−Removed: Risk Factors.
Our operations are affected by various risks, many of which are beyond our control.
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In addition, COVID-19 may result in reduced sales in our other businesses, lower returns for certain of our projects, and the potential delay or cancellation of certain projects in our pipeline.
−Removed: In addition, we are monitoring the health of our employees and many of our employees, including those based at our headquarters, are working remotely in accordance with health safety guidance and applicable governmental orders.
−Removed: Action by health or other governmental authorities requiring the closure of our facilities, recommending other physical distancing measures, or mandating vaccination against COVID-19 could negatively impact our business and those of our service providers and customers.
−Removed: Although we have business continuity and other safeguards in place, we cannot be certain that they will be fully effective for extended periods of time.
−Removed: As the pandemic and responses to it continue to evolve we may experience further adverse impacts on our operations, and our ability to access capital on favorable terms, or at all, may be impaired.
−Removed: In addition, we may face unpredictable increases in demand for certain of our products when restrictions on business and travel end.
−Removed: If demand for our products exceeds our capacity, it could adversely affect our financial results and customer relationships.
−Removed: Although the duration and ultimate impact of these factors is unknown at this time, the decline in economic conditions due to COVID-19, or another disease-causing similar impacts, may adversely affect our business, financial condition and results of operations and such impact may be material.
+Added: These effects may be exacerbated by actions by health or other governmental authorities to attempt to reduce the transmission of COVID-19.
Further, to the extent COVID-19 adversely affects our business, financial condition, and results of operations and global economic conditions more generally, it may also have the effect of heightening many of the other risks described herein.
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Weak economic conditions in certain geographies and changing supply and demand balances in the markets we serve have negatively impacted demand for our products and services in the past, including most recently due to COVID-19, and may do so in the future.
+Added: In addition, our growth strategy is largely based on demand for technologies and projects that limit the impact of global climate change.
+Added: Demand for our solutions could be negatively impacted if public and private actors reduce their focus on reducing carbon emissions.
Reduced demand for our products and services would have a negative impact on our revenues and earnings.
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Risks Related to Our Business
−Removed: Operational and project execution risks, particularly with respect to our largest projects, may adversely affect our operations or financial results.
−Removed: A significant and growing portion of our business involves gasification and other large-scale projects that involve challenging engineering, procurement and construction phases that may last up to several years and involve the investment of billions of dollars.
+Added: Risks related to the approval, execution, and operation of our projects, particularly with respect to our largest projects, may adversely affect our operations or financial results.
+Added: A significant and growing portion of our business involves clean hydrogen, carbon capture, gasification, and other large-scale projects that involve challenging engineering, procurement and construction phases that may last several years and involve the investment of billions of dollars.
These projects are technically complex, often reliant on significant interaction with government authorities and face significant financing, development, operational and reputational risks.
+Added: These projects may also be subject to complex government approvals, as well as legal or regulatory challenges by government authorities or third parties.
+Added: Delays in receiving required approvals or related to litigation could require us to delay or abandon certain projects, which may result in the incurrence of additional expense, the loss of invested proceeds and reputational damage.
We may encounter difficulties in engineering, delays in designs or materials provided by the customer or a third party, equipment and materials delivery delays, schedule changes, customer scope changes, delays related to obtaining regulatory permits and rights-of-way, inability to find adequate sources of labor in the locations where we are building new plants, weather-related delays, delays by customers' contractors in completing their portion of a project, technical or transportation difficulties, cost overruns, supply difficulties, geopolitical risks and other factors, many of which are beyond our control, that may impact our ability to complete a project within the original delivery schedule.
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In addition, the government may seek to hold us liable as a successor for violations committed by companies in which we invest or that we acquire.
−Removed: We may be unable to successfully identify, execute or effectively integrate acquisitions, or effectively disentangle divested businesses.
+Added: We may be unable to successfully identify, execute or effectively integrate acquisitions, manage our joint ventures, or effectively disentangle divested businesses.
Our ability to grow revenue, earnings, and cash flow at anticipated rates depends in part on our ability to identify, successfully acquire and integrate businesses and assets at appropriate prices, and realize expected growth, synergies, and operating efficiencies.
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In addition, we may incur asset impairment charges related to acquisitions that do not meet expectations.
