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🟡 Modified Disclosure change5/10

We expect to continue to incur substantial capital expenditures and operating costs to meet the requirements of evolving environmental and other laws or regulations. Changes to the federal government’s policies and operations could lead to increased regulatory uncertainty and volatility and increased state regulation, which may impact our business, financial condition and results of operations.

high match confidence

Sentence-level differences:

Reworded sentence: "Our business is subject to numerous environmental laws and regulations at the federal, state and local level."
Reworded sentence: "Laws and regulations expected to become more stringent relate to the following: • the emission or discharge of materials into the environment; • solid and hazardous waste management; • the regulatory classification of materials currently or formerly used in our business; • pollution prevention; • climate change and GHG emissions; • characteristics and composition of transportation fuels, including the blending of renewable fuels into transportation fuels; • the production, importation, use, and disposal of specific chemicals; • public and employee safety and health; • permitting; • inherently safer technology; and • facility security."
Reworded sentence: "presidential administration announced wide-ranging policy changes and issued numerous executive actions."

Current (2026):

Our business is subject to numerous environmental laws and regulations at the federal, state and local level. These laws and regulations continue to increase in both number and complexity and affect our business. Laws and regulations expected to become more stringent relate to…

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the emission or discharge of materials into the environment;
solid and hazardous waste management;
the regulatory classification of materials currently or formerly used in our business;
pollution prevention;
climate change and GHG emissions;
characteristics and composition of transportation fuels, including the blending of renewable fuels into transportation fuels;
the production, importation, use, and disposal of specific chemicals;
public and employee safety and health;
permitting;
inherently safer technology; and
facility security.

The specific impact of laws and regulations on us and our competitors may vary depending on a number of factors, including the age and location of operating facilities, marketing areas, crude oil and feedstock sources, production processes and subsequent judicial interpretation of such laws and regulations. We have incurred and will continue to incur substantial capital, operating and maintenance, and remediation expenditures to modify operations, install pollution control equipment, perform site cleanups or curtail operations. We have incurred and may in the future incur liability for personal injury, property damage, natural resource damage or clean-up costs due to alleged contamination and/or exposure to chemicals such as benzene and methyl tert-butyl ether (“MTBE”). There is also increased regulatory interest in PFAS, which we expect will lead to increased monitoring and remediation obligations and potential liability related thereto. Such expenditures could materially and adversely affect our business, financial condition, results of operations and cash flows.

In 2025, the U.S. presidential administration announced wide-ranging policy changes and issued numerous executive actions. The U.S. EPA and other federal agencies began proposing and promulgating regulations consistent with the administration’s policy changes. If the federal government relaxes or revokes certain environmental regulations, states may pass laws that vary in stringency and scope by state, creating a patchwork of regulation. For example, various states have passed laws regulating the use of materials containing PFAS and setting action levels for the remediation of certain PFAS. We cannot predict the extent to which states will pass such legislation, or the ultimate effect these state laws will have on our business, financial condition and results of operations.

View prior text (2025)

Our business is subject to numerous environmental laws and regulations. These laws and regulations continue to increase in both number and complexity and affect our business. Laws and regulations expected to become more stringent relate to the following:

the emission or discharge of materials into the environment;
solid and hazardous waste management;
the regulatory classification of materials currently or formerly used in our business;
pollution prevention;
climate change and GHG emissions;
characteristics and composition of transportation fuels, including the quantity of renewable fuels that must be blended into transportation fuels;
the production, importation, use, and disposal of specific chemicals;
public and employee safety and health;
permitting;
inherently safer technology; and
facility security.

In early 2025, the new U.S. presidential administration announced wide-ranging policy changes and issued numerous executive actions on topics including international trade, energy resources, corporate taxes, global climate change initiatives, employment practices, corporate compliance programs, environmental regulations, as well as other matters. Further, the new presidential administration has indicated an intent to make structural changes to the executive branch of the federal government, including significant reductions in the federal workforce. Continuing legal challenges to many of the policy changes and executive actions are expected. Such actions may directly or indirectly impact our industry and could lead to increased regulatory uncertainty and volatility. We cannot predict how these policy changes and executive actions will be implemented and interpreted, or the ultimate effect they will have on our business, financial condition and results of operations.