Notes

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2025 annual report item1 recovered via full web after CLI Business section lookup failed. Term/spot mix, most term crude at producer official market prices; renewal notice examples60days/6months. Note segment disclosure: no customer>=10% revenues, NOT a supplier concentration statistic. No top-supplier percentage found in bounded full-text search. Geographic access includes Canada Quebec and UK Pembroke marine supplies; integrated upstream competitors are structural controls. No current tariff/legal interpretation inferred. https://www.sec.gov/Archives/edgar/data/1035002/000162828026011499/vlo-20251231.htm

Queried list_jobs06UTC. Job173 actual05:15:53.091UTC payload complete END21/21, exit0, next06:15:48; substantive hashes match prior04UTC except challenge content. Bombardier challenge/CENTCOM HTTPError retained; no actual new cash disclosure established. Job18 actual05:01 report periodAug23-29; predatesSep1 quota and cannot measure post-policy uptake. All five active supply collectors preserved; no pending holdings/orders in supplied context and closedledgerN2 operator exits. No due supply monitor at06UTC; armedFTK/BWEN/GD12:30 and later macro/conference reviews remain. https://runway.adityaperswal.workers.dev

Read06UTC Sep10. Original agency Sep9 release/cutoffSep3; search snippet was August11 vintage. Current forecast distillate stocks below100m barrels September, diesel crack aboveUSD2/gallon Aug-Nov; assumed restoration Hormuz traffic supports subsequent easing. Forecast not observed margin or Valero realized dollars. Independent of issuer but same macro mechanism, not corroboration of company profits. https://www.eia.gov/outlooks/steo/report/petro_prod.php

FiledFeb25 2026; operator original risk disclosure retrieved SEC CLI. Nearly all primary feedstocks purchased before finished-product sale; cheaper-grade differential important. Non-waterborne plants more transport-constrained; alternative supply may be inadequate or expensive. Critical catalysts/chemicals sourced globally. Texas electricity scarcity pricing and water challenges can offset product premiums. Integrated rivals can offset downstream losses with own production. No quantified top-supplier share identified in Item1A; not evidence of no concentration. https://www.sec.gov/Archives/edgar/data/1035002/000162828026011499/vlo-20251231.htm

Issuer original, interested party. USDm: CFO5580-WC706-other DGD owner389=adjusted4485; attributable investments346=>4139 adjusted post-investment proxy, not GAAP FCF. Consolidated5580-350=5230. Total refining margin6342;4065 is Gulf Coast only, no contradiction. Gulf margin24.42/bbl versus11.78 prior, throughput1829 vs1841kb/d. Total operating income4470; total throughput~3mb/d. Q3 StCharles230m project expected, not actual startup. Tables verified; historical Q2 not current daily netback. https://investorvalero.com/news/news-details/2026/Valero-Energy-Reports-Second-Quarter-2026-Results/default.aspx

list_jobs lastRunAt04:15:46.451UTC, actualpayload04:16:07.918UTC,exit0,all21resultlinesandEND21/21visible,next05:15:46.451. FTKslidesLakeStreetPDFandAVAVQ1FY27prioritized; SSL/SSLnewsOK, ACSArelayAug28notlive. BombardierCHALLENGEandCENTCOMHTTPErrorpersist. FullsourceURLsinscript. Supersedes2054/1790pendingremoteverification, notnewphysicalevent. Savedoutput 1016characters. https://runway.adityaperswal.workers.dev

Runcontext equity/cash850.99,supplycash278.67,noopen/queuedpositions; query_tradesfundsupplytwo closedFROid6/STNGid3 bothoperatorliquidation. Noobservedlosers, noarrivalquoteforexecutionslippage;100%N2notedge. Caps25%equity212.7475,loss1%8.5099. AtSSL14.58referencewhole-shareaffordability14shares204.12,notapprovedsize/quote. FrozenN7p.428571,w.429894,l.058732quarterKellypoint1.49196 isunstable/abovevenuecap; approved0becauseuncertainmean,negative training,unvalidatedvenueexits. https://runway.adityaperswal.workers.dev

