1 unchanged sentence
Commodity Price Risk
−Removed: We are exposed to market risks related to the volatility in the price of crude oil and refined products (primarily gasoline and diesel) used in our operations.
+Added: We are exposed to market risks related to the volatility in the price of refined products (primarily gasoline and diesel) used in our operations.
These fluctuations can affect our revenues and purchases, as well as the cost of operating, investing and financing activities.
2 unchanged sentences
As described in Note 14 “Financial Instruments and Risk Management” in the accompanying audited consolidated financial statements, there were short-term commodity derivative contracts in place at December 31, 2025 to hedge the purchase price of refined products.
−Removed: A 10% increase or decrease in the respective benchmark price of the commodities underlying these derivative contracts would have been immaterial to the Company.
+Added: A 10% increase or decrease in the respective benchmark price of the commodities underlying these derivative contracts would have been
+Added: immaterial to the Company.
Changes in the fair value of these derivative contracts generally offset the changes in the value for an equivalent volume of these products.
1 unchanged sentence
We have exposure to interest rate risks related to volatility of our floating rate term loan of $600.0 million and to our revolving credit facility which had $183.0 million of outstanding borrowings at December 31, 2025.
−Removed: Both of these loans are tied to SOFR interest rates which can move in either direction and cause fluctuations in our interest expense recognized in any period and in our cash flows related to interest payments made.
−Removed: We make limited use of interest rate swaps to hedge a portion of our exposure to these rate movements.
−Removed: The acquisition of any interest rate derivatives is undertaken by senior management when appropriate with delegated authority from the appropriate Board level committee.
+Added: Both of these loans are tied to the Adjusted Term SOFR Rate or Prime Rate which can move in either direction and cause fluctuations in our interest expense recognized in any period and in our cash flows related to interest payments made.
A 10% increase or decrease in the interest rate would have an immaterial impact on the financial statements of the Company at December 31, 2025.
3 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.