Driving Distinctive Growth Goldman Sachs 2017 Global Energy Conference January 2017
|
|
- Brooke Mathews
- 5 years ago
- Views:
Transcription
1 Driving Distinctive Growth Goldman Sachs 2017 Global Energy Conference January Tesoro Corporation. All Rights Reserved.
2 Forward Looking Statements On November 17, 2016, our sponsor, Tesoro Corporation, announced its plans to acquire Western Refining, Inc. This presentation primarily shows information about as a stand-alone company. This presentation does not contain, and we cannot discuss, any information about Tesoro or its proposed acquisition. This presentation (and oral statements made regarding the subjects of this presentation) includes forward-looking statements within the meaning of the federal securities laws, including without limitation statements concerning: our operational, financial and growth strategies, including significant business improvements, sustainable earnings growth, stable, fee-based business focus, existing asset base optimization, pursuit of organic expansion opportunities, strategic acquisitions, growth capital projects, and future drop downs; our ability to successfully effect those strategies and the expected timing and results thereof; our financial and operational outlook, and ability to fulfill that outlook; our financial position, liquidity and capital resources; our ability to maintain a balanced mixture of debt and equity, access the equity markets, achieve and maintain our leverage targets and achieve investment grade ratings; the quality, capacity and capabilities of our assets, and the expected benefits thereof; the benefits of Tesoro Corporation s strategy and competitive advantage on our business and growth prospects; the Northern California Terminalling and Storage and the North Dakota Gathering and Processing acquisitions, the capacities and capabilities of the assets acquired, and the expected benefits thereof, including the estimates of net earnings and annual EBITDA they are expected to contribute annually; our growth outlook, including expectations regarding our future net earnings and EBITDA, distribution growth rate, growth capital expenditures, and net maintenance capital; expectations regarding Tesoro s waiver of GP IDRs and continued drop downs; our continued focus on unitholder value, and the main drivers thereof; and other aspects of future performance. Although we believe the assumptions concerning future events are reasonable, a number of factors could cause results to differ materially from those projected. Our operations involve risks and uncertainties, many of which are outside of our control and could materially affect our results. For more information concerning factors that could affect these statements, see our annual report on Form 10-K, quarterly reports on Form 10-Q, and other SEC filings, available at We undertake no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise. See the Appendix for reconciliations of the differences between the non-gaap financial measures used in this presentation, including various estimates of EBITDA, and their most directly comparable GAAP financial measures. 2
3 Competitive Advantage Leading provider of logistics services to oil and gas producers and refining and marketing companies within our strategic footprint Tesoro s strategy supports integration and drives high growth Clear path to reach $635 million of net earnings and $1 billion of EBITDA by 2017 Pursuing acquisitions that fit our integrated business model in proximity to Tesoro s strategic footprint 3
4 Asset Portfolio Provides Unique Platform for Growth Kenai, AK Anacortes, WA Robinson Lake, ND Dickinson, ND Mandan, ND Belfield, ND Crude oil, refined product and natural gas pipelines Key Metrics 4,000+ miles Martinez, CA Salt Lake City, UT Natural gas throughput capacity 2,900+ MMcf/d Los Angeles, CA Natural gas inlet processing capacity 1,500+ MMcf/d Crude oil gathering pipeline throughput capacity Marketing terminal capacity 215+ MBD 1,005+ MBD San Antonio, TX Marine terminal capacity 830 MBD Rail terminal capacity 50 MBD Dedicated storage capacity 25,800+ MBBLS 4
5 Track Record of Robust Value Creation Crude Oil Gathering 2011 $26 million net earnings $34 million EBITDA Terminalling & Transportation Distributions Per LP Unit ($ annualized) $270 million net earnings $601 million EBITDA Crude Oil Gathering 1.35 Natural Natural Gas Gas Gathering Gathering & & Processing Terminalling & Transportation 2Q11 IPO 2Q12 2Q13 2Q14 2Q15 2Q16 Through 2015, EBITDA growth of 1,668%; distribution growth of 131% 5
6 Tesoro s Competitive Advantage Our sponsor is the leading integrated refining, marketing and logistics company in its strategic footprint Driving significant business improvements and creating sustainable earnings growth Demonstrated track record of delivering results and achieving ambitions Well diversified earnings portfolio with strong growth opportunities Disciplined approach to capital allocation to create significant shareholder value 6
7 Strategic Framework to Drive Continued Growth Focus on Stable, Fee-Based Business Provide full-service logistics offering Minimal commodity price exposure Optimize Existing Asset Base Enhance operational efficiency and maximize asset utilization Capture Tesoro volumes moving through non-tllp assets Expand third party business Pursue Organic Expansion Opportunities Focus on low-risk, accretive growth projects Invest to support Tesoro value chain optimization Enhance and strengthen existing logistics system Grow through Strategic Acquisitions Attractive opportunities in geographic footprint Partner in Tesoro s strategic growth Capture full value of Tesoro s logistics assets 7
