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April 2017 Investor Presentation – Par Pacific Holdings

Par Pacific Holdings · Apr 28, 2017 · 32 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. April 2017 Investor Presentation – Par Pacific Holdings – slide 1
    Investor Presentation April 2017
  2. April 2017 Investor Presentation – Par Pacific Holdings – slide 2
    Our Business Platforms Refining Hawaii Refinery Wyoming Refinery 94,000 bpd 5.7 complexity refinery (1) 18,000 bpd 11.0 complexity refinery (1) 50% distillate yield configuration 95% light products yield Crudes sourced world-wide…
  3. April 2017 Investor Presentation – Par Pacific Holdings – slide 3
    Par Pacific Summary Key Statistics Enterprise Value (2) ( in millions, except per share data) Closing Share Price 16.23 Adjusted EBITDA YE 2016 Shares Outstanding 45.5 Refining 26 Market Capitalization 738 Logistics 26 Retail 29…
  4. April 2017 Investor Presentation – Par Pacific Holdings – slide 4
    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…
  5. April 2017 Investor Presentation – Par Pacific Holdings – slide 5
    Leader in Niche Hawaiian Market Hawaii Refined Product Demand(1) Hawaii Refinery Yield MBbl/d Total Production 2014 2016 80 Total Demand 72 72 64 60 59 56 50 48 40 32 24 16 8 0 Other Products Distillate Demonstrated yield…
  6. April 2017 Investor Presentation – Par Pacific Holdings – slide 6
    Hawaii Refinery Operating Trends Throughput Volume Total Sales Volume Production Cost(1) (MBbl/d) (MBbl/d) ( / bbl) 6.00 5.42 85 85 81 78 78 78 4.71 77 74 75 75 75 4.50 70 71 3.71 3.74 68 69 3.41 70 70 3.15 3.07 3.00 54 55 55…
  7. April 2017 Investor Presentation – Par Pacific Holdings – slide 7
    Mid Pacific Crack Spread and Differential Mid Pacific Crude Blend Combined Mid 4-1-2-1 Mid Pacific Crack Spread 80% Singapore, 20% San Francisco Cycle(1) 8.32 12 10 8 6 4 2 0 -2 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15…
  8. April 2017 Investor Presentation – Par Pacific Holdings – slide 8
    Wyoming Refinery Refinery Operations Located in Newcastle, Wyoming Complex refinery with a Nelson Complexity Index of 11.0 Increased processing capacity from 14,000 bpd to 18,000 bpd Completed isomerization project in the second…
  9. April 2017 Investor Presentation – Par Pacific Holdings – slide 9
    Wyoming Crack Spread Mid Cycle(1) 20.51 34 29 24 19 14 9 4 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 ____________________ (1) Company calculation based on a rolling three year average.…
  10. April 2017 Investor Presentation – Par Pacific Holdings – slide 10
    Logistics Segment
  11. April 2017 Investor Presentation – Par Pacific Holdings – slide 11
    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…
  12. April 2017 Investor Presentation – Par Pacific Holdings – slide 12
    Wyoming Logistics Logistics Assets 140-mile crude oil pipeline gathering system providing direct access to Powder River Basin crude 40-mile products pipeline feeds into the Magellan Products Line en route to Rapid City, South…
  13. April 2017 Investor Presentation – Par Pacific Holdings – slide 13
    Retail Segment
  14. April 2017 Investor Presentation – Par Pacific Holdings – slide 14
    Retail Highlights Extensive footprint across five islands in Hawaii New local brand HELE Existing retail and logistics network provides opportunity for additional throughput growth High real estate cost, scarcity of land, and…
  15. April 2017 Investor Presentation – Par Pacific Holdings – slide 15
    Laramie Energy
  16. April 2017 Investor Presentation – Par Pacific Holdings – slide 16
    Laramie Energy Asset Highlights KeyReserve Mid Year Statistics Update Anticipate lowering drilling and completion costs by 11% to 0.8MM per well during 2017 Over 6,500 Williams Fork drilling locations across 151,000 net acres, 81%…
  17. April 2017 Investor Presentation – Par Pacific Holdings – slide 17
