Investor Presentaiton

Los Angeles LARIC Project Increases the flexibility to produce distillates and significantly lowers emissions 30-40 MBPD of gasoline and distillate yield flexibility Physical integration of the Los Angeles refinery complex enhances optimization Reduces NOx, SOx and CO2 emissions Project details and estimates: - - - Planned completion early 2020 ~ Capex $510 MM (Only $70 MM remains) EBITDA $125 MM¹ ~ IRR > 20% 1 EBITDA is projected average annual M MARATHON 28

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