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 March 31, 2021 of 127 thousand barrels per day, would change annualized operating income by approximately $45.9 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 June 30, 2021 of 141 thousand barrels per day, would change annualized operating income by approximately $50.7 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: All our open futures and OTC swaps at March 31, 2021 will settle by October 2021.
−Removed: At March 31, 2021, these open commodity derivative contracts represent (in thousands of barrels):
+Added: All our open futures and OTC swaps at June 30, 2021 will settle by October 2021.
+Added: At June 30, 2021, these open commodity derivative contracts represent (in thousands of barrels):
Contract type Purchases Sales Net
2 unchanged sentences
Total 24,200 (23,900) 300
−Removed: 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).
+Added: Based on our net open positions at June 30, 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 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.
−Removed: 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: For the three and six months ended June 30, 2021, we consumed approximately 141 thousand and 134 thousand barrels per day, respectively, 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 the three and six months ended June 30, 2021, which is accounted for as a fuel cost.
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.
10 unchanged sentences
Interest Rate Risk
−Removed: As of March 31, 2021, we had $225.0 million in debt principal that was subject to floating interest rates.
+Added: As of June 30, 2021, we had $221.9 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.
8 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.