Investor Presentaiton

Long-term Capital Allocation Framework Invest Priorities Capital allocation program focuses on safety, maintenance, and reliability as top priority Cash Returns - Maintain a competitive cash return profile commensurate with underlying earnings power Grow Maintain financial strength and flexibility to support strategic growth objectives Enhance Balance Sheet / Return Excess Cash Reduce net debt and/or opportunistically return free cash flow to shareholders Non-Discretionary Sustaining Capital Expense - Approximately $100-$125 million sustaining capex/yr Between $50-$100 million per turnaround Critical for safe and reliable operations Discretionary Growth Capital Expense - 25% IRR targeted for >$5mm projects at Refining; <$5mm target is 50% IRR - >15% IRR minimum hurdle rate for Retail projects, dependent on size >15% IRR hurdle rate for stable cash flow Logistics projects Cash Returns to Shareholders · Target competitive overall cash return - Sustainable quarterly dividend - Opportunistically repurchase shares based on investment opportunities Acquisitions - Evaluate accretive opportunities as they arise vs. alternative uses of cash Sustaining and Regulatory Capital Expense - Continue to optimize the balance sheet it - Opportunistically enhanced balance sheet when free cash flow supports 11

View entire presentation