8 Terminalling and Transportation Overview Asset Overview: 32 refined product and storage terminals with over 1,000 MBD throughput capacity Six marine terminals with 830 MBD throughput capacity 760 mile Northwest Products System pipeline Over 100 miles of crude oil and refined products pipeline in Southern California distribution system Dedicated storage capacity of over 25 million barrels 8
9 Terminalling and Transportation Overview Terminalling Throughput MBD Kenai, AK Anacortes, WA ,023 Mandan, ND 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Martinez, CA Salt Lake City, UT Pipeline Transportation Throughput MBD Los Angeles, CA Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 9
10 Terminalling and Transportation Market Drivers California Employment Millions of People Q14 3Q14 1Q15 3Q15 1Q16 3Q16 Source: US Bureau of Labor Statistics 1,700 1,600 1,500 PADD V Gasoline Demand MBD 1,400 5 Yr Range , Yr Avg. Jan Apr Jul Oct Source: Energy Information Administration 100% 95% 90% 85% 80% 75% PADD IV & V Refinery Utilization PADD IV PADD V 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Source: Energy Information Administration 1,800 1,700 1,600 1,500 1,400 1,300 PADD V Vehicle Miles Travelled Million VMT/Day 1,200 5 Yr Range , Yr Avg. Jan Apr Jul Oct Source: Energy Information Administration 10
11 Gathering and Processing Overview Crude Oil Gathering: Over 1,000 miles of crude oil gathering and trunkline pipeline High Plains Pipeline throughput capacity over 250 MBD Bakken Area Storage Hub storage capacity over 1 million barrels Natural Gas Gathering and Processing: Approximately 2,650 miles of natural gas gathering pipeline Natural gas gathering capacity of over 2,900 MMcf/d Six natural gas processing complexes and one fractionation facility Over 1,500 MMcf/d of processing capacity and over 15 MBD of fractionation capacity Operations in Pinedale, Vermillion, Uinta and Williston basins 11
12 Gathering and Processing Overview Gathering Throughput Crude Oil Gathering (MBD) Gas Gathering (MMBtu/d) 1,020 1,071 1,115 1, Robinson Lake, ND Mandan, ND Belfield, ND 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Salt Lake City, UT Gas Processing Throughput Fee-Based (MMBtu/d) NGLs (MBD) Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 12
13 Gathering and Processing Market Drivers North Dakota Rig Count North Dakota Well Completions Rockies Natural Gas Rig Count Rockies Natural Gas Well Completions Source: North Dakota Department of Mineral Rights, North Dakota Pipeline Authority, Baker Hughes & State websites for Sublette, Uinta, Lincoln, Sweetwater counties in WY; Moffat county in CO; Uintah county in UT 13
14 Growth Capital Projects Bakken Gathering & Processing Expand High Plains Pipeline in Bakken to capture core production to aggregate volumes for take-away pipelines Completed increase in storage capacity at Bakken Area Storage Hub (BASH) Rockies Completed Walker Hollow compression project; supports Uinta deep gas drilling and brings new committed volumes to system Terminalling & Transportation Terminalling Capture growth from expansion of Mandan, Stockton, Pasco and Anacortes product terminals New Kenai, Alaska asphalt terminal Crude storage expansion in Southern California under development Transportation Pipelines Expand Northwest Product System capacity and services Los Angeles Refinery Interconnect Pipeline project under development 14 14
15 Future Drop Downs to Capture Additional Value Existing Assets Marine and rail terminals Crude oil pipelines Refinery tank terminals Petroleum coke handling Refined products distribution terminals New Business Investments Bakken pipeline & rail Mixed xylenes logistics infrastructure Vancouver Energy Distribution expansion in support of Marketing growth Refined products pipelines Rail and truck unloading terminals Wholesale distribution system Growing inventory of drop downs drives at least $500 million of new growth 15 15
16 Northern California Terminalling and Storage Acquisition Marine Terminal Martinez Refinery Marine Terminal Martinez Storage Martinez Truck Rack and Rail Loading Martinez Refinery Asset Description 5.8 million barrels of crude oil, feedstock and refined product storage capacity Marine terminal with 35,000 BPD of feedstock and refined product throughput Strategic Highlights Strategically located assets integrated with TLLP and TSO current operations Expect 10% 15% improvement in asset utilization over next several years Additional organic growth opportunities Financial Highlights Total consideration of $400 million Expected annual net earnings of $28 $33 million; annual EBITDA of $45 $50 million Initial 10 year, fee-based contract for storage capacity and terminalling throughput 16
17 Strategic Approach to Acquisitions Pursuing opportunities that provide Tesoro access to advantaged feedstocks and new markets Principally focused on Tesoro s strategic footprint Expanding acquisition horizon to include adjacent geographies Participating in Tesoro-driven acquisitions that include embedded logistics assets Continuing to reduce Tesoro s third party logistics costs Continuing to diversify revenue from third parties 17
18 North Dakota Gathering and Processing Acquisition Asset Description Over 650 miles of crude oil, natural gas and produced water gathering pipeline Two processing facilities with 170 MMcf/d of processing capacity with 18,700 barrels per day fractionation capacity Strategic Highlights Attractive purchase multiple expected to drive immediate accretion to unitholders Significant growth potential from drilling locations in core Bakken producing zones Highly utilized assets at current production levels Complements existing North Dakota footprint Financial Highlights Total consideration of $700 million Expected annual net earnings of $79 $89 million; annual EBITDA of $100 $110 million Revenues are approximately 90% fee-based and supported by existing production BASH Facility TSO Fryburg Rail Terminal High Plains Pipeline TSO BakkenLink Pipeline Billings Belfield Gathering & Processing Robinson Lake Gathering & Processing 18 Dunn Mountrail Stark
