Par Pacific Holdings, Inc. Common Stock · NYSE:PARR
Par Pacific Holdings, Inc. Common Stock — Merger or Acquisition (October 2022)
11 slides from Par Pacific Holdings, Inc. Common Stock's merger presentation, Oct 21, 2022
Slide 1: Acquisition of Billings Refinery and Associated Marketing & Logistics Assets
ACQUISITION OF BILLINGS REFINERY AND ASSOCIATED MARKETING & LOGISTICS ASSETS
Slide 2: Forward-looking statements disclaimer
The information contained in this presentation has been prepared to assist you in making your own evaluation of the company and does not purport to contain all of the information you may consider important. Any estimates or projections with respect to future performance have been provided to assist
Slide 3: Transaction Overview
2 • Par Pacific to acquire 63,000 bpd ExxonMobil Billings refinery and associated marketing and logistics assets • Acquisition will enhance Par Pacific’s fully integrated downstream network in the upper Rockies and Pacific Northwest • $310 million base purchase price, plus hydrocarbon and other inve
Slide 4: Par Pacific Strategic Impact
Par Pacific Strategic Impact Acquisition will enhance our fully integrated downstream network Hawaii MauiMolokai Oahu Kauai 12 6 61 11 HI REFINERY SD MT WY CO UT ID NV WA OR NE ND Seattle Spokane 29 WY REFINERY WA REFINERY Billings Rapid City Cheyenne Denver Salt Lake City Las Vegas Boise Portland 3
Slide 5: Par Pacific Financial Impact: Pro-Forma Midcycle Earnings Uplift
Par Pacific Financial Impact Pro-Forma Midcycle Earnings Uplift 1 4 1. Midcycle Adjusted EBITDA and Normalized Maintenance & Turnaround Capex based on management estimates and expectations. See appendix for non-GAAP reconciliations. 2. Expected synergies over $30 million. $ millions Par Pacific Midc
Slide 6: Billings Refining Highlights
Billings Refining Highlights 5 Refining Highlights • 63,000 bpd high-conversion, complex refinery (10.8 Nelson Complexity Index) • Hydrocracking, hydrotreating, coking, and fluidized catalytic cracking (FCC) capacity • Processes low-cost Western Canadian and other regional crude oils, including appr
Slide 7: Billings Logistics Highlights
6 Logistics Highlights • Expansive network of crude and product midstream assets • Seven terminal facilities provide advantaged access to key market areas throughout Upper Rockies and Pacific Northwest • 40% ownership in Yellowstone Pipeline, serving attractive clean product markets from Billings, M
Slide 8: Billings Marketing Highlights
Billings Marketing Highlights 7 Marketing Highlights • Retail (branded wholesale) and wholesale (unbranded) fuels marketing business • Attractive long-term ExxonMobil-branded fuels market arrangement, supplying approximately 300 retail locations • 73% of clean product sales supplied to ExxonMobil-br
Slide 9: Par Pacific Highlights
Par Pacific Highlights 8 • Improving regional market fundamentals • Benefiting from regional refining closures and improving global mobility trends • Industry-leading distillate production of approximately 50% 1 • Expect 20% system-wide exposure to attractive Western Canadian heavy crude • Logistics
Slide 10: Appendix
9 Appendix
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures 10 $ million’s Par Pacific Midcycle Billings Assets Midcycle 2 Par Pacific Pro Forma Net Income $165 $95 $260 Add: Depreciation and amortization expense 100 45 145 Add: Interest Expense 35 - 35 Add: Income Tax Expense - - - Adjusted EBITDA 1,3 $300 $140 $440 1. Midcycle A
Par Pacific Holdings — Merger or Acquisition (October 2022) on 6ix