Investor Presentation January 2013 Forward -Looking Statements
All statements contained in or made in connection with this presentation that are not statements of historical fact are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 or the Securities Exchange Act of 1934. The words “believe”, “intend”, “plan”, “expect”, “should”, “estimate”, “anticipate”, “potential”, “future”, “will” and similar terms and phrases identify forward-looking statements. Forward-looking statements reflect the current expectations of the management of Alon USA Energy, Inc. (“Alon”) regarding future events, results or outcomes. These expectations may or may not be realized and actual results could differ materially from those projected in forward-looking statements. Alon’s businesses and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in the expectations reflected in forward-looking statements not being realized or which may otherwise affect Alon’s financial condition, results of operations and cash flows. These risks and uncertainties include, among other things, changes in price or demand for our products; changes in the availability or cost of crude oil and other feedstocks; changes in market conditions; actions by governments, competitors, suppliers and customers; operating hazards, natural disasters or other disruptions at our or third-party facilities; and the costs and effects of compliance with current and future state and federal regulations. For more information concerning factors that could cause actual results to differ from those expressed in forward-looking statements, see Alon’s Form 10-Q for the quarter ended September 30, 2012 which has been filed with the Securities and Exchange Commission and is available on the company’s web site at http://www.alonusa.com. Alon undertakes no obligation to update or publicly release the results of any revisions to any forward-looking statements that may be made to reflect events or circumstances that occur, or that we become aware of, after the date of this presentation or to reflect the occurrence of unanticipated events.
- 2 - 2 Table of Contents
I. Business Overview
II. Financial Summary
Appendix: Additional Materials
- 3 - 3 I. Business Overview Overview of Alon Energy
Alon Energy conducts its operations through five business units: Big Spring Refining & Wholesale Fuels Marketing (“Alon USA Partners, LP”), Krotz Springs Refining (“Krotz Springs”), California Refining (“California”), Asphalt Marketing (“Asphalt”), and Retail. ALJ is the general partner and owns 82% of the Alon USA Partners, LP The Company generated $334 million of Adjusted EBITDA 1 for the LTM period ended September 30, 2012 and expects to generate approximately $430 million of Adjusted EBITDA for calendar year 2012
Includes the Big Spring refinery (TX) with a throughput capacity of 70,000 bpd Alon USA Partners, Includes the wholesale fuels marketing business which is integrated through the Big Spring refinery system LP Markets gasoline and diesel to ~630 sites under the ALON brand, including Alon Brands stores
Krotz Springs Includes the Krotz Springs (LA) refinery with a throughput capacity of 83,100 bpd
Includes the Paramount, Long Beach and Bakersfield refineries with a total nameplate capacity of 90,000 bpd California and a current configuration throughput of 57,000 bpd
Owns and operates 11 asphalt terminals in the western U.S. Operations include: — 50% ownership in Paramount Nevada Asphalt Company, and Asphalt — 50% ownership in Wright Asphalt Largest supplier of asphalt in California Second largest supplier of asphalt in Texas
Largest 7-Eleven licensee in the U.S. with 300 retail gasoline / convenience stores in Central and West Texas Retail and New Mexico (~50% fee owned)
5 1 See page 30 for a reconciliation of Adjusted EBITDA to Net Income under GAAP. - 5 - Business Strategy
Operational Focus Commercial Focus