19 Balanced Portfolio with Minimal Commodity Exposure Resulting portfolio remains balanced with 50% 55% of expected EBITDA from Terminalling and Transportation 2017E Projected 1 TLLP EBITDA Profile Maintaining key revenue targets: Strong, fee-based business Approximately 50% third-party Approximately 1% direct commodity exposure Terminalling & Transportation 50%-55% Gathering 25%-30% Processing 15%-20% 1) Including projected earnings from the North Dakota Gathering and Processing Assets and the Northern California Terminalling and Storage Assets acquisitions 19
20 Flexible Capital Structure Prudent Funding and Ample Liquidity Pursue growth through a balanced mixture of debt and equity Active ATM program allows access to cost efficient equity capital $1.6 billion credit facilities maturing in 2021 Pursue Balanced Capital Structure Proven track record of strengthening credit profile Leverage target of 4x Net Debt / EBITDA Commitment to achieve investment grade ratings at TSO and TLLP Supportive Sponsor Strategically linked to TLLP TSO is the largest unit holder 34% TLLP LP unit ownership Supportive in dropdowns and acquisitions over $1 billion in equity taken to date Attractive and improving credit profile Maintain Flexibility to Achieve Growth Objectives 20
21 Financial Flexibility $ in millions Current Metrics As of 9/30/16 Total Assets 5,319 Net Debt 1 2,885 Total Equity 1,663 Pro-forma Net Debt 1 -to-ebitda Ratio 2 4.0x Trailing 12-Month Distribution Coverage Ratio 1.10x Remaining Capacity on Revolving Credit Facility 600 Remaining Capacity on Dropdown Credit Facility 600 1) Net debt calculated as total debt of $3,428 million, net of unamortized issuance costs of $46 million and net of cash of $497 million 2) Pro-forma net debt-to-ebitda ratio calculated using total debt, net of unamortized issuance costs and net of cash, and run rate EBITDA based on annualized 3Q 2016 metrics of $87 million of net earnings and $181 million of EBITDA 21
22 Growth Outlook On target to achieve $635 million of net earnings and $1 billion of EBITDA in 2017 Expect 2017 annual distribution growth of 12% 15% Expect 2017 growth capital expenditures of $230 million and net maintenance capital of $65 million Tesoro to waive $100 million of GP IDRs over the next two years; supports balanced growth of GP and LP interests Continuing execution of drop down portfolio; at least $500 million of annual earnings remain available 22
23 Continuing to Drive Unitholder Value Attractive, Visible Growth Opportunities Well-Positioned Assets Strong Sponsorship Stable, Fee-Based Cash Flow Experienced Management Team 23 23
24 Appendix 2015 Tesoro Corporation. All Rights Reserved.
25 Key Customer Overview Total Revenue Breakdown Tesoro 58% High Yield and Not Rated 25% Investment Grade 17% Approximately 75% of revenues are generated from Tesoro or Investment Grade customers Note: Customer credit rating are S&P credit ratings as of 9/30/2016. Revenues are YTD as of 9/30/
26 Commercial Agreements with Tesoro Description of Contract Initiation Date Term (Years) Renewals Fixed Minimum Volume Commitment Tariff/Fee Escalators Termination Provisions Refinery Shutdown Force Majeure Transportation Agreement (High Plains System) Apr x5 Years 49 MBD FERC Index 12-Month Notice 1 TLLP Unilateral Second Amended and Restated Master Terminalling Agreement Apr x5 Years 108 MBD CPI 12-Month Notice 1 TLLP Unilateral Stockton Minimum Throughput Commitment (MTA supplement) Apr x5 Years 14 MBD CPI 12-Month Notice 1 TLLP Unilateral Salt Lake City Storage Agreement Apr x5 Years 878,000 BBL CPI 12-Month Notice 1 TLLP Unilateral Amorco Terminal Use and Throughput Agreement (Martinez Marine) Apr x5 Years 65 MBD CPI 12-Month Notice 1 TLLP Unilateral Amended Anacortes Track Use and Throughput Agreement Nov x5 Years 40 MBD CPI N/A TLLP Unilateral Agreement - Southern California Terminalling Services Jun x5 Years 154 BPD CPI N/A TLLP Unilateral Carson Storage Services Agreement Amended Jun x5 Years 1,920,000 BBL CPI N/A TLLP Unilateral Agreement - Southern California Dedicated Storage Jun x5 Years 2,927,143 BBL CPI N/A TLLP Unilateral Long Beach Storage Services Agreement Dec x5 Years 1,995,000 BBL CPI N/A TLLP Unilateral Carson Coke Handling Service Agreement Dec x5 Years 2,212 M Tons CPI N/A TLLP Unilateral Long Beach Throughput Agreement Dec x5 Years 325 MBD CPI N/A TLLP Unilateral Transportation Services Agreement (SoCal Pipelines) Dec x5 Years 500 MBD CPI N/A TLLP Unilateral BASH Storage - TRMC Tanks Apr x5 Years 360,000 BBL CPI N/A TLLP Unilateral Terminalling Services Agreement - Martinez Jul x5 Years 25 MBD CPI N/A TLLP Unilateral Terminalling Services Agreement - Nikiski Jul x5 Years 3 MBD CPI N/A TLLP Unilateral Storage Services Agreement - Anacortes Jul x5 Years 1,542,000 BBL CPI N/A TLLP Unilateral Martinez Dedicated LPG Storage Agreement Jul x5 Years 10,900 BBL CPI N/A TLLP Unilateral THPP Reversal Open Season Northbound Commitment Sep-14 7 None 30 MBD FERC Index N/A TLLP Unilateral Tesoro Alaska Pipeline Throughput Agreement Sep x5 Years 31 MBD RCA N/A TLLP Unilateral Keep Whole Commodity Fee Arrangement Dec Year Auto Renewal N/A 2 Annual Renegotiation 90 days prior to expiration Bilateral Terminalling Services Agreement - Anacortes Rack Nov x5 Years 9 MBD CPI N/A TLLP Unilateral Carson Tank Farm Storage Agreement Nov x5 Years 6,653,000 BBL CPI N/A TLLP Unilateral Kenai Storage Services Agreement Jul x5 Years 3,500,000 BBL CPI N/A TLLP Unilateral Alaska Terminalling Services Agreement Sep x5 Years 21 MBD CPI N/A TLLP Unilateral Martinez Storage Services Agreement Nov X5 Years 5,644,833 BBL CPI N/A TLLP Unilateral 1) Fixed minimum volumes remain in effect during routine turnarounds 2) Tesoro is required to purchase all Natural Gas Liquids produced under keep whole processing agreements. No associated MVC 26
