The Teesside Facility

We acquired the Teesside Refinery in December 2000. The refinery was commissioned by Phillips Imperial Petroleum Ltd. in 1966 and had a total throughput capacity of 117,000 bpd. Given the unfavorable market environment and capital expenditures required to maintain refinery operations at Teesside, we decided during the fourth quarter of 2009 to suspend the refinery operations and to convert it into a marketing and storage facility. The UK marketing system based at Teesside has well established outlets to deliver products to customers. Middle distillates including ULSD, heating oil and jet fuel are sold predominantly in the North East United Kingdom, with delivery by truck and train. The Teesside Facility's total product storage is 1.9 million barrel.