Maintain focus on safety and reliability Optimize crude slate to take advantage of regional Run Big Spring at maximum capacity pricing dislocations Run Krotz Springs at maximum capacity Optimize refined product slate to take advantage of (using 30,000 bpd of WTI) to leverage recent distillate production capacity and strong margin Refining¹ capital improvements environment Improve crude flexibility in our CA refineries Maintain capital discipline and continued via the ability to receive advantaged crude by investments in high return projects rail Enhance branded wholesale business Maintain operating expense leadership Optimize asphalt production and 3 rd party Focus in maintaining our market share in premium, purchases specialty asphalts products (Emulsions, Polymer Leverage existing distribution network Modified Asphalts (“PMA”) and Ground Tire Rubber Asphalt (“GTR”) blends) Optimize 0-Pen shipments to the West Coast
Continue improvement of operations through Expand and grow the retail locations in target Clean TEAM efforts: remodel interior and markets exterior retail sites and selectively increase Optimize pricing Retail store count Increase fuels sold under ALON brand Increase sales of high margin food products and inventory turns
1 Refining includes Big Spring, Krotz Springs and the California complex. - 6 - 6 Alon USA Strategic Advantages
Strategically Located Refineries with Advantageous Sources of Crude Supply
Significant Exposure to High Margin Distillates
Physically Integrated Retail and Wholesale Network
Diversified Operations Provide Stability
High Quality Assets with Low Operating Costs
Leading Blended and Modified Asphalt Producer
Strong Liquidity Position and Flexibility provided by Supply & Off-take Agreements at each refinery
Experienced Management Team
- 7 - 7 Strategically Located Assets
Refinery Richmond Beach Washington
Exchange Terminal Portland Alon USA Terminal Willbridge Third -Party Terminal Oregon Asphalt Terminal Wright JV Asphalt Terminal Alon Pipelines
Alon Pipeline (unfinished) Nevada Third Party Pipelines
Key Retail Cities Fernley Elk Grove California
Mojave Bakersfield Paramount/ Arizona Bloomfield Oklahoma Long Beach New Mexico Tulsa Flagstaff Phoenix Moriarty Albuquerque Arkansas Duncan Lubbock Wichita Falls Tucson Louisiana DFW El Paso Abilene Krotz Springs Big Spring Orla Midland / Odessa Houston Empire
Texas Nederland South Marsh Loop Corpus Christi Island
1 California Refineries include the Bakersfield, Long Beach and Paramount refineries with a nameplate- 8 - capacity of 90,000 bpd and a 8 current configuration capacity of 57,000 bpd. Diversified Operations Provide Stability
Three separate refinery complexes provide asset and geographic diversification Five business units (Big Spring and wholesale fuels marketing, Krotz Springs refining, California refining, asphalt marketing and retail) provide business diversification — Regional differences in Alon’s refining base (Louisiana, Texas and California) provide diversification during price dislocations — Asphalt business is typically counter-cyclical to refining environment — Retail business provides steady and predictable cash flows
LTM 9/30/2012 Gross Margin by LTM 9/30/2012 Production by Refinery Business Unit Total Gross margin: Total Production: $821mm 155Mbpd
Retail, 15.4% California, 14.5%
Asphalt, 6.2% Big Spring, 44.4% California, - 0.3% $821mm 155Mbpd
Krotz Springs, Big Spring, Krotz Springs, 13.2% 65.4% 41.1%
- 9 - 9 Significant Exposure to High Margin Distillates
Favorable exposure to distillates, which continue to see strong margins and are expected to remain well above gasoline margins for the near and medium-term The forward markets currently indicate USGC diesel prices ~$14.00/bbl over USGC gasoline prices for the next twelve months
Alon Distillate Yield % vs. Peers Historical and Forward Diesel and Gasoline Cracks (Based on WTI)
$50.00
$40.00
$30.00
$20.00
$10.00
$0.00
$(10.00)
Historical USGC Gasoline Crack Spread Forward USGC Gasoline Crack Spread Avg. Forward USGC Gasoline Crack Spread Historical USGC ULSD Crack Spread Forward USGC ULSD Crack Spread Avg. Forward USGC USLD Crack Spread
Source: Platts, Argus, NYMEX, Goldman Sachs and Credit Suisse. As of October 9, 2012.
