Kirby : Operational Overview and Facility Tour

2022 Operational Overview and Facility Tour

Opening Remarks

David Grzebinski - President & CEO

Forward Looking Statements

Non-GAAP Financial Measures

Statements contained in this presentation with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward- looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including cyclical or other downturns in demand, significant pricing competition, unanticipated additions to industry capacity, changes in the Jones Act or in U.S. maritime policy and practice, fuel costs, interest rates, weather conditions and timing, magnitude and number of acquisitions made by Kirby, and the impact of the COVID-19 pandemic and the related response of governments on global and regional market conditions. Forward-looking statements are based on currently available information and Kirby assumes no obligation to update any such statements. A list of additional risk factors can be found in Kirby's annual report on Form 10-K for the year ended December 31, 2021.

Kirby reports its financial results in accordance with generally accepted accounting principles (GAAP). However, Kirby believes that certain Non-GAAP financial measures are useful in managing Kirby's businesses and evaluating Kirby's performance. This presentation contains Non-GAAP financial measures including: Adjusted EBITDA; operating income, excluding one-time items; earnings before taxes on income, excluding one-time items; net earnings attributable to Kirby, excluding one-time items; and diluted earnings per share, excluding one-time items, and free cash flow. Please see the Appendix for a reconciliation of GAAP to Non-GAAP financial measures.

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Topics for Discussion

• Oil prices have been under some moderate pressure lately
• Long term demand trends remain favorable
• U.S. petrochemical and refineries in very strong position globally
• Leading U.S. Shale production has cemented USGC's cost advantage in global markets
• EV impact on fuels is more than offset by continued growth in other areas
• Size and speed of shift to electrification

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Imbalances in Global Oil Market Create Opportunities for Kirby

• "Revenge of the old economy"
• • Energy is outperforming in 2022
  • • Why? Favorable market fundamentals:
    • • Underinvestment thesis
      • Ukraine/Russia War; EU ban on Russian oil
      • Low inventories
      • OPEC+ cuts
• Additional supply and demand uncertainties:
• • Recessionary fears
  • Inflation pressures
  • Historic SPR releases
  • Incremental growth from U.S. shale; Capital discipline is the new normal
  • China COVID lockdowns (eventually will end...)
  • Energy Transition
• Favorable market fundamentals → Improved pricing
• • Potential for triple digit oil prices in 2023
  • Continued high refinery and chemical plant utilization levels

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U.S. Well-Positioned in Global Petrochemical Arena

MARINE TRANSPORTATION and DISTRIBUTION & SERVICES

U.S. Feedstock Advantage

EIA U.S. Production ForecastGlobal Chemical Demand

MMBpd

Quadrillion Btu

DISTRIBUTION & SERVICES

MARINE TRANSPORTATION

INDUSTRIAL		EQUIPMENT	OIL FIELD	PETROCHEMICALS	REFINERS
	DOMESTIC		EXPORT
Source: Exxon: Outlook for Energy, EIA		Globally Competitive Products			Onshoring only multiplies this impact

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