Read04UTCviahttps://ir.flotekind.com/presentations?cat=7; genericpresentations routehademptylist. Directrequestsredirectfilecache.investorroom.com/mr5ir_flotek/367/Lake-Street-Investor-Presentation.pdf HTTP20028pages. p26cashflowtableembeddedimageextractedandviewed: H1netincome14.617m,ARchange-24.570m,relatedAR-19.486m,inventory-16.585m,AP+26.233m,CFO-6.580m,capex-1.239m=>FCF-7.819m;cash4.402m+restricted.104m=4.506m. p8selfclaimprimaryfluidchemistrysupplierSaudi,extendedsupplyoperationssupportmid2027; H2international>40mvsH1 12.6mexpected. FYguide360-370m/50-54munchangedfromSep9. No new datedinternationalreceipts identified. Publicationminuteunknown; observed04UTC, noautomaticentry. https://ir.flotekind.com/image/Lake-Street-Investor-Presentation.pdf

Sep9Q1FY27deck linkedlive04UTCevents page; directrequestsHTTP200 recoveredafterweb403. p7guidanceunchangedrevenue2125-2225m/EBITDA305-325m,45/55halfyearrevenueand1/3vs2/3EBITDA. AppendixH unfundedbacklog1457.7-177.6+86.4=1366.5m atAug1. AppendixF definesfundedbacklog as appropriated/obligatedfunds authorizedtospendandbill, notcashalreadycollected. NoQ1transcriptlinkoneventspage; decknot necessarilynewthishour. DoesnotrepairQ1FCFbaseline-35.954m; noorder. https://investor.avinc.com/static-files/f4f2cf5b-081f-4a73-848b-52666a7e9bcc

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{"sample":69,"mean_pct":0.24630316389150209,"median_pct":0.6102212051868783,"std_pct":3.3648738375040907,"p05_pct":-4.514294318841823,"p95_pct":5.048884058743808,"absret_range_corr":0.23503327880585725,"ret_volume_corr":0.028548120888872958} Measured Sep10 from dated primaryinputs; computedscenarios not forecasts. Economics monetaryvalues asnamedRm/US$m; airportstocksAug28notlive; temporarycapacityeconomics7-8break-evenyardsticknotverifiedincrementalcost. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SSL&timeframe=1Day&feed=sip&adjustment=all

{"bars":70,"last":{"c":14.58,"h":14.76,"l":14.118,"n":36197,"o":14.118,"t":"2026-09-09T04:00:00Z","v":4945804,"vw":14.512568},"prior20high":13.33,"sma20":12.139000000000001,"sma50":11.440600000000002,"adr20":0.32172999999999996,"return20pct":26.67245873153781,"last2session_pct":18.826405867970664,"rsi14":66.82850100816735,"ordinary_equity_proxy_usdm":9444.923999999999,"FY26_FCF_at_historical_closing_fx_usdm":725.3813300793166,"trailing_FCF_yield_proxy_pct":7.680118231542326,"EV_inclleases_proxy_usdm":13767.923999999999,"EV_EBITDA_proxy_at_FY26avgFX":3.830660346923647} Measured Sep10 from dated primaryinputs; computedscenarios not forecasts. Economics monetaryvalues asnamedRm/US$m; airportstocksAug28notlive; temporarycapacityeconomics7-8break-evenyardsticknotverifiedincrementalcost. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SSL&timeframe=1Day&feed=sip&adjustment=all

{"0.25":{"path_share_below3days":1,"median_first_cross_day":5,"end_stock_days_p05_p50_p95":[0,0,0],"unmet_supply_days_p05_p50_p95":[9.18824864178234,10.26517426684272,11.349718792972022]},"0.5":{"path_share_below3days":1,"median_first_cross_day":7,"end_stock_days_p05_p50_p95":[0,0,0],"unmet_supply_days_p05_p50_p95":[4.164021637423924,4.994369764290052,5.829244948696645]},"0.75":{"path_share_below3days":1,"median_first_cross_day":14,"end_stock_days_p05_p50_p95":[0,0.25821548894028123,0.8322484577426514],"unmet_supply_days_p05_p50_p95":[0,0,0.33482582814796413]},"0.9":{"path_share_below3days":0.1013,"median_first_cross_day":28,"end_stock_days_p05_p50_p95":[2.9246817505936646,3.410045727942568,3.877391147212703],"unmet_supply_days_p05_p50_p95":[0,0,0]},"1.0":{"path_share_below3days":0,"median_first_cross_day":null,"end_stock_days_p05_p50_p95":[5.048973193166273,5.494854048592856,5.949350425959832],"unmet_supply_days_p05_p50_p95":[0,0,0]}} Measured Sep10 from dated primaryinputs; computedscenarios not forecasts. Economics monetaryvalues asnamedRm/US$m; airportstocksAug28notlive; temporarycapacityeconomics7-8break-evenyardsticknotverifiedincrementalcost. https://www.sanews.gov.za/south-africa/acsa-reassures-passengers-over-jet-fuel-supply

