Corpus Christi, TX, USA – Pin Oak Corpus Christi, LLC (“Pin Oak Terminals”) received its first vessel Wednesday at the
newly commissioned Oil Dock 14 at the Port of Corpus Christi. The new dock can accommodate fully laden bulk liquid
tankers up to Suez-max class with loading rates in excess of 40,000 barrels per hour. The Port of Corpus Christi is the
primary gateway for American energy exports in the United States.

The new dock construction was a joint effort between the Port of Corpus Christi Authority and Pin Oak Terminals. The
Port Authority constructed the dock, mooring structures and dredging while Pin Oak installed the topside handling
equipment, the storage facilities, and the common carrier pipeline interconnects.

Pin Oak Terminals is a joint venture between Dauphine Midstream LLC (“Dauphine”) and Mercuria Energy Group Ltd.
(“Mercuria”). Dauphine is a portfolio company of Pelican Advisors, LLC and is focused on the development, acquisition,
and operations of midstream assets throughout the world. Mercuria is a global commodities group primarily focused
on energy. In 2014, Mercuria acquired the physical commodities trading unit of JPMorgan Chase & Co.

“The Port of Corpus Christi congratulates Pin Oak Terminals on the arrival of their first vessel in Corpus Christi and
looks forward to a successful partnership with Pin Oak and their ownership, Dauphine and Mercuria.,” said Sean
Strawbridge, Chief Executive Officer for the Port of Corpus Christi. “Continuing our mission of creating value for our
customers while driving economic prosperity for Texas is our obsession, particularly as we move to a post-COVID-19
recovery era.”

“We set out on this course roughly two years ago to execute on a significant capital development program in
conjunction with the Port of Corpus Christi to create a world class multi-modal terminal company,” said Corey
Leonard, Chief Executive Officer of Pin Oak. “Bringing Oil Dock 14 online for Suez-max class vessels is a key
component of our strategy, and this week’s achievement marks a significant milestone in our efforts to become the
premier terminal and logistics company in the South Texas market.”

“We are proud to have partnered with Pin Oak Terminals to make this milestone a reality,” said Charles W. Zahn,
Chairman of the Port of Corpus Christi Commission. “As the Energy Port of the Americas, it is more vital now than
ever that we continue to help facilitate commerce to help our nation and the rest of the world on the road to
recovery.”

 

About Port of Corpus Christi
As a leader in U.S. energy exports and a major economic engine for the State of Texas and the Nation, the Port of Corpus Christi is the 3rd largest port in the United States in total tonnage. Strategically located on the western Gulf of Mexico with a 36-mile, soon to be 54 foot (MLLW) deep channel connected by three Class-1 railroads and two major interstate highways, the Port of Corpus Christi is a major gateway for maritime commerce. Founded in 1926, the Port of Corpus Christi is “Moving America’s Energy”. http://www.portofcc.com/

Pin Oak
Pin Oak Corpus Christi, LLC owns and manages the Pin Oak Corpus Christi and Pin Oak Taft Terminals. Pin Oak’s Corpus Christi Terminal has 3.8 million barrels of heated and unheated storage (increasing to 5 million barrels) connecting to Suez-max capable docks. With major pipeline interconnects, Pin Oak also serves customers with rail and truck loading/unloading. Pin Oak’s Taft Terminal commenced construction on 1.7 million barrels of crude oil tankage, along with pipeline interconnections to EPIC, Red Oak, and Gray Oak Pipelines. Pin Oak Corpus Christi, LLC is part of the Pin Oak group of companies, a portfolio of greenfield and brownfield midstream assets in the U.S. Gulf Coast.