Southwest IDEAS Investor Conference Relations... · Southwest IDEAS Investor Conference ......

© 2019 Graham Corp. 1

Southwest IDEAS

Investor Conference

NYSE: GHM • November 20, 2019

Jeffrey F. Glajch

Vice President & Chief Financial Officer


Safe Harbor StatementThis presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of

1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking

statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,”

“estimates,” “confidence,” “projects,” “typically,” “outlook,” “anticipates,” “believes,” “appears,” “could,” “opportunities,”

“seeking,” “plans,” “aim,” “pursuit,” and other similar words. All statements addressing operating performance,

events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not

limited to, expected expansion and growth opportunities within its domestic and international markets, anticipated

revenue, the timing of conversion of backlog to sales, market presence, profit margins, tax rates, foreign sales

operations, its ability to improve cost competitiveness, customer preferences, changes in market conditions in the

industries in which it operates, changes in commodities prices, the effect on its business of volatility in commodities

prices, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of

the economic growth in its markets, its acquisition and growth strategy and the expected performance of Energy

Steel & Supply Co. and its operations in China and other international locations, are forward-looking statements.

Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These

risk factors and uncertainties are more fully described in Graham Corporation's most recent Annual Report filed with

the Securities and Exchange Commission, included under the heading entitled “Risk Factors.” Should one or more

of these risks or uncertainties materialize, or should any of Graham Corporation's underlying assumptions prove

incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not

be placed on Graham Corporation's forward-looking statements. Except as required by law, Graham Corporation

disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements

contained in this slide presentation.

This presentation will discuss some non-GAAP financial measures, which Graham Corporation believes are useful in

evaluating its performance. You should not consider the presentation of this additional information in isolation or as a

substitute for results compared in accordance with GAAP. Graham Corporation has provided reconciliations of

comparable GAAP to non-GAAP measures in tables found in the Supplemental Information portion of this

presentation.


Business & Strategic Overview


Introduction to Graham Corporation

Key markets:

Note: Market data as of November 12, 2019 [Source: S&P Capital IQ]; ownership as of last filing date

Founded: 1936

IPO: 1968 NYSE: GHM

Market capitalization $225.9 million

Recent price $22.86

52-week range $17.70 – $26.54

Avg. daily trading volume (3 mos.) 28.9k

Common shares outstanding: 9.9 million

Annualized dividend/dividend yield $0.44 / 2.3%

Ownership:

Institutional 78.2%

Insider 3.4%

Fiscal year end March 31

Refining

~40%Chemical/

Petrochemical

~35%

Other/ Navy

~25%

Who we are: MicroCap industrial, principally serving energy, chemical & defense industries

What we provide: Custom-fabricated, engineered-to-order products and solutions

How we go to market: Combination of direct sales offices and manufacturers reps

- Batavia, US Gulf Coast, India and China direct offices

- 50+ independent manufacturer’s representative offices globally

Where we produce: Batavia, NY is principal operation and we partner with other fabricators


Process-Critical Equipment

High Cost of Failure

Low Fault Tolerance Performance Specifications

Difficult or Impossible to Replace

Low Relative Cost

Customers Require Quality, Complex, Engineered-to-Order Equipment


Leading market position and worldwide brand recognition

Global installed base provides > 30% of annual revenue

Investing to capture more predictable, less volatile revenue streams

Acquisition opportunities to moderate historical cyclicality

Strong and flexible balance sheet

Solid operating leverage and powerful cash generation

Investment Highlights


Strategic Focus: Profitable Top Line Growth

Expand Predictable

Revenue Streams

Increase

Market Share

Add New

Revenue Steams

• Navy

• Installed Base

• Crude Oil Refining

• Chemical/Petrochemical

• OEM Development

• M&A

- Share of customer wallet

- Additional products

Strategic Outcomes

Strengthen long-term shareholder returns

More consistent financial results

Greater cash generation for future

− M&A

− Organic growth investment

− Future dividend increases


Strategic Lever: Expand U.S. Navy Revenue and Improve Margin Quality

0

20

40

60

80

100

120

140

160

$ in

Mill

ion

s

Graham Revenue

Navy Other Markets

Displace Incumbents (Near-term strategy)

