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March 06, 2015 3:47 PM 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 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 Mississippi river dock, as well as owns and operates the Minnesota Pipeline, a 455,000 b...

38C Grove Street

Suite 100

Ridgefield, CT 06877

United States

Founded in 2010

2,950 Employees

Phone:

203-244-6550

Fax:

203-431-7672

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: 56
Total Annual Compensation: $1.7M
Chief Financial Officer of Northern Tier Energy GP LLC and Executive Vice President of Northern Tier Energy GP LLC
Age: 44
Total Annual Compensation: $630.6K
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: 38
Total Annual Compensation: $529.2K
Chief Commercial Officer of Northern Tier Energy GP LLC and Senior Vice President of Northern Tier Energy GP LLC
Age: 52
Total Annual Compensation: $505.2K
Compensation as of Fiscal Year 2014.

Northern Tier Energy LP Key Developments

Northern Tier Energy LP Presents at Bank of America Merrill Lynch 2015 Refinery Conference, Mar-05-2015 02:00 PM

Northern Tier Energy LP Presents at Bank of America Merrill Lynch 2015 Refinery Conference, Mar-05-2015 02:00 PM. Venue: One Bryant Park, New York, United States.

Northern Tier Energy LP Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Production and Earnings Guidance for the First Quarter of 2015 and Capital Expenditure Guidance for the Year 2015

Northern Tier Energy LP reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company's net income was $16.0 million or $0.17 per basic and diluted share compared with $20.6 million or $0.22 per basic and diluted share for the fourth quarter 2013. Adjusted net income was $89.6 million compared to $22.2 million in the prior year quarter. Adjusted EBITDA was $123.2 million or $0.97 per basic and diluted share compared to $71.3 million $0.24 per basic and diluted share for fourth quarter 2013, primarily due to higher gross margins per barrel, along with higher throughput due to increased maintenance activity in the prior year period. Revenue was $1,059.8 million against $1,292.1 million a year ago. Operating income was $27.1 million against $33.8 million a year ago. Income before income taxes was $19.6 million against $20.5 million a year ago. Net cash provided by operating activities was $85.0 million against $7.2 million a year ago. EBITDA subtotal was $38.2 million against $38.7 million a year ago. Operating income, adjusted for special items was $100.7 million against $35.4 million a year ago. For the year, the company's net income was $241.6 million or $2.61 per basic and diluted share compared to $231.1 million or $2.51 per basic and diluted share for the full year 2013. Adjusted net income was $328.1 million $3.56 per basic and diluted share compared to $234.2 million $2.55 per basic and diluted share for the full year 2013. Revenue was $5,556.0 million against $4,979.2 million a year ago. Operating income was $275.3 million against $246.1 million a year ago. Income before income taxes was $248.7 million against $235.3 million a year ago. Net cash provided by operating activities was $219.6 million against $229.8 million a year ago. EBITDA subtotal was $317.2 million against $38.1 million a year ago. Adjusted EBITDA was $430.7 million against $370.6 million a year ago. Operating income, adjusted for special items was $361.8 million against $249.2 million a year ago. The company announced that total capital expenditures for the first quarter of 2015 are expected to be approximately $11 million and approximately $70 million for the full year 2015. For the first quarter of 2015, the company expects total throughput between 90,000 bpd to 94,000 bpd; bakken between 54,000 to bpd 55,000 bpd; synthetic between 10,000 bpd to 11,000 bpd; Western Canadian select between 24,000 bpd to 25,000 bpd; and total crude charge between 88,000 bpd to 91,000 bpd. The company expects depreciation & amortization between $11 million to $12 million; Cash interest expense between $7 million to $8 million; current tax expense between $2 million to $3 million. The full year 2015 the company’s capital expenditure guidance of $70.0 million includes $35 million for discretionary projects, including the desalter project. Installation of the first desalter is estimated to be complete by the end of 2015 and completion of the second desalter installation is expected by the middle of 2016.

Northern Tier Energy Seeks Acquisitions

Northern Tier Energy LP (NYSE:NTI) is seeking acquisitions. Dave Lamp, Chief Executive Officer of Northern Tier, said "Potential's there for an acquisition of some sort. We continue to work on that. We realize we're a single refinery entity and need geographical diversity in terms of our EBITDA stream. That's a key priority for us, so those are potentials. This whole thing that I just talked about in the Bakken is another potential to use the proceeds for. So any combination of those is how we would look at it."

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