ADDED
As of February 20, 2026, 299,026,226 shares of the registrant s common stock were outstanding.
These businesses have made us the leading producer of low-carbon transportation fuels and have helped governments across the world in achieving their greenhouse gas (GHG) emissions reduction targets.
Regulations, Policies, and Standards Driving Low-Carbon Fuel Demand Governments across the world have implemented, or are considering implementing, regulations to address GHG emissions from transportation fuels by mandating or incentivizing inclusion of renewable and low-carbon fuels in the transportation fuel mix.
The regulations, policies, and standards of greatest significance for our businesses are defined and discussed below under U.S.
Renewable Transport Fuel Obligation (RTFO) Program (along with similar programs in other jurisdictions in which we operate, collectively, the Renewable and Low-Carbon Fuel Programs).
Additionally, other municipal, state, and national governments across the world, including many of the jurisdictions in which we operate, have issued or are considering similar low-carbon fuel regulations, policies, and standards.
While many of the Renewable and Low-Carbon Fuel Programs result in additional costs to our refining business, they have created opportunities for us to develop our low-carbon fuel businesses, and they should continue to help drive the demand for our low-carbon fuels such as renewable diesel, ethanol, and neat sustainable aviation fuel (SAF) 2 .
In addition, see Note 1 of Notes to Consolidated Financial Statements regarding our accounting for the costs of the blending programs under Costs of Renewable and Low-Carbon Fuel Programs and Note 20 for disclosure of the costs of the blending programs under Renewable and Low-Carbon Fuel Programs Price Risk.
Under the RFS program, the EPA sets annual quotas for certain classes of renewable fuels that must be blended into petroleum-based transportation fuels consumed in the U.S., collectively referred to as the renewable volume obligation (RVO).
Producers and importers of petroleum-based transportation fuels consumed in the U.S.
REMOVED
As of February 21, 2025, 314,977,519 shares of the registrant s common stock were outstanding.
1 Ta ble o f Conten t s Most of our petroleum refineries operate in locations with current operating cost and/or other advantages, as described below under OUR OPERATIONS Refining , and we believe our refineries are positioned to meet the strong worldwide demand for petroleum-based products.
These businesses have made us the world s largest producer of low-carbon transportation fuels and have helped governments across the world in achieving their greenhouse gas (GHG) emissions reduction targets, and we continue to seek low-carbon fuel opportunities.
Regulations, Policies, and Standards Driving Low-Carbon Fuel Demand Governments across the world have issued, are considering issuing, and/or are altering existing low-carbon fuel regulations, policies, and standards to address GHG emissions and the percentage of low-carbon fuels in the transportation fuel mix.
These regulations, policies, and standards include, but are not limited to, the RFS, LCFS, CFR, RTFO, and similar programs (collectively, the Renewable and Low-Carbon Fuel Programs).
While many of these regulations, policies, and standards result in additional costs to our refining business, they have created opportunities for us to develop our low-carbon fuel businesses, and they should continue to help drive the demand for our low-carbon fuels (such as renewable diesel, ethanol, and other low-carbon fuel products).
low-carbon fuel regulations, policies, and standards discussed below currently have the most significant impact on our business.
However, other municipal, state, and national governments across the world, including in many of the jurisdictions in which we operate, have issued, or are considering issuing, similar low-carbon fuel regulations, policies, and standards.
In addition, see Note 1 of Notes to Consolidated Financial Statements regarding our accounting for the costs of the blending programs under Costs of Renewable and Low-Carbon Fuel Programs, Note 20 for disclosure of the costs of the blending programs under Renewable and Low-Carbon Fuel Programs Price Risk, and Note 17 for disclosure of our blender s tax credits under Segment Information .
Under the RFS program, by November 30 of each year, the EPA is required to set annual quotas for the volume of renewable fuels that must be blended into petroleum-based transportation fuels consumed in the U.S.