 29
    Annual Gross Margin Impact of 0.1/gallon Change In RIN Price Annual Gross Margin Impact per Barrel 0.40/Bbl 0.34 0.35/Bbl 0.30/Bbl 0.25/Bbl 0.19 0.19 0.20/Bbl 0.15/Bbl 0.12 0.09 0.09 0.09 0.10/Bbl 0.07 0.06 0.06…
  30. October 2016 Investor Presentation – Par Pacific Holdings – slide 30
    Non-GAAP Financial Measures Consolidated Adjusted EBITDA and Adjusted Net Income (Loss) Reconciliation(1) (in thousands) 2014 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net income (loss) (14,568) (24,677) (39,456) 31,660 462 11,723…
  31. October 2016 Investor Presentation – Par Pacific Holdings – slide 31
    Non-GAAP Financial Measures Consolidated Adjusted EBITDA Reconciliation (1) For the twelve months ended June 30, 2016 (in thousands) Net income (loss) (83,857) Adjustments to Net income (loss): Unrealized loss (gain) on derivatives…
  32. October 2016 Investor Presentation – Par Pacific Holdings – slide 32
    Non-GAAP Financial Measures Adjusted EBITDA by Segment Reconciliation(1) (in thousands) Twelve months ended June 30, 2016 Corporate, Texadian and Refining Retail Logistics Other Operating income (loss) 11,513 25,790 22,068…
  33. October 2016 Investor Presentation – Par Pacific Holdings – slide 33
    Laramie Energy Adjusted EBITDAX (in thousands) Three months ended 2015 2016 Net loss (9,329) (43,660) Commodity derivative losses 548 29,278 Gains on settled derivative instruments 3,088 6,235 Interest expense 471 1,130 Non-cash…
  34. October 2016 Investor Presentation – Par Pacific Holdings – slide 34
    Non-GAAP PV10 and PV-20 Disclosure Non-GAAP PV10 and PV20 Disclosure PV10 and PV20 are considered non-GAAP financial measures under SEC regulations because they do not include the effects of future income taxes, as is required in…

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