• Increase components provided

− CVN aircraft carrier program

− SSN Virginia submarine program

− SSBN Columbia submarine program

Offload Shipyards (Longer-term strategy)

• Complex new fabrications and components

− Newport News must push more work into supply chain

− Electric Boat must push more work into supply chain

Improve Margin Quality

• Increase work secured sole-source

• Productivity gains

− Greater predictability of what we will fabricate

− Entering repeated fabrications

⁻ Improved workflow

⁻ Production R&D behind

⁻ Jigs & fixtures built

− Workforce development and proficiency

Backlog Quality Improving –

GHM strengthening its competitive position

FY2016 & Prior

FY2019

FY2022 Goal

100% competitively bid

75% competitively bid

<50% competitively bid


Strategic Lever: Installed Base Focus & Relationship Strengthening With End User

Within 12 to

24 Months

10-15%

* Excludes revenue and gross profit from U.S. Navy

~30% - 40% of GHM Revenue Derived from Installed Base

Ejectors

Crude Oil Refinery Ejector System

Surface Condenser

Petrochemical Surface Condenser

Commercial Revenue* by Type

FY2004-2011 FY2012-2019

28%41%

Commercial Gross Profit* by Type

FY2004-2011 FY2012-2019

New Equipment Revamp/Retrofit Parts

61%44%

Key Activities

• Hired strategy architect

• Structure Performance Improvement engineering team

• IT tools to proactively manage installed base

• Improve lead management process

• Reduce lead time

Condensers


Strategic Lever: Change Position Where Market Share is Low

10%

LastDecade

Near-termPlan

Graham Annual Outsourced Hours

~30%-40%

(as % of direct labor)

Capture More Share Within• International crude oil refining

• International chemical/petrochemical

Actions

• Develop greater execution scale

− Fabrication capacity via global supply chain

− Shift certain engineering in fabrication

partner

• Isolate and moat critical IP and know-how

• Structure quality and supply chain oversight

organization

• Aggressively pursue versus opportunistically

take this work

OEM Development Within

Short-Cycle Segment• Hydrogen fuel

• Supercritical fluids

• Industrial gases

• Cryogenic

• Natural gas

• Other

Actions

• Hired strategy leader with sales manager

focused on this

• Strengthen opportunity generation and

management tools

• Continuous improvement to create

execution and quoting capacity

• Aggressiveness to secure this work


Acquisition Strategy

Existing end markets or adjacencies; Navy & aftermarket

Strong management team with customer and quality focus

$20 million – $60 million in annual revenue

Cash return exceeds equity cost of capital

Strong pricing discipline

Improve revenue and earnings, reduce volatility


Acquisition Focus

Extend our core competencies, reduce volatility

• Broaden participation in other programs

• Additional products

Energy/Chemical

Capital Equipment

Aftermarket

Defense


• Expand share


• Cost advantage


Strategically Addressing Key Markets

Key End MarketsMarket Size

% of

GHM

Sales

GHM

Share

New

Capacity

Revamps/

Retrofits*

Spares/

Replacements*

Crude Oil Processing/

Refining

>$150 million annually

~40% ~ 25% Significant Significant Significant

Chemical/

Petrochemical

>$150 million annually

~35% ~15% Significant Moderate Significant

U.S. Navy

~$50 million annually

~20% >50% Significant Not meaningful Not meaningful

Other ~5% Significant Not meaningful Significant

* Revamps/retrofits and spares/replacements are derived from the installed base

Relative importance

~$1 billion installed base drives ongoing revenue opportunities


Wide Range of Projects

Project Types% of GHM

SalesASP* ASP* Range Lead Time

Large Orders –

Commercial

~ 50% $800,000 $250k-$10 million 9-18 months

Large Orders –

U.S. Navy

~ 15% > > $

(large)

Up to $30 million up to 5 years

Short Cycle Orders –

Commercial

~ 35% <$10,000 $500-$250k 1 week - 6 months

* ASP: Average Selling Price


Graham End Market Key Differentiators

Provide engineering and equipment scope analysis regarding

Capex, Opex, and best way to achieve user’s operating

objectives. Able to provide fast, accurate and detailed analysis.