1 Peer Group SEC filings for LTM period ended June 30, 2012 (peer group comprises of CVR Energy, Delek, HollyFrontier, Tesoro, Valero, and Western Refining). Peer Group also includes PBF as of twelve months ended December 31, 2012. Big Spring and Krotz Springs from ALJ SEC filings for LTM period ended June 30, 2012. California refining’s yield assumes 62,500 bpd throughput running light crudes sources from either mid-con basins or locally from the Monterey producing at current configuration of 44% distillate yield. - 10 - 10 Crude Differentials
Beginning in 2011, WTI related crudes have shown a substantial divergence from historical trends and differentials for LLS and Buena Vista crudes are significantly greater than any time in past 5 years.
5 Year Average¹--$72.31 5 Year Average --$ 75.83 5 Year Average --$71.50 5 Year Average --$77.30 2011 ---$ 93.01 2011 ---$ 95.07 2011 ---$ 108.43 2011 ---$ 110.98 YTD 2012³---$92.08 YTD 2012 ---$96.17 YTD 2012 ---$110.14 YTD 2012 ---$111.81
West Texas Buena Vista Louisiana Light Sweet West Texas Sour ("WTS") Intermediate ("WTI") ("BV") ("LLS")
WTI - WTS WTI - BV LLS - WTI 5 Year Average --$3.52 5 Year Average --$4.33 5 Year Average --$1.47 2011 ---$2.06 2011 ---$(13.36) 2011 ---$16.76 YTD 2012 ---$4.09 YTD 2012 ---$(13.97) YTD 2012 ---$15.25
GC321 WC3111 (BV) GC 211 (HSD/LLS) 5 Year Average --$10.68² 5 Year Average --$13.07 5 Year Average --$9.05 2011 ---$23.37 2011 ---$9.20 2011 ---$7.00 YTD 2012---$27.54 YTD 2012 ---$12.84 YTD 2012 ---$12.05
¹ 5 Year Average of 2006 to 2010 ² As reported in annual 10K filling ³ YTD as of Sep 2012
- 11 - 11 Big Spring Refinery Overview
Refinery Operating Margin 23.85 On November 20, 2012 Alon USA Partners, LP (“ALDW”) $25.00 18.84 completed on initial public offering as a variable rate MLP $20.00
— Issued 11.5 million of common units raising $184 million (The public $15.00 $12.80 $12.83 $10.00 owns an 18.4% limited partner interest in Alon Partners) $6.03 $4.35 $5.00 The Big Spring refinery located in Big Spring, Texas $ / bbl. $0.00 — 70,000 bpd (~26mm bbl/year) sour crude cracking refinery ($5.00) ($3.18) 2006 2007 2008 2009 2010 2011 YTD — 10.2 Nelson Complexity 3Q2012 Captive wholesale fuels marketing business supplies substantially 80,000 Refinery Throughput 68,145 67,884 70,000 65,413 63,614 all of Alon Retail segments 59,870 3% 6% 7% 60,000 7% 4% 5% 4% 19% 49,028 16% 50,000 15% Closest refinery to robust West Texas crude oil production 5% 37,793 40,000 15% (Permian Basin), which provides a significant crude cost advantage 5% 11% bpd 30,000 89% 86% 81% 80% 79% 20,000 80% Additional benefit from running ~80% West Texas Sour (“WTS”), 84% which traded at an average discount to West Texas Intermediate 10,000 0 (“WTI”) of $4.13/bbl for the nine months ended September 30, 2012 2006 2007 2008 2009 2010 2011 YTD 3Q2012 Sour crude Sweet crude Blendstocks Product price advantage based on favorable location Refinery Product Yield — Gulf Coast refiners pay ~$2.50/bbl to ship light products to our region 98.7% 99.2% 98.1% 99.4% 99.1% 99.8% 99.8% 100% 12% 12% 14% 11% 12% 11% Majority of the units have been rebuilt at Big Spring refinery post 20% 6% 7% 6% 80% 9% 11% 9% February 2008 fire 13% 32% 32% 33% 60% 32% 29% 32% — Since 2008, the Company invested ~$500mm to rebuild equipment and 28% make other refinery improvements 40%
