Here’s a recent snapshot of what major brands had the most market share in the city of Baltimore: Market Share Percentage (OPIS MarketSharePro) So, who are retail sellers these days? Believe it or not, it’s not as simple as you would think. Here is our breakdown of the retail fuel landscape: The Company-Operated Station Who Are They? Owned and operated by a major refiner, there are just over 400 major-owned company-run stations left in the U.S. Like we said before, this is becoming a dying breed as majors focus on other areas of their business. In the case of the “company-op,” the refiner owns the land, pumps and any above-ground structures (such as a carwash or convenience stores). The oil company hires the staff to run the retail site. How Do They Buy Their Fuel? The refiner supplies the station directly via its own delivery network and the prices the station charges are set exclusively by the company. This is what is commonly known as a dealer tank wagon or DTW price. The price is usually tied back to a rack and includes delivery, since the major delivers the fuel itself. Fuel Buying 101, Part 3: Retail Markets | Oil Price Information Service (OPIS) © 2020, all rights reserved 21

Fuel Buying 101 | Opis - Page 21 Fuel Buying 101 | Opis Page 20 Page 22