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
Our inventory risk management activities are designed to manage the risk of volatile prices associated with our physical inventory and may
result in substantial derivative gains and losses.








We are subject to interruptions of supply and increased costs as a result of our reliance on third-party transportation of crude oil and refined
products.
 
 












We depend upon TLLP for a substantial portion of the logistics networks that serve our refineries’ supply and distribution needs and have
obligations for minimum volume commitments in many of our agreements with TLLP.

 




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
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
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