27 Non-GAAP Financial Measures LP EBITDA Reconciliation (in millions) Q 2016 Net Earnings $ 26 $ 270 $ 87 Add: Depreciation and Amortization Expense Add: Interest and Financing Costs, Net Add: Income Tax Expense EBITDA $ 34 $ 601 $ 181 Projected EBITDA Reconciliation North Northern Tesoro Dakota California Logistics LP Gathering and Terminalling Net Debt Tesoro Processing and Storage Reconciliation Logistics LP Assets Assets September 30, (in millions) 2017E Acquisition Acquisition (in millions) 2016 Projected Net Earnings $ 635 $ $ Total Debt $ 3,428 Add: Depreciation and Amortization Expense Unamortized Issuance Costs (46) Add: Interest and Financing Costs, Net Cash (497) Projected EBITDA $ 1,000 $ $ Net Debt $ 2,885 27
28 Non-GAAP Financial Measures 28
Driving Distinctive Growth MLPA 2016 MLP Investor Conference June 2016
Driving Distinctive Growth MLPA 2016 MLP Investor Conference June 2016 2015 Tesoro Corporation. All Rights Reserved. Forward Looking Statements This Presentation includes forward-looking statements within
More informationTesoro Logistics LP NYSE: TLLP Citi MLP/Midstream Infrastructure Conference August 2012
Tesoro Logistics LP NYSE: TLLP 2012 Citi MLP/Midstream Infrastructure Conference August 2012 Forward Looking Statements This Presentation includes forward-looking statements. These statements relate to,
More informationCreating Superior Value Go for Extraordinary
Creating Superior Value Go for Extraordinary Mizuho Energy Summit April 9-10, 2018 Forward Looking Statements This presentation (and oral statements made regarding the subjects of this presentation) includes
More informationDriven to Create Value Goldman Sachs 2017 Global Energy Conference January 2017
Driven to Create Value Goldman Sachs 2017 Global Energy Conference January 2017 2015 Corporation. All Rights Reserved. Forward Looking Statements On November 17, 2016, we announced our plans to acquire
More informationTransformation through Distinctive Performance Simmons Energy Conference. February 27, 2014
Transformation through Distinctive Performance Simmons Energy Conference February 27, 2014 Forward Looking Statements This Presentation includes forward looking statements within the meaning of the Private
More informationDriven to Create Value
Driven to Create Value Bank of America Refining Conference March 2016 2015 Corporation. All Rights Reserved. Forward Looking Statements This Presentation includes forward-looking statements within the
More informationCrestwood Midstream Partners LP Arrow Acquisition Overview October 10, 2013
Crestwood Midstream Partners LP Arrow Acquisition Overview October 10, 2013 Forward Looking Statements The statements in this communication regarding future events, occurrences, circumstances, activities,
More informationEnable Midstream Partners, LP
Enable Midstream Partners, LP Fourth Quarter 2014 Conference Call February 18, 2015 Forward-looking Statements This presentation and the oral statements made in connection herewith may contain forward-looking
More informationInvestor Presentation December 2013
Investor Presentation December 2013 CAUTIONARY STATEMENTS & NON-GAAP MEASURES This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
More informationPBF Logistics LP (NYSE: PBFX)
PBF Logistics LP (NYSE: PBFX) Master Limited Partnership Association 2016 Investor Conference June 2016 Safe Harbor Statements This presentation contains forward-looking statements made by PBF Logistics
More informationMidcoast Energy Partners, L.P. Investment Community Presentation. March 2014
Midcoast Energy Partners, L.P. Investment Community Presentation March 2014 Forward Looking Statement This presentation includes forward-looking statements, which are statements that frequently use words
More informationINVESTOR PRESENTATION DECEMBER 2018
INVESTOR PRESENTATION DECEMBER 2018 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward-looking statements within the meaning
More informationDelek US Holdings, Inc./ Delek Logistics Partners, LP Wells Fargo Energy Symposium December 2013
Delek US Holdings, Inc./ Delek Logistics Partners, LP Wells Fargo Energy Symposium December 2013 Safe Harbor Provision Delek US Holdings and Delek Logistics Partners, LP are traded on the New York Stock
More informationINVESTOR PRESENTATION MAY 2018
INVESTOR PRESENTATION MAY 2018 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward-looking statements within the meaning of
More informationDelek Logistics Partners, LP. Investor Presentation
Delek Logistics Partners, LP Investor Presentation March 2018 Disclaimers These slides and any accompanying oral and written presentations contain forward-looking statements by Delek Logistics Partners,
More informationTarga Resources Corp. Fourth Quarter 2018 Earnings & 2019 Guidance Supplement February 20, 2019
Targa Resources Corp. Fourth Quarter 2018 Earnings & 2019 Guidance Supplement February 20, 2019 Forward Looking Statements Certain statements in this presentation are "forward-looking statements" within
More informationINVESTOR PRESENTATION JANUARY 2018
INVESTOR PRESENTATION JANUARY 2018 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward-looking statements within the meaning
More informationThird-Quarter 2017 Earnings Conference Call Presentation. October 26, 2017
Third-Quarter 2017 Earnings Conference Call Presentation October 26, 2017 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws
More informationDelek Logistics Partners, LP. Investor Presentation
