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,
−Removed: based on our throughput for the three months ended March 31, 2025, of 176 Mbpd would change annualized operating income by approximately $63.4 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 June 30, 2025, of 187 Mbpd would change annualized operating income by approximately $67.2 million.
This analysis may differ from actual results.
5 unchanged sentences
Substantially 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, 2025, will settle by March 2026.
−Removed: Based on our net open positions at March 31, 2025, a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $7.1 million to the fair value of these derivative instruments and Cost of revenues (excluding depreciation).
+Added: All our open futures and OTC swaps at June 30, 2025, will settle by October 2026.
+Added: Based on our net open positions at June 30, 2025, a $1 change in the price of crude oil, assuming all other factors remain constant, would result in a change of approximately $28.7 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, 2025, we consumed approximatel y 176 Mbpd of crude oil during the refining process across all our refineries.
−Removed: We internally consumed approximately 5% of this throughput in the refining process during the three months ended March 31, 2025, which is accounted for as a fuel cost.
+Added: For the three and six months ended June 30, 2025, we consumed approximatel y 187 Mbpd and 181 Mbpd, respectively, 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 and six months ended June 30, 2025, 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.
12 unchanged sentences
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.
−Removed: Some of these contracts are derivative instruments and recorded at their fair value.
+Added: Some of these contracts are derivative instruments and are recorded at their fair value.
Please read Note 11—Derivatives for more information.
Interest Rate Risk
−Removed: As of March 31, 2025, we had $1.2 billion in debt principal that was subject to floating interest rates.
+Added: As of June 30, 2025, we had $1.1 billion in debt principal that was subject to floating interest rates.
We also had interest rate exposure in connection with our liabilities under the Inventory Intermediation Agreement for which we pay charges based on the three-month Secure Overnight Financing Rate (“SOFR”).
1 unchanged sentence
We may utilize interest rate swaps to manage our interest rate risk.
−Removed: As of March 31, 2025, 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.
−Removed: This swap expires on May 31, 2026.
+Added: As of June 30, 2025, we had entered into multiple interest rate collars at a maximum cap of 5.50% and minimum floor of 1.95%, based on the three-month SOFR as of the fixing date.
+Added: These swaps expire by May 31, 2029.
Please read Note 11—Derivatives for more information.
2 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.