Investor Presentaiton
Access To Lower Cost Crude at Tyler Refinery
Tyler Refinery Enjoys An Advantaged Crude Slate - Anticipate More Lower Cost Crude in Early 2013
Processes primarily West Texas Intermediate and East Texas crude oils
Access to Cost-Advantaged Crude
Tyler Crude Costs Near Parity with WTI
Seek to Further Reduce Crude Costs
On a blended basis, Tyler is purchasing crude at $2.37/bbl above WTI in 3Q12
In early 2013, intend to supply Tyler with increased volumes of advantaged crude
Tyler Refinery Crude Slate (3Q12)(1)
Tyler Refinery Crude Slate (3Q12)(2)
East Texas
Crude, 20%
WTI, 80%
3Q12
Purchasing crude at
$2.37/bbl above WTI at
Tyler
Early 2013
Anticipate crude costs at
Tyler will decline to levels
at or below WTI (assuming
Midland discount)
(1) Includes crude oil received at the Tyler refinery in third quarter 2012
(2) Anticipate that by early 2013, additional volumes of crude will be supplied to the Tyler refinery priced at Midland. Midland WTI currently sells at a discount to Cushing WTI.
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