+Added: In addition, some of our largest projects involve joint ventures.
+Added: These arrangements may involve significant risks and uncertainties, including our ability to cooperate with our strategic partners, our strategic partners having interests or goals that are inconsistent with ours, and the potential that our strategic partners may be unable to meet their economic or other obligations to the joint venture, which may negatively impact the expected benefits of the joint venture and cause us to incur additional expense or suffer reputational damage.
+Added: In addition, due to the nature of these arrangements, we may have limited ability to direct or influence the management of the joint venture, which may limit our ability to assist and oversee the design and implementation of the joint venture’s business as well as its accounting, legal, governance, human resources, information technology, and other administrative systems.
+Added: This may expose us to additional risks and uncertainties because we may be dependent upon and subject to liability, losses, or reputational damage relating to systems, controls, and personnel that are not under our control.
+Added: These risks may be augmented when the joint venture is operating outside the United States due to differences in language, culture, and regulation, as well as the factors listed above that are relevant to our international operations.
We continually assess the strategic fit of our existing businesses and may divest businesses that are deemed not to fit with our strategic plan or are not achieving the desired return on investment.
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Failure of the technologies to work as predicted, or unintended consequences of new designs or uses, could lead to cost overruns, project delays, financial penalties, or damage to our reputation.
−Removed: In addition, gasification and other large-scale projects may contain processes or technologies that we have not operated at the same scale or in the same combination, and although such projects generally include technologies and processes that have been demonstrated previously by others, such technologies or processes may be new to us and may introduce new risks to our operations.
+Added: We may face difficulties marketing products produced using new technologies including, but not limited to, green hydrogen, which may adversely impact our sales and financial results.
+Added: In addition, certain large-scale projects may contain processes or technologies that we have not operated at the same scale or in the same combination, and although such projects generally include technologies and processes that have been demonstrated previously by others, such technologies or processes may be new to us and may introduce new risks to our operations.
Additionally, there is also a risk that our new technologies may become obsolete and replaced by other market alternatives.
Performance difficulties on these larger projects may have a material adverse effect on our operations and financial results.
−Removed: In addition, performance challenges may adversely affect our reputation and our ability to obtain future contracts for gasification projects.
+Added: In addition, performance challenges may adversely affect our reputation and our ability to obtain future contracts.
Protecting our intellectual property is critical to our technological development and we may suffer competitive harm from infringement on such rights.
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Legal and Regulatory Risks
−Removed: Legislative, regulatory, and societal responses to global climate change create financial risk.
+Added: Legislative, regulatory, societal, and market efforts to address global climate change may impact our business and create financial risk.
We are the world’s leading supplier of hydrogen, the primary use of which is the production of ultra-low sulfur transportation fuels that have significantly reduced transportation emissions and helped improve human health.
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Increased public concern and governmental action may result in more international, U.S.
−Removed: federal and/or regional requirements to reduce or mitigate the effects of GHG emissions.
+Added: federal and/or regional requirements to reduce or mitigate the effects of GHG emissions or increased demand for technologies and projects to limit the impact of global climate change.
Although uncertain, these developments could increase our costs related to consumption of electric power, hydrogen production and application of our gasification technology.
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Any legislation or governmental action that limits or taxes GHG emissions could negatively impact our growth, increase our operating costs, or reduce demand for certain of our products.
+Added: Our operations may present a safety risk to our employees.
+Added: Notwithstanding our emphasis on the safety of our employees and contractors and the precautions we take related to health and safety, we may be unable to avoid safety incidents relating to our operations that result in injuries or deaths.
+Added: Certain safety incidents may result in legal or regulatory action that could result in increased expenses or reputational damage.
+Added: We maintain workers' compensation insurance to address the risk of incurring material liabilities for injuries or deaths, but there can be no assurance that the insurance coverage will be adequate or will continue to be available on terms acceptable to us, or at all, which could result in material liabilities to us for any injuries or deaths.
+Added: Changes to federal, state, and local employee health and safety regulations, and legislative, regulatory, or societal responses to safety incidents may result in heightened regulations or public scrutiny that may increase our compliance costs or result in reputational damage.
Our financial results may be affected by various legal and regulatory proceedings, including antitrust, tax, environmental, or other matters.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.