Delek Logistics Partners, LP Investor Presentation MLPA Conference June 2016 Disclaimers These slides and any accompanying oral and written presentations contain forward-looking statements by Delek Logistics
More informationSecond-Quarter 2017 Earnings Conference Call Presentation. July 27, 2017
Second-Quarter 2017 Earnings Conference Call Presentation July 27, 2017 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding
More informationUBS MLP One-on-One Conference. January 2014
UBS MLP One-on-One Conference January 2014 Forward-looking Information Certain matters contained in this presentation include "forward-looking statements" within the meaning of Section 27A of the Securities
More informationCasper Terminal Acquisition
Casper Terminal Acquisition October 2015 Cautionary Statements This presentation may contain forward-looking statements within the meaning of U.S. federal securities laws, including statements related
More informationHolly Energy Partners, L.P.
Holly Energy Partners, L.P. Morgan Stanley Midstream MLP Corporate Access Event March 2014 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical
More informationPBF Logistics LP (NYSE: PBFX)
PBF Logistics LP (NYSE: PBFX) UBS MLP One-on-One Conference January 2017 Safe Harbor Statements This presentation contains forward-looking statements made by PBF Logistics LP ( PBFX ), PBF Energy Inc.
More informationENERGY TRANSFER EQUITY, L.P.
ENERGY TRANSFER EQUITY L.P. Credit Suisse Conference June 23 2015 Jamie Welch Group CFO DISCLAIMER This presentation relates to a presentation the management of Energy Transfer Equity L.P. (ETE) will give
More informationTarga Resources Corp. (NYSE:TRGP)
Targa Resources Corp. (NYSE:TRGP) Investor Presentation March 2015 Forward Looking Statements Certain statements in this presentation are "forward-looking statements" within the meaning of Section 27A
More informationFourth-Quarter 2017 Earnings Conference Call Presentation. February 1, 2018
Fourth-Quarter 2017 Earnings Conference Call Presentation February 1, 2018 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws
More informationInvestor Presentation: UBS MLP Conference January 2016
Investor Presentation: UBS MLP Conference January 2016 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward looking statements
More informationInvestor Presentation
Investor Presentation September 2017 2 Noble Midstream Partners LP Overview Partnership Overview Premier E&P Sponsorship Noble Midstream Partners LP ( NBLX ) is a midstream MLP formed by sponsor, Noble
More informationMARTIN MIDSTREAM PARTNERS L.P. Bank of America High Yield Energy & Power Leveraged Finance Conference JUNE 2, 2015
MARTIN MIDSTREAM PARTNERS L.P. Bank of America High Yield Energy & Power Leveraged Finance Conference JUNE 2, 2015 USE OF NON-GAAP FINANCIAL MEASURES This presentation includes certain non-gaap financial
More informationBuckeye GP Holdings L.P. (NYSE: BGH) Buckeye Partners, L.P. (NYSE: BPL) Kelso & Company April 23, 2009
Buckeye GP Holdings L.P. (NYSE: BGH) Buckeye Partners, L.P. (NYSE: BPL) Kelso & Company April 23, 2009 1 Buckeye Partners, L.P. Buckeye GP Holdings L.P. Forward Looking Statement Certain statements contained
More informationTransMontaigne Partners L.P. (NYSE TLP) Wells Fargo th Annual Energy Symposium December 10 th, 2013
TransMontaigne Partners L.P. (NYSE TLP) Wells Fargo 2013 12 th Annual Energy Symposium December 10 th, 2013 Forward Looking Statements All statements, other than statements of historical facts, contained
More information2 nd Quarter Operations Report AUGUST 2017
2 nd Quarter Operations Report AUGUST 207 FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS INVESTOR NOTICE This presentation contains forward-looking statements within
More informationCapital Link Master Limited Partnership Investing Forum
Capital Link Master Limited Partnership Investing Forum March 2, 2017 2 Forward Looking Statements and Non-GAAP Measures This presentation contains certain forward-looking statements within the meaning
More informationBuckeye Partners, L.P. Wachovia Pipeline and MLP Symposium - December 2008
Buckeye Partners, L.P. Wachovia Pipeline and MLP Symposium - December 2008 1 Buckeye Partners, L.P. Forward Looking Statement Certain statements contained in this presentation or made by representatives
More information2012 Wells Fargo Securities Research & Economics 11 th Annual Pipeline, MLP and Energy. Symposium
2012 Wells Fargo Securities Research & Economics 11 th Annual Pipeline, MLP and Energy Symposium December 4-5, 2012 Forward-Looking Statements Under the Private Securities Litigation Act of 1995 This document
More informationNAPTP Annual MLP Investor Conference NASDAQ: CPNO. May 12, 2010
NAPTP Annual MLP Investor Conference NASDAQ: CPNO May 12, 2010 Disclaimer Statements made by representatives of Copano Energy, L.L.C. ( Copano ) during this presentation will include forward-looking statements,
More informationMarathon Petroleum and Andeavor Strategic Combination. April 30, 2018
Marathon Petroleum and Andeavor Strategic Combination April 30, 2018 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding
More informationInvestor Presentation. January 4, 2017
Investor Presentation January 4, 2017 Forward-Looking Statements Cautionary Statement Regardng Forward-Looking Statements This presentation contains or incorporates by reference forward-looking statements
More informationInvestor Presentation. Third Quarter 2015
Investor Presentation Third Quarter 2015 Forward-looking Information Certain matters contained in this presentation include "forward-looking statements" within the meaning of Section 27A of the Securities
More informationMARTIN MIDSTREAM PARTNERS L.P. Deutsche Bank Leveraged Finance Conference September 29, 2015
