21 unchanged sentences
1.4 1,075,000 1,075,000 —
−Removed: Natural gas swaps - long (3)
−Removed: — 747,500 747,500
−Removed: Natural gas swaps - short (3)
−Removed: — 747,500 747,500
RINs commitment contracts - long (2)
(0.1) 250,000 250,000 —
+Added: RINs commitment contracts - short (2)
+Added: (2.6) 112,000,000 112,000,000 —
Total $ (4.4)
1 unchanged sentence
(2) Volume in RINs.
−Removed: (3) Volume in MMBtu.
Management's Discussion and Analysis
3 unchanged sentences
In accordance with ASC 815, all interest rate hedging instruments are recorded at fair value and any changes in the fair value between periods are recognized in earnings.
−Removed: We expect that any interest rate derivatives held would reduce our exposure to short-term interest rate movements.
−Removed: As of December 31, 2024, we had one floating-to-fixed interest rate derivative agreement in place for a notional amount of $500.0 million, which matures in November 2027.
−Removed: The estimated fair value of our interest rate derivative asset was $3.2 million as of December 31, 2024.
−Removed: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt, after considering the interest rate swap, outstanding as of December 31, 2024 would be to change interest expense by approximately $8.7 million.
+Added: We expect that any interest rate derivatives held will reduce our exposure to short-term interest rate movements.
+Added: As of December 31, 2025, we had two floating-to-fixed interest rate derivative agreements in place for a notional amount of $200.0 million, which matures in May 2027, and $500.0 million, which matures in November 2027.
+Added: The estimated fair value of our interest rate derivative liability was $2.3 million as of December 31, 2025.
+Added: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt, after considering the interest rate swaps, outstanding as of December 31, 2025 would be to change interest expense by approximately $4.3 million.
We also have interest rate exposure in connection with our Inventory Intermediation Agreement under which we pay a time value of money charge based on Secured Overnight Financing Rate.
9 unchanged sentences
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.