Par Pacific Holdings, Inc. Common Stock · NYSE:PARR
Par Pacific Holdings, Inc. Common Stock — Par Petroleum — Investor Presentation (May 2015)
17 slides from Par Pacific Holdings, Inc. Common Stock's investor presentation, May 11, 2015
Slide 1: Investor Presentation May 2015
Investor Presentation May 2015
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements 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
Slide 3: Overview of Par Petroleum
3 Overview of Par Petroleum Hawaii Refining System • 94,000 bpd capacity refinery • 50% distillate yield configuration • 5.4 MM barrels of storage • 27 miles of clean / black oil product pipelines • Single Point Mooring (SPM) Hawaii Marketing System • Serve 128 retail locations • Tesoro, 76 & 7-Elev
Slide 4: Par Petroleum history and milestones
4 Par Petroleum December 2011: Delta Petroleum (NYSE: DPTR) files Chapter 11 September 1, 2012: Joint venture with Laramie Energy II by forming Piceance Energy. June 25, 2013: Purchased Tesoro Hawaii for $75MM + working capital + share of turnaround costs. November 18, 2013: Hawaii Independent Energ
Slide 5: Hawaii Refinery Overview
5 Hawaii Refinery Overview • Largest refinery on the island • Configured for island demand • 20 MW Cogen • 18,000 bpd Hydrocracker capacity • Nelson complexity rating 5.7
Slide 6: Hawaii Refinery Overview: Crude Mix and Product Yield
6 Hawaii Refinery Overview 1Q 2015 Crude Mix by Source 1Q 2015 Product Yield Crude flexibility and heavily weighted distillate configuration
Slide 7: Refinery Throughput and Sales Dynamic
7 Refinery Throughput and Sales Dynamic 66 70 72 68 82 55 60 65 70 75 80 85 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 BP D HIE Refinery Sales Volume (MBD) 67 71 69 66 75 55 60 65 70 75 80 85 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 BP D HIE Refinery Throughput (MBD) 50 52 57 56 60 45 50 55 60 65 Q1-14 Q2-14 Q3-14 Q4-14 Q1
Slide 8: Retail and Logistics
8 Retail and Logistics Retail Stores & Storage Capacity 77 9 17 12 30,000 bbls 185,000 Bbls 138,000 bbls 135,000 bbls 12,000 bblsLogistics • Single point mooring (SPM) one of only four import locations • 2.4MM barrels crude and 3MM barrels of product storage • 27 miles of clean / black oil product p
Slide 9: Hawaii Market
9 Hawaii Market Refining need on island Hawaii Net Electricity Generation by Source * Based on company analysis On Island Demand 110-120 MBpdDistillate Import 5-15 MBpd Fuel Oil Export 5-15 MBpd Other Refinery 54 MBpd Par 94 MBpd 20-25 MBpd Source: EIA Source: DBEDT Visitor Arrivals by Air 2013-2015
Slide 10: Market Dynamics
10 Market Dynamics North American crude production increase has supported Mid Pacific crude differentials * company calculation based on a 3 year average for the 4-1-2-1 Mid Pacific Crack Spread plus Mid Pacific Crude Blend Combined Mid Cycle* $8.43 Crude Differential $0.49 Purchased Refinery
Slide 11: Piceance Energy Overview
11 Piceance Energy Overview • 40,165 net acres across Colorado’s Piceance Basin • Over 300 producing wells in one of the lowest cost gas weighted basins in the continental U.S. • Over 3,500 undeveloped locations held by production • 99% success rate on wells in basin • Current well costs of $1.25MM
Slide 12: 1Q 2015 Balance Sheet Highlights
12 1Q 2015 Balance Sheet Highlights • Total debt $112.5 million / Net debt ($11.8 million) • Total Cash balance $124.3 million • Total liquidity $206.3 million Summarized Consolidated Balance Sheet As of March 31, 2015 (in thousands) LIABILITIES AND STOCKHOLDERS' EQUITY Current portion of long-term
Slide 13: Growth Initiatives
13 Growth Initiatives • Integrated growth to market limits in Hawaii Hawaii Refining & Marketing • Evaluate refinery and marketing opportunities (outside Hawaii market) • Pacific synergies preferred • Evaluate other energy equity plays Duplicating Business Model $1.4 billion unrestricted net operati
Slide 14: Key Investment Highlights
14 Key Investment Highlights Refining and marketing in a niche market High distillate yields Growth oriented company with NOL structure Low cost natural gas production equity play Canadian crude access
Slide 15: Appendix
Appendix
Slide 16: Enhanced Operating Stats
16 Enhanced Operating Stats (1) Calculated using a ratio of 80% Singapore and 20% San Francisco indexes. (2) Weighted average differentials, excluding shipping costs, of a blend of crudes with an API of 31.98 and sulphur wt% of 0.65% that is indicative of our typical crude mix quality. (3) Managemen
Slide 17: Condensed Balance Sheet
17 Condensed Balance Sheet March 31, December 31, (in thousands) 2015 2014 ASSETS Cash and cash equivalents 124,305$ 89,210$ Restricted cash 749 749 Trade accounts receivable 64,780 112,968 Inventories 185,074 243,853 Prepaid and other current assets 15,609 14,009 Total current assets 390,517 460,78