MARTIN MIDSTREAM PARTNERS L.P. Deutsche Bank Leveraged Finance Conference September 29, 2015 USE OF NON-GAAP FINANCIAL MEASURES This presentation includes certain non-gaap financial measures such as EBITDA
More informationJefferies 2014 Global Energy Conference. November 11 & 12, 2014
Jefferies 2014 Global Energy Conference November 11 & 12, 2014 Forward Looking Statements Statements contained in this presentation that state management s expectations or predictions of the future are
More informationPBF Energy Inc. (NYSE: PBF) January 2017 Investor Presentation
PBF Energy Inc. (NYSE: PBF) January 2017 Investor Presentation Safe Harbor Statements This presentation contains forward-looking statements made by PBF Energy Inc. ( PBF Energy ), the indirect parent of
More informationSimplification Overview and
Simplification Overview and Q1 Presentation 2015 Financial Title & Operating Results Presentation Subtitle 5/5/2015 May 6, 2015 Crestwood Midstream Partners LP Crestwood Equity Partners LP Forward-Looking
More information2014 MASTER LIMITED PARTNERSHIP INVESTOR CONFERENCE MAY 22, 2014
2014 MASTER LIMITED PARTNERSHIP INVESTOR CONFERENCE MAY 22, 2014 FORWARD-LOOKING STATEMENTS Certain statements and information in this presentation may constitute forward-looking statements. The words
More informationPBF Energy Inc. (NYSE: PBF)
PBF Energy Inc. (NYSE: PBF) Investor Presentation January 2016 Safe Harbor Statements This presentation contains forward-looking statements made by PBF Energy Inc. ( PBF Energy ), the indirect parent of
More informationInvestor Presentation. December 2016
Investor Presentation December 2016 Forward-Looking Statements Under the Private Securities Litigation Act of 1995 This document may contain or incorporate by reference forward-looking statements as defined
More informationPhillips 66 Partners Reports Fourth-Quarter 2017 Earnings
Exhibit 99.1 Phillips 66 Partners Reports Fourth-Quarter 2017 Earnings Highlights Fourth Quarter Reported earnings of $162 million; adjusted EBITDA of $254 million Increased quarterly distribution 5 percent
More informationNuStar Energy, L.P. NEUTRAL ZACKS CONSENSUS ESTIMATES (NS-NYSE) SUMMARY
March 13, 2015 NuStar Energy, L.P. Current Recommendation Prior Recommendation Underperform Date of Last Change 09/26/2013 Current Price (03/12/15) $60.71 Target Price $63.00 NEUTRAL SUMMARY (NS-NYSE)
More informationMarathon Petroleum and Andeavor Strategic Combination. June 2018
Marathon Petroleum and Andeavor Strategic Combination June 2018 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding
More informationFourth-Quarter 2017 Earnings Conference Call and Webcast. February 1, 2018
Fourth-Quarter 2017 Earnings Conference Call and Webcast February 1, 2018 1 Forward Looking Statements This press release contains forward-looking statements within the meaning of federal securities laws
More informationFIRST QUARTER 2018 OPERATIONS REPORT. May 1, 2018
FIRST QUARTER 2018 OPERATIONS REPORT May 1, 2018 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the federal securities laws. Although these statements
More informationENERGY TRANSFER EQUITY
ENERGY TRANSFER EQUITY Credit Suisse MLP & Energy Logistics Conference June 10 th 2014 Jamie Welch Group CFO LEGAL DISCLAIMER This presentation relates to a meeting among members of management of Energy
More informationUBS One-on-One MLP Conference
UBS One-on-One MLP Conference January 13, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities
More informationInvestor Presentation: May 2016
Investor Presentation: May 2016 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward looking statements within the meaning of
More informationDelek US Holdings, Inc. Citi 2018 Global Energy & Utilities Conference
Delek US Holdings, Inc. Citi 2018 Global Energy & Utilities Conference May 2018 Disclaimers Forward Looking Statements: Delek US Holdings, Inc. ( Delek US ) and Delek Logistics Partners, LP ( Delek Logistics
More informationTULSA MLP CONFERENCE. Tulsa, OK November 15, 2016
TULSA MLP CONFERENCE Tulsa, OK November 15, 2016 DEREK REINERS Senior Vice President, Chief Financial Officer and Treasurer Page 2 FORWARD-LOOKING STATEMENTS Statements contained in this presentation that
More informationTall Oak Midstream Acquisition December 7, 2015
Tall Oak Midstream Acquisition December 7, 2015 Strong. Innovative. Growing. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities
More informationUBS MLP One-on-One Conference
UBS MLP One-on-One Conference January 12-13 Park City, UT Forward-looking Information Certain matters contained in this presentation include "forward-looking statements" within the meaning of Section 27A
More informationEnable Midstream Partners, LP
Enable Midstream Partners, LP Second Quarter 2016 Conference Call August 3, 2016 Non-GAAP Financial Measures The Partnership has included the non-gaap financial measures gross margin, Adjusted EBITDA,
More informationOne Step Ahead of The Drill Bit
One Ahead of The Drill Bit April 2014 NYSE MKT: NOG Statements made by representatives of Northern Oil and Gas, Inc. ( Northern or the Company ) during the course of this presentation that are not historical
More informationSpectra Energy Partners: Moving Ahead, Building Value
FIRST QUARTER 2013 EARNINGS REVIEW Spectra Energy Partners: Moving Ahead, Building Value May 3, 2013 Safe Harbor Statement Some of the statements in this document concerning future company performance
More information2017 MLPA. Master Limited Partnership Investor Conference
2017 MLPA Master Limited Partnership Investor Conference MAY 31 June 1, 2017 Forward-Looking Statements Statements contained in this presentation other than statements of historical fact are forward-looking
More informationFEBRUARY Investor Presentation. Investor Presentation.
