Operating Expenses and Margin Analysis of the European Union (EU) Refineries vs Regional Peers

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1 Operating Expenses and Margin Analysis of the European Union (EU) Refineries vs Regional Peers Tracy Ellerington Third Meeting of the EU Refining Forum 22 May 214

2 Solomon Benchmarking Global Standard We show our clients where their operations stand against the spectrum of global competition. Our data are proprietary, not pulled from inconsistent, publicly available sources. CPA based on apples-to-apples comparisons, letting you truly identify the areas where your facilities could improve. We see the trends of change as of companies repeat participation study after study. 2

3 Solomon Global CPA Studies & Consulting Fuels Refining Lubes Refining Power Generation Aromatics Gas Processing Plants Process Control Petrochemicals Liquid Pipelines Automation Terminals Natural Gas Pipelines Reliability & Maintenance Integrated Site Complex Upstream NEW Consulting Services Companies in more than on Solomon; our metrics have become the standard for gauging performance around the world. 3

4 212 Fuels Study Hundreds of refineries, representing more than 85% of the worldwide crude refining capacity, voluntarily participated in Solomon s 212 Fuels Study. 4

5 Business Environment

6 Crude Price History EUR 14 Crude Prices, USD/bbl Brent Brent Urals Urals Dubai Dubai WTI WTI Sources: EIA and Platts 6

7 Global Oil Demand (IEA) Annual Changes Since 21 (k bbl/d) North America Europe Middle East Former Soviet Union Asia Latin America Africa (Forecast) 4 Global Oil Demand Growth, M bbl/d % % % Source: 7

8 Worldwide Oil Products Trade Flow 212 Sources: IEA, EIA, and BP Thousand barrels per day , Refining is becoming a global commodity business with a significant growth in product trades across regions. Global Supply is competing with each other to keep up with Global Demand. 8

9 Drivers for Competitiveness Product Yields Operating Efficiency Energy, Maintenance, Personnel Location Cost Base Crude, Energy, Salaries, & Wages Efficiency Drivers Refinery Size and Configuration Market Constraints 9

10 Refining Performance Trends (2 212)

11 Average EDC per Refinery Operating Years Indexed EDC per Refinery, % Korea/Singapore US Gulf Coast US East Coast India Middle East EU Average EDC per refinery for all regions indexed relative to EU-28 = in Year 2 11

12 Gross Margin Operating Years Indexed Gross Margin, USD/bbl Korea/Singapore US Gulf Coast Middle East EU-28 US East Coast Gross Margin in USD/bbl for all regions indexed relative to in Year 2 12

13 Gross Margin Operating Years Indexed Gross Margin, USD/bbl US Gulf Coast US East Coast EU-28 Korea/Singapore India Russia Middle East Gross Margin in USD/bbl for all regions indexed relative to EU-28 = in Year 2 13

14 Cash OpEx Operating Years Indexed Cash OpEx, USD/bbl 3 2 US Gulf Coast EU-28 US East Coast Middle East Korea/Singapore Russia India Cash OPEX in USD/bbl for all regions indexed relative to EU-28 = in Year 2 14

15 OpEx Personnel Cost Operating Years Indexed Personnel Cost, USD/bbl US East Coast US Gulf Coast Middle East Russia EU-28 India Korea/Singapore OPEX Personnel Cost in USD/bbl for all regions indexed relative to EU-28 = in Year 2 15

16 OpEx Energy Cost Operating Years Indexed Energy Cost, USD/bbl India US East Coast EU-28 Korea/Singapore Russia US Gulf Coast Middle East OPEX Energy Cost in USD/bbl for all regions indexed relative to EU-28 = in Year 2 16

17 Energy Cost 212 Study EUR/ME Energy Cost, USD/GJ Average Prices: Middle East 2.3* USA 4. CSEUR 9.5 WEUR 11.8 PAC Region * Middle East energy price as used in Solomon Study. Many Middle East refiners actually have much lower energy costs. 17

18 OpEx Other Cost Operating Years Indexed Other Cost, USD/bbl US East Coast US Gulf Coast EU-28 Russia Korea/Singapore India Middle East OPEX Other Cost in USD/bbl for all regions indexed relative to EU-28 = in Year 2 18

19 Cash OpEx Operating Years Indexed Cash OpEx, USD/bbl 3 2 US Gulf Coast EU-28 US East Coast Middle East Korea/Singapore Russia India Cash OPEX in USD/bbl for all regions indexed relative to EU-28 = in Year 2 19

20 Net Cash Margin Operating Years Indexed Net Cash Margin 3 2 Middle East US Gulf Coast EU-28 Korea/Singapore Russia US East Coast India Net Cash Margin in USD/bbl for all regions indexed relative to EU-28 = in Year 2 2

21 EU-28 Refining Margin and Costs Operating Years Percent of Gross Margin Net Cash Margin Personnel Cost Energy Other Cost Average EDC per refinery for all regions indexed relative to EU-28 = in Year 2 21

22 US Gulf Coast Refining Margin and Costs Operating Years Percent of Gross Margin Net Cash Margin Personnel Cost Energy Other Cost Average EDC per refinery for all regions indexed relative to EU-28 = in Year 2 22

23 How Do Refineries Compare?

24 Gross Margin Operating Year 212 Indexed Gross Margin, USD/bbl EU-28 India Korea/ Singapore Middle East Russia US Gulf Coast US East Coast Gross Margin in USD/bbl indexed relative to EU-28 Peer Group Avg = in Year 2 24

25 Cash OpEx Operating Year Indexed Cash OpEx, USD/bbl EU-28 India Korea/ Singapore Middle East Russia US Gulf Coast US East Coast Cash OPEX in USD/bbl indexed relative to EU-28 Peer Group Avg = in Year 2 25

26 Net Cash Margin Operating Year 212 Indexed Net Cash Margin, USD/bbl EU-28 India Korea/ Singapore Middle East Russia US Gulf Coast US East Coast Net Cash Margin in USD/bbl indexed relative to EU-28 Peer Group Avg = in Year 2 26

27 Conclusions Net Cash Margin, Operating Years Indexed Net Cash Margin, USD/bbl Middle East Korea/Singapore US Gulf Coast US East Coast EU Net Cash Margin in USD/bbl for all regions indexed relative to in Year 2 27

28 Improving Competitive Performance around the world.

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