Simmons & Company 2015 Fifteenth Annual Energy Conference March 5, 2015
WNR Consolidated Today WNR/ Combined WNRL with NTI Refineries 2 3 Capacity 156,000 253,800 Bakken, Permian, Canada, Basin Exposure Permian, San Juan San Juan Retail Stores 1 261 515 Pipelines (miles) 2 300 600 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% 62% 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
Delaware and San Juan Basin Growth Despite the lower crude oil price environment, BENTEK projects continued growth in the Permian/Delaware and San Juan Basins 7
Attractive Refined Product Locations 8
Refinery Benchmarking Gross Margin per Barrel Full Year 2014 Source: Company Filings 9
Integrated Product Distribution Network WNRL WNR Wholesale Retail Marketing Marketing S Distribution channel for diesel, S 261 stores in AZ, CO, NM and TX gasoline, jet fuel, kerosene, S Fuel brands include Shell, Chevron, lubricants…
TexNew Mex Pipeline/Extension S Capacity of 75,000 bpd S Provides transportation for crude oil from Four Corners S Operational by Q2 2015 S Two planned truck offloading stations along 70 mile Extension S Additional gathering…
Bobcat Crude Oil Pipeline S Capacity in excess of 125,000 bpd S Dedicated primarily to light crude oil S Anticipated completion by 1H 2016 S Provides transportation east out of Delaware Basin 12
Capital Structure As of December 31, 2014 ( millions) WNR Western1 Consolidated Standalone Total Cash and Restricted Cash 2 598 456 Western Revolving Credit Facility Term Loan, due 2020 545 545 6.25% Senior Unsecured Notes due…
Financial Flexibility Financial Financial Statistics Statistics 1 As of December 31, 2014 Target Total Debt/Adjusted EBITDA (LTM) 0.9x < 1.0x Total Debt/Total Capitalization 44% 30% - 40% 2 Cash and Restricted Cash ( millions)…
Summary S Attractive Refining Margin Environments with Diversified Asset Base S Integrated Distribution Network S Growth Opportunities/Optionality S Balance Sheet Flexibility 15
Appendix
Adjusted EBITDA Reconciliations Three Months Ended Twelve Months Ended December 31, December 31, 2014 2013 2014 2013 (In thousands) Net income (loss) attributable to Western 130,935 (7,328) 559,926 275,994 Net income attributed to…
Last Twelve Months Adjusted EBITDA Consolidated WNR Last Twelve Months Adjusted EBITDA (In Thousands) Three Month Period Ending LTM Consolidated Western Refining, Inc. Mar 2014 June 2014 Sep 2014 Dec 2014 Dec 2014 Net income (loss)…
Adjusted EBITDA Consolidation Last Twelve Months December 31, 2014 WNR Western NTI WNRL Consolidated (In thousands) Net income (loss) attributable to Western 436,300 88,839 34,787 559,926 Net income attributed to non-controlling…
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…
Loading...
