Modified · Business and Economic Environment Update

Our Refining & Marketing segment results for the firstsecond quarter of 2026 versus the firstsecond quarter of 2025 reflect higher realized refining margins supported by stable demand and higher global product prices, partially offset driven by derivative losses related to our economic hedging programglobal crude oil supply disruptions as a result of increasing regional conflicts, particularly in the Middle East. Longer term, global demand growth is expected to outpace the net impact of refining capacity additions and rationalizations through the end of the decade. We anticipate these fundamentals, as well as the U.S. refining industry’s current structural advantages over the rest of the world, will support a constructive environment for U.S. refiners.