Q4 Investor Presentation Feb 2026 Disclosures Forward-Looking Statements This presentation may contain "forward-looking statements," which include information concerning Celanese Corporation's (the "Company") plans objectives, goals, strategies, future revenues, cash flow, financial performance, synergies, capital expenditures, deleveraging efforts, planned cost reductions, dividend policy, financing needs and other information that is not historical information. All forward-looking statements are based upo ...

Group 1 - Lukoil's Volgograd oil refinery has suspended oil processing due to a fire caused by a Ukrainian drone attack, impacting a key crude distillation unit that accounts for 40% of the plant's capacity [1][1] - The damaged crude distillation unit (CDU-1) has a capacity of approximately 18,600 metric tons per day, equivalent to around 140,000 barrels per day [1][1] - In 2024, the Volgograd refinery processed 13.5 million metric tons of oil, representing about 5% of the total volume processed at Russian refineries, producing 6 million tons of diesel, 1.9 million tons of gasoline, and 700,000 tons of fuel oil [1][1]

Russia’s fuel oil exports to Asia are set for a third consecutive month of declines in January as the U.S. sanctions deter buyers and Ukrainian attacks on Russian oil infrastructure reduce shipments. So far this month, Russia has exported around 246,000 barrels per day (bpd) of fuel oil to Asia, according to vessel-tracking data by Kpler cited by Reuters. These lower Russian shipments, on track for a third straight month of declines, combine with reduced exports of fuel oil from Venezuela amid the U.S. ...

Core Viewpoint - Suburban Propane Partners, L.P. is set to announce its Fiscal 2026 First Quarter results on February 5, 2026, with a conference call scheduled for 9:00 AM Eastern Time [1]. Company Overview - Suburban Propane Partners, L.P. is a publicly traded master limited partnership listed on the New York Stock Exchange, headquartered in Whippany, New Jersey [3]. - The company has been in the customer service business since 1928 and operates as a nationwide distributor of propane, renewable propane, renewable natural gas (RNG), fuel oil, and related products and services [3]. - Suburban Propane services approximately 1 million customers across residential, commercial, governmental, industrial, and agricultural sectors through around 750 locations in 42 states [3]. Core Pillars - The company is supported by three core pillars: 1. **Suburban Commitment** - Emphasizing a legacy of nearly 100 years and a commitment to high standards in customer service [4]. 2. **SuburbanCares** - Highlighting the company's dedication to community engagement across its national footprint [4]. 3. **Go Green with Suburban Propane** - Promoting the clean-burning nature of propane and renewable propane as a bridge to a green energy future, while investing in innovative renewable energy alternatives [4].

Core Viewpoint - On January 16, the domestic futures market for crude oil and related products experienced a significant decline, with major contracts dropping over 3% [1]. Group 1: Price Movements - As of January 16, the main crude oil futures contract fell by 3.16%, settling at 438.10 yuan per barrel [1]. - The main fuel oil futures contract decreased by 3.47%, closing at 2529.00 yuan per ton [1]. - Low sulfur fuel oil futures dropped by 2.84%, ending at 3045.00 yuan per ton [1]. - Liquefied petroleum gas futures declined by 2.73%, with a closing price of 4128.00 yuan per ton [1]. Group 2: Futures Price Data - The opening price for SC crude oil was 441.80 yuan, with a previous close of 446.60 yuan and a last settlement of 452.40 yuan [2]. - Fuel oil opened at 2558.00 yuan, with a previous close of 2586.00 yuan and a last settlement of 2620.00 yuan [2]. - The opening price for liquefied petroleum gas was 4203.00 yuan, with a previous close of 4233.00 yuan and a last settlement of 4244.00 yuan [2]. - Low sulfur fuel oil had an opening price of 3062.00 yuan, with a previous close of 3087.00 yuan and a last settlement of 3134.00 yuan [2]. Group 3: Warehouse Data - As of January 15, fuel oil futures warehouse receipts were at 0 tons, unchanged from the previous trading day [3]. - The warehouse receipts for asphalt futures were 30,810 tons, remaining stable compared to the previous day, while the warehouse receipts for asphalt increased by 1,270 tons to 16,910 tons [3]. - Low sulfur fuel oil warehouse receipts remained at 18,280 tons, unchanged from the previous day [3]. - The warehouse receipts for liquefied petroleum gas were at 4,194 hands, also unchanged from the previous day [3]. Group 4: Basis Data - The basis data indicates that fuel oil, liquefied petroleum gas, and low sulfur fuel oil contracts are experiencing a 'backwardation' phenomenon, where spot prices exceed futures prices [3]. - The basis for fuel oil is 50.20%, with a spot price of 5262.5 yuan and a futures price of 2620 yuan [3]. - The basis for liquefied petroleum gas is 3.92%, with a spot price of 4417.5 yuan and a futures price of 4244 yuan [3]. - The basis for low sulfur fuel oil is 3.51%, with a spot price of 3199 yuan and a futures price of 3087 yuan [3].

