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Table of Content
3
PART I
FORWARD-LOOKING STATEMENTS
This Annual Report on Form contains certain “forward-looking statements” within the meaning of the federal securities
laws. All statements, other than statements of historical fact included in this Form 10-K, including, but not limited to, those under
“Business and Properties” in Items 1 and 2, “Risk Factors” in Item 1A, “Legal Proceedings” in Item 3 and “Management's
Discussion and Analysis of Financial Condition and Results of Operations” in Item 7, are forward-looking statements. Forward-
looking statements use words such as “anticipate,” “project,” “expect,” “plan,” “goal,” “forecast,” “intend,” “should,” “would,”
“could,” “believe,” “may,” and similar expressions and statements regarding our plans and objectives for future operations. These
statements are based on management's beliefs and assumptions using currently available information and expectations as of the
date hereof, are not guarantees of future performance and involve certain risks and uncertainties. All statements concerning our
expectations for future results of operations are based on forecasts for our existing operations and do not include the potential
impact of any future acquisitions. Although we believe that the expectations reflected in these forward-looking statements are
reasonable, we cannot assure you that our expectations will prove to be correct. Therefore, actual outcomes and results could
materially differ from what is expressed, implied or forecast in these statements. Any differences could be caused by a number of
factors including, but not limited to:
• risks and uncertainties with respect to the actions of actual or potential competitive suppliers of refined petroleum products
in our markets;
• the demand for and supply of crude oil and refined products;
• the spread between market prices for refined products and market prices for crude oil;
• the possibility of constraints on the transportation of refined products;
• the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines;
• effects of governmental and environmental regulations and policies;
• the availability and cost of our financing;
• the effectiveness of our capital investments and marketing strategies;
• our efficiency in carrying out construction projects;
• our ability to acquire refined product operations or pipeline and terminal operations on acceptable terms and to integrate
any existing or future acquired operations;
• the possibility of terrorist attacks and the consequences of any such attacks;
• general economic conditions; and
• other financial, operational and legal risks and uncertainties detailed from time to time in our Securities and Exchange
Commission filings.
Cautionary statements identifying important factors that could cause actual results to differ materially from our expectations are
set forth in this Form 10-K, including without limitation the forward-looking statements that are referred to above. When considering
forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in this Form 10-K
under “Risk Factors” in Item 1A and in conjunction with the discussion in this Form 10-K in “Management's Discussion and
Analysis of Financial Condition and Results of Operations” under the heading “Liquidity and Capital Resources.” All forward-
looking statements included in this Form 10-K and all subsequent written or oral forward-looking statements attributable to us or
persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements
speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise.