Wolfe Research Oil & Gas Refining Conference January 6, 2015
WNR Consolidated Today WNR/ Combined WNRL with NTI Refineries 2 3 Capacity 153,000 249,500 Bakken, Permian, Canada, Basin Exposure Permian, San Juan San Juan Retail Stores 1 230 477 2 Pipelines (miles) 300 600 Storage…
Organizational Structure Traditional MLP C-Corp Variable Distribution MLP Public Stockholders Public Western Refining, Inc. Public Unit Holders NYSE: WNR Unit Holders 34% LP 100% 61% LP Interest Interest Interest…
Investment Considerations S Attractive Refining Margin Environment 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…
Pipeline Access to Cost-Advantaged Crude Oil 6
Attractive Refined Product Locations 7
YTD 9-30-14 Gross Margin/bbl Source: Company Filings 0 5 10 15 20 25 TSO - Mid Con WNR - El Paso DK - Tyler HFC - Rocky Mountain September 30, 2014 YTD ALJ - Big Spring NTI WNR - Gallup PBF - Mid Con (Toledo)…
Integrated Product Distribution Network Wholesale Retail Marketing Marketing S Distribution channel for diesel, S 230 stores in AZ, CO, NM and TX gasoline, jet fuel, kerosene, S Fuel brands include Shell, Chevron, lubricants and…
Growth Opportunities 10
Capital Structure As of September 30, 2014 ( millions) WNR Western1 Consolidated Standalone Cash and Cash Equivalents 650 465 Total Debt Western Term Loan, due 2020 546 546 6.25% Senior Unsecured Notes due 2021 350 350…
Financial Flexibility 1 Financial Financial Statistics Statistics As of September 30, 2014 Target Total Debt/Adjusted EBITDA (LTM) 1.0x < 1.0x Total Debt/Total Capitalization 39% 30% - 40% Cash and Cash Equivalents ( millions)…
Summary S Attractive Refining Margin Environments with Diversified Asset Base S Integrated Distribution Network S Growth Opportunities/Optionality S Balance Sheet Flexibility 13
Appendix
Adjusted EBITDA Reconciliations Three Months Ended September 30, 2014 2013 (In thousands) Net income attributable to Western Refining, Inc. 186,749 50,344 Net income attributable to non-controlling interest 60,608 Interest…
Last Twelve Months Adjusted EBITDA Consolidated WNR Three Month Period Ending LTM Dec 2013 Mar 2014 June 2014 Sep 2014 Sep 2014 (In thousands) Net income (loss) attributable to Western Refining, Inc. (7,328) 85,546 156,696 186,749…
Adjusted EBITDA Consolidation Last Twelve Months September 30, 2014 WNR Western NTI 1 WNRL 1 Consolidated (In thousands) Net income attributable to Western Refining, Inc. 298,333 95,429 27,901 421,663 Net income attributable to…
Adjusted EBITDA Reconciliations The tables on the previous pages 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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