Core Viewpoint - Suburban Propane Partners, L.P. has successfully completed a $350 million offering of 6.500% Senior Notes due 2035, aimed at refinancing existing debt and enhancing financial flexibility [1][2]. Group 1: Financial Details - The net proceeds from the offering, after estimated expenses, amounted to approximately $344.3 million, which will be utilized to redeem all of the Issuers' 5.875% senior notes due 2027 and cover related fees [2]. - A conditional notice of redemption for the 2027 Senior Notes was sent on December 8, 2025, with the redemption scheduled for January 7, 2026 [2]. Group 2: Company Overview - Suburban Propane is a publicly traded master limited partnership listed on the NYSE, headquartered in Whippany, New Jersey, and has been in operation since 1928 [4]. - The company distributes propane, renewable propane, renewable natural gas, fuel oil, and related products, serving approximately 1 million customers across 42 states through around 750 locations [4]. Group 3: Company Values and Initiatives - Suburban Propane is built on three core pillars: a commitment to excellence in customer service, dedication to community support, and promotion of low-carbon energy solutions [5].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the oil markets, focusing on Venezuela and Russia, and the implications of U.S. sanctions on their oil exports [1][2][3]. Core Insights and Arguments - **Sanctions on Venezuela**: The recent drop in WTI oil prices to $55/bbl has prompted the Trump administration to consider enforcing sanctions on Venezuelan oil exports. The administration may monitor Venezuelan tankers or implement stricter sanctions, but the extent of enforcement remains uncertain [1][2][4]. - **Quantitative Impact of Sanctions**: The term "sanctioned" in Trump's statement limits the blockade's impact to approximately 0.4 million barrels per day (mbd) of Venezuela's heavy crude exports and 0.1 mbd of product exports, primarily fuel oil [1][5]. - **U.S. Military Presence**: An increased U.S. military presence in the Caribbean is noted, which may influence oil futures and suggests a potential political transition in Venezuela [1][7]. - **Russian Oil Exports**: Despite sanctions, Russian crude exports are estimated at around 3.5 mbd in December, only slightly below previous highs. Product exports have also recovered to approximately 2.1 mbd, supported by refinery throughput of 5.3–5.4 mbd [1][21]. - **Sanctions' Effect on Trading Structures**: Sanctions have altered trading structures rather than significantly reducing export volumes. Exports are being rerouted through new intermediaries, which increases transaction costs and clearance times [1][22][28]. - **Economic Pressure on Russia**: Russia's upstream sector is experiencing declining gross profits, dropping from about $57/bbl at the start of 2025 to below $30/bbl now. This trend may have more significant long-term implications than the sanctions themselves [1][34]. Additional Important Insights - **Potential for Venezuelan Production Recovery**: In a post-Maduro scenario, production could initially drop by up to 50% due to operational disruptions but may rebound to around 1.2 mbd within months if political stability is restored [1][11][16]. - **Investment Opportunities**: The return of former partners, including Chinese companies, could lead to increased production levels in Venezuela, contingent on political changes and new investments [1][15]. - **Long-term Outlook**: The oil supply and demand balance for 2025 and beyond indicates a potential increase in global oil supply, with Venezuela representing a significant upside risk if political conditions improve [1][37][38]. This summary encapsulates the critical points discussed in the conference call, highlighting the current state of the oil markets concerning Venezuela and Russia, the implications of U.S. sanctions, and potential future developments in the industry.

