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Western Refining's Management Presents At Deutsche Bank Leveraged Finance Conference (Transcript)

Western Refining (WNR)

Presentation at Deutsche Bank Leveraged Finance Conference

October 13, 2011 8:35 a.m. ET

Executives

Jeff Beyersdorfer - Treasurer and Head of Investor Relations

Analysts



Kathryn O’Connor - Deutsche Bank

Presentation

Kathryn O’Connor

Good morning, and welcome to day two of the Deutsche Bank Leveraged Finance Conference. My name is Kathryn O’Connor. I cover energy here at Deutsche Bank on the high-yield side. First up, in terms of our energy companies, is Western Refining. From the company we have Jeff Beyersdorfer. He’s the treasurer and head of investor relations.

Jeff Beyersdorfer

Good morning. Thanks for coming. Again, my name is Jeff Beyersdorfer, treasurer and head of investor relations. If you don’t mind, I’m going to walk around a little bit as I make remarks about the slides.

Over the next 25 minutes, I want to talk about three topics, or hit three things. One is a brief overview of our asset base and the markets in which we operate. Number two, talk about the well-documented already WTI Brent Spread, both what implications that has for us from an operational perspective and also from a hedging perspective. And then number three, spend a little bit of time on the capital structure of the company and talk about some of our initiatives for the capital structure longer term.

So quickly, a brief overview of the company. We’re mainly a Southwest-based/focused company. Two operating refineries, one in El Paso, Texas, one in northern New Mexico. Combined, about 150,000 barrels a day of production. We also have a retail business, about 206 retail stores, primarily in the four corners region of the U.S. We also have a wholesale business that distributes about 70,000 barrels a day of product from El Paso and Gallup.

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