10 unchanged sentences
Gains or losses on commodity derivative contracts accounted for as cash flow hedges are recognized in other comprehensive income on the condensed consolidated balance sheets and, ultimately, when the forecasted transactions are completed in net revenues or cost of materials and other in the condensed consolidated statements of income.
−Removed: The following table sets forth information relating to our open commodity derivative contracts, excluding our trading derivative contracts (which are presented separately below), as of March 31, 2024 ($ in millions):
+Added: The following table sets forth information relating to our open commodity derivative contracts, excluding our trading derivative contracts (which are discussed separately below), as of June 30, 2024 ($ in millions):
Total Outstanding Notional Contract Volume by Year of Maturity
9 unchanged sentences
(9.0) 3,909,000 3,909,000 —
+Added: Natural gas swaps - long (3)
+Added: — 2,002,500 1,255,000 747,500
+Added: Natural gas swaps - short (3)
+Added: (0.2) 2,002,500 1,255,000 747,500
RINs commitment contracts - long (2)
3 unchanged sentences
(2) Volume in RINs.
+Added: (3) Volume in MMBtu.
Interest Rate Risk
−Removed: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $1,508.3 million as of March 31, 2024.
−Removed: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt outstanding as of March 31, 2024 would be to change interest expense by approximately $15.1 million.
−Removed: 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 ("SOFR").
+Added: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $1,270.9 million as of June 30, 2024.
+Added: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt outstanding as of June 30, 2024 would be to change interest expense by approximately $12.7 million.
+Added: 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.
Inflationary factors, such as increases in the costs of our inputs, operating expenses, and interest rates may adversely affect our operating results.
1 unchanged sentence
Commodity Derivatives Trading Activities
−Removed: We enter into active trading positions in a variety of commodity derivatives, which include forward physical contracts, swap contracts, and futures contracts.
+Added: From time to time, we enter into active trading positions in a variety of commodity derivatives, which include forward physical contracts, swap contracts, and futures contracts.
These trading activities are undertaken by using a range of contract types in combination to create incremental gains by capitalizing on crude oil supply and pricing seasonality.
These contracts are classified as held for trading and are recognized at fair value with changes in fair value recognized in the income statement.
−Removed: We had no outstanding trading commodity derivative contracts as of March 31, 2024.
+Added: We had no outstanding trading commodity derivative contracts as of June 30, 2024.
Controls and Procedures
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.