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 discussed separately below), as of March 31, 2025 ($ 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, 2025 ($ in millions):
Total Outstanding Notional Contract Volume by Year of Maturity
5 unchanged sentences
10.1 5,666,000 4,916,000 750,000
+Added: Crude oil options - long (1)
+Added: 0.2 200,000 200,000
+Added: Crude oil options - short (1)
+Added: (0.2) 200,000 200,000
Inventory, refined product and crack spread swaps - long (1)
4 unchanged sentences
2.1 61,562,300 61,562,300 —
+Added: RINs commitment contracts - short (2)
+Added: (0.8) 35,000,000 35,000,000 —
+Added: Total $ (6.1)
(1) Volume in barrels.
(2) Volume in RINs.
−Removed: (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 $1,633.7 million as of March 31, 2025.
+Added: We have market exposure to changes in interest rates relating to our outstanding floating rate borrowings, which totaled approximately $1,007.1 million as of June 30, 2025.
We help manage this risk through interest rate swap agreements that we may periodically enter into in order to modify the interest rate characteristics of our outstanding long-term debt.
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 March 31, 2025, 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 liability was $0.2 million as of March 31, 2025.
−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 March 31, 2025 would be to change interest expense by approximately $11.3 million.
+Added: We expect that any interest rate derivatives held will reduce our exposure to short-term interest rate movements.
+Added: As of June 30, 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 $2.0 million as of June 30, 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 June 30, 2025 would be to change interest expense by approximately $3.1 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.
3 unchanged sentences
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, 2025.
+Added: We had no outstanding trading commodity derivative contracts as of June 30, 2025.
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.