EX-99.1 3 tllpex991201110-klongbeach.htm SELECTED FINANCIAL DATA TLLP EX.99.1 2011 10-K Long Beach Recast

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 acquired from Tesoro Corporation and its subsidiaries ("Tesoro") during the initial public offering through April 25, 2011.

Effective April 1, 2012, we entered into a transaction (the "Martinez Marine Terminal Acquisition") with Tesoro and Tesoro Logistics GP, LLC ("TLGP") pursuant to which TLLP acquired from Tesoro the Martinez crude oil marine terminal assets (collectively, the "Martinez Crude Oil Marine Terminal"). Effective September 14, 2012, we entered into a transaction (the "Long Beach Assets Acquisition") with Tesoro and TLGP pursuant to which TLLP acquired from Tesoro the Long Beach marine terminal assets and related short-haul pipelines, including the Los Angeles short-haul pipelines (collectively, the "Long Beach Assets").

These transactions were transfers between entities under common control. Accordingly, the financial information contained herein of the TLLP Predecessor and TLLP has been retrospectively adjusted to include the historical results of the Martinez Crude Oil Marine Terminal and the Long Beach Assets for all periods presented. We refer to the historical results of the TLLP Predecessor, the Martinez Crude Oil Marine Terminal and the Long Beach Assets collectively as our "Predecessor(s)." 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)
$
87,337

 
$
29,057

 
$
28,538

 
$
30,769

 
$
27,520

Net Income (Loss)
18,499

 
(34,001
)
 
(30,991
)
 
(27,299
)
 
(26,178
)
Less: Loss attributable to Predecessors
(16,069
)
 
(34,001
)
 
(30,991
)
 
(27,299
)
 
(26,178
)
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
$
34,590

 
$
5,071

 
$
3,703

 
$
4,675

 
$
5,967

Net Property, Plant and Equipment
196,147

 
187,434

 
195,081

 
197,931

 
185,334

Total Assets
233,809

 
192,621

 
198,784

 
202,606

 
191,301

Total Liabilities, excluding debt
17,137

 
12,849

 
11,839

 
18,292

 
13,161

Total Debt
50,000

 
—

 
—

 
—

 
—

Total Equity
166,672

 
179,772

 
186,945

 
184,314

 
178,140

Cash Flows From (Used In):
 
 
 
 
 
 
 
 
 
Operating activities
$
26,505

 
$
(22,039
)
 
$
(19,668
)
 
$
(8,754
)
 
$
(16,522
)
Investing activities
(15,021
)
 
(4,789
)
 
(13,954
)
 
(24,719
)
 
(53,921
)
Financing activities
6,842

 
26,828

 
33,622

 
33,473

 
70,443

Increase in cash and cash equivalents
$
18,326

 
$
—

 
$
—

 
$
—

 
$
—

Capital Expenditures:
 
 
 
 
 
 
 
 
 
Maintenance (b)
$
8,268

 
$
4,167

 
$
4,431

 
$
16,511

 
$
23,769

Expansion
10,418

 
367

 
5,922

 
10,762

 
29,627

Total Capital Expenditures
$
18,686

 
$
4,534

 
$
10,353

 
$
27,273

 
$
53,396

____________
(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, equipment reliability, tankage and pipeline integrity and safety and to address environmental regulations.

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