EX-99.1 3 tllpex99105222012.htm SELECTED FINANCIAL DATA TLLP EX.99.1 05.22.2012
 

Exhibit 99.1
SELECTED FINANCIAL DATA

The following table sets forth certain selected financial data as of and for each of the five years in the period ended December 31, 2011, which is derived from the combined financial results of Tesoro Logistics LP Predecessor ("TLLP Predecessor"), our predecessor for accounting purposes, and the consolidated financial results of Tesoro Logistics LP ("TLLP") for the period beginning April 26, 2011, the date TLLP commenced operations. The TLLP Predecessor includes the financial results of the initial net assets contributed by Tesoro Corporation and its subsidiaries ("Tesoro") during the initial public offering through April 25, 2011.

On April 1, 2012, we entered into a transaction (the "Contribution") with Tesoro, Tesoro Refining and Marketing Company ("TRMC"), Tesoro Logistics GP, LLC ("TLGP"), and our subsidiary, Tesoro Logistics Operations LLC ("TLO"), pursuant to which TRMC contributed through TLGP and TLLP to TLO the Martinez Crude Oil Marine Terminal assets (the "Martinez Terminal"). This transaction is a transfer between entities under common control and is accounted for as if the transfer occurred at the beginning of the period presented, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method. Accordingly, the financial information contained herein of the TLLP Predecessor and TLLP have been retrospectively adjusted to include the historical results of the Martinez Terminal for all periods presented. We refer to the historical results of the TLLP Predecessor and the Martinez Terminal collectively as our Predecessors. Our Predecessors did not record revenue for intercompany trucking, terminalling, storage and short-haul pipeline transportation services.

The combined consolidated financial data presented below should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and our combined consolidated financial statements contained in this Form 8-K.

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Years Ended December 31,
 
2011
 
2010
 
2009
 
2008
 
2007
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands, except units and per unit amounts)
Statement of Operations Data:
 
 
 
 
 
 
 
 
 
Total Revenues (a)
$
80,946

 
$
23,300

 
$
22,659

 
$
24,487

 
$
23,897

Net Income (Loss)
19,399

 
(32,117
)
 
(29,990
)
 
(26,654
)
 
(26,672
)
Less: Loss attributable to Predecessors
(15,169
)
 
(32,117
)
 
(29,990
)
 
(26,654
)
 
(26,672
)
Net income attributable to partners
34,568

 
—

 
—

 
—

 
—

General partner's interest in net income
692

 
—

 
—

 
—

 
—

Common unitholders' interest in net income
16,938

 
—

 
—

 
—

 
—

Subordinated unitholders' interest in net income
16,938

 
—

 
—

 
—

 
—

Net income per limited partner unit:
 
 
 
 
 
 
 
 
 
Common (basic and diluted)
$
1.11

 


 


 


 


Subordinated - Tesoro (basic and diluted)
$
1.11

 


 


 


 


Weighted average limited partner units outstanding:
 
 
 


 


 


Common units - basic
15,254,890

 


 


 


 


Common units - diluted
15,282,366

 


 


 


 


Subordinated units - Tesoro (basic and diluted)
15,254,890

 


 


 


 


Cash distribution per unit
$
0.9573

 


 


 


 


Balance Sheet Data:
 
 
 
 
 
 
 
 
 
Current Assets
$
30,817

 
$
3,971

 
$
3,160

 
$
2,912

 
$
3,526

Net Property, Plant and Equipment
174,089

 
165,569

 
172,105

 
173,842

 
166,415

Total Assets
207,978

 
169,656

 
175,265

 
176,754

 
169,941

Total Liabilities, excluding debt
15,979

 
12,228

 
11,462

 
17,815

 
12,856

Total Debt
50,000

 
—

 
—

 
—

 
—

Total Equity
141,999

 
157,428

 
163,803

 
158,939

 
157,085

Cash Flows From (Used In):
 
 
 
 
 
 
 
 
 
Operating activities
$
28,478

 
$
(21,031
)
 
$
(20,945
)
 
$
(9,892
)
 
$
(15,341
)
Investing activities
(13,765
)
 
(4,711
)
 
(13,909
)
 
(18,616
)
 
(34,541
)
Financing activities
3,613

 
25,742

 
34,854

 
28,508

 
49,882

Increase in cash and cash equivalents
$
18,326

 
$
—

 
$
—

 
$
—

 
$
—

Capital Expenditures:
 
 
 
 
 
 
 
 
 
Maintenance (b)
$
6,925

 
$
4,100

 
$
4,361

 
$
10,408

 
$
4,389

Expansion
10,418

 
367

 
5,922

 
10,762

 
29,627

Total Capital Expenditures
$
17,343

 
$
4,467

 
$
10,283

 
$
21,170

 
$
34,016

____________
(a)
Our Predecessors did not record revenues for intercompany trucking, terminalling, storage and short-haul pipeline transportation services.
(b)
Maintenance capital expenditures include expenditures required to maintain equipment, reliability, tankage and pipeline integrity and safety and to address environmental regulations.

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