Commercial Marketing interview prep.

Behavioural questions to expect

1. Walk me through your background + downstream commercial / marketing experience.
2. Tell me about a supply contract, rack pricing call, or commercial program you've worked on.
3. Why downstream commercial / marketing vs trading, refining, or midstream commercial?
4. Why this channel / product mix - branded wholesale vs unbranded rack vs retail vs specialty?
5. Why the firm?
6. What's your read on our commercial footprint + channel position?
7. Tell me what you understand about our wholesale + retail + RIN strategy.
8. Walk me through how you'd price a barrel from our refinery gate to a customer's rack pickup.

Technical concepts to master

• Rack + wholesale pricing mechanics

  Rack price + posting cycle · OPIS + Argus index pricing · Spot vs rack vs contract · Exchange agreements + time-swaps · Crack spreads + product crack

• RIN + LCFS + renewable fuels stack

  RFS + RVO (Renewable Volume Obligation) · RIN categories - D3 / D4 / D5 / D6 · RIN bank + vintage carry · LCFS (California + Oregon + Washington) · Renewable diesel + SAF + ethanol economics

• Wholesale + branded contract structures

  Branded supply contract (jobber / distributor) · Unbranded rack supply · Commission marketer + lessee dealer + open dealer · Throughput agreement + terminal storage · Take-or-pay + requirements contracts

• Retail + non-fuel margin economics

  Street price + retail fuel margin (CPG) · Volume vs margin trade-off · Inside-the-store / c-store basket · Foot traffic + same-store metrics · Loyalty + payment economics

Practical drills

• An unbranded jobber wants to lift gasoline (CBOB E10) at your Group 3 terminal. OPIS Group 3 unbranded rack = 245 cpg. Estimated D6 RIN cost = 8 cpg. Pipeline + terminal in / out = 6 cpg. Brand differential N/A (unbranded). Customer freight = 4 cpg (their cost). Walk through the net-back to refinery gate + how you'd think about the deal.
• You're an obligated party with an annual D4 (biomass diesel) RIN obligation of 50M RINs. You can (a) blend renewable diesel in-house at your terminals (CI benefit + RIN generation + 45Z PTC), (b) buy separated D4 RINs on the open market, (c) carry deficit forward against next year's bank. Forward D4 RIN strip = $1.50; in-house renewable diesel blend cost = $0.10 / gal premium net of RIN + 45Z; LCFS credit value (CA volumes) = $75 / tonne. Walk through the decision.
• A 25-site branded jobber in the sector wants a 7-year branded supply renewal. Current contract = OPIS rack-plus 2 cpg + 1.5 cpg brand fee + 5-year image program co-invest. Competitor is offering them a swap to a different branded supplier at OPIS rack-plus 1.5 cpg + lower brand fee + faster image refresh. Walk through how you'd structure your renewal counter.

Smart-question anchors

• Channel mix + branded posture - branded vs unbranded volumes, jobber + distributor network direction
• PADD footprint + asset position - terminals + retail concentration, recent footprint shifts
• RIN + LCFS posture - obligation management, renewable diesel investment, 45Z PTC capture
• Retail program direction - company-op vs dealer vs commission marketer mix, c-store + non-fuel program
• Trading + supply optimisation - in-house trading desk, exchange + time-swap activity, hedging discipline

Sourced from

EPA Renewable Fuel Standard (RFS) + RIN regulations (40 CFR Part 80) · CARB LCFS + Oregon CFP + Washington CFS programs · OPIS + Argus US wholesale + rack price reporting + EIA-782 / EIA-821 data · NACS + Stillwater Associates + Hart Energy + S&P Global Commodity Insights downstream coverage · Inflation Reduction Act Section 45Z Clean Fuel Production Credit + IRS guidance · Public downstream + integrated 10-Ks + earnings transcripts (sector-wide pattern read)