{"incremental_bbl_m":11.100000000000001,"prax_pct_of_reported":26.744186046511626,"prax_pct_of_growth":62.162162162162154,"own_share_output_excess_access_m":18.9,"own_share_output_growth_pct":28.57142857142856,"prax_annualized_reported_bpd":18904.109589041094,"external_purchase_change_pct":-50.588235294117645,"fcf_change_pct":-5.327281414237939,"generated_change_pct":-12.202163044160407,"fcf_ebitda_pct":19.584877687175684,"capex_increase_rm":[2128,3628,5128],"nwc_gap_samebasis_pp":[0.10000000000000142,1.1000000000000014],"inventory_growth_rm":8528,"raw_plus_wip_growth_rm":7058,"raw_wip_share_inventory_growth_pct":82.76266416510319,"inventory_at_nrv_pct":24.035690864648952,"inventory_writedown_growth_rm":1150,"jet_supply_m3_day":[2695,3080],"jet_total_stock_m3":[19250,23100],"jet_stock_above_crisis_m3":[7700,11550],"days_to_crisis_full_natref_loss_no_extra_imports":[2.5,4.285714285714286],"jet_28day_natref_equivalent_m3":[75460,86240],"lost_30d_output_at_10_25_50pct_m_bbl":[0.21205479452054796,0.5301369863013699,1.0602739726027397],"lost_gross_margin_30d_at25_10_usdm":[5.322575342465754,13.306438356164383,26.612876712328767],"annual_1usd_crack_ebit_rm":840,"annual_50cent_rand_strengthening_ebit_rm":-4050,"prax_margin_above_est_break_even_usdm":[117.99000000000001,124.89000000000001],"prax_loss_equiv_crack_usd":[2.372441785714286,2.511181071428572]} Measured Sep10 from dated primaryinputs; computedscenarios not forecasts. Economics monetaryvalues asnamedRm/US$m; airportstocksAug28notlive; temporarycapacityeconomics7-8break-evenyardsticknotverifiedincrementalcost. https://www.sasol.com/sites/default/files/2026-09/Additional%20Information%20for%20Analysts%20for%20the%20year%20ended%2030%20June%202026.pdf ; https://www.sasol.com/sites/default/files/2026-09/Annual%20Financial%20Statements%20for%20the%20year%20ended%2030%20June%202026_0.pdf ; https://www.sanews.gov.za/south-africa/acsa-reassures-passengers-over-jet-fuel-supply

GovcommunicationserviceAug28 relaysairportoperator: demand3850m3/day,Natref70-80%,5-6daysstock; baseline5days/crisis3days. PriorSep6-Oct4repairriskwindow andAug25/boiler account relayedfromSasol; Sep1operator saysmidAug andmitigationuntilendSep. Two origins forstockvsplant, notindependentfailureconfirmation; currentSep10stockunknown. Replacesobservation19884narrowsearchgap withdatedfallback,notliveupdate. https://www.sanews.gov.za/south-africa/acsa-reassures-passengers-over-jet-fuel-supply

FullFY26Form20F retrieveddirectHTTP2003.7MB afterCLI60ktruncation/sectionfailure; Item3.D read. PraxSAbusinessrescueOct2025 expecteddivestment; contractedcommitments notguaranteed. Transnet dependency/delays; IVRS~81%waterdemand; immatureMozambiqueserviceproviders. Crudehedges do notcoverrefiningmargins; insurance maynotcoverallloss. Jan2025fire caused2monthNatrefoutage. August2026distinctevent. https://www.sec.gov/Archives/edgar/data/314590/000110465926104048/ssl-20260630x20f.htm