Value provided to market before order is placed.

Consultative Selling Platform

Complex Project Management

Aptitude

Graham provides unique value before and throughout project life cycle

Custom Fabrication to

Tight Tolerances

Responsive Operating Model

Ability to efficiently and effectively stop and start, as needed,

throughout project life. Must have this capability.

Low volume / high mix operations model where engineering

change orders occur frequently while in fabrication.

Unique capability to custom fabricate large weldments, in special

metallurgy to exacting tolerances. Strong quality control with

objective quality evidence.


$24.8 $17.7

$9.0 $11.1 $17.1

$40.5 $43.5

$22.0

$34.4

$23.2 $23.2$15.1

$32.6

$0

$20

$40

$60

$80

$100

$120

$140

$160

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Fiscal 2018Fiscal 2017

(in millions)

Volatile Order ActivityDriven by demand and order size

• TTM trend impacted by

– Timing of large traditional refining

and chemical/petrochemical orders

– U.S. Navy orders

Quarterly

Net Orders

Quarterly and TTM Net Orders

Trailing Twelve Month

Consolidated Net Orders

Fiscal 2019

Trailing Twelve Month

Net Orders Excluding

U.S. Navy & Nuclear

Core orders

up ~100%

from floor

Fiscal

2020


Adjusted EBITDA margin

Growth & Pricing Power Drive Margin Expansion

(1) See supplemental slide for Adjusted EBIDTA reconciliation and other important disclaimers regarding Graham’s use of adjusted EBIDTA

(2) Reflects the midpoint of revenue guidance provided as of October 30, 2019, excluding the commercial nuclear utility business divested June 24, 2019

(1)

(Revenue in millions)

$77.5

$91.8

FY 2018 FY 2019 Mid-cycle

5%

Upper

teens

(1)

(1)

8%(1)

Expanding market participation and share

Improving productivity and operational throughput

Improving end market fundamentals and pricing

FY 2020

$102.5(2)


Navy 48%

Chemical/Petrochemical

16%

Refining 32%

Power & Other 4%

($ in millions)

Backlog by IndustrySeptember 30, 2019

Projected Backlog ConversionSeptember 30, 2019

Within next

12 months

55-60%

Beyond

24 Months

25-35%

Backlog Level Supports Growth Outlook

Backlog increase at 9/30/19 driven by

refining market – triple level vs two years ago

Commercial backlog reflects highest level in

about five years

High percentage of U.S. Navy projects in

backlog provides stability and growth

Mix highlights importance of diversification strategy

Within 12 to

24 Months

10-15%

3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019

Backlog

Energy Steel, divested 6/24/2019Ongoing Graham businessBacklog expected to convert within 12 months

$117.9

$113.3 $108.5$124.1$127.3$120.9

$127.8$117.2

$132.1$133.7$127.8

$114.9


Financial Overview


$90.0 $91.8

$77.5

$91.8$100-$105(3)

12%10%

5%

8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

$0

$30

$60

$90

$120

$150

FY16 FY17 FY18 FY19 FY20E

Revenue Adj. EBITDA Margin

EPS

(1) See supplemental slide for adjusted EBITDA reconciliation and other important disclaimers regarding Graham’s use of adjusted EBITDA

(2) FY17, FY18 and FY19 EPS have been adjusted to exclude unusual items. Please see supplemental slides for a reconciliation of GAAP EPS to adjusted EPS.

(3) Based on guidance provided as of October 30, 2019, excluding the commercial nuclear utility business divested June 24, 2019

Invested for Backlog Execution & Market Recovery

(Revenue in millions)

(1)

$0.61 $0.56(2) $0.18(2) $0.51(2)


FY18 FY19 FY20E

$2.1

Capital Expenditures

2.1% 2.3%

7.2%

FY18 FY19 9/30/2019

Working Capital Utilization(1)

Strong Balance Sheet

Cash, Cash Equivalents and Investments

($ in millions)

$8.5 $7.9

$0.9

FY18 FY19 Q2 FY20 TTM

Operating Cash Flow

$2.5-$2.8(2)

