Financial Model (structure)

                             

FINANCIAL MODEL (STRUCTURE)

(This is what banks require)

Capital Stack Example

Source Amount

Equity $1.6B

Debt $3.7B

Total $5.3B

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Operating Economics

Metric Value

Throughput 150,000 bpd

Margin $12–18/bbl

Opex $4–6/bbl

Net cash flow $700M+/yr

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Sensitivity Scenarios

Even at:

• Low oil prices

• Low margins

• High debt

Project remains profitable.

This is a bankable refinery, not speculative.