July 23, 2016 9:28 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Northern Tier Energy LP

Company Overview

Northern Tier Energy LP, an independent downstream energy company, engages in refining, retail, and pipeline operations in the United States. It operates through two segments, Refining and Retail. The Refining segment operates a 97,800 barrels per stream day refinery in St. Paul Park, Minnesota that offers refined products, including gasoline, diesel, jet fuel, and asphalt to resellers and consumers primarily in the Petroleum Administration for Defense District II region. This segment also owns various storage and transportation assets, such as light products terminal, heavy products terminal, storage tanks, rail loading/unloading facilities, the Aranco and Cottage Grove pipelines, and Missi...

1250 West Washington Street

Suite 300

Tempe, AZ 85281

United States

Founded in 2010

2,961 Employees

Phone:

602-302-5450

Key Executives for Northern Tier Energy LP

Chief Executive Officer of Northern Tier Energy GP LLC, President of Northern Tier Energy GP LLC and Director of Northern Tier Energy GP LLC
Age: 58
Chief Financial Officer of Northern Tier Energy GP LLC and Executive Vice President of Northern Tier Energy GP LLC
Age: 59
Executive Vice President of Northern Tier Energy GP LLC, General Counsel of Northern Tier Energy GP LLC and Secretary of Northern Tier Energy GP LLC
Age: 40
Chief Commercial Officer of Northern Tier Energy GP LLC and Senior Vice President of Northern Tier Energy GP LLC
Age: 54
Chief Accounting Officer of Northern Tier Energy GP LLC and Vice President of Northern Tier Energy GP LLC
Compensation as of Fiscal Year 2016.

Northern Tier Energy LP Key Developments

Northern Tier Energy LP Requests NYSE To File Form 25 With SEC To Delist Its Common Units From NYSE And To Deregister The Common Units

On June 23, 2016, Western Refining, Inc. completed its previously announced acquisition of all of the outstanding common units of Northern Tier Energy LP not already owned by Western Refining, pursuant to the terms of the Agreement and Plan of Merger dated as of December 21, 2015, by and among Western Refining, Western Acquisition Co, LLC (MergerCo), Northern Tier Energy LP and Northern Tier Energy GP LLC (Merger Agreement). The acquisition was accomplished by the merger of MergerCo with and into Northern Tier Energy LP, and upon consummation of the Merger, MergerCo ceased to exist and Northern Tier Energy LP became a wholly-owned subsidiary of Western Refining. Immediately prior to the closing of the Merger, Western Refining and its subsidiaries owned approximately 38.3% of the outstanding common units representing limited partner interests in Northern Tier Energy LP. In connection with consummation of the Merger, the New York Stock Exchange (NYSE) was notified on June 23, 2016, that each Northern Tier Energy LP Common Unit issued and outstanding immediately prior to the Effective Time and not owned by Western Refining, Inc. or any of its subsidiaries was converted pursuant to the Merger into the right to receive the Merger Consideration, subject to the terms and conditions of the Merger Agreement. Northern Tier Energy LP requested that the NYSE file a Form 25 with the Securities and Exchange Commission (SEC) to delist the Northern Tier Energy LP Common Units from the NYSE and to deregister Northern Tier Energy LP’s Common Units under Section 12(b) of the Securities Exchange Act of 1934, as amended. Northern Tier Energy LP’s Common Units were suspended from trading on the NYSE prior to the opening of trading on June 24, 2016.

Northern Tier Energy LP Declares Second Quarter 2016 Distribution, Payable on June 24, 2016

Northern Tier Energy LP and its subsidiaries announced the declaration of a cash distribution of $0.18 per common unit for the prorated period April 1, 2016, through June 13, 2016. Subject to the approval of Northern Tier’s common unit holders at the company’s special unitholder meeting on June 23, 2016, and other closing conditions, the merger is currently expected to close on or about June 24, 2016.

Northern Tier Energy LP Reports Consolidated Unaudited Earnings and Operating Results for the First Quarter Ended March 31, 2016; Provides Capital Expenditure Guidance for the Year 2016

Northern Tier Energy LP reported consolidated unaudited earnings and operating results for the first quarter ended March 31, 2016. For the period, the company has posted revenue of $604.4 million against $793.8 million a year ago. Operating income was $21.8 million against $119.5 million a year ago. EBIT was $15.3 million against $112.0 million a year ago. Net income was $14.7 million or $0.16 basic and diluted per share against $111.2 million or $1.20 basic and diluted per share a year ago. Net cash provided by operating activities was $5.8 million against $82.9 million a year ago. EBITDA was $33.1 million against $130.3 a year ago. Adjusted EBITDA was $28.2 million against $123.2 million a year ago. For the period, the company has posted total refinery production 100,793 bpd against 94,312 bpd a year ago. Total refinery throughput was 100,609 bpd against 94,108 bpd a year ago. Refined products sold was 99,094 bpd against 98,481 bpd a year ago. For the year 2016, the company expects total planned capital expenditures of $26 million - $31 million on low range to $95 million - $110 million on high range.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 26, 2015
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