45% 47% 50% 49% 50% Entered into a Supply and Off-take Agreement with J. Aron in 20% 38% 45%
March 2011 0% 2006 2007 2008 2009 2010 2011 YTD 3Q2012 12 - 12 - Gasoline Diesel/jet Asphalt Other Big Spring is in the Heart of the Permian Basin
Permian Basin Activity Overview 1 Big Spring sources substantially all of its crude oil locally from the Permian Basin
The Permian Basin is experiencing a drilling and production renaissance, with 482 active drilling rigs
According to the EIA, oil production in the Permian Basin increased to 1.0 million bpd in December 2011 and is expected to increase to 1.55 million bpd by January 2014
Lack of logistics infrastructure limits crude oil transport to the Gulf Coast, creating attractive opportunities for Big Spring Active to purchase at a significant Drilling Rigs discount Existing pipelines Proposed/under construction
Source: Baker Hughes, RigData, U.S. Energy Information Administration. ¹ Rig data as of November 2, 2012. - 13 - 13 Krotz Springs Refinery Overview
Refinery Operating Margin $8.00 $7.25 $7.55 83,100 bpd sweet crude residual cracking refinery $5.66 $6.00 7.7 Nelson Complexity $4.00 $3.05
Historically processed a mix LLS and HLS type crudes, $ bbl / $2.24 currently processing 30,000 bpd of WTI based crudes $2.00
(processed 17,000 bpd of WTI based crudes during 2Q $0.00 2012 and expects to process 30,000 bpd of WTI based 2008 2009 2010 2011 YTD 3Q2012 crudes by end of 2012) Refinery Throughpu t
High liquid recovery of over 101% 75,000 66,413 58,184 59,720 1% 5% 1% One of the newest refineries in the U.S. (1980)¹ with 55,000 48,337 6% 39,244 74% industry low operating costs 35,000 2% bpd 95% 99% 94% Access to domestic and foreign crude markets through 15,000 98% 25% the Louisiana Offshore Oil Port (“LOOP”) -5,000 2008 2009 2010 2011 YTD 3Q2012 High distillate yield capability of ~44% WTI crude Gulf Coast sweet crude Blendstocks Refinery Product Yield
101.1% 101.5% 100.4% 100.6% 101.1% 100% 11% 11% 12% 13% 18% 80%
46% 44% 48% 46% 60% 42%
40%
20% 43% 46% 40% 42% 41%
0% 2008 2009 2010 2011 YTD 3Q2012 Gasoline Diesel/Jet Other - 14 - 14 ¹ Source: US Energy Information Administration. Krotz Springs Refinery Crude Slate
The Krotz Springs Refinery now has the ability to process significantly higher amount up to 30,000 bpd of WTI crude at Midland crude prices plus transportation, which will significantly reduce crude oil costs going forward and improve refining margins
Krotz Spring Refinery ¹ 2007 2008 2009 2010 2011 YTD 3Q2012
WTI 403 16,640 Light sweet crude 43,361 22,942 23,810 46,774 49,381 Heavy sweet crude 11,979 22,258 14,535 11,802 - Blendstocks 2,844 3,137 899 741 392 Total refinery throughput BPD - 58,184 48,337 39,244 59,720 66,413
1 Krotz Springs Refinery was purchased in 2008 and data is based on period from July 1, 2008. - 15 - 15 California Refineries Future
Refinery Operating Margin Integrated refining complex currently configured to operate as $3.00 $2.73 a 57,000 bpd heavy crude oil refinery (10.5 Nelson $1.65 $1.83 $2.00 $1.60 complexity)1 $1.08 Operates in one of the largest distillate markets in the U.S. and $1.00
is relatively insulated from the rest of the U.S. $ / bbl $0.00
