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Glossary

Gross Refining Margin Margin on products manufactured and purchased, including those sold to the Company’s Retail segment. Sales to Retail have been based on average bulk market prices adjusted for transportation and other differentials. The value of internally produced fuel reduces Gross Refining Margin.

Heavy Oils, Residual Products, Internally Produced Fuel & Other Product yields other than gasoline, jet fuel and diesel produced in the refining process. These include products such as residual fuels, gas oils, propane, and internally produced fuel.

Jobber/Dealer Stations Retail stations owned by third parties that sell products purchased from or through the Company and carry one of the Company’s brands.

Manufacturing Costs Costs associated directly with the manufacturing process including cash operating expenses, but excluding depreciation and amortization.

Mbpd Thousand barrels per day.

Refining The Company’s operations of refining crude oil and other feedstocks and wholesale marketing of refined products. It includes refinery operations, wholesale operations, product supply and distribution, and transportation operations.

Retail The Company’s system of selling gasoline to retail customers through Company-Operated stations and through agreements with third-party Branded Jobber/Dealers. It also includes merchandise sales through the Company’s convenience stores.

Retail Fuel Margin The margin on fuel products sold through the Company’s Retail segment. Costs of sales in fuel margin have been based on purchases from the Company’s Refining segment, using average bulk market prices adjusted for transportation and other differentials.

Retail Merchandise Margin The margin on products and services, other than fuel, sold through the Company’s Retail segment.

Tesoro-Operated Stations Retail stations operated by the Company.