$73.5$76.5

$73.8

3/31/2017 3/31/2018 9/30/2019

$2.1

(1) Defined as current assets (excluding cash and cash equivalents and investments) less current liabilities divided by annual or TTM revenue, adjusted

to remove Energy Steel sales

(2) Based on guidance provided as of October 30, 2019, excluding commercial nuclear utility business divested June 24, 2019


Strong Cash Generation

($ in millions)

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

March 2005 Cash& Investments,

Net

NetIncome

D&A, IntangiblesImpairment

Working CapitalChange

CapitalInvestments

Financing/Other Treasury StockRepurchases

Dividends September 2019Cash &

Investments,Net

0.8

108.2

47.7 (7.4)(30.1)

(6.3)(13.8)

(25.2)

73.8

Uses of CashSources of Cash

March 2005 to September 2019

>100% of Net Income

converted to cash or

returned to shareholders


Graham Capital Allocation Priorities

Dividend Payments

Organic Growth Acquisition Strategy

Maintain a strong, prudently managed balance sheet

• Invest in current operations to

drive organic growth

• Continue consistent dividend

payments and increases

• Seek opportunistic acquisitions

with cash return that exceeds

equity cost of capital

• Opportunistically return value to

shareholders through stock

repurchases

Cash from

Operations

Cash from

Balance Sheet


Shareholder Focus

• Paid $3.8 million of

dividends in FY2019

• Sustainable dividends

reflect stability of

operating cash flows

across business cycle

36%

63%78%

3/31/2007 3/31/2010 6/30/2019

Institutional Ownership

$0.08 $0.12

$0.16

$0.32 $0.36

$0.40 $0.44

Prior 2/11/2013* 2/25/2014* 1/29/2015* 1/28/2016* 8/2/2018* 8/7/2019*

Annualized Dividends Per Share

* Reflects date of dividend increase

Sell-side analyst coverage

• Sidoti

• Maxim

• Litchfield Hills


• Revenue $100 million – $105 million,

20% - 26% growth excluding

divested commercial nuclear utility

business

• Gross margin 24% – 26%

• SG&A $17 million – $18 million

• Effective tax rate ~20%

(1) FY2020 guidance updated as of October 30, 2019, excludes commercial nuclear utility business (divested June 24,2019)

FY2020 Guidance(1)


Leading market position and worldwide brand recognition

Global installed base provides > 30% of annual revenue

Investing to capture more predictable, less volatile revenue streams

Acquisition opportunities to moderate historical cyclicality

Strong and flexible balance sheet

Solid operating leverage and powerful cash generation

Graham Highlights


Southwest IDEAS

Investor Conference



Supplemental

Information



Global Oil Refining Industry

• Total expected market demand ~$150 million

annually

– Market share: ~25%

• Tactics for growth

– Plant focused to identify project opportunities

– Localization with global partners

• Market demand drivers

– New capacity, especially in emerging markets

– Revamp/upgrades, debottlenecking, feedstock

changes in installed base

– Statutory regulations; ULSD, clean gasoline, etc.

– Replacement equipment in mature markets

Leading Supplier of Vacuum Systems and Surface Condensers

Refining

36%

Chemical/

Petrochem

34%

Power*

8%

Navy/Other

22%

Key Metric: 1mmbbl/day of new capacity $45mm to $60mm of opportunity

Percents based on

Q2 FY20 TTM sales of

$83.1 million

*Power includes commercial nuclear business divested June 24,2019


Refining

36%

Chemical/

Petrochem

34%

Power*

8%

Chemical/Petrochemical IndustryNatural Gas Growth Trend

• Total expected market demand ~$150 million

annually

– Market share: ~15%


– Capitalize on customer relationships

and strong brand

– Early engagement on projects

– Expand partnerships in Asia


– New capacity

– Revamp and debottleneck

– Replacement equipment

– Monetization of domestic natural gas resources

Key Metric: 1mmTPY of new capacity $5mm to $8mm of opportunity

Navy/Other

22%

Percents based on


$83.1 million



• Aircraft carrier program ~$35 million to ~$40 million per carrier

• Submarine program

– ~$15 million to ~$20 million per Virginia Class; 45 subs, building one to two subs per year

