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MLP Corporate Access Day – Tesoro Logistics Lp

Tesoro Logistics Lp · Mar 1, 2015 · 31 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. MLP Corporate Access Day – Tesoro Logistics Lp – slide 1
    Driving Distinctive Growth Barclays Select Series: MLP Corporate Access Day March 2015
  2. MLP Corporate Access Day – Tesoro Logistics Lp – slide 2
    Driving Distinctive Growth Leading provider of upstream and downstream logistics services in Western United States Distinctive logistics growth strategy for crude oil, natural gas and refined products Balanced approach through…
  3. MLP Corporate Access Day – Tesoro Logistics Lp – slide 3
    Overview of Current Assets Anacortes Key Metrics Crude oil, refined product and Kenai Bakken 3,500+ miles Natural gas pipelines Powder River Mandan Natural gas throughput capacity 2,900+ MMcf/d Green Natural gas inlet processing…
  4. MLP Corporate Access Day – Tesoro Logistics Lp – slide 4
    Strategic Initiatives Focus on Focused fee-based business with long-term minimum commitments Stable, Fee- Maintain minimal commodity risk Based Business Provide full-service logistics offering Optimize Improve operational efficiency…
  5. MLP Corporate Access Day – Tesoro Logistics Lp – slide 5
    Competitive Advantage Well-Positioned Assets High Plains System positioned in core Bakken area Rockies natural gas system in low cost basins Southern California system supports high demand market Strategic Sponsorship Integral to…
  6. MLP Corporate Access Day – Tesoro Logistics Lp – slide 6
    Tesoro Driven Logistics Opportunities Feedstock Inbound Logistics Refining Outbound Logistics Product Sales Acquisition Marine Refinery tank Refined products Wholesale terminals terminals distribution distribution terminals…
  7. MLP Corporate Access Day – Tesoro Logistics Lp – slide 7
    Proven Business Model Crude Oil Gathering Crude Oil Trucking 120 MBD 50 MBD 100 40 80 30 60 20 40 20 10 0 0 2011 2012 2013 2014 2011 2012 2013 2014 Terminalling Pipeline Transportation 1,000 MBD 800 MBD 700 800 600 600…
  8. MLP Corporate Access Day – Tesoro Logistics Lp – slide 8
    Track Record of Delivering Value in millions 147 315 87 39 42 2011 EBITDA 2012 2013 2014 2014 EBITDA EBITDA growth of over 270 million since IPO 1) CAGR = Compound Annual Growth Rate for 2011 EBITDA through 2014…
  9. MLP Corporate Access Day – Tesoro Logistics Lp – slide 9
    Strategic Growth Accomplishments in millions Expected Annual 2014 Accomplishments EBITDA Contribution1 Acquisition of Rockies natural gas business 250-275 65 MBD High Plains Crude Oil Pipeline reversal project 25 360,000…
  10. MLP Corporate Access Day – Tesoro Logistics Lp – slide 10
    Distinctive Growth Strategy in millions 2014 2015E 2016E 2017E Gathering (Incl. natural gas) 70 265-285 310-340 335-395 Processing 8 120-140 140-160 150-180 Terminalling and Transportation 260 285-315 300-330 310-340 Tesoro Asset…
  11. MLP Corporate Access Day – Tesoro Logistics Lp – slide 11
    Gathering Expected Adjusted EBITDA in millions Deliver 2015 expected adjusted 335-395 EBITDA of 265 to 285 million 310-340 Expand capacity on High Plains 265-285 System through organic growth projects Drive natural gas…
  12. MLP Corporate Access Day – Tesoro Logistics Lp – slide 12
    Crude Oil Gathering High Plains Pipeline Map Investing approximately 260 Lake Sakakawea North Dakota million in crude oil gathering High Plains Pipeline Third-party pipelines opportunities in 2015 Crude oil flow Third-party rail…
  13. MLP Corporate Access Day – Tesoro Logistics Lp – slide 13
    Growing Rockies Natural Gas Production Natural Gas Production Outlook Rockies Operating Areas Expected production growth of 1600 MMBTU/d 15% to 25% through 2017 Incremental infrastructure 1200 required to support production…
  14. MLP Corporate Access Day – Tesoro Logistics Lp – slide 14
    Natural Gas Gathering Investing approximately 90 million in natural gas gathering opportunities in 2015 Add compression to Pinedale system to increase gathering and processing volumes Add gathering and compression to Vermillion…
  15. MLP Corporate Access Day – Tesoro Logistics Lp – slide 15
    Processing Expected Adjusted EBITDA Deliver 2015 expected adjusted in millions EBITDA of 120 to 140 million 150-180 Increase utilization through 140-160 gathering new production and 120-140 commercial initiatives Leverage…
