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RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp

Tesoro Logistics Lp · Nov 19, 2014 · 21 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. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 1
    Tesoro Logistics LP NYSE: TLLP 2014 RBC Capital Markets MLP Conference November 2014
  2. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 2
    Overview of Current Assets GATHERING(1) Anacortes High Plains System Kenai Bakken Crude oil gathering system and truck fleet in North Dakota Powder Mandan River Rocky Mountain Natural Gas Gathering Green Systems Salt Lake City…
  3. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 3
    Investment Highlights Stable Cash Flow Long-term contracts Fee-based, inflation protected and fixed minimum commitments Well-Positioned Assets Minimal commodity exposure Strong Sponsorship Poised to benefit from Bakken and…
  4. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 4
    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…
  5. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 5
    Driving Unitholder Return Visible track record of growing the business, driving unitholder returns 350% 9 300% 250% 5 10 6 7 8 Unitholder Return 200% 150% TLLP 4 Alerian 100% 3 50% 2 1 0% 2011 2012 2013…
  6. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 6
    Delivering Consistent Growth DISTRIBUTABLE 57(1) DISTRIBUTION PER LP UNIT ( ANNUALIZED) CASH FLOW (MM) 51 50 90% Target coverage ratio Since IPO in 2Q 2011 1.1x 34 36 2.57 23 25 2.46 18 20 2.36 14 16 2.26 2.18 2.04 1.96…
  7. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 7
    Crude Oil Gathering High Plains System ASSET OVERVIEW PIPELINE GATHERING (mbpd) Tesoro 3rd Party Premier gathering system with 700 miles of 160 gathering and trunk lines 140 120 Truck-based crude oil gathering system with 100 80…
  8. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 8
    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…
  9. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 9
    Terminalling and Transportation Terminalling ASSET OVERVIEW TERMINALLING(1) (mbpd) 24 refined product and storage terminals with 1,000 over 650,000 bpd of throughput capacity 800 Four West Coast marine terminals with 600…
  10. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 10
    Terminalling and Transportation Transportation ASSET OVERVIEW PIPELINE TRANSPORTATION(1) (mbpd) Northwest Products System Pipeline: 760 mile 800 FERC-regulated pipeline from Salt Lake City, 700 Utah to Spokane, Washington 600 500…
  11. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 11
    Acquisition of QEP Field Services Acquisition of QEP Field Services Interconnected Assets (QEPFS) for 2.5 billion 2,200 miles of natural gas and crude oil gathering and transmission pipelines with Leading provider of natural gas…
  12. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 12
    QEP Field Services Footprint Green River Basin Williston Basin Pinedale Gathering Rendezvous ND Gas Services (NY00813G) 576455_Map 1.psd Rendezvous WY Williston Basin Pipeline Gathering Company Blacks Fork Processing Complex…
  13. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 13
    Strategic Rationale of QEPFS Acquisition Expands business into natural gas value chain while remaining within core geography Improves competitive position while driving incremental growth in distributable cash flow to unitholders…
  14. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 14
    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) Near-term capital projects primarily Base Growth Natural Gas Growth Total…
  15. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 15
    Financial Overview Maintain flexibility to achieve growth objectives 900 million revolver, expandable to 1.5 billion(1) Conservative leverage Expect leverage ratio to be slightly over 4.0x at end of Q1 2015 and ample liquidity…
  16. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 16
    Appendix
  17. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 17
    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…
  18. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 18
    Non-GAAP Financial Measures RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP (In thousands) 2012 2013 2014 Tesoro Logistics LP 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q Year Reconciliation of EBITDA and Distributable Cash Flow to Net…
  19. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 19
    Non-GAAP Financial Measures RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP (In thousands) 2012 2013 2014 Predecessors 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q Year Reconciliation of EBITDA and Distributable Cash Flow to Net Income…
  20. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 20
    Non-GAAP Financial Measures Reconciliation of Forecasted first quarter2015 EBITDA to Forecasted Net Income QEPFS Assets 2015E Forecasted Net Income 10 - 15 Add depreciation and amortization expense (k) 33 Add interest and…
  21. RBC CAPITAL MARKETS MLP – Tesoro Logistics Lp – slide 21
    Stable-Fee Based Business Commercial Agreements with Tesoro Termination Provisions Fixed Minimum Initation Volume Tarrif/Fee Force Date Term Renewals Commitment Escalators Refinery Shutdown Majeure High Plains Pipeline…

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