Tesoro Logistics LP NYSE: TLLP NAPTP Conference May 2014
Overview of Current Assets Anacortes CRUDE OIL GATHERING Kenai High Plains System Premier gathering system and truck fleet in Mandan Bakken Shale/Williston Basin TERMINALLING AND TRANSPORTATION Salt Lake City Southern California…
Investment Highlights Stable Cash Flow Long-term contracts Fee-based, inflation protected and fixed minimum commitments Well-Positioned Assets No direct commodity exposure Strong Sponsorship Poised to benefit from Bakken Key…
Tesoros Strength as Sponsor Tesoro Logistics is integral to Tesoros long-term success 4th largest Independent Refining & Marketing company Largest West Coast refining system and premier Mid-Continent position 10.2 billion enterprise…
Tesoros Strategic Goals Support TLLP Tesoro 2013 Analyst and Investor Presentation focus on logistics LOGISTICS IS KEY TO INTEGRATED BUSINESS MODEL Develop and acquire superior in-bound and out-bound crude oil and product…
Strategic Initiatives Increase EBITDA and cash distributions through fee-based logistics business model Focus on Stable, Fee-based committed businesses Fee-Based Business Maintain stable cash flow Increase third-party volumes…
Driving Unitholder Return Visible track record of growing the business, driving unitholder returns 300% 1) IPO 6,000 2) Released 2012-13 Business Plan 3) Martinez Marine Terminal 9 250% 4) Long Beach Marine Terminal and LA Pipelines…
Delivering Consistent Growth DISTRIBUTION PER LP UNIT ( ANNUALIZED) DISTRIBUTABLE CASH FLOW (MM) 56(1) 75% Target coverage ratio Since IPO in 2Q 2011 1.1x 2.36 35 2.26 34 2.18 23 25 2.04 19 1.96 17 16 18 1.89 13 14 1.82 9…
Crude Oil Gathering High Plains System ASSET OVERVIEW PIPELINE GATHERING (mbpd) Tesoro 3rd Party Premier gathering system with 700 miles of 100 gathering and trunk lines 80 Truck-based crude oil gathering system with 60 proprietary…
Crude Oil Gathering High Plains System Organic Growth MAJOR INITIATIVES HIGH PLAINS PIPELINE MAP Lake Sakakawea North Dakota High Plains Pipeline Reversal/Expansion High Plains pipeline Third-party pipelines Connect southern…
Organic Growth Updates High Plains System High Plains Pipeline Reversal/Expansion Reverses and expands pipeline to 100,000 bpd from key interconnect at Johnsons corner to Ramberg 65,000 bpd committed take-or-pay throughput Connolly…
Terminalling and Transportation Terminalling ASSET OVERVIEW TERMINALLING (mbpd) 19 refined product and storage terminals with 900 over 613,600 bpd of throughput capacity 800 700 Four West Coast marine terminals with 600 795,000 bpd…
Terminalling and Transportation Transportation ASSET OVERVIEW PIPELINE TRANSPORTATION (mbpd) Northwest Products System Pipeline: 760 mile 800 FERC-regulated pipeline from Salt Lake City, 700 Utah to Spokane, Washington 600 500…
Capital Plan Overview Committed to investing in base assets to continue to grow the business Typical projects have an IRR of 15-25% CAPITAL SPEND (MM) Significant portion of near-term income Income & Maintenance (TSO Reimbursement)…
Financial Overview Maintain flexibility to achieve growth objectives 575 million revolver, expandable to 650 million Conservative leverage and ample liquidity Leverage ratio within conservative leverage target as of March 31,…
Identified Future Opportunities TLLP remains poised to benefit from Tesoros logistics growth initiatives Right of First Offer Assets Tesoro Assets Under Development Pipeline Kenai, AK Anacortes Port of Vancouver Kenai Marine…
Appendix
Non-GAAP Financial Measures (a) We believe that this presentation of our results of operations excluding results of our Predecessors will provide useful information to investors in assessing our financial condition and results of…
Non-GAAP Financial Measures RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP (In thousands) 2011 2012 2013 2014 Tesoro Logistics LP 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year 1Q Reconciliation of EBITDA and Distributable…
Non-GAAP Financial Measures RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP (In thousands) 2011 2012 2013 2014 Predecessors 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year 1Q Reconciliation of EBITDA and Distributable Cash Flow to…
Stable-Fee Based Business Commercial Agreements with Tesoro Fixed Minimum Termination Provisions Initiation Volume Tariff / Fee Refinery Force Date Term Renewals Commitment Escalators Shutdown Majeure High Plains Pipeline…
Loading...