  16. MLP Corporate Access Day – Tesoro Logistics Lp – slide 16
    Processing Identified Opportunities Increase utilization of Uinta and Pinedale capacity with growing production and commercial capabilities Potential processing expansion in Uinta and Vermillion to support production growth in…
  17. MLP Corporate Access Day – Tesoro Logistics Lp – slide 17
    Terminalling & Transportation Expected Adjusted EBITDA Deliver 2015 expected adjusted in millions EBITDA of 285 to 315 million 310-340 300-330 Focus organic growth capital within 285-315 260 Southern California Distribution…
  18. MLP Corporate Access Day – Tesoro Logistics Lp – slide 18
    Terminalling & Transportation Investing approximately 40 million in 2015 New Anacortes, WA products terminal Southern California pipeline interconnects Evaluating new renewable fuels unit train facility in Southern…
  19. MLP Corporate Access Day – Tesoro Logistics Lp – slide 19
    Capital Plan Overview in millions Capital Spend Cumulative EBITDA Organic Investment & Optimization Total Maintenance Base Growth Natural Gas Growth 90 110 100 225 300 200 260 250 150 200 70 60 70 70 44 2014…
  20. MLP Corporate Access Day – Tesoro Logistics Lp – slide 20
    Financial Discipline Conservative 900 million revolver, expandable to 1.5 billion leverage and ample Expect leverage ratio to return to target range by end of 2015 liquidity Leverage target of 3x to 4x EBITDA Pursue balanced Maximize…
  21. MLP Corporate Access Day – Tesoro Logistics Lp – slide 21
    Value Proposition to Unitholders Distributions Per LP Unit Distributable Cash Flow1 annualized in millions 56 51 53 47 98% Target coverage ratio 36 39 Since IPO in 2Q 2011 2.57 2.67 1.1x 25 26 2.46 22 2.36 17 19 16 2.26 10…
  22. MLP Corporate Access Day – Tesoro Logistics Lp – slide 22
    Continuing to Drive Unitholder Value Stable Cash Flow Long-term contracts Fee-based, inflation protected and Well-Positioned fixed minimum commitments Minimal direct commodity exposure Strong Sponsorship Assets Poised to benefit…
  23. MLP Corporate Access Day – Tesoro Logistics Lp – slide 23
    Appendix
  24. MLP Corporate Access Day – Tesoro Logistics Lp – slide 24
    Non-GAAP Financial Measures RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP (In millions) 2011 2012 2013 2014 Tesoro Logistics LP (a) 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year 1Q 2Q 3Q 4Q Year Reconciliation of EBITDA,…
  25. MLP Corporate Access Day – Tesoro Logistics Lp – slide 25
    Non-GAAP Financial Measures Notes: (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 results of operations. We believe…
  26. MLP Corporate Access Day – Tesoro Logistics Lp – slide 26
    Non-GAAP Financial Measures Tesoro Logistics LP Distinctive Growth Strategy Annual EBITDA (In millions) Unaudited 2011A Terminalling and Gathering(1) Transportation Net earnings 17 23 Add interest and financing costs, net - -…
  27. MLP Corporate Access Day – Tesoro Logistics Lp – slide 27
    Non-GAAP Financial Measures Tesoro Logistics LP Distinctive Growth Strategy Annual EBITDA (In millions) Unaudited 2013A Terminalling and Gathering(1) Transportation Net earnings 34 103 Add interest and financing costs, net - -…
  28. MLP Corporate Access Day – Tesoro Logistics Lp – slide 28
    Non-GAAP Financial Measures Reconciliation of Forecasted EBITDA to Rockies Natural Gas Forecasted Net Income Business 2015E Forecasted Net Income 32 - 57 Add: Depreciation and amortization expense 132 Add: Interest and financing…
  29. MLP Corporate Access Day – Tesoro Logistics Lp – slide 29
    Non-GAAP Financial Measures Reconciliation of Forecasted annual EBITDA to Forecasted Net Income: Annual EBITDA Contributions from Tesoro Asset Acquisitions 2015E 2016E 2017E Forecasted Net Income 28 - 53 56 - 106 84 - 159 Add:…
  30. MLP Corporate Access Day – Tesoro Logistics Lp – slide 30
    Non-GAAP Financial Measures High Plains Crude Oil Reconciliation of Forecasted annual EBITDA Pipeline Reversal Bakken Commercial Connolly Gathering Acquisition of West to Forecasted Net Income: Project Storage System Coast Logistics…
  31. MLP Corporate Access Day – Tesoro Logistics Lp – slide 31
    Commercial Agreements with Tesoro Termination Provisions Fixed Minimum Initation Volume Tarrif/Fee Force Date Term Renewals Commitment Escalators Refinery Shutdown Majeure Transportation Agreement (High Plains System) Apr-11 10…

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