11 unchanged sentences
All of our futures and OTC swaps are executed to economically hedge our physical commodity purchases, sales, and inventory.
−Removed: Our open futures expire at various dates through October 2020 .
+Added: Our open futures and OTC swaps expired in January 2021.
At December 31, 2020, these open commodity derivative contracts represent (in thousands of barrels):
−Removed: Contract type
+Added: Contract type Purchases Sales Net
+Added: Futures 360 — 360
+Added: Swaps 1,190 (1,000) 190
+Added: Total 1,550 (1,000) 550
Based on our net open futures positions at December 31, 2020, a $1 change in the price of crude oil, assuming all other factors remain constant, would result in $0.6 million change to the fair value of our 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 consolidated statements of operations.
−Removed: Assuming normal operating conditions, we consume approximately 164 thousand barrels per day of crude oil during the refining process at our Hawaii, Washington, and Wyoming refineries.
+Added: For the year ended December 31, 2020, we consumed approximately 124 thousand barrels per day of crude oil during the refining process at our Hawaii, Washington, and Wyoming refineries.
We internally consume approximately 4% of this throughput in the refining process, which is accounted for as a fuel cost.
−Removed: We econo mically hedge 75 thousand barrels per month of our internally consumed fuel cost at our Hawaii refineries by executing option collars.
+Added: We have economically hedged 25 thousand barrels per month through December 2021 of our internally consumed fuel cost at our Hawaii refineries by executing option collars.
These option collars have a weighted-average strike price ranging from a floor of $36.50 per barrel to a ceiling of $60.00 per barrel and expire in December 2021.
4 unchanged sentences
The EPA sets the RVO percentages annually.
+Added: EPA has not yet set volumetric requirements for 2021, which makes it difficult to estimate our obligations.
To the degree we are unable to blend the required amount of biofuels to satisfy our RVO, we must purchase RINs on the open market.
8 unchanged sentences
As of December 31, 2020, we had entered into an interest rate swap at an average fixed rate of 3.91% in exchange for the floating interest rate on the notional amounts due under the Retail Property Term Loan.
−Removed: This swap expires on April 1, 2024 , the maturity date of the Retail Property Term Loan .
+Added: This swap was set to expire on April 1, 2024, the maturity date of the Retail Property Term Loan.
+Added: On February 23, 2021, we terminated and repaid all amounts outstanding under the Retail Property Term Loan and the related interest rate swap.
+Added: Please read Note 24—Subsequent Events to our consolidated financial statements under Item 8 of this Form 10-K for additional discussion on the repayment.
+Added: We have several contracts that reference London Interbank Offered Rate (“LIBOR”), some of which terminate after LIBOR is anticipated to cease being reported in 2021.
+Added: We are currently working or discussing with our lenders to amend our relevant contracts and will continue to assess and monitor the effect that the transition away from LIBOR would have on our financial condition, results of operations, and cash flows.
We are subject to the risk of loss resulting from nonpayment or nonperformance by our counterparties.
4 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.