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, 2021 of 141 thousand barrels per day, would change annualized operating income by approximately $50.7 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, 2021, of 137 thousand barrels per day, would change annualized operating income by approximately $49.4 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 June 30, 2021 will settle by October 2021.
−Removed: At June 30, 2021, these open commodity derivative contracts represent (in thousands of barrels):
+Added: All our open futures and OTC swaps at September 30, 2021, will settle by February 2022.
+Added: At September 30, 2021, these open commodity derivative contracts represent (in thousands of barrels):
Contract type Purchases Sales Net
2 unchanged sentences
Total 2,917 (4,067) (1,150)
−Removed: 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).
+Added: Based on our net open positions at September 30, 2021, a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $1.2 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, 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: For the three and nine months ended September 30, 2021, we consumed approximately 137 thousand and 135 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 nine months ended September 30, 2021, which is accounted for as a fuel cost.
+Added: We have economically hedged 25 thousand barrels per month from January 2021 through December 2021 and 35 thousand barrels per month from January 2022 through December 2022 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 and from a floor of $56.29 per barrel to a ceiling of $72.86 per barrel, respectively.
We do not currently economically hedge our internally consumed fuel cost at our Wyoming or Washington refineries.
5 unchanged sentences
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.
−Removed: 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.
+Added: To mitigate the impact of this risk on our results of operations and cash flows, we may purchase RINs when we deem the price of these instruments to be favorable.
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 June 30, 2021, we had $221.9 million in debt principal that was subject to floating interest rates.
+Added: As of September 30, 2021, we had $218.8 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.
−Removed: Aron Supply and Offtake Agreements and the MLC Washington Refinery Intermediation Agreement for which we pay charges based on three-month LIBOR.
+Added: Aron Supply and Offtake Agreement and the MLC Washington Refinery Intermediation Agreement for which we pay charges based on three-month LIBOR.
An increase of 1% in the variable rate on our indebtedness, after considering the instruments subject to minimum interest rates, would result in an increase to our Cost of revenues (excluding depreciation) and Interest expense and financing costs, net, of approximately $3.5 million and $3.5 million per year, respectively.
6 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.