Conference Call Note

Share buybacks stepping up in Q2 after faster progress on debt target than expected Call Impact: Positive. PSX is -2% today, inline with VLO and outpacing MPC on the Q2 beat. Refining equity performance today…

Q3 pressures in HI from the turnaround and a much worse crude dif, but underlying Singapore market remains quite constructive Call Impact: Mixed. PARR -7% and generally lagging fellow SMIDs by a few percent despite…

Slides: Link Press Release: Link Call Impact – Positive: After trading down early, the stock has seen sustained momentum today following the Q2 print of $1,920MM Adj. EBITDA (+6% y/y, +10% YTD) plus the Momentum…

Slides: Link Press Release: Link Call Impact – Neutral: Stock sold off ~3% to start the day but has since climbed back to -1.5%. The pattern from Q1 repeated, with EBITDA guidance moving up for…

Details on Permian ops driving the enhanced synergy target, resource upside across core plays in focus Call Impact: Neutral – Call primarily focused around: i) Permian ops progress supporting the increased synergy target ($190mm captured,…