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 September 30, 2020 of 105 thousand barrels per day, would change annualized operating income by approximately $37.8 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 March 31, 2021 of 127 thousand barrels per day, would change annualized operating income by approximately $45.9 million.
This analysis may differ from actual results.
5 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 and OTC swaps expire at various dates through December 2020 .
−Removed: At September 30, 2020 , these open commodity derivative contracts represent (in thousands of barrels):
−Removed: Contract type
−Removed: 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) .
+Added: All our open futures and OTC swaps at March 31, 2021 will settle by October 2021.
+Added: At March 31, 2021, these open commodity derivative contracts represent (in thousands of barrels):
+Added: Contract type Purchases Sales Net
+Added: Futures 500 (250) 250
+Added: Swaps 2,525 (3,025) (500)
+Added: Total 3,025 (3,275) (250)
+Added: Based on our net open positions at March 31, 2021, a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $0.3 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 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.
−Removed: 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.
−Removed: 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.
−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 from a floor of $36.50 per barrel to a ceiling of $60.00 per barrel, respectively.
+Added: For the three months ended March 31, 2021, we consumed approximately 127 thousand barrels per day of crude oil during the refining process at our Hawaii, Washington, and Wyoming refineries.
+Added: We internally consumed approximately 3% of this throughput in the refining process during each of the three months ended March 31, 2021, which is accounted for as a fuel cost.
+Added: We have economically hedged 25 thousand barrels per month through December 1, 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 $36.50 per barrel to a ceiling of $60.00 per barrel.
We do not currently economically hedge our internally consumed fuel cost at our Wyoming or Washington refineries.
3 unchanged sentences
The EPA sets the RVO percentages annually.
+Added: The 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.
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: 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: 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.
Interest Rate Risk
−Removed: As of September 30, 2020 , we had $274.1 million in debt principal that was subject to floating interest rates.
+Added: As of March 31, 2021, we had $225.0 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 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 .
−Removed: This swap expires on April 1, 2024 , the maturity date of the Retail Property Term Loan .
+Added: 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 and on the notional amounts due under 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.
We are subject to risk of losses resulting from nonpayment or nonperformance by our counterparties.
1 unchanged sentence
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.