Asphalt demand is currently at cyclical low and is expected to ($1.00) rise due to the passing of new federal highway spending bill ($2.00) ($1.31) and strong new housing starts, which are at the highest level 2007 2008 2009 2010 2011 YTD since June 2006 3Q2012 Operated at low throughput rates in third quarter of 2012 due Refinery Throughput to weak asphalt demand and high crude pricing. Ceased operations in California for interim period while reconfiguring current crude mix – Currently Bakken is trading at parity to WTI and while Buena Vista is trading at $16.50/bbl. higher than WTI Short-term – Plan in place to change crude mix by accessing price advantaged mid-continent light crudes from places such as the Bakken shale via rail Lighter crude slate will allow California to fully utilize its high Refinery Product Yield distillate production capability of ~44% (vs. 34% currently) and reduce lower value heavy product yields such as Asphalt Longer-term – Expected to benefit from significant increase in light/sweet Monterey Shale oil production over the next few years The EIA estimates the Monterey Shale has 20 billion barrels of recoverable resources representing 64% of the total recoverable shale oil resource in the U.S. lower 48 states 1 California Refining include the Bakersfield, Long Beach and Paramount refineries with a nameplate 16 capacity of 90,000 bpd and a current configuration capacity of 57,000 bpd - 16 - California Refineries Crude Slate
The California Refineries run medium and heavy sour crudes, which have historically traded at a discount to WTI, providing the California Refineries with a crude cost advantage
Alon plans to utilize an existing rail line to deliver light sweet inland crudes like Bakken, Niobrara etc. to the California complex which will provide cheaper feedstock benefits, improved light product yields and reduce low-margin asphalt production
Well positioned to take advantage of expected Monterey Oil Shale production in Kern County
California Refineries¹ 2007 2008 2009 2010 2011 YTD 3Q2012
Medium sour crude 20,839 8,014 13,408 3,502 5,677 9,903 Heavy crude 40,700 22,590 17,420 13,688 14,962 10,259 Blendstocks 223 495 330 406 2,176 1,310 Total refinery throughput BPD 61,762 31,099 31,158 17,596 22,815 21,472
1 California Refineries were purchased in 2006 and data is based on period August 1, 2006 to 2011. - 17 - 17 Leading Asphalt Supplier
Operates 11 asphalt terminals in the western U.S. Operations include: Richmond Beach Among U.S. Refiners: — 50% ownership in Paramount Nevada (Seattle) #7 asphalt supplier in U.S. Asphalt Company – the largest GTR/PMA #2 asphalt supplier West of Mississippi plant in Nevada, and Willbridge #1 asphalt supplier in PADD V states (Portland) — 50% ownership in Wright Asphalt #1 Ground Tire Rubber asphalt marketer in U.S. Products Company which brings exclusive #1 purchaser of polymers for paving asphalt products rights to Neste’s GTR technology Second largest supplier of asphalt in Fernley (Reno) California and Texas Elk Grove Supplies advanced asphalt products such (Sacramento) as rubberized asphalt, PMA and GTR Bakersfield — Increasingly specified by government Mojave agencies for use in highway projects in Flagstaff Texas Paramount / Tulsa Strategic access to the California asphalt Long Beach Phoenix market Big Spring — California and Texas are the largest Legend Houston asphalt consuming states in the U.S. Refineries Corpus Christi — California highway budget for asphalt is Asphalt terminals Krotz Springs larger than in previous years Wright asphalt 3 rd party throughput
