Fueling the Future slide image

Fueling the Future

Q4 2023 Financial Performance ($ in millions) Product margin (1) Gross profit Net income EBITDA(1) Adjusted EBITDA (1) Maintenance capex DCF(1) Adjusted DCF(1) (1) Please refer to Appendix for reconciliation of non-GAAP items. Q4 2023 Q4 2022 $305.7 $303.8 $280.4 $281.6 $55.3 $57.5 $110.9 $105.3 $112.1 $106.9 $25.4 $26.6 $59.4 $57.3 $58.8 $57.3 Q4 2023 Drivers vs. Q4 2022 ↑ Higher fuel margins in GDSO segment ↑ Higher operating income driven in part by lower operating expenses In Wholesale, less favorable market conditions in distillates, partially offset by more favorable market conditions in gasoline and residual oil ↓ ↓ In Commercial, less favorable market conditions in bunkering 0 GLOBAL ↑ Favorable variance ↓Unfavorable variance Product Margin Q4 2023 19 GDSO 80% Station Operations 22% Gasoline and Gasoline Blendstocks 8% Wholesale 17% Distillates & Other Oils 9% Gasoline Distribution 58% Commercial 3% Product Margin by Segment ($ in millions) $245.4 $223.2 $70.7 $51.9 $8.4 $9.9 Q4'23 Q4'22 Q4'23 Q4'22 Q4'23 Q4'22 GDSO Wholesale Commercial
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