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1、INVESTOR PRESENTATION|BASICS OF REFINING AND RENEWABLE DIESEL 2025Basics of Refining&Renewable DieselC A P I T A L D I S C I P L I N E,I N N O V A T I O N A N D U N M A T C H E D E X E C U T I O NINVESTOR PRESENTATION|BASICS OF REFINING AND RENEWABLE DIESEL 2025Agenda21Crude Oil Overview2Basics

2、of Refining3Refinery Optimization and Economics4Basics of Renewable DieselINVESTOR PRESENTATION|BASICS OF REFINING AND RENEWABLE DIESEL 20253Randy HawkinsVice PresidentCrude&Feedstocks Supply&Trading.INVESTOR PRESENTATION|BASICS OF REFINING AND RENEWABLE DIESEL 2025Crude oil characteristicsH

3、eavy,sour,high acid crude oils are more difficult to process,but trade at a discount relative to light,sweet,low acid crudes oils4 Crude oils are blends of hydrocarbon moleculesoClassified and priced by density,sulfur content and acidity Density is commonly measured in API gravity(relative density o

4、f crude oil to water)oAPI 10:lighter,floats on wateroAPI 10:heavier,sinks in water Sulfur content is measured in weight percentoLess than 0.7%sulfur content=sweetoGreater than 0.7%sulfur content=sour Acidity is measured by Total Acid Number(TAN)oHigh acid crudes are those with TAN greater than 0.7oA

5、cidic crudes are corrosive to refinery equipment and require greater investment to process significant volumesINVESTOR PRESENTATION|BASICS OF REFINING AND RENEWABLE DIESEL 2025Crude oil reserves and qualityMajority of global reserves are sour crude oilsWTI and Brentare the primary light sweet crude

6、oil pricing benchmarks5SourSweetHeavyLightSulfur,wt%Source:Valero and industry reports.Middle East48.3%Africa7.2%Asia Pacific 2.6%Canada9.7%U.S.4.0%Mexico 0.4%South&Central America 18.7%Europe 0.8%Russia8.4%1.73 Trillion Barrels of Oil Reserves(2020)MayaCold LakeWCSBasrahArab MediumSouthern Gree