3 unchanged sentences
Our Revenues fluctuate with refined product prices and our Cost of revenues (excluding depreciation) fluctuates with movements in crude oil and feedstock prices.
−Removed: Assuming all other factors remain constant, a $1 per barrel change in average gross refining margins, based on our throughput for the three months ended June 30, 2020 of 116 thousand barrels per day, would change annualized operating income by approximately $41.6 million .
+Added: Assuming all other factors remain constant, a $1 per barrel change in average gross refining margins, based on our throughput for the three months ended September 30, 2020 of 105 thousand barrels per day, would change annualized operating income by approximately $37.8 million .
This analysis may differ from actual results.
6 unchanged sentences
Our open futures and OTC swaps expire at various dates through December 2020 .
−Removed: At June 30, 2020 , these open commodity derivative contracts represent (in thousands of barrels):
+Added: At September 30, 2020 , these open commodity derivative contracts represent (in thousands of barrels):
Contract type
−Removed: Based on our net open positions at June 30, 2020 , a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $0.4 million to the fair value of these derivative instruments and Cost of revenues (excluding depreciation) .
+Added: Based on our net open positions at September 30, 2020 , a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $0.4 million to the fair value of these derivative instruments and Cost of revenues (excluding depreciation) .
Our predominant variable operating cost is the cost of fuel consumed in the refining process, which is included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations.
−Removed: For the three and six months ended June 30, 2020 , we consumed approximately 116 thousand and 134 thousand barrels per day, respectively, of crude oil during the refining process at our Hawaii, Washington, and Wyoming refineries.
−Removed: We internally consumed approximately 4% and 3% of this throughput in the refining process during the three and six months ended June 30, 2020 , respectively, which is accounted for as a fuel cost.
−Removed: We have economically hedged 75 thousand barrels per month of our internally consumed fuel cost at our Hawaii refineries by executing option collars.
−Removed: These option collars have a weighted-average strike price ranging from a floor of $48.77 per barrel to a ceiling of $65.00 per barrel and expire in December 2020 .
+Added: For the three and nine months ended September 30, 2020 , we consumed approximately 105 thousand and 124 thousand barrels per day, respectively, of crude oil during the refining process at our Hawaii, Washington, and Wyoming refineries.
+Added: We internally consumed approximately 4% of this throughput in the refining process during each of the three and nine months ended September 30, 2020 , which is accounted for as a fuel cost.
+Added: We have economically hedged 75 thousand barrels per month through December 2020 and 25 thousand barrels from January 2021 through December 2021 of our internally consumed fuel cost at our Hawaii refineries by executing option collars.
+Added: These option collars have a weighted-average strike price ranging from a floor of $48.77 per barrel to a ceiling of $65.00 per barrel and from a floor of $36.50 per barrel to a ceiling of $60.00 per barrel, respectively.
We do not currently economically hedge our internally consumed fuel cost at our Wyoming or Washington refineries.
5 unchanged sentences
To mitigate the impact of this risk on our results of operations and cash flows, we may purchase RINs when the price of these instruments is deemed favorable.
−Removed: Some of these contracts are derivative instruments, however, we elect the normal purchases normal sales exception and do not record these contracts at their fair values.
+Added: of these contracts are derivative instruments, however, we elect the normal purchases normal sales exception and do not record these contracts at their fair values.
Interest Rate Risk
−Removed: As of June 30, 2020 , we had $277.6 million in debt principal that was subject to floating interest rates.
+Added: As of September 30, 2020 , we had $274.1 million in debt principal that was subject to floating interest rates.
We also had interest rate exposure in connection with our liabilities under the J.
2 unchanged sentences
We may utilize interest rate swaps to manage our interest rate risk.
−Removed: As of June 30, 2020 , we had entered into an interest rate swap at an average fixed rate of 3.91% in exchange for the floating interest rate and on the notional amounts due under the Retail Property Term Loan .
+Added: As of September 30, 2020 , we had entered into an interest rate swap at an average fixed rate of 3.91% in exchange for the floating interest rate and on the notional amounts due under the Retail Property Term Loan .
This swap expires on April 1, 2024 , the maturity date of the Retail Property Term Loan .
2 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.