39 public companies told the SEC they depend on Crude OIL.

“Oil and Natural Gas Prices Outside North America, customer spending is influenced by Brent oil prices. In North America, customer spending is influenced by WTI oil prices and natural gas prices as measured by the Henry Hub Natural Gas Spot Price.”

“The Company utilizes petroleum-based products, chemicals, resins and other commodities in its manufacturing processes. Raw materials, including inbound freight, accounted for approximately 66% of the Company's cost of goods sold in 2025. Significant increases in the costs of these materials may not be recovered through selling price increases and significant disruption to the Company's supply chains or significant shortages of materials could adversely affect the Company's business, financial condition, results of operations or cash flows.”

“We are therefore exposed to fluctuations in the price of crude oil, natural gas, and NGL and will be affected by continuing and prolonged declines in such prices.”

“Fuel costs represented 17%, 19% and 21% of our operating expense in 2025, 2024 and 2023, respectively. Fuel prices are highly volatile and at times have increased substantially in relatively short periods of time. Between 2023 and 2025, our average fuel price per gallon has ranged from a monthly high of $3.22 in October 2023 to a monthly low of $2.20 in August 2025.”

“In 2025, WTI oil prices averaged $64.87 per Bbl versus $75.79 per Bbl in 2024, an approximately 14% decline amid continued market volatility. Oil prices are expected to remain volatile in 2026 due to ongoing geopolitical supply risks... Our 2026 cash flow is partly protected from commodity price volatility due to our current hedge position that covers approximately 30% of our anticipated oil and gas volumes.”

“During 2025, 2024 and 2023, WTI prices averaged $64.73, $75.76 and $77.60 per Bbl, respectively, and Henry Hub prices averaged $3.62, $2.41 and $2.66 per MMBtu, respectively.”

“The Company's revenues are primarily derived from its interests in the sale of oil and natural gas production.”

“OIL AND GAS PRICE ENVIRONMENT Oil and gas prices are the major variables that drive the industry's financial performance. The following table presents the average daily WTI and Brent prices for oil and NYMEX natural gas prices for 2025 and 2024: 2025 2024 % Change WTI Oil ($/Bbl) $ 64.81 $ 75.72 (14) % Brent Oil ($/Bbl) $ 68.18 $ 79.79 (15) % NYMEX Natural Gas ($/Mcf) $ 3.55 $ 2.34 52 %”

“Average West Texas Intermediate (“WTI”) oil prices for the year ended December 31, 2025 were down approximately 15% compared to average WTI oil prices during the same period last year. Oil prices continue to be impacted by certain actions by OPEC+, geopolitics, and evolving global supply and demand trends, among other factors.”

“The EIA forecasts that the spot price for WTI oil will average $52.25 per barrel in 2026, 20% less than the average price of $65.46 per barrel in 2025 and then average $50.33 per barrel in 2027.”

“Extended oil and gas commodity price downturns could negatively affect BOK Financial customers. At December 31, 2025, 11% of BOK Financial's total loan portfolio was comprised of loans to borrowers in the energy industry.”

“Our cost to acquire crude oil and feedstocks and the prices for which we ultimately can sell refined products depend on a number of factors beyond our control, including regional and global supply of and demand for crude oil, other feedstocks and specialty and fuel products.”

“The average NYMEX WTI declined 14% during the year ended December 31, 2025, compared to the prior year, and overall conditions remain unstable. Market conditions during the year were adversely influenced by elevated production levels from OPEC+, ongoing trade and tariff negotiations between the United States and other governments, and retaliatory measures taken by such other governments.”

“Increases or decreases in our revenues, profitability and future production growth are highly dependent on the commodity prices we receive, which, as discussed above, fluctuate due to a variety of factors (including supply and demand, the availability of transportation, seasonality and geopolitical, economic and other factors).”

“Energy loans include loans to entities and individuals that are engaged in various energy-related activities including (i) the development and production of oil or natural gas, (ii) providing oil and gas field servicing, (iii) providing energy-related transportation services (iv) providing equipment to support oil and gas drilling (v) refining petrochemicals”

“Our profitability is directly affected by the price and availability of pet coke obtained from our Coffeyville Refinery under the Coffeyville MSA. Our Coffeyville Fertilizer Facility obtained 36% of its pet coke from our Coffeyville Refinery in 2025.”

“We purchase more crude oil than our refineries process, generally through a combination of long-term acreage dedication agreements and short-term crude oil purchase agreements.”

