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Preliminary Analysis of the Economic Impacts of the PES Refining Complex Refinery Advisory Groups Business Committee September 9 th , 2019 The PES Refining Complex Oldest, largest refinery on the East Coast 1,400-acre facility

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Preliminary Analysis of the Economic Impacts of the PES Refining Complex

September 9th, 2019 Refinery Advisory Group’s Business Committee

SLIDE 2

The PES Refining Complex

Oldest, largest refinery on the East Coast
1,400-acre facility comprised of:

Girard Point Refinery Point Breeze Refinery Schuylkill River Tank Farm North Yard Rail & Storage

Preliminary Analysis of the Economic Impacts of the Refining Complex

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Steady State Operations

Estimated economic impact

associated with an illustrative year of operations at the Refining Complex at its pre-fire, pre-bankruptcy steady state

Preliminary Analysis of the Economic Impacts of the Refining Complex

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Total Direct Expenditures

Employee Compensation All Non-Personnel Expenditures

DIRECT INDIRECT

Indirect Economic Activity & Jobs Employee Compensation

INDUCED TOTAL

Induced Economic Activity & Jobs TOTAL ECONOMIC IMPACT

Preliminary Analysis of the Economic Impacts of the Refining Complex

Economic Impact Methodology

Steady State Operations

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Estimated Annual Operating Expenditures

Model Inputs (Direct)

Annual Average Full-Time Employees: 1,950
Total Annual Employee Compensation: $237 M
Total Annual Expenditures: $1.1 B

Based on currently available data:

Preliminary Analysis of the Economic Impacts of the Refining Complex

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Estimated Annual Economic Impact City of Philadelphia

Total Economic Impact: $2.1 billion
Jobs Supported (FTE): 6,300
Total Employee Compensation: $600 million

Preliminary Analysis of the Economic Impacts of the Refining Complex

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Estimated Annual Economic Impact Philadelphia MSA

Total Economic Impact: $2.3 billion
Jobs Supported (FTE): 7,600
Total Employee Compensation: $650 million

Preliminary Analysis of the Economic Impacts of the Refining Complex

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Estimated Annual Economic Impact Commonwealth of Pennsylvania

Total Economic Impact: $2.3 billion
Jobs Supported (FTE): 7,650
Total Employee Compensation: $640 million

Preliminary Analysis of the Economic Impacts of the Refining Complex

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Estimated Employment Impact 25%

DIRE RECT T OIL & GAS AS PRO RODU DUCT CTIO ION JOBS BS

75%

INDIR IREC ECT T & INDU DUCE CED D JOBS BS IN SUP UPPO PORTE TED D INDU DUSTR TRIE IES

43%

ALL OTHER

14%

PROF OFESSI SSION ONAL AL, SCIENT IENTIF IFIC IC

13%

FINANC NCE, INSUR URAN ANCE

11%

HEALTHC THCAR ARE

10%

ADMIN IN. SUPPO PORT

10%

HOSPIT ITAL ALIT ITY

Preliminary Analysis of the Economic Impacts of the Refining Complex

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Tax Impact Methodology

Not based on actual direct tax data
Not based on IMPLAN estimates
Customized tax model based on

Philadelphia and Pennsylvania effective rates

Preliminary Analysis of the Economic Impacts of the Refining Complex

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City of Philadelphia

Total Estimated Tax Impact*: $33.2 million

* Includes Income, Business, Sales & Use, Property, and Use & Occupancy Taxes

Preliminary Analysis of the Economic Impacts of the Refining Complex

Estimated Annual Tax Impact

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Estimated Annual Tax Impact Commonwealth of Pennsylvania

Total Estimated Tax Impact*: $30 million

* Includes Income, Business, Sales & Use, Property, and Use & Occupancy Taxes

Preliminary Analysis of the Economic Impacts of the Refining Complex