¹ Source: Internal Alon Asphalt marketing analysis and market studies. - 18 - 18 Summary Financial Performance - Asphalt
2008 2009 2010 2011 YTD 3Q2012 WTI $/bbl. $99.56 $61.82 $79.41 $95.07 $96.17 Blended Asphalt Sales (000’s tons) 1,210 994 780 915 674 Non-Blended Asphalt Sales (000’s tons) 88 197 83 181 77 Total Asphalt Sales (000’s tons) 1,298 1,191 863 1,096 751
Sales Price/ton (blended)$ 512 $ 410 $ 477 $ 541 $ 623 Sales Price/ton (non blended)$ 315 $ 170 $ 326 $ 327 $ 381 Asphalt Margin/ton $ 113 $ 46 $ 51 $ 27 $ 47
PMA (000’s tons) 66 105 56 33 57 GTR (000’s tons) 37 31 31 87 98 Emulsions (000’s tons) 109 115 86 67 43 Total Speciality Asphalt (000’s tons) 212 251 173 187 198
Speciality Asphalt % of total sales volumes 21% 23% 25% 17% 26% Speciality Asphalt Sales price $/ton$ 640 $ 436 $ 569 $ 569 $ 611 Speciality Asphalt Realizations % of WTI 115% 126% 128% 107% 113% Paving Grade Asphalt Realizations % of WTI 100% 109% 99% 93% 107%
- 19 - 19 Physically Integrated Retail Network
Alon Energy’s retail business unit is the largest 7-Eleven licensee in the U.S. with 300 stores (~50% fee owned) in Central and West Texas and New Mexico The retail business unit has nearly doubled its store count since 2006 Recently completed re-branding effort from FINA branded gasoline stations to ALON brand
Retail Asset Overview
- 20 - 20 Attractive Retail Store Economics
Retail Fuel Sold Merchandise Sales
$320 33.0% 180 167.6 $0.25 310.5 156.7 160 $310 32.5% 142.2 140 $0.20 $300 298.2 120.7 32.0% 120 $290 $0.15 281.7 31.5% 100 $280 80 268.8 31.0% $0.10 $270 60 30.5% $260 40 $0.05 $250 30.0% 20 $240 29.5% 0 $0.00 2009 2010 2011 LTM 3Q12 2009 2010 2011 LTM 3Q12 Merch Sales (in $ millions) Merch Gross Profit % of Revenue Gallons Sold (in millions) Fuel Margin ($ per gallon)
Note: Retail subsidiaries will be Unrestricted Subsidiaries for purposes of the Financing. - 21 - 21 Grow Top Line Results - Retail Fuel Volumes & In -Store Sales ($/# in millions) Retail: 3 rd Quarter Gallons Retail: 3 rd Quarter In-Store Sales 45 44.0 $85 $82.1 40.8 $80 $79.3 40 36.8 $74.9 $75 35 $69.4 30.9 $70 30 $65
25 $60 3Q09 3Q10 3Q11 3Q12 3Q09 3Q10 3Q11 3Q12
Retail: 3 rd Quarter YTD Gallons Retail: 3 rd Quarter YTD In-Store Sales 150 $250 $238.1 126.8 125 115.9 $225.8 $225 104.9 $211.7 100 89.3 $202.7 $200 75
50 $175 YTD 3Q09 YTD 3Q10 YTD 3Q11 YTD 3Q12 YTD 3Q09 YTD 3Q10 YTD 3Q11 YTD 3Q12 - 22 - 22 Initial Public Offering - Alon USA Partners, LP (NYSE: ALDW)
Completed initial public offering of Big Spring and Wholesale Marketing via a Master Limited Partnership structure under the ticker “ALDW” on the NYSE on November 20, 2012 - Initial issue of 18.4% of common units to public at offer price of $16.0/unit raising $184.0 million of gross proceeds - Market value of equity at IPO - $1.0 billion - Debt: $334 million ($250 debt + revolver balance at closing) - Enterprise value at IPO: $1.334 billion
ALJ and ALDW Stocks $30.00
$25.00
$20.00
$15.00
$10.00
$5.00 1/3/2012 2/3/2012 3/3/2012 4/3/2012 5/3/2012 6/3/2012 7/3/2012 8/3/2012 9/3/2012 10/3/2012 11/3/2012 12/3/2012
