Western Refining Inc (WNR.

N) Company Profile
Western Refining, Inc. (Western), incorporated on September 16, 2005, is an independent crude oil
refiner and marketer of refined products. The Company operates through four business segments:
refining, Northern Tier Energy LP (NTI), Western Refining Logistics, LP (WNRL) and retail. The
Companys refining segment owns and operates two refineries in the Southwest that process crude
oil and other feedstocks primarily into gasoline, diesel fuel, jet fuel and asphalt. The Company
markets refined products to customer base, including wholesale distributors and retail chains. The
refining segment also sells refined products in the Mid-Atlantic region and Mexico. The NTI segment
owns and operates refining and transportation assets and operates and supports retail convenience
stores primarily in the Upper Great Plains region of the United States. The WNRL segment owns and
operates terminal, storage, transportation and provides related services primarily to its refining
segment in the Southwest. The WNRL segment also includes wholesale assets consisting of a fleet of
crude oil and refined product truck transports and wholesale petroleum product operations in the
Southwest region. WNRL receives its product supply from the refining segment and third-party
suppliers. The Companys retail segment operates retail convenience stores and unmanned
commercial fleet fueling locations located in the Southwest. The retail convenience stores sell
gasoline, diesel fuel and convenience store merchandise.
Refining Segment
The Companys refining group operates a refinery in El Paso, Texas (the El Paso refinery) and a
refinery near Gallup, New Mexico (the Gallup refinery). The Company supplies refined products to
the El Paso area through WNRL and other logistics assets adjacent to the El Paso refinery and to
other areas, including Tucson, Phoenix, Albuquerque and Juarez, Mexico through third-party
pipeline systems linked to its El Paso refinery. The Company supplies refined products to the Four
Corners region and throughout Northern New Mexico from WNRL operations in Albuquerque,
Bloomfield and Gallup, New Mexico. As of October 15, 2014, the Companys refining segment also
includes the operations of the Companys refined products marketing and distribution in the MidAtlantic region. The Companys refineries makes different grades of gasoline, diesel fuel, jet fuel and
other products from crude oil, other feedstocks and blending components. It also acquires refined
products through exchange agreements and from various third-party suppliers. The Company sells
these products through WNRL and its retail group directly to third-party wholesalers and retailers,
commercial accounts and sales and exchanges with oil companies.
The Companys El Paso refinery has a crude oil throughput capacity of around 131,000 barrel per day
(bpd) with access to logistics assets, including approximately 4.3 million barrels of storage capacity,
a refined product terminal and an asphalt plant and terminal. The Companys supplies refined
products to the El Paso area through WNRL and logistics assets, including the light product
distribution terminal and other truck and rail racks located at the El Paso refinery and to other
areas, including Tucson, Phoenix, Albuquerque and Juarez, Mexico, through third-party pipeline
systems linked to its El Paso refinery. It delivers gasoline and distillate products to Tucson and
Phoenix through Kinder Morgan's East Line and to Albuquerque and Juarez, Mexico, through
pipelines owned by Magellan Midstream Partners, LP (Magellan).
The Companys Gallup refinery, located near Gallup, New Mexico, has a crude oil throughput
capacity of around 25,000 bpd and access to WNRL segment assets, including approximately
595,000 barrels of storage capacity. The Company markets refined products from the Gallup refinery
primarily in Arizona, Colorado, New Mexico and Utah. The Companys primary supply of crude oil

