1 unchanged sentence
Financial Instrument Market Risk
−Removed: We and certain of our subsidiaries are exposed to market risks produced by changes in the prices of crude oil, refined petroleum products, natural gas, NGL and electric power, as well as fluctuations in interest rates and foreign currency exchange rates.
+Added: We and certain of our subsidiaries are exposed to market risks produced by changes in the prices of crude oil, refined petroleum product, NGL, natural gas, renewable feedstock and electric power, as well as fluctuations in interest rates and foreign currency exchange rates.
We and certain of our subsidiaries may hold and use derivative contracts to manage these risks.
7 unchanged sentences
Derivatives may be utilized to optimize these activities.
−Removed: • Manage the risk to our cash flows from price exposures on specific crude oil, refined petroleum product, natural gas and NGL transactions.
+Added: • Manage the risk to our cash flows from price exposures on specific crude oil, refined petroleum product, NGL, renewable feedstock and natural gas transactions.
These objectives optimize the value of our supply chain and may reduce our exposure to fluctuations in market prices.
34 unchanged sentences
2024 1,100 1.32 450 0.84
+Added: 2025 1,150 3.74 — —
Remaining years 9,026 4.22 25 0.76
1 unchanged sentence
Fair value $ 15,597 $ 1,940
+Added: Foreign Currency Risk
+Added: We are exposed to foreign currency exchange rate fluctuations related to our international operations.
+Added: Generally, we do not enter into any derivative contracts to hedge our foreign currency risk.
Our Chief Executive Officer and Chief Financial Officer monitor risks resulting from commodity prices, interest rates and foreign currency exchange rates.
12 unchanged sentences
• Changes in governmental policies relating to NGL, crude oil, natural gas or refined petroleum products pricing, regulation or taxation, including exports.
−Removed: • Actions taken by the Organization of the Petroleum Exporting Countries (OPEC) and other countries impacting supply and demand and correspondingly, commodity prices.
+Added: • Actions taken by OPEC and other countries impacting supply and demand and correspondingly, commodity prices.
• Unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products.
6 unchanged sentences
• Failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time and within budget.
−Removed: • Potential disruption or interruption of our operations due to accidents, weather events (including as a result of climate change), civil unrest, insurrections, political events, terrorism or cyberattacks.
+Added: • Potential disruption or interruption of our operations due to accidents, weather events, civil unrest, insurrections, political events, terrorism or cyberattacks.
+Added: • Potential disruption or damage to our facilities as a result of significant storms or other destructive climate events.
+Added: • The inability to meet our sustainability goals, including reducing our emissions intensity, developing and protecting new technologies, and commercializing lower-carbon opportunities.
+Added: Index to Financial Statements
• General domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues, outbreaks of diseases and pandemics.
1 unchanged sentence
• International monetary conditions and exchange controls.
−Removed: Index to Financial Statements
• Substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including reduced consumer demand for refined petroleum products.
1 unchanged sentence
• Changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business.
−Removed: • Changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges.
+Added: • Political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses.
+Added: • Changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges.
+Added: • The timing and completion of the agreement to acquire all of the limited partner interests in Phillips 66 Partners not already owned by us, as well as any lawsuits that may be brought as a result of the acquisition.
• Limited access to capital or significantly higher cost of capital related to changes to our credit profile or illiquidity or uncertainty in the domestic or international financial markets.
4 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.