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, 2023 of 198 thousand bpd, would change annualized operating income by approximately $71.4 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, 2024 of 181 Mbpd, would change annualized operating income by approximately $65.1 million.
This analysis may differ from actual results.
4 unchanged sentences
• our fuel requirements for our refineries.
−Removed: 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, 2023, will settle by December 2024.
−Removed: Based on our net open positions at September 30, 2023, a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $3.7 million to the fair value of these derivative instruments and Cost of revenues (excluding depreciation).
+Added: Substantially all of our futures and OTC swaps are executed to economically hedge our physical commodity purchases, sales, and inventory.
+Added: All our open futures and OTC swaps at March 31, 2024, will settle by March 2025.
+Added: Based on our net open positions at March 31, 2024, a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $6.6 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, 2023, we consumed approximately 143 thousand bpd 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, 2023, which is accounted for as a fuel cost.
−Removed: We have executed option collars to economically
−Removed: hedge our internally consumed fuel cost at all our refineries.
+Added: For the three months ended March 31, 2024, we consumed approximatel y 181 Mb pd of crude oil during the refining process across all our refineries.
+Added: internally consumed approximately 4% of this throughput in the refining process during the three months ended March 31, 2024, which is accounted for as a fuel cost.
+Added: We have executed option collars to economically hedge our internally consumed fuel cost at all our refineries.
Please read Note 12—Derivatives to our condensed consolidated financial statements for more information.
3 unchanged sentences
The EPA sets the RVO percentages annually.
−Removed: 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.
On June 21, 2023, the EPA finalized the 2023, 2024, and 2025 RVOs.
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Interest Rate Risk
−Removed: As of September 30, 2023, we had $547.3 million in debt principal that was subject to floating interest rates.
+Added: As of March 31, 2024, we had $654.1 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 Agreement and the MLC Washington Refinery Intermediation Agreement for which we pay charges based on the three-month London Interbank Offered Rate (“LIBOR”) and SOFR, respectively.
+Added: Aron Supply and Offtake Agreement for which we pay charges based on the three-month SOFR.
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 $3.8 million and $7.2 million per year, respectively.
We may utilize interest rate swaps to manage our interest rate risk.
−Removed: As of September 30, 2023 we had entered into an interest rate collar at a cap of 5.50% and floor of 2.300%, based on the three month SOFR as of the fixing date.
+Added: As of March 31, 2024 we had entered into an interest rate collar at a cap of 5.50% and floor of 2.30%, based on the three month SOFR as of the fixing date.
This swap expires on May 31, 2026.
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.