and natural gas liquids for its Gallup refinery comes from Colorado, New Mexico and Utah. The
Company distributes all gasoline and diesel fuel produced at its Gallup refinery through the truck
loading rack owned and operated by its WNRL segment. The Company supplies these refined
products to Arizona, Colorado, New Mexico and Utah, primarily through a fleet of refined product
trucks operated by WNRL and common carriers.
The Company competes with Valero Energy Corporation, Phillips 66 Company, Alon USA Energy,
Inc., HollyFrontier Corporation, Tesoro Corporation, Chevron Products Company, Suncor Energy,
Inc., Shell Oil Company, BP Oil, CITGO Petroleum Corporation and Exxon Mobil Corporation.
NTI
The NTI's St. Paul Park refinery located in Southeast St. Paul Park, Minnesota, has a crude oil
capacity of around 97,800 bpd and has the ability to process a variety of light, heavy, sweet and sour
crudes into higher value refined products. NTI's refinery is an integrated refining operation that
includes storage and transportation assets. The St. Paul Park refinery produces refined products,
including gasoline, diesel, jet fuel and asphalt that are marketed to resellers and consumers
primarily in the Petroleum Administration for Defense District (PADD) II region. NTI's transportation
assets include a 17% interest in the Minnesota Pipe Line Company (MPL), an eight-bay light product
terminal adjacent to the refinery, a seven-bay heavy product loading rack located on the refinery
property, rail facilities for shipping liquefied petroleum gas (LPG) and asphalt and receiving butane,
isobutane and ethanol and a barge dock on the Mississippi River used primarily for shipping vacuum
residue and slurry. As of December 31, 2014, NTI's storage assets had an operating capacity of
approximately 3.8 million barrels, including around 0.8 million barrels of crude oil storage and 3.0
million barrels of feedstock and product storage. The light refined products that include gasoline
and distillates are distributed from the St. Paul Park refinery through a pipeline and terminal system
owned by Magellan that has facilities throughout the Upper Great Plains. Asphalt and heavy fuel oil
are transported from the refinery through truck from NTI's seven-bay heavy products terminal and
through rail and barge through its rail facilities and Mississippi River barge dock and are sold to
different customers.
The NTI segment has a retail-marketing network of around 258 SuperAmerica Retail convenience
stores, as of February 27, 2015, located throughout Minnesota, Wisconsin and South Dakota. NTI
operates 165 stores of which two are owned and the remainder leased, and supports 93 franchised
stores. NTI brands all of its Company-operated and franchised convenience stores as SuperAmerica.
NTI also owns and operates SuperMoms Bakery that prepares and distributes baked goods and
other prepared items for sale in NTI's retail outlets and for other third parties.
The Company competes with Koch Industries, Holiday, Kwik Trip, Marathon, Freedom Valu Centers,
Costco and Sam's Club.
WNRL
The Companys WNRL segment owns and operates terminal, storage, transportation and wholesale
assets and provides related services primarily to the Companys refineries in the Southwest. As of
December 31, 2014, Western's ownership of WNRL consisted of a 100% interest in WNRL's general
partner and a 66.2% interest in a limited partnership that Western controls through the general
partner. WNRL's pipeline and gathering assets consist of approximately 300 miles of crude oil
pipelines and gathering systems that serve as the primary source of crude oil for its Gallup refinery
and provide access to shale crude oil production in the Delaware Basin and southern New Mexico
for shipment to its El Paso refinery through the Kinder Morgan crude oil pipeline. These pipeline

systems connect at various points to an aggregate of approximately 620,000 barrels of active crude
oil storage located primarily in the Delaware Basin and in the Four Corners area.
WNRL's terminalling, transportation and storage infrastructure consist of on-site refined product
distribution terminals at the El Paso and Gallup refineries and refined products terminals located in
Bloomfield and Albuquerque, New Mexico. The Bloomfield product distribution terminal is permitted
to operate at 19,000 bpd with a total storage capacity of approximately 734,550 barrels and a truck
loading rack with four loading spots. Western maintains a long-term third-party exchange agreement
to supply product through a pipeline connection to the Bloomfield product distribution terminal.
WNRL provides additional product deliveries to Bloomfield from its truck fleet. The Albuquerque
product distribution terminal is permitted to operate at 27,500 bpd with a refined product storage
capacity of approximately 170,000 barrels and a truck loading rack with two loading spots. This
terminal receives product deliveries through truck or pipeline, including deliveries from the
Companys El Paso and Gallup refineries. These assets include approximately 6.9 million barrels of
active shell storage capacity. These assets primarily receive, store and distribute crude oil, feedstock
and refined products for Westerns Southwest refineries. WNRL also provides fee-based asphalt
terminalling and processing services at an asphalt plant and terminal in El Paso and asphalt
terminalling services at three asphalt terminals in Albuquerque, Phoenix and Tucson that have a
combined storage capacity of around 473,000 barrels.
WNRL's wholesale assets include lubricant and bulk petroleum distribution plants and a fleet of
crude oil and refined product trucks and lubricant delivery trucks. WNRL distributes wholesale
petroleum products primarily in Arizona, California, Colorado, Nevada, New Mexico and Texas.
WNRL purchases petroleum fuels and lubricants primarily from the refining segment and from thirdparty suppliers.
The Company competes with Pro Petroleum, Inc., Southern Counties Fuels, Synergy Petroleum, LLC,
SoCo Group, Inc., C&R Distributing, Inc. and Brewer Petroleum Services, Inc.
Retail Segment
The Companys retail group operates retail stores that sell different grades of gasoline, diesel fuel
and convenience store merchandise to the general public. The Companys retail segment also
operates unmanned commercial fueling locations (cardlocks) that sell different grades of gasoline
and diesel fuel to contract customers' vehicle fleets. As of February 27, 2015, the Companys retail
group operated 261 retail stores located in Arizona, Colorado, New Mexico and Texas and 50
cardlocks located in Arizona, California, Colorado, New Mexico and Texas. The Company supplies its
retail gasoline and diesel fuel inventories through WNRL and purchase general merchandise, as well
as beverage and food products from various suppliers. The Companys retail stores operate under
various brands, including Giant, Western, Western Express, Howdy's, Mustang and Sundial. The
gasoline brands sold through these stores include Western, Giant, Mustang, Phillips 66 Company,
Conoco, 76, Shell Oil Company, Chevron, Mobil and Texaco.
The Company competes with Alon USA Energy, ampm, Brewer Oil Company, Circle K, Maverik,
Murphy Oil, Quik-Trip, Shay Oil, 7-2-11 food stores, Wal-Mart Stores, Inc. and Kroger Company.