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Glossary

adjusted EBITDA: EBITDA before other non-cash expenses and charges deducted in determining consolidated net income (loss), including movement in the unrealized gains and losses on financial instruments, stock-based compensation, impairment of goodwill and intangible assets and non-cash inventory or asset writedowns

asphalt (asphalt cements): a dark brown to black cementitious material in which the main constituents are bitumens, which occur in nature or are obtained in petroleum processing. Asphalt is used for paving, roofing, industrial and other special purposes

barrel: a traditional measure of volume in the oil industry and is equivalent to 159 litres, 35 Imperial gallons, 42 US gallons or 0.1589872 of a cubic metre

bbl(s): barrel(s)

bitumen: petroleum in semi-solid or solid forms

boe: barrels of oil equivalent

bpd: barrels per day

condensate: a petroleum mixture primarily composed of pentane and heavier hydrocarbons, usually produced with or extracted from natural gas, which is liquid at normal pressure and temperature. The component of NGLs that remains after the propane and butane have generally been removed, comprised of a pentane and higher hydrocarbon composition

crude unit: a combination of vessels, heat exchangers, furnaces, pumps and piping that is used to fractionate crude oil into its various components

cutback asphalt: a blend of asphalt cement and petroleum solvents (diluents). Upon exposure to atmospheric conditions the diluents evaporate, leaving the asphalt cement to perform its function of cementing and waterproofing. MC (medium curing) cutbacks are blended by using 120-150 penetration asphalt cement and a distillate cut with a distillation range of 176° to 271° Celsius (350° to 520° Fahrenheit). SC (slow curing) cutback products are blended by using 150-200 penetration asphalt cement and a distillate cut in the distillation range of 232° to 354° Celsius (450° to 670° Fahrenheit)

diesel: combustible petroleum distillate used as a fuel for diesel engines

diluent: a lower density fluid used to blend with heavy oil or bitumen to reduce viscosity and density

distillate: a liquid condensed from vapor in refinery distillation, including diesel and jet fuel

distillate cut: the middle boiling range fraction of crude oil that can be described by the initial boiling point (IBP) and final boiling point (FBP)

EBITDA: net income (loss) before interest expense, income taxes, depreciation and amortization

frac fluids: a fluid, either water or hydrocarbon, used to transport propane in a hydraulic fracture well completion

LPG: liquefied petroleum gas

mmbbl: one million barrels

naphtha: the light gasoline-like fraction of the crude oil

NGL: natural gas liquids. This term refers to a mixture of the hydrocarbons ethane, propane, butane and condensate

penetration: an empirical measurement of asphalt consistency enabling the classification of asphalt cements into standard grades. The consistency of a bituminous material expressed as the distance (in tenths of a millimetre) that a standard needle penetrates a sample vertically under specified conditions of loading, time and temperature

PG asphalt (performance graded asphalt): asphalt binder grade designation used in Superpave. It is based on the binder's mechanical performance at critical temperatures and aging conditions. This system directly correlates laboratory testing to field performance through engineering principles

polymer modified asphalts (PMA): conventional asphalt cement whose performance characteristics have been improved and enhanced through the addition and reaction of polymer compounds. The compounds improve resistance to deformation at high pavement temperatures and offer cracking resistance at low temperatures

propane: a common LPG, C3H8, that is colorless and flammable as a gas. Used industrially in the petrochemical industry and commercially as a heating or engine fuel

roofing flux: processed asphalt product used in manufacture of shingles and other roofing products

segment profit: revenue minus cost of sales and operating costs, excluding depreciation and amortization

tops: a bottomless light sour crude oil, a residual from the asphalt refining process, which is a premium feedstock for refiners

WCSB: Western Canadian Sedimentary Basin

wellsite fluids: includes frac-oil-based drilling and frac fluids used in the drilling and completion of oil and natural gas wells