Trinidad and Tobago Energy

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1 Trinidad and Tobago Energy Conference 2017 Advantages of Vertical Integration in a Low Oil Price Environment Astor Harris Vice President Refining and Marketing 2017 January 24

2 Market Fundamentals

3 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Benchmark crude prices outlook Continued ~ US$50/bbl prices with some recovery by 2H 2017 $120 $100 $80 $60 $40 $20 $0 Dated Brent WTI Source: IHS

4 Key issues facing the oil market in 2017 Effectiveness of the OPEC/non-OPEC supply agreement compliance expected in Q1 2017, with rising output thereafter. The pace of US onshore (shale) production growth improved well economics allow rising output at lower prices. Drawdown of excess oil inventories the end is now insight due to OPEC/non- OPEC cuts. Weak supply growth due to cut in upstream expenditure. The pace of global oil demand downside risk is emerging with economic shifts in India and China. The role of political barrels disrupted volumes could be unlocked from Libya and elsewhere.

5 The Refining business is margin driven Refiners are not obsessed with the absolute price of oil it s the differential between the products and crude prices that matters Gross Margin is broadly defined as: Sales Revenue Cost of Feedstock Gross Margin is influenced by several factors, such as: Refinery Capacity Utilization Crude Supply/Demand Balance Product Supply/Demand Balance Seasonality/Weather/Geopolitical Gross Margin impacts our cash flows

6 Understanding the petroleum value chain

7 Understanding the petroleum supply chain UPSTREAM MIDSTREAM DOWNSTREAM

8 The Refinery creates value through the conversion of crude oil into products CRUDE OIL PRODUCTS REFINERY $ INCREASING VALUE $$$

9 Our Performance

10 We have been steadily improving KPI FY2015 FY2016 FY2017 YTD Crude Throughput, MBPD Sales Volume, MBPD Refinery Utilization, % Mechanical Availability, % Fuel Oil Yield, volume % Direct Cost, US$/bbl

11 Crude Supply and Product Off-Take Local Purchases 2% FY2016 Crude Oil Receipts Internal Production 30% Barbados 1% Brazil 1% West Africa 37% Total: 51.7 MMBBLS (141,684 BPD) Foreign Purchases 68% FY2016 Sales Volume, by market Russia 61% Total: 35.1 MMBBLS (96,061 BPD) FY2016 Sales Volume, by product International 30% Bunkers 1% Local 20% Fuel Oil 27% LPG 1% Mogas 33% Extra- Regional 27% Regional 22% Total: 51.0 MMBBLS (139,281 BPD) Fuel Oil Bunkers 0.03% Gasoil 28% Gasoil Bunkers 1% Jet 10% 11

12 Yield, volume % Our performance has improved Continued improvements in higher-valued middle distillate yields We are surpassing our GOP gasoline expectations LPG Mogas Kero Gasoil Fuel Oil FY2014 FY 2015 FY2016 Post GOP Expectations

13 Our focus moving forward

14 Our focus on moving forward

15 Company AIMs policy based on ISO Refinerywide STOP program Improving Asset Integrity Tank Repair Strategy defined and in progress Use of Inspection tools Ultrapipe and RBI Developing Corrosion Control Documents 15

16 Improve energy efficiency and gas recovery Improve process efficiencies Improving Operating Efficiencies Streamline refinery structure Reduce overtime Increase recovery and re-use of flared gases 16

17 Complete and commission ULSD plant Reduce fuel oil yield Increasing Margin Uplift Recapture premium markets Maximize yield of highervalued middle distillates Optimize crude slate and raw material costs 17

18 ULSD Update Design Feasibility Study completed and concluded that it is feasible to repair the unit. Prequalification of EPC contractors in progress and will be followed by competitive bidding. Implementation plan to deliver unit by March 2020 currently being progressed

19 Going forward our focus remains on Improving site safety performance and risk reduction. Increase sales into premium market channels. Further improving site reliability and sustainability. Increasing margin capture from each barrel of crude oil. Reducing our operating costs. Improving all operating efficiencies. Renewing critical infrastructure tankage, off-sites, electrical.

20 Pointe-a-Pierre has the potential to be a sustainable Refining and Marketing business Medium complexity refinery Recent upgrades to process units Upgraded steam, water and electrical infrastructure Capable of meeting changing product specifications Access to costadvantaged local crude oil Capability to bring in long haul crudes in 700 kbbl parcels ULSD unit will increase crude flexibility Well positioned to supply the premium regional markets Coastal location allows for easy movement of crude and products Cost-advantaged gas for refinery fuel and hydrogen production Flexibility to accommodate Caribbean market demands of small multiproduct cargoes Octane capability gives the potential to sell highervalue component cargoes 20

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