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 |
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| | (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 |
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| 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 |
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| General partner's interest in net income | 692 |
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| Common unitholders' interest in net income | 16,938 |
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| Subordinated unitholders' interest in net income | 16,938 |
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| Net income per limited partner unit: | | | | | | | | | |
| Common (basic and diluted) | $ | 1.11 |
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| Subordinated - Tesoro (basic and diluted) | $ | 1.11 |
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| Weighted average limited partner units outstanding: | | | |
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| Common units - basic | 15,254,890 |
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| Common units - diluted | 15,282,366 |
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| Subordinated units - Tesoro (basic and diluted) | 15,254,890 |
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| Cash distribution per unit | $ | 0.9573 |
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| Balance Sheet Data: | | | | | | | | | |
| Current Assets | $ | 30,817 |
| | $ | 3,971 |
| | $ | 3,160 |
| | $ | 2,912 |
| | $ | 3,526 |
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| Net Property, Plant and Equipment | 174,089 |
| | 165,569 |
| | 172,105 |
| | 173,842 |
| | 166,415 |
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| Total Assets | 207,978 |
| | 169,656 |
| | 175,265 |
| | 176,754 |
| | 169,941 |
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| Total Liabilities, excluding debt | 15,979 |
| | 12,228 |
| | 11,462 |
| | 17,815 |
| | 12,856 |
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| Total Debt | 50,000 |
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| Total Equity | 141,999 |
| | 157,428 |
| | 163,803 |
| | 158,939 |
| | 157,085 |
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| 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 |
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| Increase in cash and cash equivalents | $ | 18,326 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
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| Capital Expenditures: | | | | | | | | | |
| Maintenance (b) | $ | 6,925 |
| | $ | 4,100 |
| | $ | 4,361 |
| | $ | 10,408 |
| | $ | 4,389 |
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| Expansion | 10,418 |
| | 367 |
| | 5,922 |
| | 10,762 |
| | 29,627 |
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| Total Capital Expenditures | $ | 17,343 |
| | $ | 4,467 |
| | $ | 10,283 |
| | $ | 21,170 |
| | $ | 34,016 |
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| (a) | Our Predecessors did not record revenues for intercompany trucking, terminalling, storage and short-haul pipeline transportation services. |
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| (b) | Maintenance capital expenditures include expenditures required to maintain equipment, reliability, tankage and pipeline integrity and safety and to address environmental regulations. |
