Thirteenth Annual Global High Yield Conference

1
Thirteenth Annual Global High Yield Conference

• September 2005

2
Forward Looking Statements

• This presentation contains forward-looking
  statements that involve known and unknown risks
  and uncertainties. Forward-looking statements are
  identified by words or phrases such as
  believes, expects, anticipates,
  estimates, should, could, plans,
  intends, will, variations of such words and
  phrases, and other similar expressions. While
  these forward-looking statements are made in good
  faith, and reflect the Companys current judgment
  regarding such matters, actual results could vary
  materially from the forward-looking statements.
  Important factors that could cause actual results
  to differ from forward-looking statements
  include, the risk that the pipeline acquisition
  and the acquisition of Dial Oil Company will not
  result in additional growth or increased
  profitability for our Four Corners operations,
  the risk that it will not be possible to place
  the acquired pipeline system in operation and/or
  operate the Bloomfield and Ciniza refineries at
  maximum rates due to financial, operational or
  other constraints, the risk that the timetable
  for placing the pipeline system into operation
  will be different than anticipated, the risk that
  it will not be possible to obtain additional
  crude oil for processing at the Bloomfield and
  Ciniza refineries at cost effective prices, the
  risk that the operations of Dial Oil Company will
  not complement our existing wholesale and retail
  businesses, the risk that the combination of the
  operations of Dial Oil Company with the
  operations or Phoenix Fuel will not provide a
  platform for future growth, the risk that we will
  not be able to obtain a larger credit facility
  should we want it, the risk that refining
  fundamentals will not remain more positive than
  the same time last year, the risk that our retail
  group will not continue to see fuel volumes and
  merchandise sales above last years levels, the
  risk that Phoenix Fuel will not continue to see
  stronger margins than last year or volumes
  consistent with the same time last year, , and
  other risks detailed from time to time in the
  Companys filings with the Securities and
  Exchange Commission. All subsequent written and
  oral forward-looking statements attributable to
  the Company, or persons acting on behalf of the
  Company, are expressly qualified in their
  entirety by the foregoing. Forward-looking
  statements made by the Company represent its
  judgment on the dates such statements are made.
  The Company assumes no obligation to update any
  forward-looking statements to reflect new or
  changed events or circumstance.

3
Company Overview
Refining Group
Phoenix Fuel
Retail Group

• 80 of EBITDA(a)
• 3 refineries (104,500 mbpd(b))
• 2 terminals
• Crude gathering pipeline system
• Truck transports

• 11 of EBITDA(a)
• 124 convenience stores located in NM, AZ, CO(c)

• 9 of EBITDA(a)
• One of the largest wholesale distributors in
  Arizona
• Distribution plants
• Unmanned fleet fueling locations
• Delivery trucks

• 2004 EBITDA, before corporate overhead and
  discontinued operations. See appendix for
  explanatory note and reconciliation.
• Total combined refining capacity.
• As of June 30, 2005.

4
Key Investment Considerations

• Strong refining margin environment and positive
  long-term trends
• Diversified operations and geographic markets
• Proven ability to optimize operations and grow
  earnings
• Long-term crude supply agreement for Yorktown
  enhances earnings and mitigates risks
• Improved balance sheet
• Additional growth opportunities

5
Giant Strategic Objectives
Grow the Business

• Refining Growth
• Evaluate divestitures from larger competitors
• Consolidation of smaller independents
• Evaluate refinery projects on ROCE
• Retail Growth
• Increase market share in current markets
• Enter new refinery markets
• Phoenix Fuel
• Capitalize on supply economics and technology to
  expand market share
• Identify acquisition opportunities to expand
  geographic area (Dial Oil Co.)

6
Giant Strategic Objectives
Maximize Return on Capital Employed

• Optimize operations, costs and capital spending
• Identify strategic partners to improve costs and
  earnings
• Increase crude supply to Four Corners refineries
  (Pipeline Acquisition)
• Continue to increase merchandise and fuel sales
  in retail group
• Continue to increase wholesale, cardlock and
  lubricant market share

7
Giant Strategic Objectives
Maintain Strong Capital Structure

• Focus on continued debt reduction
• Utilize free cash flow for debt repayment
• Maintain capital discipline
• Strict capital planning for capital expenditure
  requirements
• Cost effectively manage operating and overhead
  costs
• Balanced acquisition financing

8
Significant Recent Debt Reduction

• Giant has been disciplined about debt reduction
• Debt to capitalization ratio reduced from 77 to
  50
• Approximately 175MM of debt reduction since June
  30, 2002

Balance Sheet (MM)
9
Continuing Debt Reduction

• Balance Sheet (MM)

10
Strong Financial Performance

• Giant made significant progress restoring
  financial flexibility and improving operating
  performance

EBITDA (MM)(a)
Cash Flow (MM)(a)
(b)

• See appendix for explanatory note and
  reconciliation.
• Excludes acquisitions, asset sales and insurance
  settlements.

11
Giant Industries An Attractive Investment
Opportunity

• Diversified lines of business
• Experienced management
• Growth opportunities across all
  business segments

• Strong industry fundamentals
• Increasing mid-cycle margins
• Strong operating performance
• Increased operating flexibility
• Positive impact from high-acid crude agreement
  and refinancing transactions

• Significant leverage reduction
• Improved float liquidity
• Valuation discount to independent refining peers
• New flexibility to pursue growth opportunities

12
EBITDA Reconciliation

• EBITDA represents income before interest expense,
  interest income, income tax, and depreciation and
  amortization. EBITDA is not a calculation based
  upon generally accepted accounting principles
  however, the amounts included in the EBITDA
  calculation are derived from amounts included in
  the consolidated financial statements of the
  Company. EBITDA should not be considered as an
  alternative to net income or operating income, as
  an indication of operating performance of the
  Company or as an alternative to operating cash
  flow as a measure of liquidity. EBITDA is not
  necessarily comparable to similarly titled
  measures of other companies.

Consolidated EBITDA (MM)
Segment EBITDA (MM)(a)

• Prior to corporate overhead allocation. Segment
  EBITDAs do not add to consolidated total due to
  overheads and other reconciling items. Excludes
  discontinued operations.

13
EBIT Definition and Cash Flow Reconciliation

• EBIT represents income before interest expense,
  interest income and income tax. EBIT is not a
  calculation based upon generally accepted
  accounting principles however, the amounts
  included in the EBIT calculation are derived from
  amounts included in the consolidated financial
  statements of the Company. EBIT should not be
  considered as an indication of operating
  performance of the Company or as an alternative
  to operating cash flow as a measure of liquidity.
  EBIT is not necessarily comparable to similarly
  titled measures of other companies.

Cash flow is defined as cash flow from operations
less capital expenditures. Cash flow is not a
calculation based upon generally accepted
accounting principles however, the amounts
included in the cash flow calculation are derived
from amounts included in the consolidated
financial statements of the Company. Cash flow
should not be considered as an indication of
liquidity of the company or as an alternative to
cash flow from operations as a measure of
liquidity. Cash flow is not necessarily
comparable to similarly titled measures of other
companies.