Renewable Diesel Market Value Proposition
VINDUSTRY-LEADING LOW-COST RD CONVERSION
MRL's existing facilities dramatically reduce capital requirements compared to other RD conversions
• High quality assets; new hydrocracker and associated infrastructure installed in 2016
• Correct metallurgy already in place; proper steel alloy significantly reduces capital spend and accelerates project timeline
⚫ Speed to market advantage; scheduled to be operational before ~80% of announced RD capacity additions in N. America
Capital Cost ($/capacity bbl)(1)
2022
2023
I
2024+
2020
2021
$75,000
$60,000
$45,000
$30,000
$15,000
$0
.....
TBD?
TBD?
Dickinson
MPC
Rodeo
PSX
Norco
VLO/DAR
MRL
Artesia Great Falls Wynnewood Cheyenne Bakersfield Mobile Port Arthur Martinez Great Falls Rodeo
HFC
CVR
HFC
GCEH Vertex VLO / DAR MPC/
MRL
PSX
NESTE
Geismar
REGI
Port
Baton
Westward Rouge
NEXT
GRON
Source: Wall Street research, public disclosure.
(1)
Capacity reflects feedstock rate.
Low-cost planned expansion maintains
advantage as industry matures
19View entire presentation