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Investor Presentation A u g u s t 2 0 1 6 HollyFrontier Corporation Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward looking statements within the meaning of the U.S.


  1. Investor Presentation A u g u s t 2 0 1 6

  2. HollyFrontier Corporation Disclosure Statement Statements made during the course of this presentation that are not historical facts are “forward looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and necessarily involve risks that may affect the business prospects and performance of HollyFrontier Corporation and/or Holly Energy Partners, L.P., and actual results may differ materially from those discussed during the presentation. Such risks and uncertainties include but are not limited to risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products in HollyFrontier’s and Holly Energy Partners’ markets, the demand for and supply of crude oil and refined products, the spread between market prices for refined products and market prices for crude oil, the possibility of constraints on the transportation of refined products, the possibility of inefficiencies or shutdowns in refinery operations or pipelines, effects of governmental regulations and policies, the availability and cost of financing to HollyFrontier and Holly Energy Partners, the effectiveness of HollyFrontier’s and Holly Energy Partners’ capital investments and marketing strategies, HollyFrontier's and Holly Energy Partners’ efficiency in carrying out construction projects, HollyFrontier's ability to acquire refined product operations or pipeline and terminal operations on acceptable terms and to integrate any existing or future acquired operations, the possibility of terrorist attacks and the consequences of any such attacks, and general economic conditions. Additional information on risks and uncertainties that could affect the business prospects and performance of HollyFrontier and Holly Energy Partners is provided in the most recent reports of HollyFrontier and Holly Energy Partners filed with the Securities and Exchange Commission. All forward-looking statements included in this presentation are expressly qualified in their entirety by the foregoing cautionary statements. The forward-looking statements speak only as of the date hereof and, other than as required by law, HollyFrontier and Holly Energy Partners undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 2

  3. OUR MISSION OUR VALUES OUR MISSION IS to be the premier U.S. petroleum HEALTH & SAFETY refining, pipeline and terminal company as measured WE PUT HEALTH AND SAFETY FIRST. by superior financial performance and sustainable, We conduct our business with primary emphasis on the health and safety of our employees, profitable growth. contractors and neighboring communities. We continuously strive to raise the bar, guided by our health and safety performance standards. WE SEEK TO ACCOMPLISH THIS BY: ENVIRONMENTAL STEWARDSHIP WE CARE ABOUT THE ENVIRONMENT. • Operating in a safe, reliable and environmentally We are committed to minimizing environmental impacts by reducing wastes, emissions and responsible manner, other releases. We understand that it is a privilege to conduct our business in the communities where we operate. • Efficiently operating our existing assets, CORPORATE CITIZENSHIP WE OBEY THE LAW. • Offering our customers superior products and We are committed to promoting sustainable social and economic benefits wherever we services, and operate. HONESTY & RESPECT • Growing both organically and through strategic WE TELL THE TRUTH & RESPECT OTHERS. acquisitions. We uphold high standards of business ethics and integrity, enforce strict principles of corporate governance and support transparency in our operations. One of our greatest We strive to outperform our competition through the assets is our reputation for behaving ethically in the interests of employees, shareholders, customers, business partners and the communities in which we operate and serve. quality and development of our employees and assets. We endeavor to maintain an inclusive and stimulating CONTINUOUS IMPROVEMENT work environment that enables each employee to fully WE CONTINUALLY IMPROVE. contribute to and participate in our Company’s success. Innovation and high-performance are our way of life. Our culture creates a fulfilling environment which enables employees to reach their potential. We believe in creating our own destiny and that a constructive attitude toward change is essential. 3

  4. FOOTPRINT OF HOLLYFRONTIER AND HOLLY ENERGY PARTNERS Collaboration with HEP Pure play inland refining company with 457,000 barrels per day of crude capacity provides strategic growth opportunities in Proximity to North American crude production and attractive niche product markets logistics and marketing operations About the HollyFrontier Companies 457,000 BPD Refining Capacity • 12.2 Nelson Complexity • • Specialty Lubricants Business • Approximately 3,400 Pipeline miles 75% UNEV ownership • 50% Cheyenne Pipeline ownership • 50% Frontier Pipeline ownership • 50% Osage Pipeline ownership • 25% SLC Pipeline ownership • 14 million barrels of crude & product • storage 7 Loading Racks and 8 Terminals • 4

