5 unchanged sentences
The physical commodities that comprise our raw materials and finished goods are typically bought and sold at a spot or index price that can be highly variable.
−Removed: The Petroleum Segment uses a crude oil purchasing intermediary, Vitol, to purchase the majority of its non-gathered crude oil inventory for the refineries, which allows it to take title to and price its crude oil at locations in close proximity to the refineries, as opposed to the crude oil origination point, reducing its risk associated with volatile commodity prices by shortening the commodity conversion cycle time.
+Added: The Petroleum Segment uses a crude oil purchasing intermediary, Vitol, Inc., to purchase the majority of its non-gathered crude oil inventory for the refineries, which allows it to take title to and price its crude oil at locations in close proximity to the refineries, as opposed to the crude oil origination point, reducing its risk associated with volatile commodity prices by shortening the commodity conversion cycle time.
The commodity conversion cycle time refers to the time elapsed between raw material acquisition and the sale of finished goods.
2 unchanged sentences
RFS Compliance Price Risk
−Removed: As a producer of transportation fuels from crude oil, the Petroleum Segment is required to blend biofuels into the products it produces or to purchase RINs in the open market in lieu of blending to meet the mandates established by the EPA.
−Removed: The Petroleum Segment is exposed to market risk related to volatility in the price of RINs needed to comply with RFS that are not otherwise generated through blending of renewable fuels in our refining and marketing operations.
−Removed: To mitigate the impact of this risk on the Petroleum Segment’s results of operations and cash flows, the Petroleum Segment performs ethanol and biodiesel blending or purchases RINs.
−Removed: Additionally, in December 2020, the Board approved full funding for the development a renewable diesel unit at our Wynnewood Refinery which we estimate will result in the generation of approximately 180 million RINs each year.
−Removed: We continually monitor the impact of RFS on our business and evaluate strategies to mitigate the impacts of the RFS program, the administration thereof, and the market volatility for RINs on our business.
−Removed: Refer to Part I, Item 1A, “Risk
−Removed: December 31, 2020 | 63
−Removed: Factors,” Part II, Item 7, “Management’s Discussion and Analysis” and Part II, Item 8, Note 11 (“Commitments and Contingencies”), of this Report for further discussion about compliance with RFS and the potential impacts on our business.
+Added: As a producer of transportation fuels from crude oil, the Petroleum Segment is required to blend biofuels into the products it produces or purchase RINs in the open market in lieu of blending to meet the mandates established by the EPA.
+Added: The Petroleum Segment is exposed to market risk related to volatility in the price of RINs needed to comply with the RFS that are not otherwise generated through blending of renewable fuels in our refining and marketing operations.
+Added: To mitigate the impact of this risk on the Petroleum Segment’s results of operations and cash flows, the Petroleum Segment blends ethanol and biodiesel to the extent possible.
+Added: Additionally, in December 2020, the Board approved full funding for the development of a RDU at our Wynnewood Refinery, which we estimate will result in the generation of approximately 180 million RINs each year.
+Added: We continually monitor the impact of the RFS on our business and evaluate strategies to mitigate the impacts of the RFS program, the administration thereof, and the market volatility for RINs on our business.
+Added: Refer to Part I, Item 1A, “Risk Factors,” Part II, Item 7, “Management’s Discussion and Analysis” and Part II, Item 8, Note 11 (“Commitments and Contingencies”), of this Report for further discussion about compliance with the RFS and the potential impacts on our business.
December 31, 2021 | 69
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.