Western Refining's Management Presents At Bank Of America Merrill Lynch Leveraged Finance Conference (Transcript)

Western Refining, Inc. (WNR)

Bank of America Merrill Lynch Leveraged Finance Conference Call

November 30, 2011 14:40 ET


Jeff Beyersdorfer – Senior Vice President and Treasurer


Unidentified Analyst

Alright. I think we are ready to get started again. So, next up we have Western Refining. From Western, we have Jeff Beyersdorfer who is the Senior Vice President and Treasurer for Western. And Jeff, you can – the floor is yours.

Jeff Beyersdorfer – Senior Vice President and Treasurer

Okay, thank you. If you don't mind, I am going to walk around a little bit. So again, my name is Jeff Beyersdorfer, Treasurer and in charge of Investor Relations for the company. For about the next 20 or 25 minutes, I am going to talk about three areas. One, a little bit of overview of Western and our asset base for those of you not familiar with the company. Second of all, I'll talk about the well-documented phenomena about domestic crude, particularly WTI and what's going on, how that's affecting us or what implications that has for us as a refining company. And then third, talk a little bit about the balance sheet and the strategies around our balance sheet in the near term or what our plans are for debt reduction.

So, the first slide and hopefully everyone has a presentation. These slides are difficult to read while the broadcast appear, but the first slide is just a quick asset overview. So, primarily our operations are in the Southwest. We've got two refineries, one in El Paso, Texas; one is Gallup, New Mexico, total barrels of about 150,000 barrels a day. We also have two what we think about as outlets or distribution outlets for our refined product. One is a wholesale business where we market to the big uranium and gold mining companies, all the way down to the little landscaper in Tucson, Arizona and I will talk about that wholesale business a little bit, because it differentiates us we believe versus some of our peer group for having ratable outlet for that product via our wholesale business.

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