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<h3>Strategic Execution and Operational Recovery</h3>
<ul>
<li> <p class="yf-1fy9kyt">Achieved record annual refining throughput of 188,000 barrels per day, driven by sustained operational improvements in Hawaii which outperformed its three-year average by 4%.</p></li>
<li> <p class="yf-1fy9kyt">Successfully navigated significant operational headwinds, including the Wyoming crude heater outage, by restoring reliable operations ahead of schedule.</p></li>
<li> <p class="yf-1fy9kyt">Advanced the Hawaii renewables project into the commissioning phase while de-risking the investment through a joint venture with world-class partners.</p></li>
<li> <p class="yf-1fy9kyt">Strengthened the structural cost base, contributing to record financial performance in the Retail segment with a 13% year-over-year increase in adjusted EBITDA.</p></li>
<li> <p class="yf-1fy9kyt">Improved the balance sheet significantly by reducing share count by 10% and gross debt by $310,000,000, ending the year with record liquidity of $915,000,000.</p></li>
<li> <p class="yf-1fy9kyt">Focused on a 'cycle-agnostic' strategy by increasing distillate yields and logistics integration to expand the company's mid-cycle earnings profile.</p></li>
</ul>
<h3>2026 Strategic Priorities and Market Outlook</h3>
<ul>
<li> <p class="yf-1fy9kyt">Anticipate first quarter system-wide midpoint throughput of 182,000 barrels per day, accounting for planned maintenance in Washington and seasonal factors in the Rockies.</p></li>
<li> <p class="yf-1fy9kyt">Expect Hawaii crude differentials to range between $4.75 and $5.25 per barrel in Q1, supported by easing backwardation and favorable waterborne supply access.</p></li>
<li> <p class="yf-1fy9kyt">Prioritizing the safe startup and optimization of the Hawaii renewable fuels unit, with feedstock introduction expected within the next few weeks.</p></li>
<li> <p class="yf-1fy9kyt">Focusing 2026 capital on high-return projects in the Rocky Mountains to enhance asset flexibility and capture rates during the next market cycle.</p></li>
<li> <p class="yf-1fy9kyt">Maintaining a disciplined capital allocation framework that balances internal growth, opportunistic share repurchases, and potential accretive M&A.</p></li>
</ul>
<h3>Operational Impacts and Financial Adjustments</h3>
<ul>
<li> <p class="yf-1fy9kyt">The Wyoming crude heater incident and a third-party power outage served as critical reminders of the ongoing need for rigorous reliability protocols.</p></li>
<li> <p class="yf-1fy9kyt">Monetized less than half of the SRE-related excess RIN inventory by year-end, providing a tailwind for working capital visibility into 2026.</p></li>
<li> <p class="yf-1fy9kyt">Montana Q4 capture rates were temporarily suppressed to 72% due to coker maintenance, which necessitated a lighter crude slate and increased low-margin asphalt sales.</p></li>
<li> <p class="yf-1fy9kyt">Successfully repriced the existing term loan, reducing the interest spread by 50 basis points and saving over $3,000,000 in annual cash interest.</p></li>
</ul>
<h3>Q&A Session Highlights</h3>
<h4>Capital allocation strategy and share repurchase outlook</h4>
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