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, 2022 of 139 thousand barrels per day, would change annualized operating income by approximately $49.9 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 March 31, 2023 of 133 thousand barrels per day, would change annualized operating income by approximately $47.8 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 September 30, 2022, will settle by October 2023.
−Removed: Based on our net open positions at September 30, 2022, a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $0.1 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, 2023, will settle by June 2024.
+Added: Based on our net open positions at March 31, 2023, a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $2.0 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, 2022, we consumed approximately 139 thousand and 133 thousand barrels per day, respectively, of crude oil during the refining process across all our refineries.
−Removed: We internally consumed approximately 3% of this throughput in the refining process during the three and nine months ended September 30, 2022, which is accounted for as a fuel cost.
+Added: For the three months ended March 31, 2023, we consumed approximately 133 thousand barrels per day of crude oil during the refining process across all our refineries.
+Added: We internally consumed approximately 4% of this throughput in the refining process during the three months ended March 31, 2023, 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.
8 unchanged sentences
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.
+Added: Additionally, we are exposed to market risks related to the volatility in the price of compliance credits required to comply with Washington’s Climate Commitment Act (“Washington CCA”) and Clean Fuel Standard.
+Added: To the extent we are unable to reduce the amount of greenhouse gas emissions in the transportation fuels we sell in Washington, we must purchase compliance credits at auction or in the open market.
+Added: The number of credits required to comply with the Washington CCA and Clean Fuel Standard is based on the amount of greenhouse gas emissions in the transportation fuels we sell in Washington compared to certain regulatory limits.
+Added: To mitigate the impact of this risk on our results of operations and cash flows, we may purchase credits when we deem the price to be favorable.
Interest Rate Risk
−Removed: As of September 30, 2022, we had $206.3 million in debt principal that was subject to floating interest rates.
+Added: As of March 31, 2023, we had $550.0 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, 2022, we did not hold any open interest rate swaps.
−Removed: We have several contracts that reference LIBOR, some of which terminate after LIBOR is anticipated to cease being reported in 2023.
+Added: As of March 31, 2023, we did not hold any open interest rate swaps.
+Added: We have one contracts that references LIBOR, which terminates after LIBOR is anticipated to cease being reported in 2023.
Our facilities that currently reference LIBOR include transition language consistent with the scheduled transition.
3 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.