Citibank 2014 ICG Markets-Equities: Global Energy & Utilities Conference May 2014
WNR Consolidated Today WNR/ Combined WNRL with NTI Refineries 2 3 Capacity 153,000 242,500 Bakken, Permian, Canada, Basin Exposure Permian, San Juan San Juan Wholesale Volume Approx. Approx. (bpd) 1 100,000 160,000 Retail…
Organizational Structure Traditional MLP C- Corp Variable Distribution MLP Public Stockholders Western Refining, Inc. NYSE: WNR Public Public Unit Holders Unit Holders Western Refining Logistics, LP Wholly-owned…
NTI Overview St. Paul Park Refinery Product Yields 1 Other 10% Asphalt 8% Gasoline 46% Distillate 82% Light 36% Products Total Yield: 92,932 bpd St. Paul Park Refinery Crude Feedstock 1 Mostly North Dakota Light…
WNRL Overview S Approximately 300 miles of crude oil and refined product pipelines and gathering systems in the Southwestern U.S. S Approximately 7.9 million barrels of active storage capacity for refined products, crude oil and…
Investment Considerations S Attractive Refining Margin Environments S Pipeline access to cost-advantaged crude oil production S Permian, San Juan, Bakken and western Canada S Historically strong refined product margins S Integrated…
Cost-Advantaged Crude Oil Access 8
Attractive Refined Product Locations 9
Western Integrated Product Distribution Network Wholesale Retail S Distribution channel for diesel, S 229 stores in AZ, CO, NM and TX gasoline, jet fuel, kerosene, S Fuel brands include Shell, Chevron, lubricants and other…
Capital Structure As of March 31, 2014 ( millions) WNR Western1 Consolidated Standalone Cash and Cash Equivalents 431.6 219.3 Western Term Loan, due 2020 548.6 548.6 6.25% Senior Unsecured Notes due 2021 350.0 350.0 5.75%…
Financial Flexibility 1 Financial Financial Statistics Statistics As of March 31, 2014 Target Total Debt/Adjusted EBITDA (LTM) 1.7x < 1.0x Total Debt/Total Capitalization 54% 30% - 40% Cash and Cash Equivalents ( millions) 219…
Summary S Attractive Refining Margin Environments with Diversified Asset Base S Integrated Distribution Network Provides Optimal Operations S Growth Opportunities/Optionality S Balance Sheet Flexibility 14
Appendix
Adjusted EBITDA Reconciliations Three Months Ended March 31, 2014 2013 (In thousands) Net income 85,546 83,719 Interest expense and other financing costs 26,860 17,988 Provision for income taxes 49,199 48,111 Amortization of…
Adjusted EBITDA Last Twelve Months Three Month Period Ending LTM Jun 2013 Sep 2013 Dec 2013 Mar 2014 Mar 2014 Consolidated Western Refining (In Thousands) Net income 149,259 50,344 (7,328) 85,546 277,821 Net earnings attributable…
Adjusted EBITDA Consolidation Last Twelve Months March 31, 2014 WNR Western WNRL 1 NTI 1 Consolidated (In thousands) Net income attributable to Western Refining, Inc. 227,316 12,716 37,789 277,821 Net earnings attributable to…
Adjusted EBITDA Reconciliations The tables on the previous page reconcile net income to Adjusted EBITDA for the periods presented. Adjusted EBITDA represents earnings before interest expense and other financing costs, amortization of…
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