FEBRUARY 2018 Investor Presentation Investor Presentation Forward-Looking / Cautionary Statements Forward-Looking Statements This presentation, including the oral statements made in connection herewith,
More informationMorgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event. March 2014
Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event March 2014 Forward-looking Information Certain matters contained in this presentation include "forward-looking statements"
More informationCiti One-On-One MLP / Midstream Infrastructure Conference. August 20, 2014 Strong. Innovative. Growing.
Citi One-On-One MLP / Midstream Infrastructure Conference August 20, 2014 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning
More informationBuckeye GP Holdings L.P. (NYSE: BGH) Buckeye Partners, L.P. (NYSE: BPL) Kelso & Company Annual LP Conference April 21, 2010
Buckeye GP Holdings L.P. (NYSE: BGH) Buckeye Partners, L.P. (NYSE: BPL) Kelso & Company Annual LP Conference April 21, 2010 Forward Looking Statement Certain statements contained in this presentation or
More informationMidcoast Energy Partners, L.P. NGSET Pipeline Roundtable Presentation. March 2014
Midcoast Energy Partners, L.P. NGSET Pipeline Roundtable Presentation March 2014 Forward Looking Statement This presentation includes forward-looking statements, which are statements that frequently use
More informationWELLS FARGO ENERGY SYMPOSIUM. New York Dec. 6, 2016
WELLS FARGO ENERGY SYMPOSIUM New York Dec. 6, 2016 TERRY K. SPENCER President and Chief Executive Officer Page 2 FORWARD-LOOKING STATEMENTS Statements contained in this presentation that include company
More informationS E C O N D - Q U A R T E R R E S U LT S. J u l y 3 1,
S E C O N D - Q U A R T E R 2 0 1 8 R E S U LT S J u l y 3 1, 2 0 1 8 F O RWA R D - L O O K I N G S TAT E M E N T S Statements contained in this presentation that include company expectations or predictions
More informationF O U R T H - Q U A R T E R A N D F U L L - YEAR R E S U LT S. F e b. 2 6, 2018
F O U R T H - Q U A R T E R A N D F U L L - YEAR 2 0 1 7 R E S U LT S F e b. 2 6, 2018 F O RWA R D - L O O K I N G S TAT E M E N T S Statements contained in this presentation that include company expectations
More informationRBC Capital Markets MLP Conference
RBC Capital Markets MLP Conference November 18, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities
More informationJANUARY 23, 2017 FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS
2017 GUIDANCE JANUARY 23, 2017 FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within
More informationHollyFrontier Corporation
HollyFrontier Corporation Credit Suisse Energy Summit Vail, CO February 2012 2 HollyFrontier Corporation Disclosure Statement Statements made during the course of this presentation that are not historical
More informationGoldman Sachs Power, Utilities, MLP & Pipeline Conference. August 11, 2015 Strong. Innovative. Growing.
Goldman Sachs Power, Utilities, MLP & Pipeline Conference August 11, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning
More information3 RD Q U A R T E R
3 RD Q U A R T E R 2 0 1 7 OPERATIONS REPORT O C T O B E R 3 1, 2 0 1 7 FOCUS ON PEOPLE STRIVE FOR EXCELLENCE BE ETHICAL DELIVER RESULTS BE GOOD STEWARDS INVESTOR NOTICE This presentation contains forward-looking
More informationMaster Limited Partnership Association Annual Investor Conference. Orlando June 2016
Master Limited Partnership Association Annual Investor Conference Orlando June 2016 1 Forward-Looking Statements Portions of this document constitute forward-looking statements as defined by federal law.
