5 unchanged sentences
This analysis may differ from actual results.
−Removed: In order to manage commodity price risks, we utilize exchange-traded futures, options, and over-the-counter (“OTC”) swaps to manage commodity price risks associated with:
+Added: We utilize exchange-traded futures, options, and over-the-counter (“OTC”) swaps to manage commodity price risks associated with:
• the price for which we sell our refined products;
8 unchanged sentences
We internally consumed approximately 3% of this throughput in the refining process, which is accounted for as a fuel cost.
−Removed: We have executed option collars to economically hedge our internally consumed fuel cost at all our refineries.
+Added: We have executed option
+Added: collars to economically hedge our internally consumed fuel cost at all our refineries.
Please read Note 14—Derivatives to our consolidated financial statements under Item 8 of this Form 10-K for more information.
3 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.
10 unchanged sentences
On February 23, 2021, we terminated and repaid all amounts outstanding under the Retail Property Term Loan and the related interest rate swap.
+Added: We may utilize interest rate swaps to manage our interest rate risk.
+Added: As of December 31, 2022, we did not hold any open interest rate swaps.
We have several contracts that reference London Interbank Offered Rate (“LIBOR”), some of which terminate after LIBOR is anticipated to cease being reported in 2023.
7 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.