Overview Key strengths Key risks Access to advantaged feedstock pricing due to the positioning of its refineries. Inherent volatility and capital-intensive nature of the petroleum refining and lubricants industries. Asset and geographic diversity across refining, lubricants, marketing, and midstream segments. Smaller scale compared to similarly rated peers. Conservative financial policy and strong liquidity. DINO had a consolidated EBITDA more than double what we forecast in a midcycle refining environment due to a very strong refining margin environment through 2022. We believe that crack spreads will fall in 2023 but remain above midcycle levels, with refining gross margins of $15-$17. We anticipate utilization rates slightly below our annual expectation of mid-90%, factoring in planned turnarounds. Given these assumptions, we forecast S&P