ALJ Closing Price ALDW Closing Price
- 23 - 23 The Debt Reduction in 2012
Net Debt During first nine months of 2012 1,000 we reduced our net debt by 900 800 $140 million 700 600 Further net debt reduction in 4Q 500 2012 of $260 million of which: 400 In $ millions – $171 million from the proceeds 300 of initial public offering of 200 100 ALDW 0 – Assumes additional reduction 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012F* in debt with cash flows from operations *
(in $ millions) 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012F* Total Debt 1,050 914 874 799 597
Net Debt 893 864 817 753 493
* Based in I/B/E/S consensus estimates for Alon USA Energy Q4 ’12 EBITDA of $96 million, capital expenditures of $17 million, and interest expense of $20 million Assumes positive changes in working capital similar to changes in Q3’ 12 - $30 million Reduction in gross debt of $200 million including $171 million from ALDW IPO and subsequent- 24 -paydown of $29 million, plus additional amortization of $2 million of retail debt 24 II. Financial Summary Summary Financial Performance - Refining
2008 2009 2010 2011 YTD 3Q 2012 Pricing Statistics: GC 3-2-1 $10.47 $7.24 $8.22 $23.37 $27.54 GC 2-1-1 (HSD/LLS) $11.28 $5.58 $5.26 $7.00 $12.05 WC 3-1-1-1 (Buena Vista)* $12.35 $9.60 $8.34 $9.20 $12.84
Operating Statistics: Big Spring Refinery: Throughput (bpd) 37,793 59,870 49,028 63,614 67,884 Operating margin/bbl. ($3.18) $4.35 $6.03 $18.84 $23.85 Operating expense/bbl. $5.40 $4.21 $5.06 $4.25 $3.92 California Refinery: Throughput (bpd) 31,099 31,158 17,596 22,815 21,472 Operating margin/bbl. $1.65 $1.83 $1.08 ($1.31) $1.60 Operating expense/bbl. $5.63 $4.82 $7.73 $7.32 $10.35 Krotz Springs Refinery: Throughput (bpd) 58,184 48,337 39,244 59,720 66,413 Operating margin/bbl. $7.25 $5.66 $2.24 $3.05 $7.55 Operating expense/bbl. $4.35 $4.22 $4.36 $3.67 $3.86
*Note: In Q3 2011 the WC 3-2-1 (Buena Vista) benchmark was changed to WC 3-1-1-1 (Buena- 26 Vista) - 26 Historical Crack Spreads
- 27 - 27 Historical Capex
Capital and Turnaround Expenditures by Asset ($millions)
$140 $122 $120 $106 $3 $2 $4 $17 $100 $3 $4 $84 $13 $1 $80 $9 $26 $60 $56 $60 $2 $17 $2 $5 $40 $16 $28 $21 $58 $10 $20 $11 $25 $23 $17 $0 2009 2010 2011 YTD 3Q2012 Big Spring Krotz Springs California Alon Brands Asphalt Other
Capital and Turnaround Expenditures by Type ($millions)
$140 $122 $120 $106 $100 $17 $80 $82 $60 $84 $60 $65 $21 $9 $40 $37 $26 $31 $20 $25 $13 $11 $0 $10 2009 2010 2011 YTD 3Q2012 Chemcat & Turnaround - 28Regulatory - & Sustaining Growth 28 Appendix Adjusted EBITDA Reconciliation
LTM as of (in $ 000's) 2010 2011 YTD 3Q 2012 September 2012
Net Income (122,932) 42,507 56,947 44,034
Non-controlling interest in income (loss) of subsidiaries (9,641) 1,241 2,758 1,682
Income tax expense (benefit) (90,512) 18,918 34,705 26,671
Interest expense 94,939 88,310 78,113 102,643
Depreciation and Amortization 102,096 113,730 93,000 126,684
Loss on Heating Oil Crack Spread Contracts 36,280 2,838 39,279
Gain on bargain purchase/ Unrealized losses on commodity swaps (17,480) 37,458 37,458 (Gain) loss on disposition of assets/ heating oil call option crack spread contracts (945) (729) 7,297 (44,525)
Adjusted EBITDA (44,475) 300,257 313,116 333,926
Note: Adjusted EBITDA per press release - 30 - 30