More informationINVESTOR PRESENTATION. December 2018
INVESTOR PRESENTATION December 2018 FORWARD-LOOKING STATEMENTS Some of the statements in this presentation constitute forward-looking statements about Sunoco LP ( SUN, we, our, and us ) that involve risks,
More informationF O U R T H - Q U A R T E R A N D F U L L - YEAR R E S U LT S F E B. 2 5,
F O U R T H - Q U A R T E R A N D F U L L - YEAR 2 0 1 8 R E S U LT S F E B. 2 5, 2 0 1 9 FORWARD-LOOKING STATEMENTS Statements contained in this presentation that include company expectations or predictions
More informationUtica Midstream Summit MarkWest Update. April 4, 2018
Utica Midstream Summit MarkWest Update April 4, 2018 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding MPLX LP ( MPLX
More informationMAY Investor Presentation. Investor Presentation.
MAY 2018 Investor Presentation Investor Presentation Forward-Looking / Cautionary Statements Forward-Looking Statements This presentation, including the oral statements made in connection herewith, contains
More informationPTXP Investment Highlights
Disclaimer Forward-Looking Statements This presentation includes forward-looking statements. Forward-looking statements give our current expectations, contain projections of results of operations or of
More informationPBF Energy March 2018
PBF Energy March 2018 1 Safe Harbor Statements This presentation contains forward-looking statements made by PBF Energy Inc. ( PBF Energy ), the indirect parent of PBF Logistics LP ( PBFX, or Partnership,
More informationMPLX Overview. Scott Garner, VP Corporate Development October 19, 2017
MPLX Overview Scott Garner, VP Corporate Development October 19, 2017 Forward Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws regarding
More informationFirst Quarter Financial Results Conference Call M AY 6,
First Quarter 2015 Financial Results Conference Call M AY 6, 2 0 1 5 Forward-Looking Statements This Presentation has been prepared by Calumet Specialty Products Partners, L.P. (the Company or Calumet
More informationMorgan Keegan MLP Conference May 18 th, 2010
Morgan Keegan MLP Conference May 18 th, 2010 1 Forward Looking Statements This presentation contains forward looking statements within the meaning of the federal securities laws. Forward looking statements
More informationInvestor Presentation. March 2-4, 2015 Strong. Innovative. Growing.
Investor Presentation March 2-4, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws.
More informationDelek Logistics Partners, LP. Investor Presentation
Delek Logistics Partners, LP Investor Presentation August 2017 Disclaimers These slides and any accompanying oral and written presentations contain forward-looking statements by Delek Logistics Partners,
More informationF I R S T- Q U A R T E R R E S U LT S. M a y 1,
F I R S T- Q U A R T E R 2 0 1 8 R E S U LT S M a y 1, 2 0 1 8 F O RWA R D - L O O K I N G S TAT E M E N T S Statements contained in this presentation that include company expectations or predictions should
More informationSECOND QUARTER Earnings Review
SECOND QUARTER 2014 Earnings Review 8/6/2014 Forward-Looking Statements Under the Private Securities Litigation Act of 1995 This document may contain or incorporate by reference forward-looking statements
More informationSpectra Energy Partners: Moving Ahead, Building Value. June 26-27, 2013 New York, New York
Credit Suisse MLP and Energy Logistics Conference Spectra Energy Partners: Moving Ahead, Building Value June 26-27, 2013 New York, New York Safe Harbor Statement Some of the statements in this document
More information2017 MLPA Investor Conference
2017 MLPA Investor Conference May 31 June 2, 2017 2 Forward Looking Statements and Non-GAAP Measures This presentation contains certain forward-looking statements within the meaning of the federal securities
More information2012 CITI Global Energy Conference. Miami, FL June 2012
HollyFrontier Corporation 2012 CITI Global Energy Conference gy Miami, FL June 2012 HollyFrontier Corporation Disclosure Statement Statements made during the course of this presentation that are not historical
More information2017 MLPA Investor Conference. May 31, 2017
2017 MLPA Investor Conference May 31, 2017 Jerry Peters Chief Financial Officer Green Plains Inc. NASDAQ: GPRE www.gpreinc.com Green Plains Partners LP NASDAQ: GPP www.greenplainspartners.com Forward-Looking
More informationForward Looking Statements
January 2010 1 Forward Looking Statements This presentation contains forward looking statements within the meaning of the federal securities laws. Forward looking statements are not guarantees of performance.
More informationEvercore ISI Energy Summit. Houston March 7, 2017
Evercore ISI Energy Summit Houston March 7, 2017 1 Forward-Looking Statements Portions of this document constitute forward-looking statements as defined by federal law. Although management believes any
More informationSecond Quarter 2016 Earnings Call Presentation August 3, 2016
Second Quarter 216 Earnings Call Presentation August 3, 216 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. All statements, other than statements of historical facts,
More informationEnable Midstream Partners, LP
Enable Midstream Partners, LP Second Quarter 2015 Conference Call August 5, 2015 Forward-looking Statements This presentation and the oral statements made in connection herewith may contain forward-looking
More informationCiti MLP / Midstream Infrastructure Conference. Las Vegas Aug. 2016
Citi MLP / Midstream Infrastructure Conference Las Vegas Aug. 2016 1 Forward-Looking Statements Portions of this document constitute forward-looking statements as defined by federal law. Although management
More informationCrestwood Announces First Quarter 2018 Financial and Operating Results
NEWS RELEASE Crestwood Announces First Quarter 2018 Financial and Operating Results 5/1/2018 Adjusted EBITDA increased 12% year-over-year driven by a 23% increase in G&P segment EBITDA Increased year-over-year
More information