2 unchanged sentences
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.
−Removed: Changes in U.S.
−Removed: trade policy and the impact of tariffs may have a material adverse effect on our business, results of operations, and financial condition.
−Removed: Our business may be adversely affected by uncertainty and changes in U.S.
−Removed: trade policies.
−Removed: For example, on April 2, 2025, the U.S.
−Removed: government announced a 10% tariff on product imports from almost all countries and individualized higher tariffs on certain other countries.
−Removed: This announcement was followed by announcements of limited exemptions and a temporary pause on some tariffs.
−Removed: Our business requires access to crude oil and other feedstocks to refine conventional and renewable fuels.
−Removed: 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.
−Removed: 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.
−Removed: Tariffs or other trade restrictions may also lead to continuing uncertainty and volatility in U.S.
−Removed: and global financial and economic conditions and commodity markets, increased inflation, diminished economic expectations, and reduced demand for our products.
−Removed: 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.
−Removed: Our Renewable Fuels Facility may not commence operations when we expect, or at all, and, if completed, we may not be able to successfully integrate the Renewable Fuels Facility into our business or realize the anticipated benefits of this investment.
−Removed: On October 21, 2025, we established a joint venture with Alohi for the development, construction, ownership, and operation of the Renewable Fuels Facility.
−Removed: There can be no assurance that we will complete the Renewable Fuels Facility on the timeframe that we anticipate, or at all.
−Removed: Failure to complete the Renewable Fuels Facility or any delays in completing it could have an adverse impact on our future business and operations.
−Removed: In addition, we will have incurred significant capital and investment-related expenses without realizing all of the expected benefits.
−Removed: Additionally, if the Renewable Fuels Facility is completed, we will have certain obligations and liabilities to the joint venture, as a subsidiary of the Company will serve as the construction manager, operator and provider of services.
−Removed: Further, the joint venture will be operated as a separate entity, and we will not fully control its operations.
−Removed: There can be no assurance that we will realize the anticipated benefits and operating synergies of the Renewable Fuels Facility or the joint venture.
−Removed: Our estimates regarding the earnings, operating cash flow, capital expenditures and liabilities resulting from this investment may prove to be incorrect.
−Removed: This project involves risks, including:
−Removed: • diversion of management time and attention from our existing business;
−Removed: • reliance on our joint venture partner and its financial condition;
−Removed: • risk that our joint venture partner does not always share our goals and objectives;
−Removed: • certain obligations that we have to fund capital expenditures relating to the Renewable Fuels Facility.
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.