2 unchanged sentences
Our revenues and cash flows, as well as estimates of future cash flows, are sensitive to changes in commodity prices.
−Removed: Shifts in the cost of crude oil, the prices of refined products and the cost of ethanol can generate changes in the operating margin in our wholesale marketing and terminalling segment.
+Added: Shifts in the cost of crude oil, natural gas, NGLs, refined products and ethanol and related selling prices of these products can generate changes in our operating margins.
Interest Rate Risk
Debt that we incur under the DKL Credit Facility bears interest at floating rates and will expose us to interest rate risk.
−Removed: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt outstanding as of March 31, 2022 would be to change interest expense by approximately $2.6 million.
−Removed: LIBOR Transition
−Removed: LIBOR is a commonly used indicative measure of the average interest rate at which major global banks could borrow from one another.
−Removed: The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, discontinued the reporting of certain LIBOR rates on December 31, 2021 and has publicly announced that it intends to discontinue all USD LIBOR rates after June 2023.
−Removed: Certain of our agreements use LIBOR as a “benchmark” or “reference rate” for various terms.
−Removed: Some agreements contain an existing LIBOR alternative.
−Removed: Where there is not an alternative, we expect to replace the LIBOR benchmark with an alternative reference rate.
−Removed: While we do not expect the transition to an alternative rate to have a significant impact on our business or operations, it is possible that the move away from LIBOR could materially impact our borrowing costs on our variable rate indebtedness
+Added: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt outstanding as of June 30, 2022 would be to change interest expense by approximately $8.8 million.
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.