Petroplus. Lehman CEO Energy Conference. September 5, 2007

Transcription

1 Petroplus Lehman CEO Energy Conference September 5, 2007

2 Disclaimer While all reasonable care has been taken to ensure that the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Any opinions expressed in this document are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained herein. Information herein regarding the Petit Couronne and Reichstatt refineries has been provided to the Company by the current owner and reflects our analysis of such information but has not been verified by the Company. This presentation may contain forward-looking statements, which include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that the Company s actual financial condition, results of operations and cash flows, and the development of the industry in which the Company operates, may differ materially from those made in or suggested by forward-looking statements contained in this presentation. No obligation is assumed to update any forward-looking statements. This presentation does not constitute an offer of securities in any jurisdiction. Securities cannot be offered or sold in the United States absent registration or an exemption from registration. 2

3 Acquisition Strategy: Enhance Stakeholder Value 000s bpd Petroplus 185, % Petroplus Refinery Acquisitions +37% 405,000 Ingolstadt 295,000 BRC 110, , % +55% 625,000 Coryton 172, , ,000 Pt. Couronne & Reichstett 239, E Net Debt to Net Capitalization 87% 39% June 06 June 07 June-06 June-07 Acquisition Criteria: Meaningfully accretive to earnings Cash flow positive from day 1 Maintain healthy balance sheet Improved trade credit Position for future acquisitions 3

4 Petroplus: Pure Play Multi-Site Refiner North Sea System BRC Capacity: 110,000 bpsd Complexity: 4.5 Commissioned: 1968 Acquired: 2006 Teesside Capacity: 117,000 bpsd Complexity: 2.1 Commissioned: 1966 Acquired: 2000 Coryton Capacity: 172,000 bpsd Other Input: 70,000 bpsd Complexity: 12.0 Commissioned: 1953 Acquired: 2007 Antwerp Processing Plant Acquired: 1997 Inland Market System Ingolstadt Capacity: 110,000 bpsd Complexity: 7.3 Commissioned: 1963 Acquired: 2007 Petit Couronne Petit Couronne, Reichstatt (1) Capacity: 154,000 bpsd Complexity: 7.3 Commissioned: 1929 Acquired: 2008 Reichstett Capacity: 85,000 bpsd Complexity: 5.3 Commissioned: 1963 Acquired: 2008 Cressier Capacity: 68,000 bpsd Complexity: 6.4 Commissioned: 1968 Acquired:

5 Petroplus: Focus on High End of Crack Spread % 120 Millions of Barrels % % 6% 4% 1% 1% 10% 4% 0 LPG Gasoline Naphtha Middle Distillates Low Sulfur Straight Run Petrochemicals Lubricants Fuel Oil Fuel Consumed 5

6 Refining Market Tightening Globally Outlook Estimates Hart Energy Demand 2.3% average per year through 2010 Capacity* 1.7% average per year through 2010 (Higher in conversion capacity) Wood Mackenzie Demand 2.2% average per year through 2010 Capacity* 2.3% average per year through 2010 PIRA Demand 1.7% average per year through 2008 Capacity* 1.7% average per year through 2008 (Higher in conversion capacity) *All capacity estimates include the impact of confirmed capacity additions at 100% utilization (Wood MacKenzie at 95%) 6

7 Factors in Tightening Market Construction Costs have risen by 80% since 2002 Delays in Capacity Additions Capacity Utilization Decline Tighter Environmental Standards Worldwide Population Growth Strong Worldwide GDP Growth 7

8 Margins Expected to Rise $14 $12 Gulf Coast Refining Margin ($bbl) $10 $8 $6 $4 $2 $ E E E 5-Year Rolling Averages 3-Year Rolling Averages Source: Morgan Stanley 8

9 Northwest Europe Refining Margin $16 $14 Northwest Europe Refining Margin ($bbl) $12 $10 $8 $6 $4 $2 $ E YTD YTD 5-Year Rolling Averages 3-Year Rolling Averages Source: Bloomberg, Petroplus 9

10 Key Values Enhanced Stakeholder Value Leading Pure Play Multi-Site European Refiner Appropriate Capital Structure Focus on Safety and Operational Excellence Disciplined Acquisition Strategy Strong Track Record of Management Team 10

11 Petroplus is about Growth But Everything Depends on Safety & Environmental Compliance 11

12 Petroplus