Baker & O'Brien, Inc.

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Higher Product Exports Demonstrate U. S. Refinery Competitiveness

Continued Mid-Continent Crude Oil Price Advantages Allow PADDs 2 and 4 Refinery Profitability to Outshine Other Regions

November 15, 2011

Baker & O’Brien’s Fourth Quarter 2011 PRISM™ reports that U.S. refining margins declined due to the narrowing of the Mid-Continent crude oil and light/heavy crude oil differentials. In addition, with the recent announcements of refinery closures in the U.S. Northeast and Virgin Islands, the U.S. Jones Act Fleet is investigated as a potential source of incremental products supply to the U.S. Northeast.

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Contact:
Benjamin F. Schrader
832-358-1453