  5. HOLLYFRONTIER INVESTMENT HIGHLIGHTS Discounted crude access and high value product market 100,000 BPD Canadian primarily heavy crude COMPETITIVE ADVANTAGE Premium niche product markets versus Gulf Coast ~ 12,000+ barrels per day of Group 1 Lubricants production SPECIALTY LUBRICANTS $50 to $70 per barrel crack spread Internal investment to drive growth and enhance returns BUSINESS IMPROVEMENT PLAN Liquid yield improvement and de-bottlenecking opportunities Maintain investment grade rating CAPITAL STRUCTURE Target conservative balance sheet and strong liquidity Strong track record of returning excess cash to shareholders CAPITAL ALLOCATION Competitive dividend and total cash yield 39% HEP ownership, including 2% GP interest and 37% of LP Units Evaluate dropdown potential of planned HFC capital projects UNLOCK MLP VALUE Full Year 2015 HEP cash distributions to HFC of more than $90 million¹ 1) Q4 2014 through Q3 2015 quarterly LP and GP distributions announced and paid in 2015 5

  6. PROXIMITY TO NORTH AMERICAN CRUDE PRODUCTION • Refinery location and configuration enables a fleet-wide crude slate discounted to WTI • Highly flexible refining system allows feedstock optionality • Discounted feeds drive higher gross margins / barrel and ultimately, EBITDA • Approximately 100,00 barrels per day Canadian, primarily Heavy sour crude Increased access to discounted crude Drives higher GM/BBL and ultimately EBITDA Improved crude quality Further feedstock optimization Feedstock Advantaged Refining¹ 2Q16 1Q16 4Q15 3Q15 $1 $/bbl discount to WTI $0 -$1 -$2 -$3 -$4 -$5 Rockies MidCon Southwest Consolidated 1) Data from quarterly earnings calls 6

  7. HIGH VALUE PRODUCT MARKETS • Exposure to attractive niche product markets • Higher value product markets drive higher gross margin per barrel & ultimately, EBITDA Regional Gasoline Pricing vs Gulf Coast¹ $25.00 2012 2013 $20.00 2014 2015 Average $/barrel $15.00 $12.50 $8.48 $8.42 $8.33 $10.00 $4.11 $3.19 $5.00 $- Group 3 vs GC Chicago vs GC Salt Lake vs GC Denver vs GC Phoenix vs GC Las Vegas vs GC Regional ULSD Pricing vs Gulf Coast $14.00 2012 2013 $12.00 2014 2015 $10.00 Average $8.03 $/barrel $8.00 $4.98 $4.63 $6.00 $4.16 $4.00 $1.95 $1.62 $2.00 $- $(2.00) Group 3 vs GC Chicago vs GC Denver vs GC Phoenix vs GC Las Vegas vs GC Salt Lake vs GC 1) Gulf Coast: CBOB Unleaded 84 Octane Spot Price, Group 3: Unleaded 84 Octane Spot Price, Chicago: Unleaded CBOB 84 Octane Spot Price, Denver: CBOB 81.5 Octane Rack Price, Phoenix: CBG 84 Octane Rack Price, SLC: CBOB 81.5 Octane Rack Price, Las Vegas: CBOB 84 Octane Rack Price. Source: GlobalView 7

  8. H OLLYF RONTIER BU SINESS PLA N A f u n d a m e n t a l s - f o c u s e d g r o w t h p l a n t h a t a d d r e s s e s t h e f o l l o w i n g o p p o r t u n i t i e s Running our refineries at the 75th percentile in Expected Annual Operational Availability EBITDA ¹ ($MM) (2015-2018) Creating sustainable growth in gross margin Refinery Operations $245 and free cash generation through Opportunity Reliability $90 Capital investment and Commercial Optimization Operating Costs $105 Working within a cost structure that is median Turnaround Execution $50 or better versus relevant peers Optimization $90 Improving the use of our Balance Sheet and Capital Investment $365 MLP to create value through capital structure Large Capital $165 Growing outside the fence opportunistically and Opportunity Investments $200 based on proven ability to improve existing TOTAL $700 portfolio assets 1) Improvements vs. 2014 baseline 8

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