EX-99.2 4 d93984ex99-2.htm EX-99.2 - PRESENTATION DATA EX-99.2 - Presentation Data
 

(COVER)

 

(TRANSACTION SUMMARY)

 

(TRANSACTION SUMMARY)

 

(TRANSACTION SUMMARY)

 

(INVESTMENT OVERVIEW)

 

(TESORO CORE MARKET)

 

(TESORO CORE MARKET)

 

(CORE MARKET REFINERY CAPACITY(a))

 

(INVESTMENT OVERVIEW)

 

(INVESTMENT OVERVIEW)

 

(SYNERGIES & OPERATING IMPROVEMENTS)

 

(INTER-REFINERY TRANSFERS TO CALIFORNIA)

 

(HISTORY OF IMPROVED PERFORMANCE)

 

(INVESTMENT OVERVIEW)

 

(INVESTMENT OVERVIEW)

 

(HISTORICAL CRACK* SPREADS)

 

(BASE-CASE VALUATION)

 

(IMPACT OF GOLDEN EAGLE OPERATION)

 

(SIGNIFICANT ABILITY TO DE-LEVER)

 

(HIGHLY ACCRETIVE TRANSACTION)

 

(SUMMARY)

 

(FORWARD-LOOKING STATEMENTS)

 

(RETURN ON CAPITAL EMPLOYED)