“volatility in oil and gas prices and supply or demand for maintenance, repair and operating products, equipment and service, decreases in oil and natural gas industry expenditure levels”

“the effects of world events, such as the Russian war in Ukraine and heightened tensions resulting from ongoing conflicts in the Middle East, have and may continue to materially impact the demand for crude oil and natural gas, which has contributed further to price volatility.”

“the timing and amount recovered can be affected by a number of factors including completion of development projects, reservoir performance, regulatory approvals, government policies, consumer preferences, the pace of co-venturer/government funding, changes in the amount and timing of capital investments, and significant changes in crude oil and natural gas price levels.”

“Commodity prices dropped 20% during 2025 and have been volatile throughout the year.”

“In the NA M market, Rystad Energy is forecasting a slight decline in upstream investments of approximately 8% in 2026 relative to 2025.”

“Based on projected 2026 fuel consumption, such an increase would result in an increase to aircraft fuel expense of $200 million in 2026.”

“Oil and gas prices may remain below a range that is acceptable to certain of our customers, which could result in a reduced demand for our products and have a material adverse effect on our financial condition, results of operations and cash flows.”

“The Company has used a 10 percent variability to assess the potential impact of commodity price changes. Fluctuations in commodity prices could have resulted in unrealized gains (losses) impacting pre-tax net earnings as follows: December 31, 2025 10% Price 10% Price (US$ millions) Increase Decrease Oil price $ (41 ) $ 36 NGL price - - Natural gas price 8 (7 )”

“These factors include general economic and financial market conditions, the crack spread, natural gas and crude oil prices”

“imbalances between the production and capacity to export crude in Canada and reduced supply of heavy, sour grades of crude oil in general due to production curtailments or sanction restrictions may continue to result in price volatility and the narrowing of the WTI/WCS, Mars/Brent, and other light heavy differentials, and may reduce our refining margins and adversely affect our profitability and earnings.”

“Based on our production for the year ended December 31, 2025, our oil and gas sales for the year ended December 31, 2025 would have moved up or down $425.1 million for each 10% change in oil prices per Bbl, $65.9 million for each 10% change in NGL prices per Bbl and $13.2 million for each 10% change in natural gas prices per Mcf.”

“Oil, natural gas and NGL prices are volatile. Even though a significant portion of our production is hedged, extended declines in such prices have adversely affected, and could in the future adversely affect, our business, financial position, results of operations and cash flow.”

“The Company's loan portfolio, and specifically its energy lending portfolio, could be adversely affected by declines in the prices of oil and natural gas, as well as other factors. As of December 31, 2025, funded commitments to oil and gas production and service companies represented 2.0% of total loans, excluding Warehouse Purchase Program loans. Further, energy production and related industries represent a large part of the economies in many of the Company's market areas.”

“The market for our services is indirectly exposed to fluctuations in the prices of oil and natural gas to the extent such fluctuations impact the activity levels of our E&P customers.”

“We will continue to monitor forward-looking commodity prices, project results, costs, impacts of tariffs and other factors that could influence returns and cash flows, and will adjust our program accordingly, to include curtailment of capital activity and wells, if needed, or conversely, well reactivations in higher commodity price environments.”

“Because oil, natural gas and NGLs accounted for approximately 75%, 19%, and 6%, respectively, of our estimated proved reserves as of December 31, 2025, and approximately 70%, 22%, and 8%, respectively, of our 2025 production on a Boe basis, our financial results are particularly sensitive to price movements in these commodities.”

“In recent years, we have experienced suspensions or delays in large capital projects within the energy sector, especially in the upstream exploration and production sector, and most notably in the U.S. and Canada.”

“This net increase consisted of an additional $701 million in royalty income from the 91% growth in production, partially offset by a net decrease of $209 million due primarily to lower average prices received for our oil and natural gas liquids production during 2025 compared to the same period in 2024.”

“derived from a WTI price of $66.01 per Bbl and Henry Hub natural gas price of $3.39 per MMBtu, adjusted for average 2025 differentials.”

“In addition, our customers are primarily in fossil fuel-related industries and broad declines in demand for or pricing of oil or natural gas might impact the collections of our customer receivables.”

“Many of our proprietary products are made from synthetic elastomers, which are derived from the petroleum refining process. We purchase the majority of our elastomers via long-term supply contracts, some of which contain clauses that provide for surcharges related to fluctuations in crude oil prices.”

“the impact of fluctuations in the amount of fuel purchased and sold by our customers and retail partners, respectively, fuel price volatility, and the actual price of fuel, including fuel spreads in the Company's international markets, and the resulting impact on the Company's results, including margins, revenues, and net income;”