Par Pacific Holdings, Inc. Common Stock · NYSE:PARR
Par Pacific Holdings, Inc. Common Stock — Par Petroleum — IPO Roadshow (July 2014)
17 slides from Par Pacific Holdings, Inc. Common Stock's IPO roadshow presentation, Jul 29, 2014
Slide 1: Mid-Pac Acquisition and Rights Offering Presentation
Filed Pursuant to Rule 433 Issuer Free Writing Prospectus dated July 29, 2014 Relating to Prospectus Supplement dated July 22, 2014 Registration No 333-195662 Mid-Pac Acquisition and Rights Offering Presentation July 2014
Slide 2: Prospectus supplement filing notice
The company filed a prospectus supplement with the SEC on July 22, 2014, which prospectus supplement provides the terms of the rights offering and supplements the accompanying prospectus, dated July 7, 2014, which is part of the Company’s registration statement on Form S-3, File No. 333-195662. This
Slide 3: Forward Looking Disclaimer
Forward Looking Disclaimer Certainstatementsin this presentationmay constitute “forward-looking” statementsas defined in various provisions of the federal securities law or in releases made by the SEC, all as may be amended from time to time. Such forward-looking statements involve known and unknown
Slide 4: Agenda
Agenda I. Participants II. Par Fundamentals III. Mid-Pac Overview and Island Strategy IV. Rights Offering Details V. Par Overview 4
Slide 5: Participants
Participants Melvyn Klein, Chairman of the Board Will Monteleone, President & Chief Executive Officer Curt Anastasio, Member of Board of Directors & Chairman of the Operations and Technology Committee 5
Slide 6: Par Petroleum – Key Statistics
Par Petroleum – Key Statistics Shareholder Base Overview Key Statistics ($ in millions, except share price) Current(1) Pro forma(2) Zell Credit Total SharesOutstanding (3) 30.3 36.7 Opportunities Master Fund LP Share Price 20.12 20.12 Other Holders 45% 32% Market Capitilization $609.8 $737.8 Term Lo
Slide 7: Mid-Pac Overview
Mid-Pac Overview PETROLEUM CORPORATION @ Hawaii Independent Energy
Slide 8: Mid-Pac Business Overview
Mid-Pac Business Overview Over 80 retail locations across 4 islands Annualized refined product sales of approximately 74 million gallons of fuel (based on the 6 months ended 3/31/14) Exclusive right to 76 brand for Hawaii through 2024 Fee owned real estate locations provides competitive advantage 4
Slide 9: Mid-Pac Fits into Our Operating Strategy
Mid-Pac Fits into Our Operating Strategy (1) Core Strategic Element: Hawaiiis highlycontractualmarket….optimalsalesslatemustbe developedovertime Commercial Jet Demand ~35mbpd Military Jet / Diesel Optimal 20% Effective 4/1 Major Gasoline ~6.5mbpd Slate 80% Effective 7/1 100% Effective 10/1 ~30,000 m
Slide 10: Acquisition Summary
Acquisition Summary Investment in Mid-Pac provides significant cost savings opportunity by internalizing consumption and keeping product on-island – Keeping product on-island vs. exporting is expected to improve margin by ~$6-10/barrel – Mid-Pac sells ~4,200 bpd of gasoline and 1,000 bpd of diesel M
Slide 11: Rights Offering
Rights Offering Par intends to raise $100 million of gross proceeds from the rights offering based upon the following terms: Record date 7/21/2014 Shares/ right 0.21 Shares issued in offering 6,364,512 Pro forma shares outstanding 36,671,712 Exercise price/ share $16.00 Discount to market (7/21/14)
Slide 12: Par Overview
Par Overview nit PAR CB irrencon TEXADIAN independeni ENERGY RO Lee Energy CORPORATION
Slide 13: Current Hawaii Operations
Current Hawaii Operations Refinery Integrated Logistics Retail 94,000 BPD Capacity Five refined product 31 retail locations on Maui, 5.7x Nelson Complexity terminals with Hawaii and Oahi islands 2.4 MMBls crude oil and approximately 247,000 Bbls 27 company operated feedstock storage of working capac
Slide 14: Texadian Energy
Texadian Energy Texadian acquired from SEACOR Holdings on December 31, 2012 for $13 million + working Pipeline Positions capital Pipeline Origin Destination Primary assets consist of the following as of Platte / Express Hardisty, Alberta Wood River, IL December 31, 2013: Mustang Chicago, IL Patoka,
Slide 15: Piceance Energy Overview
Piceance Energy Overview Concentrated acreage footprint in the historically prolific Piceance basin Required Henry Hub ($ / MCF )Price to Generate 11% – Underlying geology characterized by consistent IRR(1) Williams Fork sand with deeper Mancos / Niobrara potential Over 304 producing Williams Fork w
Slide 16: Building a foundation for 2015 and beyond
Building a foundation for 2015 and beyond 2014 is a transition year for Par highlighted by the pending Mid-Pac acquisition Increasing on-island sales volumes is a core strategic initiative and there are several ongoing bidding processes with new customers Crude purchasing strategy has improved feeds
Slide 17: Strategy & Conclusions
Strategy & Conclusions Investment in Mid-Pac provides significant value creation by internalizing consumption, keeping product on-island, and allowing the company to optimize its product and crude slate to the local economy The acquired assets of Mid-Pac unlock value inside Par’s existing footprint