– ~$20 million to ~$25 million per Ohio Replacement Class; 11 to 13 subs planned with construction scheduled to begin in 2021, building one every ~18 months


– Expanding Graham offerings

– Capital investments


– Virginia Class sub program

– Ohio Replacement Class sub program

– Carrier fleet

– Replacement equipment

Refining

36%

Chemical/

Petrochem

34%

Power*

8%

Navy/Other

22%

Naval Nuclear Propulsion ProgramBecome Lead Supplier of Surface Condensers and Ejectors for U.S. Navy

Percents based on


$83.1 million



Geographic Revenue Breadth

United

States

73%

Asia

12%

Middle East

4%

Other

11%

Q2 FY20 TTM Sales

$83.1 million*

Q2 FY20 TTM Orders

$92.5 million**

United

States

48%

Asia

26%

Middle East

2%

Other

24%

* Includes $4.9 million for commercial nuclear

utility business divested June 24,2019

** Includes $7.7 million for commercial nuclear

utility business divested June 24,2019


Graham’s Channel Management Structure

Batavia, NY

HQ & Operations

Houston, TX

Sales Office

Suzhou, China

Sales Office

North America

30*

Gulf Coast LA

Perf Improvement Ctr

Latin America

7*

* Number of independent sales representatives in region

EMEA

15*Asia

4*

** Commercial nuclear utility business, held for sale

Ahmedabad, India

Sales Office


Year 1 Year 2 Year 3 Year 4 Year 5

Value Enhancing Sales Cycle

Year 1 Year 2

Graham Competitive Advantage:

Early Involvement

Graham establishes competitive advantage during first 24 months…

Understanding pipeline, developing design options, identifying

decision makers, understanding timing, creating strong relationships to…

Gain advantage, optimize margin and win business

Concept FEED* EPC Bid Purchase Construction

* Front End Engineering Design

Cradle to grave support


Executive Compensation

• Base Salary

– Reviewed annually by our compensation committee and determined based

on company performance, individual performance, job responsibilities, and

internal pay equity

– Provides compensation that is not “at-risk” to compensate executive officers

• Annual Incentive Cash Compensation

– Based on achievement of threshold, target and maximum levels of net income

and order level targets as well as personal goals

• Long Term Equity Incentive Compensation

– Performance-Vested Restricted Stock

• Relative Total Shareholder Return (“TSR”) measure

• Relative profitability measure [EBITDA vs. BICC (Baird Industrial Index)]

– Time-Vested Restricted Stock

• Designed to retain executives and align their interests with those of our shareholders

Shareholder Alignment


Sales Reconciliation(in thousands)

FY 2017 FY 2018 FY 2019 Q2 FY20 TTM

Total commercial sales $ 76,240 $ 62,728 $ 83,859 $ 73,935

U.S. Navy sales 15,529 14,806 7,972 9,140

Consolidated sales as reported 91,769 77,534 91,831 83,075

- Commercial nuclear utility sales (13,921) (9,476) (8,336) (4,871)

Consolidated sales as adjusted* $ 77,848 $ 68,058 $ 83,495 $ 78,204

* Reflects sales of ongoing business, excluding commercial nuclear utility business divested June 24, 2019


Adjusted EBITDA Reconciliation – Annual(in thousands)

Non-GAAP Financial Measure:

Adjusted EBITDA is defined as GAAP net income (loss) before net interest income, income taxes, depreciation and amortization, a

nonrecurring restructuring charge, goodwill and other impairments, and a charge associated with the revaluation of the commercial nuclear

utility business. Adjusted EBITDA margin is adjusted EBITDA divided by sales. Adjusted EBITDA and adjusted EBITDA margin are not

measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP.

Nevertheless, Graham believes that providing non-GAAP information such as adjusted EBITDA and adjusted EBITDA margin are

important for investors and other readers of Graham's financial statements, as they are used as analytical indicators by Graham's

management to better understand operating performance. Graham’s credit facility also contains ratios based on EBITDA. Because

adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures and are thus susceptible to varying calculations, adjusted

EBITDA and adjusted EBITDA margin, as presented, may not be directly comparable to other similarly titled measures used by other

companies.