Core Viewpoint - The domestic futures market for crude oil and related products experienced a decline on December 9, with significant drops in prices across various contracts, indicating a bearish trend in the market. Group 1: Price Movements - As of December 9, the main crude oil futures contract fell by 2.32% to 445.80 CNY per barrel [1] - The main fuel oil futures contract decreased by 2.67% to 2410.00 CNY per ton [1] - The low-sulfur fuel oil futures contract dropped by 2.09% to 3002.00 CNY per ton [1] - The liquefied petroleum gas (LPG) futures contract declined by 1.02% to 4261.00 CNY per ton [1] Group 2: Futures Price Data - The opening price for SC crude oil was 451.60 CNY, with a previous close of 457.60 CNY and a last settlement price of 456.40 CNY [2] - The fuel oil opened at 2470.00 CNY, with a previous close of 2508.00 CNY and a last settlement price of 2476.00 CNY [2] - The asphalt futures opened at 2940.00 CNY, with a previous close of 2959.00 CNY and a last settlement price of 2955.00 CNY [2] - The LPG opened at 4283.00 CNY, with a previous close of 4291.00 CNY and a last settlement price of 4305.00 CNY [2] - The low-sulfur fuel oil opened at 3035.00 CNY, with a previous close of 3089.00 CNY and a last settlement price of 3066.00 CNY [2] Group 3: Inventory Data - As of December 8, the inventory data showed that the futures warehouse receipts for asphalt remained unchanged at 1370 tons, while the warehouse receipts for asphalt decreased by 2000 tons to 2690 tons [3] - The futures warehouse receipts for fuel oil remained at 26090 tons [3] - The low-sulfur fuel oil warehouse receipts remained unchanged at 370 tons [3] - The medium-sulfur crude oil futures warehouse receipts were stable at 3,464,000 barrels [3] - The LPG futures warehouse receipts remained at 4194 lots [3] Group 4: Basis Data - The basis data indicated a phenomenon of "backwardation" for fuel oil, LPG, and low-sulfur fuel oil, where spot prices exceeded futures prices [3] - The basis for fuel oil was 2861 CNY with a basis rate of 53.60% [3] - The basis for asphalt was -11 CNY with a basis rate of -0.37% [3] - The basis for LPG was 298 CNY with a basis rate of 6.58% [3] - The basis for low-sulfur fuel oil was 26 CNY with a basis rate of 0.82% [3]

Core Insights - Suburban Propane Partners, L.P. announced the results of its 2025 SuburbanCares community engagement efforts, emphasizing its commitment to philanthropy and community support across the United States [1][4]. Community Engagement Initiatives - In 2025, SuburbanCares engaged over 150 employee volunteers, contributing approximately 600 hours of service across 20 communities, including locations such as Tallahassee, FL, and Twin Falls, ID [2]. - The initiative included partnerships with the American Red Cross and local nonprofit organizations, which were selected by employees, such as Second Harvest of the Big Bend and the Boys and Girls Club of Lancaster [2][3]. Company Commitment and Values - The company’s Vice President highlighted that SuburbanCares reflects the organization’s dedication to service, compassion, and community, with employees playing a crucial role in making a positive impact [3]. - Suburban Propane aims to expand its SuburbanCares initiatives in the future, continuing to drive positive community impact [4]. Company Overview - Suburban Propane is a publicly traded master limited partnership, servicing approximately 1 million customers through about 750 locations across 42 states [5]. - The company focuses on propane, renewable propane, renewable natural gas, and low carbon fuel alternatives, showcasing a commitment to customer service and community engagement [6][7].

Group 1: Skillsoft Corp. (SKIL) - Skillsoft is an instructor-led training services company with a Zacks Rank 1 [1] - The Zacks Consensus Estimate for its current year earnings has increased by 240.9% over the last 60 days [1] - Skillsoft has a PEG ratio of 0.36 compared to the industry average of 0.98, and it possesses a Growth Score of B [1] Group 2: Micron Technology, Inc. (MU) - Micron Technology is a memory and storage products company with a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings has increased by 24.4% over the last 60 days [2] - Micron has a PEG ratio of 0.51 compared to the industry average of 1.45, and it possesses a Growth Score of A [2] Group 3: Ultrapar Participaçoes S.A. (UGP) - Ultrapar is a distributor of liquefied petroleum gas, gasoline, ethanol, diesel, fuel oil, and kerosene with a Zacks Rank 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 51.9% over the last 60 days [3] - Ultrapar has a PEG ratio of 1.96 compared to the industry average of 2.44, and it possesses a Growth Score of A [3]