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, 2022, of 118 thousand barrels per day, would change annualized operating income by approximately $42.6 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 June 30, 2022 of 141 thousand barrels per day, would change annualized operating income by approximately $50.9 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: All our open futures and OTC swaps at March 31, 2022, will settle by March 2023.
−Removed: Based on our net open positions at March 31, 2022, a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $2.7 million to the fair value of these derivative instruments and Cost of revenues (excluding depreciation).
+Added: All our open futures and OTC swaps at June 30, 2022, will settle by March 2023.
+Added: Based on our net open positions at June 30, 2022, a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $2.7 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, 2022, we consumed approximately 118 thousand barrels per day of crude oil during the refining process across all our refineries.
−Removed: We internally consumed approximately 4% of this throughput in the refining process during the three months ended March 31, 2022, which is accounted for as a fuel cost.
+Added: For the three and six months ended June 30, 2022, we consumed approximately 141 thousand and 130 thousand barrels per day, respectively, of crude oil during the refining process across all our refineries.
+Added: We internally consumed approximately 3% of this throughput in the refining process during the three and six months ended June 30, 2022, which is accounted for as a fuel cost.
We have executed option collars to economically hedge our internally consumed fuel cost at all our refineries.
4 unchanged sentences
The EPA sets the RVO percentages annually.
−Removed: On December 21, 2021, EPA published proposed RFS that include retroactive cuts to earlier 2020 quotas, set 2021 targets at levels of renewable fuels that were actually used, and would establish significantly higher volume requirements for 2022.
−Removed: Whether that rule will be finalized as proposed and how the final rule will fare in the courts may significantly alter our obligations to blend renewable fuels or purchase RINs.
+Added: On June 3, 2022, the EPA finalized the 2021 and 2022 RVOs, reduced the existing 2020 RVO, denied 69 small refinery exemption petitions including ours, and proposed that certain small refineries be permitted to use an alternative RIN retirement schedule for their 2019-2020 compliance 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.
2 unchanged sentences
Interest Rate Risk
−Removed: As of March 31, 2022, we had $237.5 million in debt principal that was subject to floating interest rates.
+Added: As of June 30, 2022, we had $209.4 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 March 31, 2022, we did not hold any open interest rate swaps.
+Added: As of June 30, 2022, we did not hold any open interest rate swaps.
We have several contracts that reference LIBOR, some of which terminate after LIBOR is anticipated to cease being reported in 2023.
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.