FY 2016 FY 2017 FY 2018 FY 2019

Net income (loss) $ 6,131 $ 5,023 $ (9,844) $ (308)

+ Net interest income (251) (376) (594) (1,450)

+ Income taxes 2,599 2,026 (3,010) 163

+ Depreciation & amortization 2,435 2,326 2,222 2,205

+ Restructuring charge - 630 316 -

+ Goodwill and other impairments - - 14,816 6,449

+ Bad debt charge on commercial

nuclear utility business - - 280 -

Adjusted EBITDA $ 10,914 $ 9,629 $ 4,186 $ 7,059

Adjusted EBITDA margin % 12% 10% 5% 8%


Adjusted EPS Reconciliation – Annual(in millions, except per share data)

Non-GAAP Financial Measure:

Adjusted EPS is defined as GAAP EPS adjusted for a nonrecurring restructuring charge, goodwill and other impairments, a charge

associated with the revaluation of the commercial nuclear utility business, the tax effect of the above and the impact of the new tax law in

fiscal 2018. Adjusted EPS is not a measure determined in accordance with generally accepted accounting principles in the United States,

commonly known as GAAP. Nevertheless, Graham believes that providing non-GAAP information such as adjusted EPS is important for

investors and other readers of Graham's financial statements, as it is used as an analytical indicator by Graham's management to better

understand operating performance. Because adjusted EPS is a non-GAAP measure and is thus susceptible to varying calculations,

adjusted EPS, as presented, may not be directly comparable to other similarly titled measures used by other companies.

FY 2016 FY 2017 FY 2018 FY 2019

GAAP diluted earnings per share $ 0.61 $ 0.52 $ (1.01) $ (0.03)

+ Restructuring charge - 0.06 0.03 -

+ Goodwill and other impairments - - 1.52 0.66

+ Bad debt charge on commercial nuclear

utility business- - 0.03 -

- Tax effect of above - (0.02) (0.31) (0.12)

- Impact of new tax law - - (0.08) -

Adjusted diluted earnings per share $ 0.61 $ 0.56 $ 0.18 $ 0.51


North American Competition

Market Competitors

Refining vacuum distillation Croll Reynolds Company, Inc.; Gardner

Denver, Inc.; GEA Wiegand GmbH

Chemicals/Petrochemicals Croll Reynolds Company, Inc.; Gardner

Denver, Inc.; Schutte Koerting

Turbomachinery OEM – refining, petrochemical Donghwa Entec Co., Ltd..; KEMCO;

Oeltechnik GmbH

Turbomachinery OEM – power and power

producer

Holtec; KEMCO; Maarky Thermal Systems;

Thermal Engineering International (USA), Inc.

Naval Nuclear Propulsion Program/Defense DC Fabricators; Joseph Oat; PCC; Triumph

Aerospace; Xylem


Market Competitors

Refining vacuum distillation Edwards, Ltd.; Gardner Denver, Inc.; GEA

Wiegand GmbH; Korting Hannover AG

Chemicals/Petrochemicals Croll Reynolds Company, Inc.; Edwards, Ltd.;

Gardner Denver, Inc.; GEA Wiegand GmbH;

Korting Hannover AG; Schutte Koerting

Turbomachinery OEM – refining,

petrochemical

Chem Process Systems; Donghwa Entec Co.,

Ltd.; Hangzhou Turbine Equipment Co., Ltd.;

KEMCO; Mazda (India); Oeltechnik GmbH

Turbomachinery OEM – power and power

producer

Chem Process Systems; Holtec; KEMCO;

Mazda (India); SPX Heat Transfer; Thermal

Engineering International

International Competition


Supports a steam turbine and enables the conversion of maximum energy in high pressure steam into power.

Products: Surface Condenser

Vital Processing Components

An ejector system lowers the pressure in the distillation column to allow crude oil to boil at a lower temperature. This allows for more efficient and cost-effective separation of crude oil into valuable products, such as diesel, gas oils,kerosene, and other fuels.

A condenser supports a steam turbine and enables the conversion of maximum energy in high pressure steam into power.

REFINERY EJECTOR SYSTEM

CNOOC HUIZHOU REFINERY–CHINA

240,000 BBL/DAY REFINERY

42

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