Par Pacific Holdings, Inc. Common Stock · NYSE:PARR
Par Pacific Holdings, Inc. Common Stock — Merger or Acquisition (June 2016)
22 slides from Par Pacific Holdings, Inc. Common Stock's merger presentation, Jun 14, 2016
Slide 1: Wyoming Acquisition Overview June 2016
Wyoming Acquisition Overview June 2016 Exhibit 99.2
Slide 2: Forward-Looking Statements / Disclaimers
Forward-Looking Statements / Disclaimers 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
Slide 3: Transaction Overview
Transaction Overview Acquisition Highlights Key Transaction Terms Purchase price of $271MM, inclusive of working capital and existing indebtedness $123MM funded at WRC, remainder funded at PARR level with cash, debt and equity PARR financing to include $50 million rights offering and $100 million co
Slide 4: Growth Opportunity Framework
Growth Opportunity Framework Tier 1 Refining Marketing Midstream & downstream logistics Tier 2 E&P with Laramie tie-in Upstream logistics Gathering systems Gas processing Chemical / process businesses Tier 3 E&P without Laramie tie-in Oilfield services Power generation Non-oil logistics Strategic Fa
Slide 5: Overview of Wyoming Refining and Logistics
Overview of Wyoming Refining and Logistics Refinery Operations Logistics Assets Crude and Product Profile Refinery Asset Detail Refining Unit Capacity (MBPD) Crude Unit 18 Residual Fluid Catalytic Cracker 7.0 Catalytic Reformer 3.3 Alkylation 1.3 Naphtha Hydrotreater 3.3 Diesel Hydrotreater 6.0 Isom
Slide 6: WRC Investment Thesis
WRC Investment Thesis Niche Product Supplier Advantaged supplier into Rapid City, South Dakota; the next closest refinery is roughly 250 miles away Significant capacity rights on Magellan product pipeline into Rapid City via historical shipper status Product cracks have averaged $18.23/Bbl over the
Slide 7: Balance with Hawaii Operations
Balance with Hawaii Operations Comparable Advantages Notable Synergies Niche market Growing tourism Hard to replicate infrastructure Attractive distribution network Product yields Winter / Summer performance Crude price sensitivity Offsetting crude index exposure Par Hawaii Refinery Wyoming Refinery
Slide 8: Illustrative WRC First Full Year of Operating Performance
Illustrative WRC First Full Year of Operating Performance Category Low Throughput (1) (Bbl/d) 15,000 Approximately two thirds of Adjusted EBITDA is earned in the 2nd and 3rd Quarters General & Administrative costs benefit from $4.5MM of identified synergies Cost of Benzene credits excluded following
Slide 9: Bridge to Forecasted Adjusted EBITDA
Bridge to Forecasted Adjusted EBITDA ____________________ Note: See Appendix for information regarding non-GAAP financial measures. Excludes $6MM Lower of Cost or Market revaluation on 12/31/2015. Using Q1 2015 sales volumes as a proxy for Q4 due to turnaround downtime. One-time expense related to p
Slide 10: Laramie Update
® Par Pacific Laramie Update
Slide 11: Laramie Energy Overview
Attractive well costs of $0.56 / Mcfe based on drilling and completion costs of $1MM and average EURs of 1.8 Bcfe Transformative Spring 2016 acquisition expected to drive an estimated 42% reduction in cash operating costs Experienced management team with a 99% drilling success rate in the Piceance B
Slide 12: Laramie Energy Acreage
Laramie Energy Acreage Colorado All of Laramie's acreage is located in Rio Blanco, Garfield and Mesa Counties, Colorado North Area - Rio Blanco County Central Area - Garfield County South Area - Collbran, Mesa County Over 23,000 net mineral acres Over 26,000 fee surface acres Laramie’s Core Acreage
Slide 13: Laramie Energy Operations Update
Backlog of 58 uncompleted wells with net revenue interests averaging 93% March 2016 integration proceeding ahead of plan No additional capital contribution from PARR contemplated to facilitate growth plan Evaluate adding one rig program as CIG prices approach $3.00/MMBtu 2016 Plan Laramie Energy Ope
Slide 14: Contact Information
Contact Information Par Pacific Holdings, Inc. (NYSE MKT: PARR) 800 Gessner Road, Suite 875 Houston, TX 77024 (281) 899-4800 www.parpacific.com Christine Thorp Director, Investor Relations cthorp@parpacific.com (832) 916-3396
Slide 15: Appendix
a) Par Pacific Appendix
Slide 16: Wyoming Production Trends: Advantaged Crude Supply
Wyoming Production Trends Advantaged Crude Supply ____________________ Source:EIA and Wyoming Oil and Gas Conservation Commission. (1)PRB purchases based on 2013-2015 average WRC PRB crude consumption. WRC historically purchased less than 10% of the surrounding 4 county PRB production(1) (Bbl/d) Wel
Slide 17: Synergy Opportunities
Synergy Opportunities Growth Opportunities Additional Opportunities Area Annual Savings Management & Back Office Benzene & Sulfur Credits Insurance Total $4.0 – 5.0 million $0.2 – 0.3 million $0.3 – 0.7 million $4.5 – 6.0 million Identified development of LPG projects 1 Refined product seasonal stor
Slide 18: Net Operating Loss Carryforward
Net Operating Loss Carryforward Differentiated Asset Relative to Peers Potential to Enhance Cash Flow with Growth Provides a Competitive Advantage for Growth Opportunities NOL creates significant additional value from Wyoming Refining acquisition Selected Benefits Illustrative Value to PARR ($ in mi
Slide 19: Par Pacific Summary
Par Pacific Summary Enterprise Value Key Statistics ____________________ Note:See Appendix for information regarding non-GAAP financial measures. Represents Par Pacific’s 42.3% share of Laramie Energy. Calculated as 42.4% of midpoint 2016E exit production. 41,106,105 shares of common stock outstandi
Slide 20: Non-GAAP Financials: Adjusted EBITDA Reconciliation
Non-GAAP Financials Adjusted EBITDA Reconciliation(1) (in thousands) (1) We believe the non-GAAP financial metrics used herein, including Adjusted EBITDA and Adjusted Net Income, are useful supplemental financial measures to assess, among other things: the financial performance of our assets without
Slide 21: Non-GAAP Financials: Adjusted EBITDA by Segment Reconciliation
Non-GAAP Financials Adjusted EBITDA by Segment Reconciliation(1) (in thousands) We believe the non-GAAP financial metric used herein, Adjusted EBITDA by Segment, is a useful supplemental financial measure to assess, among other things, the financial performance of our segments without regard to fina
Slide 22: Non-GAAP Financials: WRC Average Historical Adjusted EBITDA Reconciliation
Non-GAAP Financials WRC Average Historical Adjusted EBITDA Reconciliation (in millions) The average historical WRC Adjusted EBITDA for 2006 through 2015 was derived from unaudited operating data provided by management of the WRC entities. The operating data was reconciled to audited financial statem
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