Common use of Marketing Portfolios Clause in Contracts

Marketing Portfolios. The marketing portfolio houses all transactions associated with the Company’s marketing directly to its customers. Transactions in this portfolio include both the direct obligation to the customer as well as the hedging transactions (in-house transactions between Supply and Marketing) to maintain a balanced portfolio. The residual volume and price exposure of the marketing portfolio will be a reflection of any mismatch of the customized wholesale products, which the marketing customers require, and the standardized products available in the wholesale market for hedging. These positions will be minimal and only tracked for internal purposes, as the reported results are consolidated at the Refined Products and Natural Gas levels.