23 unchanged sentences
Ethanol plants, livestock industries and other corn-consuming enterprises put significant price pressure on local corn markets.
−Removed: In addition, local corn supplies and prices could be adversely affected by, but not limited to, prices for alternative crops, increasing input costs, changes in government policies, shifts in global markets, supply or demand, global political or economic issues, including but not limited to the war in Ukraine including sanctions associated therewith, or global or regional growing conditions, such as plant disease or adverse weather, including drought, as well as global conflicts.
+Added: In addition, local corn supplies and prices could be adversely affected by, but not limited to, prices for alternative crops, increasing input costs, changes in government policies, shifts in global markets, supply or demand, global political or economic issues, including but not limited to the war in Ukraine including sanctions associated therewith, or global or regional growing conditions, such as plant disease, pests or adverse weather, including drought, as well as global conflicts.
Our revenues are dependent on market prices for ethanol which can be volatile as a result of a number of factors, including but not limited to:
4 unchanged sentences
the war in Ukraine including sanctions associated therewith, and government policies.
−Removed: Ethanol is marketed as a fuel additive that reduces vehicle emissions, an economical source of octanes and, to a lesser extent, a gasoline substitute.
+Added: Ethanol is marketed as a fuel additive that reduces vehicle emissions, an economical source of octane and, to a lesser extent, a gasoline substitute.
Consequently, gasoline supply and demand affect the price of ethanol.
23 unchanged sentences
Our operations could be adversely impacted by legislation, administration actions, EPA actions, or lawsuits that may reduce the RFS mandated volumes of conventional ethanol and other biofuels through the annual RVO, the 2022 set rulemaking, the point of obligation for blending, or SREs.
−Removed: A recent Supreme Court ruling held that the small refineries can continue to apply for an extension of their waivers from the RFS, even if they have not been awarded a continuous string of exemptions, though the EPA has proposed denying all SRE applications.
+Added: A recent Supreme Court ruling held that the small refineries can continue to apply for an extension of their waivers from the RFS, even if they have not been awarded a continuous string of exemptions, though the current EPA, in conjuction with the RVO rulemaking for 2020, 2021 and 2022, denied all pending SREs.
+Added: There are multiple legal challenges to how the EPA has handled SREs and RFS rulemakings.
A recent D.C.
1 unchanged sentence
Notwithstanding, on April 12, 2022, the President announced that he has directed the EPA to issue an emergency waiver to allow for the continued sale of E15 during the June 1 to September 15 period.
+Added: As of this filing, E15 is sold year-round at approximately 2,743 stations in 31 states.
Similarly, should federal mandates regarding oxygenated gasoline be repealed, the market for domestic ethanol could be adversely impacted.
1 unchanged sentence
A significant increase in supply beyond the RFS mandate could have an adverse impact on ethanol prices.
−Removed: Moreover, changes to RFS could negatively impact the price of ethanol or cause imported sugarcane ethanol to become more economical than domestic ethanol.
+Added: Moreover, changes
+Added: to RFS could negatively impact the price of ethanol or cause imported sugarcane ethanol to become more economical than domestic ethanol.
Likewise, national, state and regional LCFS like that of California, Oregon, Brazil or Canada could be favorable or harmful to conventional ethanol, depending on how the regulations are crafted, enforced and modified.
2 unchanged sentences
Moreover, any changes to RFS, whether by legislation, EPA action or lawsuit, originating from issues associated with the market price of RINs could negatively impact the demand for ethanol, discretionary blending of ethanol and/or the price of ethanol.
−Removed: Recent actions by the EPA to grant SREs without accounting for the lost gallons, for example, resulted in lower RIN prices.
−Removed: Similarly, proposals from the current EPA to reduce annual RVO levels could also lead to lower RIN prices.
+Added: Prior actions by the EPA to grant SREs without accounting for the lost gallons, for example, resulted in lower RIN prices.
+Added: Similarly, proposals to reduce annual RVO levels could also lead to lower RIN prices.
To the extent federal or state laws or regulations are modified and/or enacted, it may result in the demand for ethanol being reduced, which could negatively and materially affect our financial performance.
7 unchanged sentences
Conversely, sanctions imposed on Russia in the last few months have increased prices.
−Removed: There can be no assurance that OPEC+ members and other oil exporting nations will agree to future production cuts or other actions to support and stabilize oil prices, nor can there be any assurance that sanctions or other global conflicts will not further impact oil prices.
+Added: In October 2022, OPEC+ agreed to reduce production, which has led to increased prices.
+Added: There can be no assurance that OPEC+ members and other oil exporting nations will adhere to production cuts, agree to future production cuts or take other actions to support and stabilize oil prices, nor can there be any assurance that sanctions or other global conflicts will not further impact oil prices.
Uncertainty regarding future sanctions or actions to be taken by OPEC+ members or other oil exporting countries could lead to increased volatility in the price of oil, which could adversely affect our business, future financial condition and results of operations.
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.