−Removed: There have been no material changes from the risks factors included under Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023.
+Added: Other than the following risk factor, there have been no material changes from the risks factors included under Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.
You should carefully consider the risk factors discussed in our 2024 Form 10-K, which could materially affect our business, financial condition or future results.
Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.
+Added: Changes in U.S.
+Added: trade policy and the impact of tariffs may have a material adverse effect on our business, results of operations, and financial condition.
+Added: Our business may be adversely affected by uncertainty and changes in U.S.
+Added: trade policies.
+Added: For example, on April 2, 2025, the U.S.
+Added: government announced a 10% tariff on product imports from almost all countries and individualized higher tariffs on certain other countries.
+Added: This announcement was followed by announcements of limited exemptions and a temporary pause on some tariffs.
+Added: Our business requires access to crude oil and other feedstocks to refine conventional and renewable fuels.
+Added: Any imposition of, or increase in, tariffs on imports of feedstocks or other materials could increase our production costs and the cost to maintain our assets.
+Added: To the extent we are unable to pass these cost increases on to our customers, such cost increases could adversely affect our business, results of operations, and financial condition.
+Added: Tariffs or other trade restrictions may also lead to continuing uncertainty and volatility in U.S.
+Added: and global financial and economic conditions and commodity markets, increased inflation, diminished economic expectations, and reduced demand for our products.
+Added: While the impact of these factors is difficult to predict, any one or more of these factors could have a material adverse impact on our business, results of operations, and financial condition.
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.