    Laramie Energy 2017 Plans Production Profile (1) 1 rig program commenced December 2016 and expect to add (MMcfe/d) second rig during 2Q 2017 Anticipated completions and production growth weighted to back half of 2017 Anticipated…
  18. April 2017 Investor Presentation – Par Pacific Holdings – slide 18
    Financial Overview
  19. April 2017 Investor Presentation – Par Pacific Holdings – slide 19
    Par Pacific Adjusted EBITDA and Indexes Mid Pacific 4-1-2-1 Wyoming 3-2-1 ____________________ Note: Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for a reconciliation to the most directly comparable GAAP…
  20. April 2017 Investor Presentation – Par Pacific Holdings – slide 20
    Debt Organizational Chart with Loan Balances As of 2/24/17 Par Pacific Holdings, Inc. Convertible Notes 115MM Term Loan 60MM Mid Pac Petroleum, LLC / Par Wyoming Holdings, LLC HIE Retail, LLC Term Loan 95MM Term Loan…
  21. April 2017 Investor Presentation – Par Pacific Holdings – slide 21
    Net Operating Loss Carryforward Selected Benefits Illustrative Value to Par(1) ( in millions) Differentiated Asset Relative to Peers Potential to Enhance Cash Flow with Growth Provides a Competitive Advantage for Growth…
  22. April 2017 Investor Presentation – Par Pacific Holdings – slide 22
    Appendix
  23. April 2017 Investor Presentation – Par Pacific Holdings – slide 23
    Laramie Energy Hedging Program 2017 2018 NYMEX Fixed Price Swap Hedged Volume (MMBtu/day) 83,240 75,072 Average Floor Price (/MMBtu) 2.605 2.605 CIG Basis Swap Hedged Volume (MMBtu/day) 83,240 75,072 Average CIG Differential…
  24. April 2017 Investor Presentation – Par Pacific Holdings – slide 24
    Laramie Energy Reserves Update Year End Reserves and PV10 Summary 100% of Laramie Energy SEC Price Deck and Parameters Gas Oil NGL Total PV10 PV20 (BCF) (MMBBL) (MMBBL) (BCFE)(1) (MM) (MM) PDP 369 1 10 436 253 185 PDNP 8 0 0 10 3…
  25. April 2017 Investor Presentation – Par Pacific Holdings – slide 25
    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…
  26. April 2017 Investor Presentation – Par Pacific Holdings – slide 26
    Capitalization Detail ( in millions) Amount Outstanding Undrawn Amortization Facility Borrower (2/24/2017) Amount (Years) Maturity Interest Rate Term Loan Par 60.4 - NA 7/11/2018 10.00% (12.00% PIK) Hawaii Retail Credit…
  27. April 2017 Investor Presentation – Par Pacific Holdings – slide 27
    Maturity Profile ( in millions) 28
  28. April 2017 Investor Presentation – Par Pacific Holdings – slide 28
    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…
  29. April 2017 Investor Presentation – Par Pacific Holdings – slide 29
    Non-GAAP Financial Measures Consolidated Adjusted EBITDA and Adjusted Net Income (Loss) Reconciliation (1) ( in thousands) 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net income (loss) 462 11,723 14,740 (66,836) (18,673) (13,088) (27,761)…
  30. April 2017 Investor Presentation – Par Pacific Holdings – slide 30
    Non-GAAP Financial Measures Consolidated Adjusted EBITDA and Adjusted Net Income (Loss) Reconciliation (1) For the year-ended December 31, 2016 ( in thousands) Net loss (45,835) Adjustments to Net Loss: Unrealized gain on derivatives…
  31. April 2017 Investor Presentation – Par Pacific Holdings – slide 31
    Non-GAAP Financial Measures Consolidated Adjusted EBITDA by Segment Reconciliation (1) For the year-ended December 31, 2016 ( in thousands) Corporate, Texadian and Refining Logistics Retail Other Operating income (loss) (7,840)…
  32. April 2017 Investor Presentation – Par Pacific Holdings – slide 32
    Laramie Energy Adjusted EBITDAX (in thousands) Three months Three months ended ended September 30, December 31, 2016 2016 Net (loss) income 5,057 (20,666) Commodity derivative (gains) / losses (11,743) 20,003 Gains (losses)…

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